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MONETARY POLICY IN RUSSIA: RECENT CHALLENGES AND CHANGES IN UNSTABLE ECONOMIC CONDITIONS

Abstract

The purpose of the article is to identify actual condition and recent changes in monetary policy of the Bank of Russia. The article considers the main directions of the monetary policy of the Bank of Russia, especially in correspondence with Russia’s deep political and economic problems. The author underlines negative aspects of the Bank of Russia’s monetary policy that took place in 2014. The attention is focused on consequences of inflation targeting policy influence on the economy, and on the use of monetary control instruments at the level of bank lending, rates of economic growth, etc. The research conducted by the author is based on dynamicsof macroeconomic indicators. The author makes the conclusion that there is a change of the Bank of Russia’s monetary policy paradigm, which tends to correspond with the purposes of economic growth. The author also offers possible directions of improving Russia’s monetary policy, including double-purpose, which, in the author’s opinion, is of paramount importance at the present stage of Russia’s economy development under the conditions of economic and political instability, crisis and shocks .

About the Author

N. Giblova
Financial University
Russian Federation


References

1. MosPrime Rate. Official website of the Bank of Russia, www.cbr.ru.

2. China statistical yearbook, 2013, National Bureau of Statistics of China.

3. The World Bank, GDP growth (annual%).

4. The Statistics Portal, (accessed 12 December 2014).

5. The indices of Moscow Exchange. Moscow Exchange, http://moex.com/ru/indices (accessed 25 March 2015).

6. The index of intensity as to the production of goods and services in basic economic activities. Monthly report. Institute “Center of Development” National Research University - Higher School of Economics.

7. Michael McLeay, Amar Radia, Ryland Thomas (2013), Money creation in the modern economy, www.bankofengland.co.uk (accessed 25 March 2015)


Review

For citations:


Giblova N. MONETARY POLICY IN RUSSIA: RECENT CHALLENGES AND CHANGES IN UNSTABLE ECONOMIC CONDITIONS. Review of Business and Economics Studies. 2015;3(1):57-66. (In Russ.)



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ISSN 2308-944X (Print)
ISSN 2311-0279 (Online)