ONCE AGAIN ABOUT THE NEGATIVE SYNERGY OF THE DESTRUCTIVE POLICY OF THE RUSSIAN MONETARY AUTHORITIES

2021 ◽  
pp. 4-42
Author(s):  
Sergey G. Kapkanshchikov
Keyword(s):  
Budget Deficit ◽  
Inflation Targeting ◽  
Significant Contribution ◽  
Negative Impact ◽  
Domestic Economy ◽  
Credit Policy ◽  
Russian State ◽  
Monetary Authorities ◽  
Ministry Of Finance ◽  
Monetary And Fiscal Policy

The article discloses an interconnected set of strategic defects in the regulatory activities of the Bank of Russia in cooperation with the Ministry of Finance, which predetermine the significant contribution of the neoliberal financial and credit policy pursued by them both to the development of an autonomous recession and the aggravation of the coronary crisis in our country. Based on a comparative analysis of the post-default and post-sanction devaluation of the ruble, a conclusion is made about the predominantly negative impact of the latter on the dynamics of Russian GDP and on inflationary processes in the country. The premature transition of the central bank to inflation targeting and, especially, to the free-floating ruble regime, the leading beneficiaries of which are disclosed commodity exporters, financial speculators and the Ministry of Finance, have been critically examined. The continued dominance of the foreign exchange channel in the Bank of Russia’s issuing activities over the credit channel and the inability of the financial authorities to cover the budget deficit through monetary financing are regarded as decisive factors preventing overcoming the coronavirus crisis on the way to a reasonable diversification of the domestic economy. The unjustified transition already in 2021 to a super-tight monetary and fiscal policy, which does not fit into the global practice of anti-crisis regulation, is seen as a kind of renaissance of the false monetarist approach in the activities of leading Russian regulators, their traditional reliance on the quantitative theory of money and the ensuing desire to overcome cost inflation using methods characteristic of combating demand inflation. As the end result of the noted manifestations of the fiasco of the Russian state in the money market, an extremely low coefficient of monetization of the domestic economy is considered, which prevents its breakthrough high-quality growth in the foreseeable future.

scholarly journals Challenges of public finance of the Serbian economy in the conditions of the pandemic caused by the Covid-19

2021 ◽  
Vol 1 (1) ◽  
pp. 41-57
Author(s):  
Biljana Pejović ◽  
Isidora Ljumović ◽  
Milica Nestorović
Keyword(s):  
Health Care ◽  
Economic Activity ◽  
Budget Deficit ◽  
Domestic Economy ◽  
Policy Makers ◽  
Policy Measures ◽  
The Stability ◽  
The One ◽  
Monetary And Fiscal Policy ◽  
Public Revenues

The corona virus pandemic has brought a great dilemma to economic policy makers. How to maintain a satisfactory level of economic activity, and at the same time provide adequate health care for the population? Epidemiological measures introduced for the health protection of the population have affected the reduction of economic activity in all industries which involve a large number of people in one place. Increased expenditure on health care and assistance to the economy in order to maintain liquidity and employment on the one hand and reduced inflow of public revenues due to weaker economic activity on the other hand, have affected the budget deficit. The extent to which Serbia has managed to balance these two contradictory demands is the topic of this paper. Did the decisions of the Crisis Council adequately balance the preservation of health and the efficiency of the economy? It was analyzed which monetary and fiscal policy measures were implemented, to what extent they preserved the stability of the domestic economy and what is the perspective of economic recovery.

Conference in memoriam of Professor Lyudmila Lapteva. Russian State University for the Humanities, 2018, May, 17

2018 ◽  
Vol 13 (1-2) ◽  
pp. 211-215
Author(s):  
Georgij Mel’nikov
Keyword(s):  
Significant Contribution ◽  
State University ◽  
Russian State ◽  
In Memoriam ◽  
Slavic Studies

Professor Lyudmila Lapteva made a significant contribution to the Slavic Studies in Russia. Many of her students became renowned historians, so one can talk about the phenomenon of «Lapteva’s school». The conference in question became one more proof of it.

The Impossible Trinity» rule in the context of international experience

2019 ◽  
pp. 90-96
Author(s):  
M.P. Tskhovrebov ◽  
A.S. Tanasova
Keyword(s):  
Exchange Rate ◽  
Inflation Targeting ◽  
Empirical Studies ◽  
Theoretical Development ◽  
External Shocks ◽  
Cross Border ◽  
Relevant Today ◽  
Russian Economy ◽  
Monetary Authorities ◽  
Increased Sensitivity

The article is devoted to the «Trilemma» of the policy of the monetary authorities, or the «rule of impossible trinity». This policy compatibility rule, formulated more than 50 years ago, remains relevant today. Its reliability is generally confirmed by a number of empirical studies, although there are also suggestions on the need to adjust this economic and theoretical development. The corresponding discussion also affects the policy of the Bank of Russia (mega-regulator), which carries out inflation targeting in conditions of the free movement of cross-border capital and the use of a floating ruble exchange rate. Regarding the effectiveness of this policy, carried out in the presence of increased sensitivity of the Russian economy to external shocks, the authors express certain doubts.

Wpływ populizmu na demokrację liberalną: na przykładzie prawicy (PiS i Kukiz’15) w wyborach parlamentarnych w Polsce w 2015 roku

1970 ◽  
Vol 20 (274) ◽  
pp. 3-14
Author(s):  
Marek Tyrała
Keyword(s):  
Political Parties ◽  
Liberal Democracy ◽  
Significant Contribution ◽  
Negative Impact ◽  
Research Problem ◽  
Philosophical Perspective ◽  
Parliamentary Elections ◽  
Main Research ◽  
Research Hypothesis ◽  
Interdisciplinary Character

The main research hypothesis put in the article is: Populist parties have a negative impact on the functioning of liberal democracy in Poland. The article attempts to characterize and define the main criterion distinguishing populist parties and anti-system movements against the background of standard political parties. The article also attempts to characterize the process of functioning of liberal democracy in Poland. The text has an interdisciplinary character, the research problem has been analyzed from a political, sociological and philosophical perspective. While verifying the hypothesis put in the work, it was noticed that there is a high probability that the election success of populist parties and movements had a negative impact on the process of functioning of liberal democracy in Poland after the parliamentary elections. An attempt to verify the research hypothesis can make a significant contribution to further studying the functioning of the party and anti-system movements in the process of electoral rivalry in Poland.

On the financial aspect of final relationship between Nicholas II, Emperor of Russia, and King George V

2021 ◽  
Vol 27 (6) ◽  
pp. 1220-1240
Author(s):  
Vladimir D. FETISOV
Keyword(s):  
Negative Impact ◽  
Russian Empire ◽  
Royal Family ◽  
Mechanism Of Formation ◽  
Credit Policy ◽  
Economic Relations ◽  
Main Motive ◽  
The Russian Empire ◽  
Economy Globalization ◽  
Financial Aspect

Subject. The article considers the financial aspect of the latest relationship of Nicholas II and George V. It examines underexplored areas of foreign financial and credit activity of Nicholas II, its impact on the fate of the Royal Family and the Russian Empire. Objectives. The purpose is to reveal the mechanism of formation and the role of foreign assets of the Russian Empire in the fate of the Royal Family and Russia, identify the reasons for England's refusal to accept the abdication of Nicholas II. Methods. I apply the works by domestic and foreign scientists, archival records, memoirs of eyewitnesses and members of the Romanov Family and the British Royal Family. The article employs analytical, systems, historical, and statistical approaches. Results. The paper substantiates the version about the royal property in England as a main motive for the refusal of George V to save Nicholas II. It presents a concept of the formation of the main English assets of Nicholas II, shows the reasons and mechanism of formation, consequences and significance for Russia in modern conditions of market economy globalization, offers directions of transformation of modern international economic relations. Conclusions. The paper concludes on causes of ineffective financial and credit policy of the Romanov Family, its negative impact on the socio-economic development of Russia. It describes how to take into account the experience of international financial and credit policy of Nicholas II in modern conditions.

Relationship between Budget Deficit and Economic Growth: Evidence from Ethiopia

2021 ◽  
Vol 2 (2) ◽  
pp. 10-15
Author(s):  
Desalegn Emana
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Budget Deficit ◽  
Time Series Data ◽  
Negative Impact ◽  
Positive Impact ◽  
Negative Relationship ◽  
Nominal Exchange Rate ◽  
Series Data ◽  
Long Run

This study examined the relationship between budget deficit and economic growth in Ethiopia using time series data for the period 1991 to 2019 by applying the ARDL bounds testing approach. The empirical results indicate that budget deficit and economic growth in Ethiopia have a negative relationship in the long run, and have a weak positive association in the short run. In line with this, in the long run, a one percent increase in the budget deficit causes a 1.43 percent decline in the economic growth of the country. This result is consistent with the neoclassical view which says budget deficits are bad for economic growth during stimulating periods. Moreover, in the long run, the variables trade openness and inflation have a positive impact on Ethiopian economic growth, and on the other hand, the economic growth of Ethiopia is negatively affected by the nominal exchange rate in the long run. Apart from this, in the long run, gross capital formation and lending interest rates have no significant impact on the economic growth of the country. Therefore, the study recommends the government should manage its expenditure and mobilize the resources to generate more revenue to address the negative impact of the budget deficit on economic growth.

Fiscal Deficit and Economic Growth in Bangladesh

2016 ◽  
Vol 62 (1) ◽  
pp. 31-42 ◽  
Author(s):  
Ebney Ayaj Rana ◽  
Abu N. M. Wahid
Keyword(s):  
Economic Growth ◽  
Budget Deficit ◽  
Negative Impact ◽  
Political Stability ◽  
Ordinary Least Squares ◽  
Policy Implications ◽  
Government Budget ◽  
The Government ◽  
The Impact ◽  
Government Budget Deficit

The economy of Bangladesh is currently going through a period of continuous budget deficit. The present data suggest that the government budget deficit, on average, is nearly 5% of the country’s GDP. This has been true since the early 2000s. To finance this deficit, governments have been borrowing largely from domestic and foreign sources resulting in inflationary pressure on one hand, and crowding out of private investments on the other. During the same period, although the economy has grown steadily at a rate of more than 6%, this growth is less than the potential. This article presents an econometric study of the impact of government budget deficits on the economic growth of Bangladesh. We conduct a time-series analysis using ordinary least squares estimation, vector error correction model, and granger causality test. The findings suggest that the government budget deficit has statistically significant negative impact on economic growth in Bangladesh. Policy implications of our findings include reestablishing the rule of law, political stability in the country, restructuring tax structure, closing tax loopholes, and harmonizing fiscal policy with monetary policy to attract additional domestic and foreign investment.

scholarly journals Financial policy of Saratov zemstvo: Expenditure and budgetary deficit

2021 ◽  
Vol 21 (4) ◽  
pp. 517-524
Author(s):  
Elena N. Morozova ◽  
Keyword(s):  
Budget Deficit ◽  
Financial Policy ◽  
Credit Policy ◽  
Important Place

The article presents the characteristics of the most important part of the financial policy of the zemstvo self-government bodies in Saratov province - administration of the expenditure budget. Particular attention is paid to the types of expenses aimed at fulfilling the compulsory and optional duties of the zemstvo. An important place in the publication is occupied by the problem of budget deficit and credit policy of zemstvo institutions in 1866-1917.

The Workers' Party of Marxist Unification (POUM) leadership’s trial in 1938.

2021 ◽  
Vol 31 (1) ◽  
pp. 61-82
Author(s):  
Tatiana Melnichenko ◽  
Keyword(s):  
Social Order ◽  
Negative Impact ◽  
Political History ◽  
State Archive ◽  
Black Spots ◽  
Russian State ◽  
The Social ◽  
History Of ◽  
The Republic

This article is devoted to one of the most tragic topics in the history of this party and the history of the Spanish Republic as a whole, namely, the trial of the leaders of the Workers’ Party of Marxist Unification. The following unpublished documents stored in the Russian State Archive of Social and Political History were used for the analysis (F. 495. Op. 183): letters, personal files, protocols of interrogations after May Days, lists and reports on the “connection” between Trotskyi and the POUM, reports on the preparation and course of the trial of the POUM. Members of the POUM were accused of participating in a “rebellion”, moving to change the social order of the Republic. The accusation of the POUM connections with Franco did not seem convincing, either in Spain or abroad. The international public’s attention was focused on the trial of the POUM. Despite the fact that Spain failed to organize a show trial in the style of the “Moscow trials” and the “conspiracy between Trotskyi and Fascists” was not confirmed, the verdict had a negative impact on the POUM reputation. Thus, the trial of the POUM remained in history as one of the “black spots” in the interaction between the Spanish Republic and the Union of Soviet Socialist Republics. However, the prisoners of the POUM resisted pressure, they were supported morally by participants of the campaign of solidarity in Spain and abroad. The struggle for a kind of rehabilitation of the party continued in emigration.

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