Monetary Policy of Russia in 2021–2023: Goals and Risks

Auditor ◽  
2021 ◽  
pp. 3-10
Author(s):  
I. Smirnov
Keyword(s):  
Monetary Policy ◽  
Economic Development ◽  
Price Stability ◽  
The Stability ◽  
Favorable Conditions

Monetary policy of Russia in 2021–2023, according to the tradition that has developed over many years, will be focused primarily on ensuring the stability of the ruble by maintaining price stability in order to create favorable conditions for the country’s economic development.

scholarly journals Inflation Targeting Approach: An Evaluation of the Application Process in Turkey

2013 ◽  
Author(s):  
Serdar Öztürk ◽  
Ali Sözdemir ◽  
Özlem Ülger
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Developed Countries ◽  
The Other ◽  
Price Stability ◽  
Application Process ◽  
Point Target ◽  
The Stability ◽  
Republic Of Turkey ◽  
Developing And Developed Countries

As a result of many countries don’t provide the achievement as regards the satisfaction of the price stability between 1970 and 1990, the other targets and the stability programs aimed at these targets were put away and price stability as a point target was put forward in this process. In this context, inflation targeting approach has been formed as providing price stability and the fight against the inflation after 1990s. The first application of inflation targeting approach by the New Zealand in 1990 affected The Central Bank of Republic of Turkey (CBRT), because of positive impacts on many countries such as developing and developed countries. The results of Inflation targeting approach that has been applied by many countries following New Zealand's experience are positive. Thus, CBRT explained to take place inflation targeting of the point target in monetary policy at the beginning of 2002. Because Turkey don’t provide with the application set of the preconditions for this approach, CBRT decided to remove the elements that is restricting monetary policy and carried into practice "the implicit inflation targeting" until meeting this conditions. In the process of implicit inflation targeting approach, after the conditions related technical infrastructure was improved a new opinion, The CBRT announced to practice "the explicit inflation targeting" approach by the beginning of 2006.

Central banks’ mandate and objectives: Evolution and the crisis lessons

2016 ◽  
pp. 5-24 ◽  
Author(s):  
S. Drobyshevskiy ◽  
A. Kiyutsevskaya ◽  
P. Trunin
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Central Banks ◽  
National Currency ◽  
Price Stability ◽  
Present Stage ◽  
Wide Range ◽  
Monetary Authorities ◽  
The Stability ◽  
Goals And Objectives

On the basis of studying the evolution of goals and objectives of the monetary authorities of a wide range of countries the authors argue the inexpediency of expanding the Bank of Russia’s mandate. It fits into international practice, and also meets the requirements and characteristics of the present stage of economic development. In the pursuit of price stability, the regulator not only maintains the stability of the national currency, as required by the its mandate, but also contributes to the acceleration of economic growth.

Analysis of the Influence of CPEC on Monetary Policy Decision in Pakistan

2021 ◽  
Vol 1 (01) ◽  
pp. 28-40
Author(s):  
Majid Ali Sanghro ◽  
Farhanzeb Khaskhelly ◽  
Ambreen Zeb Khashkelly
Keyword(s):  
Monetary Policy ◽  
Economic Development ◽  
Econometric Model ◽  
Policy Decision ◽  
Economic Data ◽  
Response Strategies ◽  
Areas Of Concern ◽  
The Stability ◽  
Foreign Exchange Volatility ◽  
Financial Regulatory

The purpose of this research is to extent to which the China- Pakistan Economic Corridor (CPEC) can impact monetary policy decisions in Pakistan. This is in response to further research in previous studies. A robust econometric model was applied to economic data procured from the financial and statistical institutions in Pakistan and China. The analysis suggests the potential of the economic cooperation to inure to the benefit of both Pakistan and China in terms of economic development. Return on the analysis indicated that financial sector in Pakistan in particular is more susceptible to risk based on the influx of Chinese funds into the system. Specifically it is concluded the inflation and foreign exchange volatility are the most vulnerable areas of concern. Based on this knowledge it is proposed that the financial regulatory authorities in Pakistan must develop appropriate response strategies to safeguard the stability of the entire financial system on a constant basis.

scholarly journals Regla de productividad y señoreaje: Una crítica al objetivo de estabilización de precios

2021 ◽  
pp. 53-103
Author(s):  
Juan Castañeda Fernández
Keyword(s):  
Monetary Policy ◽  
Key Words ◽  
Central Banks ◽  
Price Stability ◽  
Permit Price ◽  
Palabras Clave ◽  
Nominal Income ◽  
Monetary Equilibrium ◽  
The Stability ◽  
Central Bankers

The aim of the paper is to propose a new version of the productivity norm proposed by Hayek in 1928, as a feasible way to develop monetary policy by actual central banks. With this proposal, we are able both to review the convenience of the stability price objective adopted by most central banks and to permit price variations according to the evolution of productivity in increasingly open and competitive markets. By using a nominal income objective, central banks can distinguish, for example, between unwelcome monetary deflations and falling prices brought about by increases in productivity. With this objective, the degree of competition and of openness of an economy can also be taken into account by central bankers. Key words: Hayek’s productivity norm, price stability, neutral monetary policy, monetary equilibrium. Clasificación JEL: E3, E52. Resumen: Con este trabajo hemos actualizado la regla de estabilización de la renta nominal propuesta por Hayek en 1928 como criterio de emisión válido para los bancos centrales en la actualidad. A partir de su aplicación, la estabilidad de precios deja de ser el objetivo de la política monetaria, permitiéndose en su lugar movimientos de pre-cios a lo largo del tiempo como consecuencia natural de variaciones en las condiciones productivas de la economía, en presencia de mer-cados potencialmente abiertos a la competencia. Con ello estaremos en condiciones de diferenciar la respuesta monetaria óptima del ban-co central ante distintos tipos de deflación. Palabras clave: Regla de productividad de Hayek, estabilización de precios, política monetaria neutral, equilibrio monetario.

scholarly journals Aspects of influence of monetary policy on dynamics of agro-industrial com-plex development

2020 ◽  
Vol 22 (96) ◽  
pp. 3-8
Author(s):  
P. M. Muzyka ◽  
B. B. Brychka ◽  
L. V. Honcharenko
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Agricultural Products ◽  
National Currency ◽  
Price Stability ◽  
Industrial Complex ◽  
Agricultural Enterprises ◽  
Currency Exchange ◽  
Currency Exchange Rate ◽  
The Stability

The main approaches to the interpretation of the essence of monetary policy arepresented in the article, as well as the author’s definition are substantiated. The author highlights the main characteristics of monetary policy, in particular its target orientation, specific time horizon, the presence of a clear mechanism of monetary policy, as well as the coordinated and balanced using of a set of monetary instruments to achieve each goal. In addition, the components of the stability of the currency are substantiated, which includes price stability, stability of interest rates, as well as the stability of the national currency exchange rate. The influence of each of the components of the currency stability on the dynamics of agro-industrial complex development is substantiated. First of all, price stability ensures stable income from the sale of agro-industrial products in the domestic market. In this case, the dynamics of real earnings of agricultural enterprises will depend on changes in relative prices. Stability of interest rates is important in terms of incentives for agricultural enterprises to obtain additional credit resources. The impact of the stability of the national currency exchange rate on development of agro-industrial complex can be traced in two directions. First of all, agricultural enterprises are interested in stable exchnage rate of hryvnia due to the import of mineral fertilizers, seeds, feed additives, foreign equipment for the production and processing of agricultural products, agricultural machinery, etc. Devaluation of the hryvnia during the period of import purchases of necessary raw materials provokes a future increase in the cost of agricultural products. At the same time, agricultural enterprises are interested in a certain devaluation of the hryvnia, which will stimulate the export of agricultural products and ensure the stability of incomes in the national currency.

On Practical Validity of Quantity Theory of Money, or How Much the Dogmatism of Monetary Authorities Costs

2008 ◽  
pp. 31-45 ◽  
Author(s):  
S. Glazyev
Keyword(s):  
Monetary Policy ◽  
Economic Development ◽  
Money Supply ◽  
Market Equilibrium ◽  
Static State ◽  
Quantity Theory ◽  
Monetary Authorities ◽  
State Of The Economy ◽  
Market Organization

The article critically considers basic postulates of quantity theory of money. It shows that they reflect the static state of the economy in abstract models of market equilibrium but do not prove true in actual economic processes. In contrast to monetarists’ view, prices can rise as well as fall even if other variables of the monetarist equation are stable. Thus it cannot be used for grounding monetary policy. The author comes to the conclusion on the dogmatism of Russian monetary authorities that seriously hinders the country’s economic development. He proposes to switch to market organization of money supply basing on regulation of the refinancing rate.

IMPACT OF GOVERNMENT DEBT ON FINANCIAL SECURITY OF UKRAINE

2017 ◽  
Author(s):  
Olena Pikaliuk ◽  
◽  
Dmitry Kovalenko ◽  
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Positive Impact ◽  
The State ◽  
Financial Security ◽  
State Budget ◽  
The Public ◽  
Debt Security ◽  
The Stability ◽  
The Impact

One of the main criteria for economic development is the size of the public debt and its dynamics. The article considers the impact of public debt on the financial security of Ukraine. The views of scientists on the essence of public debt and financial security of the state are substantiated. An analysis of the dynamics and structure of public debt of Ukraine for 2014-2019. It is proved that one of the main criteria for economic development is the size of public debt and its dynamics. State budget deficit, attracting and using loans to cover it have led to the formation and significant growth of public debt in Ukraine. The volume of public debt indicates an increase in the debt security of the state, which is a component of financial security. Therefore, the issue of the impact of public debt on the financial security of Ukraine is becoming increasingly relevant. The constant growth and large amounts of debt make it necessary to study it, which will have a positive impact on economic processes that will ensure the stability of the financial system and enhance its security.

CURRENT ISSUES OF INTERBUDGETARY EQUALIZATION

2020 ◽  
Vol 1 (12) ◽  
pp. 74-78
Author(s):  
A. A. BISULTANOVA ◽  
Keyword(s):  
Economic Policy ◽  
Economic Development ◽  
Russian Federation ◽  
Current System ◽  
Federal Budget ◽  
Financial Resources ◽  
Socio Economic Development ◽  
Interregional Differentiation ◽  
The Russian Federation ◽  
The Stability

The author touched upon topical issues of inter-budget alignment, budget provision of regions with financial resources, focusing on factors that directly affect the stability of the budget system, as well as highlighting problems in the budget sphere that require urgent attention from the authorities. It is concluded that the level of interregional differentiation continues to increase, and the modern mechanism of budget equalization requires urgent amendments and adjustments. It is emphasized that the main goals of socio-economic development of the Russian Federation related to the transition to an innovative type of development, changes in the structure of the national economy, set out in strategic documents and messages of the President of the Russian Federation and declared since 2009, are not being implemented, and the effectiveness of state economic policy and Federal budget expenditures for its implementation remains low. This indicates the need to review the current system.

scholarly journals Money Decentralization under Direct Democracy Procedures. The Case of Classical Athens

2021 ◽  
Vol 14 (1) ◽  
pp. 30
Author(s):  
Emmanouil-Marios L. Economou ◽  
Nicholas C. Kyriazis ◽  
Nikolaos A. Kyriazis
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Direct Democracy ◽  
Hellenistic Period ◽  
International Currency ◽  
Monetary System ◽  
Mediterranean World ◽  
The Stability ◽  
City State

By analyzing the case of Athens during the Classical period (508-323 BCE) the main thesis of this paper is that under direct democracy procedures and the related institutional setup, a monetary system without a Central Bank may function relatively well. We focus on the following issues: (i) Τhe procedures of currency issuing in the Athenian city-state, (ii) why the Athenian drachma become the leading international currency in the Mediterranean world (iii) how and towards which targets monetary policy without a Central Bank was possible (iv) defining the targets of monetary policy and the mechanisms for its implementation (v) the role of money in the economy (vi) the issue of deficit spending (vii) the reasons of the replacement of the Athenian drachma as a leading currency by others from the Hellenistic period onwards (viii) the correlation of our findings regarding the decentralized character of monetary policy in Classical Athens to today’s realities, such as the issue of cryptocurrencies. Our analysis shows that monetary policy without a Central Bank was possible, with its foremost aim being the stability of the currency (mainly, silver coins) in order to enhance trust in it and so, make it an international currency which could outcompete other currencies. Since there was no Central Bank like today, monetary policy decisions were taken by the popular assembly of citizens in combination with the market forces themselves.

DEMOGRAPHIC STABILITY OF ENTERPRISES: INDUSTRY SECTION

2021 ◽  
Author(s):  
Алёна Амирановна Арошидзе
Keyword(s):  
Economic Development ◽  
Age Groups ◽  
Demographic Analysis ◽  
Socio Economic Development ◽  
The Stability ◽  
Key Indicators ◽  
Industry Section

Демографический анализ предприятий служит одним из ключевых индикаторов социально-экономического развития страны. Кроме того, он позволяет в некоторой степени оценить результативность политики по стимулированию предпринимательской деятельности. В этой связи данная статья посвящена оценке жизненности предприятий по возрастным группам и стабильности отраслевых позиций по данному коэффициенту. Demographic analysis of enterprises is one of the key indicators of the country's socio-economic development. In addition, it allows to assess to some extent the effectiveness of policies to stimulate entrepreneurship. In this regard, this article is devoted to assessing the viability of enterprises by age groups and the stability of industry positions according to this coefficient.

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