Comparative Analysis of Monetary Policy Measures and Nigerian Economic Growth (2009 - 2018)

Recent slowdown of economic growth forces Russian political authorities to seek for policy measures to support economic activity, and monetary expansion is considered as one of possible alternatives. During the post-crisis period monetary authorities of advanced economies have relied heavily on different sorts of monetary stimulus. Thus it is sometimes argued that Russia should better use such kind of experience and shift to aggressive monetary easing. This view is mostly wrong since it demonstrates misunderstanding of the goals of the monetary easing policy implemented in advanced economies and also ignores the differences between Russia and advanced countries with respect to macroeconomic conditions.

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Insights on monetary policy and public banking in Brazil (2008-2012)

Nova Economia ◽

10.1590/0103-6351/1932 ◽

2016 ◽

Vol 26 (1) ◽

pp. 43-67

Author(s):

Elena Soihet ◽

Cesar Murilo Nogueira Cabral

Keyword(s):

Economic Growth ◽

Monetary Policy ◽

Economic Policy ◽

Central Bank ◽

Economic Environment ◽

Economic Policies ◽

Monetary Policies ◽

Banking Policy ◽

Policy Measures

Abstract: This paper aims to analyze the effect of monetary and banking policy during the subprime crises between 2008 and 2009 and afterwards (2010-2012). The main actions and the monetary policy of the Brazilian Central Bank are also discussed. We found that at the peak of the crisis, the main lever for restoration of the Brazilian economy was related to domestic economic policy measures, particularly the ones implemented by the main state-owned banks: Caixa Econômica Federal, Banco do Brasil and Banco Nacional de Desenvolvimento Econômico e Social. The supporting role of other economic policies and the external economic environment are also discussed here. The findings show that in the period immediately following the crisis, (2010-2012), both credit and monetary policies did not succeed in ensuring sustained economic growth.

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Playing with fire: the unintended consequences of monetary financing

REVISTA PROCESOS DE MERCADO ◽

10.52195/pm.v14i2.84 ◽

2017 ◽

pp. 247-257

Author(s):

Leef H. Dierks

Keyword(s):

Economic Growth ◽

Monetary Policy ◽

Lower Bound ◽

Euro Area ◽

Balance Sheet ◽

Unintended Consequences ◽

Unconventional Monetary Policy ◽

Monetary Policies ◽

Policy Measures ◽

Asset Purchases

To the extent that the ECB’s more recent monetary policies, among them cutting its main refinancing rate to a historical low of 0% in March 2016, failed to deliver the hoped for results in the wake of the financial crisis and the euro area started facing a “Japanifica-tion” (Dierks, 2015), unconventional monetary policy measures were adopted. These included unprecedented asset purchases, which caused the Eurosystem’s total assets to soar to €4.3trn (about 35% of Euro area GDP) as per mid-October 2017, the latest date for which data were available (fig. 1). Originally, these unconventional policy measures were designed to stimulate economic growth, particularly in the Medi-terranean Rim economies, and to spur inflation; “the (ECB’s) Gov-erning Council is more actively steering the size of the ECB’s balance sheet towards much higher levels in order to avoid the risks of too prolonged a period of low inflation in a situation where policy rates have reached their effective lower bound“ (ECB, 2014). In light of the most recent inflation data (fig. 2), this policy appears

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Is inflation targeting useful for economic growth?

Voprosy Ekonomiki ◽

10.32609/0042-8736-2017-2-62-74 ◽

2017 ◽

pp. 62-74 ◽

Cited By ~ 7

Author(s):

P. Kartaev

Keyword(s):

Economic Growth ◽

Monetary Policy ◽

Test Performance ◽

Inflation Targeting ◽

Developing Economies ◽

Empirical Studies ◽

Growth Regime ◽

Potential Channels

The paper presents an overview of studies of the effects of inflation targeting on long-term economic growth. We analyze the potential channels of influence, as well as modern empirical studies that test performance of these channels. We compare the effects of different variants of inflation targeting (strict and mixed). Based on the analysis recommendations on the choice of optimal (in terms of stimulating long-term growth) regime of monetary policy in developed and developing economies are formulated.

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Non-standard functions and structures of ministries of finance under economic challenges: A case study of Western governments

Finance and Credit ◽

10.24891/fc.26.11.2448 ◽

2020 ◽

Vol 26 (11) ◽

pp. 2448-2471

Author(s):

S.V. Anureev

Keyword(s):

Economic Growth ◽

Economic Development ◽

Comparative Analysis ◽

Great Britain ◽

Central Banks ◽

Economic Recovery ◽

Budget Process

Subject. This article examines the functions and management structures of central financial bodies and related parliamentary and governmental structures in Australia, Canada, Great Britain, Japan, Germany, France and Italy. Objectives. The article aims to identify non-standard functions and structures that go beyond the classical responsibility of finance ministries as a central part of the budget process arising from current economic challenges. Methods. For the study, I used a comparative analysis. Results. The article describes the important new functions of financial authorities and treasuries of Western governments aimed at economic growth and economic recovery. Conclusions. The organizational and management structures and functions of the ministries of finance go far beyond the budget process, overlap with and dominate the functions of central banks and ministries of economic development.

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Reducing the Risks of the Financial Sector to Ensure Sustainable Growth of the Russian Еconomy

Economics taxes & law ◽

10.26794/1999-849x-2019-12-3-86-92 ◽

2019 ◽

Vol 12 (3) ◽

pp. 86-92

Author(s):

T. I. Minina ◽

V. V. Skalkin

Keyword(s):

Economic Growth ◽

Monetary Policy ◽

Financial Sector ◽

Developed Countries ◽

Sustainable Growth ◽

Necessary Condition ◽

Real Sector ◽

Financial Instruments ◽

The Real ◽

The Impact

Russia’s entry into the top five economies of the world depends, among other things, on the development of the financial sector, being a necessary condition for the economic growth of a developed macroeconomic and macro-financial system. The financial sector represents a system of relationships for the effective collection and distribution of economic resources, their deployment according to public demand, reducing the risk of overproduction and overheating of the economy.Therefore, the subject of the research is the financial sector of the Russian economy.The purpose of the research was to formulate an approach to alleviating the risks of increasing financial costs in the real sector of the economy by reducing the impact of endogenous risks expressed as financial asset “bubbles” using the experience of developed countries in the monetary policy.The paper analyzes a macroeconomic model applied to the financial sector. It is established that the economic growth is determined by the growth and, more important, the qualitative development of the financial sector, which leads to two phenomena: overproduction in the real sector and an increase in asset prices in the financial sector, with a debt load in both the real and financial sectors. This results in decreasing the interest rate of the mega-regulator to near-zero values. In this case, since the mechanisms of the conventional monetary policy do not work, the unconventional monetary policy is used when the mega-regulator buys out derivative financial instruments from systemically important institutions. As a conclusion, given deflationally low rates, it is proposed that the megaregulator should issue its own derivative financial instruments and place them in the financial market.

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Credit Restriction or Economic Growth?

Russian Economic Journal ◽

10.33983/0130-9757-2019-4-45-54 ◽

2019 ◽

pp. 45-54

Author(s):

E.Y. Sokolova ◽

A.S. Tanasova

Keyword(s):

Economic Growth ◽

Monetary Policy ◽

Domestic Demand ◽

Retirement Age ◽

Inflation Expectations ◽

Negative Consequences ◽

Credit Restriction

At the end of 2018 — the very beginning of 2019 Russia faced negative consequences of the economic measures that took place in 2018, such as the retirement age rising, tightening sanctions against Russia, VAT rising which caused increased inflation expectations of people. The Bank of Russia increased the key rate in response. All these measures lead to decrease of domestic demand, and not stimulate economic growth. The article examines the possibility of using the monetary policy method of credit restriction to fulfil the presidential act to stimulate economic growth.

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