Hype around (non)monetary (non)theory

Моисеев, С.

doi:10.32609/0042-8736-2019-9-112-122

Cited by 13 publications

(3 citation statements)

References 3 publications

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“…Practice has proved that the most effective is a reasonable combination of fiscal and monetary policy instruments. It is possible that the current situation, which caused an unplanned increase in government spending, will find a response in the popular modern monetary theory (Modern Monetary Theory, MMT), which justifies the economy of public debt, equity financing of state budget expenditures for employment [ 12 ]. Formed sovereign and reserve funds in individual countries allow their governments to use another channel of financial support for commercial and non-commercial organizations in the current crisis.…”

Section: Discussionmentioning

confidence: 99%

State Financial Support During the Crisis and Its Impact on Business Development

Kiseleva¹,

Sanginova

2020

Lecture Notes in Networks and Systems

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The article discusses the main directions of financial support for business by the Government of the Russian Federation in the conditions of economic imbalances caused by the COVID-19 pandemic. The purpose of the article is the analysis of state financial support as a single model, formed taking into account national specifics. The objectives of the study include the analysis of forms and tools, the objectivity of such support, its feasibility and scope. The authors analyze as common elements that make up the financial support of the governments of many countries, and the specifics of its organization in the Russian Federation are highlighted. As a result of the study, the authors concluded that in Russia a national model of state financial support for business has been formed, it is aimed at providing business with funds for uninterrupted economic activity. In this model, the state does not undertake to fully finance the activities of commercial organizations. The government provides businesses with the opportunity to survive temporary difficulties, but at the same time maintains market competition. The article substantiates the proposals for providing state financial support to certain types and areas of business in the post-crisis period, its tools.

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Section: Discussionmentioning

confidence: 99%

State Financial Support During the Crisis and Its Impact on Business Development

Kiseleva¹,

Sanginova

2020

Lecture Notes in Networks and Systems

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“…Этот эффект имел место для широкого круга инструментов и не был ограничен исключительно теми, которые непосредственно участвовали в программах ФРС по выкупу ценных бумаг. И хотя самые существенные снижения доходности казначейских облигаций приходились на периоды между раундами количественного смягчения, анализ показывает, что при отсутствии таких мер уровни доходности по этим инструментам могли бы быть значительно выше 8 . Что касается сдерживающих факторов, то среди них Дж.…”

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“…Так, после длительного периода низких процентных ставок корпоративная задолженность выросла почти до 47% ВВП (что превышает уровень 2008-2009 гг.). Кроме того, как отмечают эксперты аналитического подразделения издания The Economist, ухудшилось качество долгаболее половины корпоративного долга в США имеет низкий рейтинг 8 Это подтверждается рядом исследований, в которых были получены количественные оценки влияния принятых мер на экономический рост в США. Так, в одном из них (Hess и др., 2012) показано, что благодаря первым двум раундам количественного смягчения в середине 2012 года реальный ВВП США был на 3% выше, чем при отсутствии стимулирующих мер со стороны ФРС.…”

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Curtailing unconventional monetary policy: limitations and prospects

Shelud'ko¹

2019

Ekon. teor.

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The paper considers the monetary policy of leading world central banks that were used to overcome the global financial and economic crisis in 2008–2009. Advanced developed countries managed to overcome this crisis, primarily through monetary mechanisms. For this purpose, a non-traditional monetary policy was invented and applied for the first time. It included the following: quantitative easing with a corresponding rapid growth of central bank liabilities; de facto maintaining a plurality of their objectives, including ensuring financial stability and reducing unemployment; and expanded participation of central banks in financing governments' budget deficits. The measures taken helped to overcome the recession in developed countries and promoted the transition to a trajectory of economic growth. The current practice of monetary policy normalization, initiated in the United States, involves a gradual increase in the key interest rate and a curtailment of central bank balances. However, in many developed countries (EU), the practice of non-traditional monetary policy is still persistent and is an important factor for determining the trends of the global economy. In general, the results of this policy can be evaluated differently, but it is important for Ukraine to conclude on the relevance of monetary policy to stimulate economic development. Global volatility, increasingly determined by trade wars and other forms of protectionism in global economies, poses challenges (primarily in terms of maintaining/enhancing export and production capacity). For the economy of Ukraine, which is vulnerable to external shocks, these factors, combined with internal centres of instability, form a bunch of complicated tasks, in particular in terms of the cessation of further loss of investment potential, which should be addressed rationally by the monetary policy instruments.

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Analysis of monetary regulation of the investment sphere in the Republic of Belarus

Zelenkevich

Bandarenka

2021

SHS Web Conf.

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The purpose of the article is to substantiate the possibility and necessity of the central bank’s monetary policy to stimulate investment and economic growth for developing economies on the example of the investment sphere and monetary policy in Belarus. It was determined that the impact of monetary regulation on investment and economic growth is achieved in the course of the central bank’s activities to maintain indicators of price and financial stability which reflect favourable conditions for investment. Price stability is achieved through the implementation of various central bank strategies such as targeting the exchange rate, money supply and inflation. These strategies are defined as the objectives of monetary policy. The article discusses the advantages of monetary regulation in comparison with fiscal regulation, and also contains an analysis of its practical implementation in the Republic of Belarus in the period 2000–2019. As a result of the study the economic and financial results of the strategies applied at different stages were determined, their consequences for the economy were substantiated, and the strategies that best affect the financial and economic indicators in the country were identified. For countries with a small open economy which includes Belarus maintaining price and financial stability is complemented by a set of measures to reduce the devaluation expectations of market entities and create a favorable foreign economic environment.

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Hype around (non)monetary (non)theory

Cited by 13 publications

References 3 publications

State Financial Support During the Crisis and Its Impact on Business Development

State Financial Support During the Crisis and Its Impact on Business Development

Curtailing unconventional monetary policy: limitations and prospects

Analysis of monetary regulation of the investment sphere in the Republic of Belarus

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