The paper provides a comparative analysis of the views of domestic liberals and statesmen regarding the expediency of unbridled inflation of sovereign funds in conditions of underemployment of production resources. The historical predecessors of the National Wealth Fund, the leading sources of formation and the functions performed by it are revealed. The current predominantly accumulative strategy for the formation of Russian funds of financial reserves, the intensive implementation of which is expected in the coming years, is subjected to extensive criticism. The large-scale financial losses of Russia with the existing mechanism for the use of sovereign funds both domestically and abroad are revealed. The sharp reluctance of the financial authorities to actively direct them to productive purposes under the pretext of the mythical threat of accelerating inflation is subjected to critical analysis. Considering the NWF as a potentially powerful built-in stabilizer of the domestic economy allows the author to justify the need for urgent serious adjustments to the current budget rule, aiming the algorithm for its application not so much at the level of world oil prices, but rather at the current capacity utilization factor in the country.

The article discloses an interconnected set of strategic defects in the regulatory activities of the Bank of Russia in cooperation with the Ministry of Finance, which predetermine the significant contribution of the neoliberal financial and credit policy pursued by them both to the development of an autonomous recession and the aggravation of the coronary crisis in our country. Based on a comparative analysis of the post-default and post-sanction devaluation of the ruble, a conclusion is made about the predominantly negative impact of the latter on the dynamics of Russian GDP and on inflationary processes in the country. The premature transition of the central bank to inflation targeting and, especially, to the free-floating ruble regime, the leading beneficiaries of which are disclosed commodity exporters, financial speculators and the Ministry of Finance, have been critically examined. The continued dominance of the foreign exchange channel in the Bank of Russia’s issuing activities over the credit channel and the inability of the financial authorities to cover the budget deficit through monetary financing are regarded as decisive factors preventing overcoming the coronavirus crisis on the way to a reasonable diversification of the domestic economy. The unjustified transition already in 2021 to a super-tight monetary and fiscal policy, which does not fit into the global practice of anti-crisis regulation, is seen as a kind of renaissance of the false monetarist approach in the activities of leading Russian regulators, their traditional reliance on the quantitative theory of money and the ensuing desire to overcome cost inflation using methods characteristic of combating demand inflation. As the end result of the noted manifestations of the fiasco of the Russian state in the money market, an extremely low coefficient of monetization of the domestic economy is considered, which prevents its breakthrough high-quality growth in the foreseeable future.

The article reveals the conceptual defects of the designed and currently law-supported budget three-year plan — 2021–2023. Among them, the author includes the authorities’ desire to continue using a rigid budget rule and the implementation of tax maneuvers. The author argues that there is a direct link between the effects of the budget rule and deceleration of the GDP growth in Russia. Overcoming the country-specific recession and the problem of excessive focus of the Russian economy on natural resource extraction should arguably be driven by an increased share of the government spending on its diversification, which requires a substantial relaxation or cancelling of the budget rule. The author concludes that the tax maneuver presents a barrier to curing the «Dutch disease» of the country’s economy and therefore requires serious corrections while preserving excise duties on oil and gas exports and to the contrary, reducing the natural resource extraction tax rates.

The article records the fact that the economic policy of the Russian state is dominated not by scientifi c and evidencebased, but by political and opportunistic and purely ideological approaches. The introduction and long-term continuation of the fl at income tax scale of Russians associated with an attempt to implement the Laff er’s eff ect are perceived as an example of a false- and evidence-based approach in the implementation of fi scal policy. A major defect in the mechanism of state regulation of the economics implemented in Russia is the focus on global patterns of socio-economic development at the expense of using the specific patterns. This is expressed in the insuffi cient attention to the ratchet eff ect during the antiinfl ationary regulation of the national economics and the deliberately non-equivalent change of demand infl ation to proposal infl ation. The anti-crisis measures of the government by E. Primakov with conclusions about the need for their productive use in modern conditions to improve the quality of evidence-based economic policy are considered a signifi cant component of the Russian register of the "best practices".

a доктор экономических наук, профессор, заведующий кафедрой экономической теории, Институт экономики и бизнеса, Ульяновский государственный университет, Ульяновск, Российская Федерация kapkansg@yandex.ru https://orcid.org/0000-0001-9459-5516 SPIN-код: 3763-8142 b кандидат экономических наук, доцент, заведующая кафедрой таможенного дела и правового регулирования внешнеэкономической деятельности, Ульяновский государственный университет, Ульяновск, Российская Федерация kapkansv@mail.ru https://orcid.org/0000-0001-9838-1291 SPIN-код: 3282-1852 • Ответственный автор История статьи: Получена 23.04.2018 Получена в доработанном виде 04.06.2018 Одобрена 21.06.2018 Доступна онлайн 29.08.2018 УДК 336.7(075.8) JEL: E42, E52, E58 Ключевые слова: девальвация, санкции, таргетирование, курс рубля Аннотация Предмет. Тенденции эволюции обменного курса рубля в постсанкционный период в их противоречивом влиянии на российскую экономику. Цели. Выявление закономерностей формирования оптимального валютного курса рубля, способствующего реализации ведущих макроэкономических целей современной России. Методология. Использован диалектический метод изучения закономерностей формирования экономической политики государства в их развитии. Результаты. Раскрыты глубинные причины постсанкционой девальвации российской валюты. Обосновано преимущественно негативное влияние избыточной девальвации на динамику ВВП и протекающие в России инфляционные процессы. Выводы. Представлены аргументы для вывода о невозможности восходящего развития отечественной экономики при сложившемся обменном курсе рубля. В качестве ведущих бенефициаров перехода к плавающему курсу рубля охарактеризованы крупнейшие сырьевые экспортеры, финансовые спекулянты и Министерство финансов. Диверсификация российской экономики и искоренение «голландской болезни» связаны с достижением оптимального обменного курса рубля в русле преодоления его нынешней недооцененности. © Издательский дом ФИНАНСЫ и КРЕДИТ, 2018Для цитирования: Капканщиков С.Г., Капканщикова С.В. Причины постсанкционной девальвации рубля и проблема оптимизации его обменного курса // Финансы и кредит. AbstractImportance The article considers trends in the Russian ruble exchange rate fluctuations during the post-sanctions period from the perspective of their contradictory impact on the Russian economy.