Influence of Monetary Policy on Technological Development of the Economy in a Long-Term Aspect

Monetary policy currently pursued by the Central Bank of the Russian Federation is a reflection of external market conditions. Regulatory approaches should, in particular, help reduce the dependence of monetary policy on external factors — such as oil prices, foreign loans, access to foreign markets, etc. This is not about completely isolating the monetary sphere of the Russian Federation from parameters and the external environment. It is required to refuse close, automatic communication with the given parameters. It is necessary to increase the stability of the monetary system of the Russian Federation and the economy as a whole in relation to external shocks. This can be done through more active use of a wide range of tools available to the regulator. These include monetary and regulatory mechanisms (interest rates, reserve requirements, foreign exchange positions, etc.), gold reserves, verbal interventions, etc., which can have a stimulating effect on economic growth. The high volatility of the ruble now observed makes it extremely difficult for enterprises to plan and forecast, thereby making it impossible for the normal course of investment processes and expanded reproduction. In order to use monetary mechanisms to stimulate economic growth and eliminate the negative effects of current monetary policy (in particular, implemented since autumn 2014), a departure from inflation targeting and free floating of the ruble exchange rate is necessary. At the same time, it is obviously necessary to abandon many components or closely related elements (for example, “monetary contraction”). In addition, steps will be needed to stabilize the foreign exchange market, which would have positive effects (falling volatility, lower inflation, etc.). Under current conditions, with limited access to external financial resources, it is important to use mechanisms for generating financial flows based on internal sources. In other words, the monetary base should be formed due to internal factors, and not depend on the dynamics of energy prices. In previous years, the main emphasis in the Russian economy was placed on the external sphere as a source of growth financing. Restricting access to external cheap financial resources (due to low oil prices, sanctions, etc.), as well as continuing geopolitical tensions with regard to Russia, reduce the possibilities for implementing longterm investment projects in the economy. This increases the relevance of national mechanisms and sources of formation of the resource base (including long) necessary to refinance previously taken loans, as well as to implement structural changes in the Russian economy.

Foreign Direct Investments: The Indirect Way to Economy

Voprosy Ekonomiki ◽

10.32609/0042-8736-2007-11-63-75 ◽

2007 ◽

pp. 63-75 ◽

Cited By ~ 1

Author(s):

A. Navoi

Keyword(s):

Russian Federation ◽

National Economy ◽

Financial Resources ◽

Foreign Direct Investments ◽

Russian Economy ◽

The Russian Federation ◽

Methodological Aspects

The article analyzes the situation with attraction of foreign direct investments (FDI) into the Russian Federation. Sharply increased inflow of international financial resources into national economy has highlighted the problem of definitions, the reasons of this phenomenon and its economic contents. The article considers methodological aspects and economic essence of modern FDI. Special accent is made on the estimation of the situation with their attraction into Russia, FDI structure and effectiveness. The conclusions about basic directions of the increase of their effectiveness in the Russian economy are formulated.

MAIN PROBLEMS OF PUBLIC DEBT MANAGEMENT OF THE RUSSIAN FEDERATION

10.36871/ek.up.p.r.2021.05.02.005 ◽

2021 ◽

Vol 2 (5) ◽

pp. 27-31

Author(s):

I. V. SUGAROVA ◽

◽

N. V. TADTAEVA ◽

Keyword(s):

Economic Growth ◽

Russian Federation ◽

Public Debt ◽

World Economy ◽

Debt Management ◽

Financial Resources ◽

Modern World ◽

The Russian Federation ◽

Public Debt Management

In the modern world economy, most countries lack the financial resources to fully perform their duties and functions to their citizens. The consequence of the increase in borrowing by countries is the growth of public debt. Its management is becoming one of the most acute problems in the current conditions. The article presents the main aspects of this problem, and suggests measures to stimulate the country's economic growth.

A Russian approach to ensuring economic growth

Economic Analysis Theory and Practice ◽

10.24891/ea.20.7.1234 ◽

2021 ◽

Vol 20 (7) ◽

pp. 1234-1255

Author(s):

Valerii V. SMIRNOV

Keyword(s):

Economic Growth ◽

Russian Federation ◽

Systems Approach ◽

Consumption Expenditures ◽

Goods And Services ◽

Russian Economy ◽

Public Consumption ◽

The Russian Federation ◽

The Government ◽

And Cluster Analysis

Subject. The article investigates a Russian approach to ensuring economic growth. Objectives. The aim is to identify the basis of the Russian approach to ensuring economic growth. Methods. The study rests on the systems approach, using the methods of statistical, neural network, and cluster analysis. Results. The paper defines the structural importance of exports of goods and services, and changes in inventories. It highlights significant links with public consumption expenditures. The Russian approach to ensuring economic growth comes down to devaluation of the national currencyб resulting from the loss of the real inflationary potential of economic growth to maintain the volume of exports of goods and services in the context of maintaining public consumption expenditures. The increase in M2 forces the Central Bank of the Russian Federation to increase its foreign exchange reserves. This has a restraining effect on the growth of Russian Ruble’s monetary exchange rate. This phenomenon causes a drop in the Russian federal loan bond (OFZ) index and a replacement of strategic priorities with tactical ones. Conclusions. The basis of the Russian approach to ensuring economic growth is a reflection of the limits of the Russian economy development and the effectiveness of the Government of the Russian Federation.

ASSESSMENT OF THE BUDGETARY POLICY IN THE FIELD OF EQUALIZING BUDGETARY PROVISION IN RUSSIA

10.36871/ek.up.p.r.2021.03.02.013 ◽

2021 ◽

Vol 2 (3) ◽

pp. 75-82

Author(s):

O. R. TEGETAEVA ◽

◽

L. V. BASIEVA ◽

A. A. BALIKOEVA ◽

◽

...

Keyword(s):

Economic Growth ◽

Russian Federation ◽

Financial Resources ◽

Budgetary Policy ◽

Theoretical Approaches ◽

The Russian Federation ◽

Regional Budgets ◽

The Impact

The article highlights theoretical approaches to defining the concepts of budgetary provision of the budgets of the constituent entities of the Russian Federation. In this regard, an analysis of changes in the levels of subsidization of regional budgets is carried out, taking into account changes in the methods of distributing subsidies to regions, an assessment is made of the impact of changes in the management of public financial resources on the economic growth of regions.

EFFICIENCY OF THE USE OF INTELLECTUAL CAPITAL AS A FACTOR OF INCREASING THE COMPETITIVENESS OF THE RUSSIAN FEDERATION

10.36871/ek.up.p.r.2021.03.02.015 ◽

2021 ◽

Vol 2 (3) ◽

pp. 88-92

Author(s):

A. V. DZHIOEV ◽

Keyword(s):

Economic Growth ◽

Russian Federation ◽

Intellectual Capital ◽

Industrial Revolution ◽

Powerful Factor ◽

Eu Countries ◽

Fourth Industrial Revolution ◽

Russian Economy ◽

The Us ◽

The article analyzes the reasons for the unstable development of the Russian economy in the period after the introduction of sanctions by the US and EU countries. It is shown that in the context of the fourth industrial revolution in Russia, it is extremely important to actively increase and effectively use such a powerful factor of economic growth and achieving international competitiveness as national intellectual capital.

The new Central bank three-year plan in the context of the main problems of the Russian economy (on the draft «Main directions of the unified state monetary policy for 2021 and the period 2022–2023» of the Bank of Russia)

Russian Economic Journal ◽

10.33983/0130-9757-2021-2-33-44 ◽

2021 ◽

pp. 33-44

Author(s):

Mikhail Ershov ◽

Anna Tanasova

Keyword(s):

Economic Growth ◽

Monetary Policy ◽

Central Bank ◽

Subject Area ◽

Negative Answer ◽

Russian Economy ◽

Regulatory Instruments ◽

Budget Policy ◽

The Subject ◽

The article presents an analysis of the draft «Main directions of the unified state monetary policy for 2021 and for the period 2022–2023» of the Bank of Russia, aimed at finding out whether the designed monetary policy will contribute to solving the main problems of the Russian economy. Leaning towards a generally negative answer to this question, the authors of the article, firstly, establish that some of these problems, including problems whose solution falls within the direct competence of the Bank of Russia, and which, accordingly, fall within the subject area of the regulatory instruments available to the Central Bank of the Russian Federation, are clearly insufficiently worked out in the document or, worse, only simply indicated. Unfortunately, this also applies to the key reproduction tasks associated with ensuring rapid, sustainable and high-quality economic growth. Secondly, they fix the year that began in March 2021 new round of increase in the key rate of the Bank of Russia. Third, they emphasize the fact of the negative synergy of the Bank of Russia’s tight monetary policy and the Russian Ministry of Finance’s tight budget policy, designed for the period up to 2023. The article substantiates the need for a coordinated approach of financial regulators and agencies to solve the problems of overcoming the crisis and stimulating economic growth.

Modern problems of an economic safety, accounting and the right in the Russian Federation. Vol.2 ◽

FEATURES ANTI-INFLATIONARY POLICY OF THE RUSSIAN FEDERATION

10.26526/conferencearticle_5c5060840a1a13.52093277 ◽

2018 ◽

Author(s):

Галина Крохичева ◽

Galina Krohicheva ◽

Анастасия Нелипа ◽

Anastasiya Nelipa

Keyword(s):

Economic Growth ◽

Russian Federation ◽

Important Condition ◽

Economic Mechanism ◽

Russian Economy ◽

The Russian Federation ◽

Complex Influence ◽

Modern Russian

The article is devoted to the anti-inflation policy as an important condition for its economic growth. The choice of anti-inflation impact methods of anti-inflationary impact should be determined by the nature and level of inflation, the economic mechanism specifics. The aspects of inflation in the modern Russian economy are revealed and the measures of anti-inflation policy as a means of complex influence on the reasons of inflation processes formation are offered.

JAPANESE TECHNOLOGIES FOR THE DIGITAL TRANSFORMATION OF THE RUSSIAN ECONOMY

10.36871/ek.up.p.r.2021.11.02.020 ◽

2021 ◽

Vol 2 (11) ◽

pp. 160-166

Author(s):

Natalya N. Trofimova ◽

Keyword(s):

Economic Growth ◽

Russian Federation ◽

Manufacturing Sector ◽

Digital Transformation ◽

Innovation Strategy ◽

Technological Innovations ◽

Innovative Development ◽

Russian Economy ◽

The Russian Federation ◽

Global Economic Growth

The article discusses the Japanese strategy of innovative development of the economy and society – the strategy «Society 5.0». The author emphasizes that active digital transformation is currently necessary for global economic growth, which is the basis of «Society 5.0». This strategy implies the develop-ment of technologies that sets the vector of development of both industry and the manufacturing sector, as well as society as a whole. The article substantiates the need for a global digital transformation that ensures serious changes in the life of society, including management, the structure of industry and employment. It is shown that «Society 5.0» is based on the integration of physical and cyberspace to solve social problems, allowing people to live as comfortably as possible due to technological innovations. The obstacles that countries have to overcome when implementing the new innovation strategy «Society 5.0» are highlighted. The problems that pushed the Japanese government to the need to develop innovative approaches to the devel-opment of the economy and society are described. It is emphasized that the basis for the transition to the strategy «Society 5.0» is the program «Digital Economy of the Russian Federation».

Sustainable Economic Development of the Russian Federation and Its Federal Districts

Scientific Research and Development Economics ◽

10.12737/5448 ◽

2014 ◽

Vol 2 (4) ◽

pp. 18-24

Author(s):

Басовская ◽

Elena Basovskaya

Keyword(s):

Economic Growth ◽

Economic Development ◽

Russian Federation ◽

North Caucasus ◽

Russian Economy ◽

Federal Districts ◽

The Russian Federation ◽

System Sustainability ◽

Economic Growth Rates ◽

Far Eastern

The technique for assessing sustainability of regional economic development based on applying diagnostics of system sustainability failure is used to explore dynamics of economic development of the Russian Federation and federal districts. The degree of development sustainability is assessed by dispersion of economic growth rates. The author’s findings reveal the increasing lack of sustainability in the development of the Russian economy as for the period of 2011–2013, which means that a new economic crisis may happen. Differences in the economic development of the federal districts in the period of 2008–2012 are observed. During the 2011–2012 period the Central, Northwest, Southern, North Caucasus, Volga, Urals and Siberian federal districts showed sustainable economic development. The economic development of the Far Eastern federal district showed the lack of sustainability and recessionary production decline.

Analysis of the dynamics of gross domestic product and external economic activity of the Russian Federation for 2013−2018

Revista Amazonia Investiga ◽

10.34069/ai/2020.26.02.16 ◽

2020 ◽

Vol 9 (26) ◽

pp. 146-157

Author(s):

Oleg Ilyasovich Katlishin ◽

Alexander Sergeevich Baleevskikh

Keyword(s):

Economic Growth ◽

Gross Domestic Product ◽

Foreign Trade ◽

Russian Federation ◽

Purchasing Power Parity ◽

Economic Activity ◽

Domestic Product ◽

Power Parity ◽

Russian Economy ◽

Currently, the Russian Federation is a significant geopolitical and economic player in the modern global world, it has its own interests and traditional partnerships with most states, including business representatives of those countries that are trying to restrain its development through restrictions and partial isolation from global development opportunities . Despite the sanctions and the unfavorable world market conditions, the Russian economy showed high plasticity, stability and adaptability to external changes, which was reflected in the positive dynamics of foreign trade growth in the existing conditions. Therefore, the purpose of this article was to conduct a comprehensive analysis of the dynamics of official statistics on economic growth and foreign trade in the Russian Federation for the period 2013-2018. To achieve this goal, the following tasks were solved: 1) an analysis of the dynamics of the gross domestic product of the Russian Federation for the period 2013-2018; 2) the role of foreign trade in the gross domestic product of the country is estimated through the calculation of foreign economic quotas; 3) analyzed the dynamics of foreign trade, imports and exports of the Russian Federation; 4) revealed the shares of product groups in the structure of exports and imports, as well as the most significant counterparties of the Russian Federation. The hypothesis of the study was the thesis of the interdependence of the volume of economic growth and foreign economic activity, including taking into account changes in foreign economic conditions. The article provides a retrospective analysis of the dynamics of economic growth in terms of nominal value and purchasing power parity, as well as the dynamics of foreign trade of the Russian Federation for the period 2013-2018. A preliminary forecast of foreign trade volumes for 2019 is given. The calculation of foreign economic, export and import quotas for the same period. The Russian specifics of the dynamics and structure of export supplies and import flows, as well as the structure of both imports and exports by counteragent countries and enlarged groups of the commodity nomenclature of foreign economic activity, are examined. For the period under review, the nominal GDP fell by 28.8%, while in terms of purchasing power parity, the Russian economy grew by 5.7% over the same period. At the same time, the largest drawdown in the economy occurred in the middle of the period; in recent years, the situation in the economy has improved. The role of foreign trade in the formation of GDP during the period was relatively stable, with the exception of 2018, when the foreign trade quota sharply increased (as well as export and import). The dynamics of foreign trade and export quotas in the Russian Federation are almost identical, while imports depend on export earnings. For the study period, foreign trade turnover of the Russian Federation decreased by 18.4%, export volumes decreased by 14.8%, import purchases decreased by 24.5%. The main problem of the economy and foreign economic activity remains its dependence on the export of mineral products.