The Bank of Russia intends to introduce inflation targeting policy and exchange rate free floating regime in three years. Exogenous shocks absorption which stabilizes the real sector of economy is usually considered to be one of the advantages of free floating exchange rate policy. However, our research based on the analysis of 25 world largest economies exchange rates and industrial production during the crisis of 2008-2009 does not confirm this hypothesis. The article also analyzes additional risks associated with free floating exchange rate regime in Russia and presents some arguments in favor of managed floating exchange rate regime.
The loss of country’s socio-economic development stability puts on the agenda the problem of finding solutions contributing to the maintenance of Russian households’ welfare. The authors believe that these solutions lie in the broader area than applying various instruments of monetary support. The most effective solutions are related to the actualization of own resources of households that can act as a safety margin as well as a source of social development. The attempt to evaluate the households’ resource provision and highlight the significance of each resource enabling or creating barriers to the growth of households’ welfare is made in this article. On the basis of received conclusions social policy areas directed at preserving or enhancing the welfare are defined.
The paper is dedicated to the New Institutional and Post Keynesian perspectives on institutions and their relation to economic stability. Embeddedness, institutional environment, and institutional arrangements are considered. Within these institutions conventional expectations, the economic policy and forward contracts are analyzed. Upon these perspectives the author shows a contradictory relation between institutions and the order and develops an institutional theory of business cycles.
DENSITY OF PERIODIC ORBITS IN ω-LIMIT SETS WITH THE HAUSDORFF METRIC
