Irina A. BONDARENKOCorresponding author, Academy of Marketing and Social-Information Technologies – IMSIT, Krasnodar, Russian Federation bonir55@mail.ru ORCID id: not available
Subject. An integrated approach combining monetary and macroprudential policies. Objectives. To analyze the interaction between macroprudential and monetary policies of the Central Bank of the Russian Federation. Methods. General scientific methods were applied. The study used financial stability reviews and regulatory acts governing macroprudential regulation, data from the Bank for International Settlements (BIS), materials from the International Monetary Fund (IMF) and the European Central Bank. Conclusions and Relevance. Macroprudential and monetary policies are interconnected and require coordination. The Russian model of a mega?regulator supports this coordination, but banking sector liquidity issues reduce its effectiveness. To enhance effectiveness, it is necessary to: formalize internal coordination procedures within the Bank of Russia; expand macroprudential tools (e.g., limits on debt burden and down payments); improve liquidity management through refinancing instruments and supervisory practices; develop early warning systems for systemic risks; and enhance communication with the market by providing transparent explanations of goals and instruments. The results can be used by monetary authorities (central banks) in their activities.
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