Perspectives on inflation Targeting Regime in Russia

Andryushin, S.

doi:10.32609/0042-8736-2014-11-107-121

Cited by 5 publications

(2 citation statements)

References 2 publications

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“…Nevertheless, the Bank of Russia decided not to abandon the previously adopted plan to switch from January 1, 2015, to a floating regime, in which the geopolitical events of 2014 were not taken into account. The work (Andryushin, 2014) indicated the likelihood of a sharp devaluation of the ruble due to the neglect of the risks of speculative attacks and the lack of clear methods in the regulator's plans to neutralize the negative impact of fluctuations in the ruble exchange rate on the national economy.…”

Section: Exchange Rate and Exchange Rate Policymentioning

confidence: 99%

Five Years of Inflation Targeting Without Economic Growth: What Should Be Changed? The Case of Russia

Gasanov

2021

IJFR

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The article provides a review of approaches to assessing and analyzing the effectiveness of the interest rate and exchange rate policy of the Bank of Russia in the period 2015-2019. Despite the decrease in the rate of price growth, inflationary expectations of economic agents remain at a high level. Monetary policy continues to be tight. The stability of the exchange rate to external shocks, expected from the introduction of inflation targeting and a free floating rate, did not happen. The complex of conditions that have developed due to geopolitical factors, low growth rates and the global economic crisis caused by the coronavirus pandemic require the search for new targets, such as economic growth and exchange rate stability. To maintain the stability of the ruble exchange rate, it is recommended to sell foreign exchange reserves accumulated according to the "Budget rule" in an equivalent amount; to support the liquidity of banks during periods of an attack on the ruble, it should through foreign exchange REPO, and develop a derivatives market.

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Section: Exchange Rate and Exchange Rate Policymentioning

confidence: 99%

Five Years of Inflation Targeting Without Economic Growth: What Should Be Changed? The Case of Russia

Gasanov

2021

IJFR

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“…The stagnation of economic agents has objective reasons behind it. These are widely described in the literature and are largely related to the money-and-credit policy followed by the CBRF, and the budget policy of the Russian Ministry of Finance, which, in particular, are reflected in works by Glazyev (2016), Andryushin (2014) and Belousov (2006).…”

Section: Introductionmentioning

confidence: 99%

Financing national economy through credit and budget mechanisms

Иванов¹

2019

Proceedings of the Third International Economic Symposium (IES 2018)

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This article examines the impact of budget policy on the development of Russian economy. It reveals a contradictory nature in strategic development goals of two sectors of the economy: the real and the financial one. Current money-and-credit policy of the Central Bank of the Russian Federation (CBRF) hardly takes into account the needs of internal market, it is accompanied by monetary contraction and by declining real disposable income. High interest rates restrain the potential of loans for upgrading production facilities and implementing structural changes in the economy. Since 2015, budget policy has mainly sought to adapt to structurally changing environments. Significant spread of shadow economy and offshore business do not allow increasing budget incomes of different levels and, thereby, providing necessary funding to support crucial aspects for economic development. On the basis of developed economies' experience in achieving macroeconomic stability during crises, the article proposes credit and budget financing mechanisms aimed at developing current economy. Among these, monetary-industrial policy is considered an important mechanism for balanced growth of incomes and expenditures of budgets of different levels that makes it possible to efficiently support the development of the national economy.

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Strategic priorities of regional economic development in the context of regulating non-monetary factors of inflation

Dvoryadkina,

Kuklinova

2024

Upravlenets

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A vast array of research works concentrates on such aspects of inflation processes as their essence, development factors, anti-inflationary regulation, etc., but precious few of them attempt to identify the factors of inflation in the strategic priorities of regional development. At the same time, economics and state policy at both national and regional levels recognise the significant effect of inflation on economic development. The paper deals with non-monetary factors of inflation in regions and develops a path for formulating regional policy on their regulation. The theories of regional economic development and inflation constitute the methodological framework of the study. The research methods include systematization, functional and comparative analysis, deduction. We identify the provisions of the socio-economic development strategies of the Ural macroregion’s member territories relating to the regulation of non-monetary factors in the development of inflationary processes. The identified aspects of inflation reflect the impact of its non-monetary factors on regional economic development and require anti-inflationary policy to be coupled with the areas of activity of regional authorities. We present a conceptual-logical model for framing regional policy on regulating non-monetary factors of inflation in an RF subject specifying the strategic priorities of economic development that influence regional factors of inflation. The model demonstrates that it is the state programmes of Russia’s constituent entities that are the main tool for regulating non-monetary factors of inflation in the regional government system. It coordinates price regulation measures in the regions with the goals and objectives of policy aimed at developing their economies. The findings contribute to the understanding of regional inflation factors and can be used by regional authorities when executing socio-economic development strategies.

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Perspectives on inflation Targeting Regime in Russia

Cited by 5 publications

References 2 publications

Five Years of Inflation Targeting Without Economic Growth: What Should Be Changed? The Case of Russia

Five Years of Inflation Targeting Without Economic Growth: What Should Be Changed? The Case of Russia

Financing national economy through credit and budget mechanisms

Strategic priorities of regional economic development in the context of regulating non-monetary factors of inflation

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