Russian economy has reached the low level of inflation, but economic growth has not accelerated. Moreover, according to official forecasts, in the following years it will still be low. The article concludes that domestic demand, which is one of the main factors of growth, is significantly constrained by monetary, budgetary and fiscal spheres. The situation in the Russian economy is still hampered by the decline of the world economic growth. The prospects of financial markets are highly uncertain. This increases the possibility of crisis in the world. Leading countries widely use non-traditional measures to support their economies in the similar environment. In the world economy as well as in Russia a principally new combination of factors has emerged, which create specific features of economic growth. It requires special set of measures to stimulate such growth. The article proves that Russian regulators have large unused potential to stimulate growth. It includes monetization, long-money creation, budget and tax stimuli. It is important that the instruments, which will be used, should be based on domestic mechanisms. This will strengthen financial basis of the economy and may encourage economic growth. Some specific suggestions as to their use are made.

Решением президиума Высшей аттестационной комиссии журнал включен в перечень ведущих рецензируемых научных журналов и изданий, выпускаемых в Российской Федерации, в которых должны быть опубликованы основные научные результаты диссертаций на соискание ученой степени доктора и кандидата наук ЮГ РОССИИ ЭКОЛОГИЯ, РАЗВИТИЕ

The situation in the global economy remains difficult and the level of uncertainty about future prospects remains high. This is largely due to the ongoing pandemic, the beginning of monetary tightening in leading economies, the generally changing conditions in global financial markets, etc. In such conditions, it becomes important for the Russian economy to strengthen domestic sources in order to maintain economic growth and ensure stable high rates. The key mechanisms for this are budgetary and monetary policy. However, despite the fundamentally changing conditions in the global economy and financial system, the approaches that were previously used by the Russian monetary authorities generally remain the same. The authors provide an analytical view of a number of approaches outlined in two key documents — the Federal Budget of the Ministry of Finance of the Russian Federation and the Guidelines for the Monetary Policy of the Bank of Russia for 2022–2024. The inconsistence of the toughening of approaches in these two documents is substantiated. The importance of more active participation of the monetary authorities in providing favorable conditions for business and the population and, in general, in providing opportunities for economic growth is indicated.

The article presents an analysis of the draft «Main directions of the unified state monetary policy for 2021 and for the period 2022–2023» of the Bank of Russia, aimed at finding out whether the designed monetary policy will contribute to solving the main problems of the Russian economy. Leaning towards a generally negative answer to this question, the authors of the article, firstly, establish that some of these problems, including problems whose solution falls within the direct competence of the Bank of Russia, and which, accordingly, fall within the subject area of the regulatory instruments available to the Central Bank of the Russian Federation, are clearly insufficiently worked out in the document or, worse, only simply indicated. Unfortunately, this also applies to the key reproduction tasks associated with ensuring rapid, sustainable and high-quality economic growth. Secondly, they fix the year that began in March 2021 new round of increase in the key rate of the Bank of Russia. Third, they emphasize the fact of the negative synergy of the Bank of Russia’s tight monetary policy and the Russian Ministry of Finance’s tight budget policy, designed for the period up to 2023. The article substantiates the need for a coordinated approach of financial regulators and agencies to solve the problems of overcoming the crisis and stimulating economic growth.

The COVID-19 pandemic has formed a fundamentally new environment in both the global and Russian economies. The scale of problems that countries have to deal with significantly enhances the role of the state in the functioning of the economy and requires active government intervention to stabilize the situation and overcome the crisis. The article analyzes the role of state regulation and monetary authorities in the crisis environment in Russian and global economies. Methodologically, the study relies on the theory of institutionalism, Keynesian and neo-Keynesian economics, monetarism and industrialization. Qualitative methods of analysis, as well as retrospective and system-based methods and cross-country comparisons are applied in the research. The authors emphasize that the quality of these interventions is becoming increasingly important. In the Russian Federation, the economic situation is aggravated by the pre-existing problems, such as low business activity. We analyze the measures to support the Russian economy that are aimed, among other things, at the formation of long-term structural changes. Despite the fact that the introduction of the government approaches to counteract the crisis in 2020 will help to mitigate the current acute situation, they will not be able to lay solid foundations for further sustainable economic growth, since system-based mechanisms are still not provided for forming long-term affordable financial resources that are necessary for investment. The paper develops concrete approaches for providing the economy with long-term money, which embrace the formation of the resources on an internal basis amid the interaction of the Central Bank and the Ministry of Finance. We stress the powerful role of mechanisms for government departments’ coordination.