Article 17315

Title of the article

                            MACROECONOMIC DEVELOPMENT SCENARIOS AND MONETARY POLICY                              OF THE CENTRAL BANK OF RUSSIA

Authors

Andrianova Alyona Aleksandrovna, Candidate of economic sciences, associate professor, sub-department of economics and finances, Novorossiysk branch of the Financial University under the Government of the Russian Federation (56 Vidova street, Novorossiysk, Russia), andriyanovaaa@Krasnodar.vtb24.ru
Andrianova Lyudmila Sergeevna, Candidate of economic sciences, associate professor, sub-department of philosophy, history and law, Novorossiysk branch of the Financial University under the Government of the Russian Federation (56 Vidova street, Novorossiysk, Russia), LAndriyanova@fa.ru

Index UDK

336.7

Abstract

Background. The paper formulates a problem of specificity of monetary policies of the Bank of Russia as a mega-regulator in creating a comfortable environment for businesses and organizations of all sectors of the economy. In structuring and analysis of principles of the financial policy of Russia in whole in an unstable geopolitical situation the most important element is discussing of scenarios of the monetary policy of the Bank of Russia.
Materials and methods. In the research the authors applied a normative analysis, which made it possible, on the basis of arguments by researchers-experts on the issue and normative-legal and analytical documentation of the bank of Russia, to identify the most promising propositions of advisory nature concerning the monetary strategy, and to comment on them.
Conclusions. Unsustainable development of the Russian economy raises questions about effectiveness of monetary policy implementation by the governmental bodies of regulation and supervision. In this context, assessment of a role of the Bank of Russia as a mega-regulator of the financial system becomes relevant, as well as searching for directions to enhance the role of the Central Bank in sustainable development of the financial and credit system. Measures to increase the refinancing rate of the Central Bank of Russia, reduction of export duties on raw materials do not provide development of industrial and agricultural production, and continue to contribute to reduction of the share of production for expansion of fuel and commodity exports. Such measures are in conflict with the policy of import substitution and with an opportunity to create a new basis for the economy.

Key words

Bank of Russia, monetary policy, macroeconomic development.

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References

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Дата создания: 23.03.2016 16:20
Дата обновления: 24.03.2016 15:50