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New view on the theory and practice of inflationary targeting

Liferenko Yu.V. Candidate of Economic Sciences, associate professor of humanitarian, social and economic and legal disciplines, Tverskaya branch of the Moscow university of economy, statistics and informatics ( )

Journal: Finance and Credit, #8, 2014

In article it is noted that when carrying out monetary politicians heads of Bank of Russia consider as a priority fight against inflation. As the major tool inflationary targeting thus acts. The quantitative theory of money existing many centuries became a theoretical basis for it. Are investigated given to the theory and monetaristic practice corresponding to it in modern conditions. The conclusion is drawn on need of replacement of the monetaristic theory and practice of inflationary targeting by more modern methods of counteraction of inflation.

The role of monopolies in the formation of regional inequality

Liferenko Yu.V. Tver State University (TSU), Tver, Russian Federation ( )

Journal: Regional Economics: Theory and Practice, #2, 2019

Subject This article deals with the issues related to socio-economic inequality of different regions of Russia.
Objectives The article aims to show that regional inequality does not exist a priori, but it is provoked under certain circumstances, and it not much depends on economic policy.
Methods For the study, I used the methods and techniques of scientific abstraction, analysis and synthesis, and comparison. As well, I considered the best practices of foreign countries.
Results The article considers the dominance of monopolies in the country's economy, resulting in a scarcity of funds and increasing poverty on the periphery, the main cause of inequality. The article also examines a number of regional policy options to alleviate inequality, and proposes to explore and use the Chinese practice option, that is a method of duplicative investments across the country.
Conclusions The article concludes that the peculiarities of the socio-economic system are the main cause of inequality. Multiple constraints or elimination of monopoly rule would help restore the work of market mechanisms of income distribution, saturating the periphery with capital.

A fresh approach to the nature and causes of inflation and deflation

Liferenko Yu.V. Plekhanov Russian University of Economics, Tver branch, Tver, Russian Federation ( )

Journal: Finance and Credit, #41, 2016

Subject The paper investigates inflation, its socio-economic reasons and ways to eliminate it.
Objectives The major purpose of the study is to identify the nature of inflation, being an adverse negative economic phenomenon.
Methods The paper draws upon formal logic, the method of historical and logical unity, and scientific abstraction.
Results The study shows that in its monetary and price policy the Bank of Russia proceeds from the quantity theory of money that is mathematically formalized in the ‘equation of exchange’ (the Fisher Equation). However, the non-scientific quantitative theory together with the false ‘formula of exchange’ cannot be a reliable basis for productive practice of the Central Bank. Only be the law on currency circulation can be a scientific basis of the amount of money in circulation. The reason of inflation is in the socio-economic structure of the society, in the supremacy of capitalist monopolies. They are the cause of distortion of pricing as compared to the conditions of free competition (inflation and deflation).
Conclusions I believe, the cause of inflation is not in the quantitative ratio of goods and money, but in the socio-economic structure of the modern society. The findings show that when a monopoly sets high prices, the prices for all goods involved in the exchange with the monopolies, grow.

Studying the Fisher equation and the possibility to apply it in virtual economy

Liferenko Yu.V. Moscow State University of Economics, Statistics and Informatics, Tver Branch, Tver, Russian Federation ( )

Journal: Finance and Credit, #31, 2015

Importance The Central Bank regulates monetary circulation in the country. Low efficiency of the Central Bank's activities stems from a weak theoretical framework. In particular, the Central Bank and other regulatory authorities rely upon the quantity theory of money, which is illustrated with the Fisher equation, thus causing direct errors in the Central Bank's activities and economy as a whole.
     Objectives The objective of the research is to prove the erroneous nature of the quantity theory of money and the equation of exchange, their inapplicability to management of pricing processes.
     Methods I applied the methods of analysis, synthesis and formal logic, and comparison when investigating the dynamics of the stock and foreign exchange markets of the USA.
     Results The article presents evidence supporting that the quantity theory of money and the Fisher equation is inapplicable to the theory and practice of central banks when they effectuate and use monetary methods of regulating the real economy. In the mean time, the Fisher equation and the quantity theory of money can be used in virtual economy.
     Conclusions and Relevance The theory of inflation should be developed, i.e. the amount of money in economy does not basically influence the level of prices. The Central Bank should focus on stimulating production and economic growth, rather than countering the inflation, and adhere to the law of circulation of money, rather than the quantity theory of money as it is incorrect. The State should pay special attention to the virtual economy since it accumulates more money than the real economy.

New insight into cash reserves and their role in real economy

Liferenko Yu.V. Moscow State University of Economics, Statistics and Informatics, Tver Branch, Tver, Russian Federation ( )

Journal: Finance and Credit, #37, 2014

The article deals with the problem of effective State intervention in the economy through increasing or limiting money supply in the economy based on monetary methods of anti-inflationary regulation. The aim of the study is to deepen the knowledge of the areas where money is circulating and to provide a new approach to the role and importance of State regulation of money supply in commodity circulation. In terms of cash flow, the economy consists of two fundamentally different parts: the first is the well-known real economy with production and commodity trade and the second, which has not been earlier considered in the economic disciplines and has been conventionally called "virtual economy", is, in fact, a cash reserve of the modern economy. Based on this theoretical basis and the facts of reality, there is a task to demonstrate that the level of efficiency of the monetary policy that regulates money in circulation to limit inflation rate is close to zero. With the help of a technical analysis, I have demonstrated the relationships and dependencies between the dynamics of GDP and dynamics of money supply in different parts of the country's economy (virtual and real), as well as the dynamics of commodity prices within an economic cycle. I have compared these relationships in Russia, China and the United States. The empiric testing resulted in the finding that real facts scarcely ever support the quantity theory of money. The emerging surplus of money, even in huge quantities, always flows to the virtual (reserve) part of the economy, and, therefore, sometimes causes a rise in prices in the real economy. My conclusion is that today the State has no reliable tools and methods to affect the distribution of money between the two parts of the economy. Therefore, the monetarist methods of anti-inflation fight do not yield the desired outcome. The most critical challenge of today is to create a new theory of inflation and find adequate measures to combat the inflation.

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