ON THE IMPACT OF MONETARY POLICY ON THE ECONOMIC DEVELOPMENT OF RUSSIA
https://doi.org/10.26425/1816-4277-2019-11-140-145
Abstract
The approaches of various authors to the assessment of the impact of monetary policy on the development of the economy have been considered. The main factors of positive and negative influence of interest rate monetary policy on economic development have been established. Features of influence of monetary policy on development of the developed and developing States have been revealed. It has been defined, that the strength of the influence of individual factors on the effectiveness of monetary policy in individual countries varies, and the appropriateness of using monetary policy to support economic growth is determined by the ratio of the total positive and total negative impact. Recommendations on the construction of monetary policy taking into account its positive and negative impact on the development of the economy have been given. They aim at a gradual transition to the use of monetary policy to support growth, to take into account all the factors of influence and the integrated use of all instruments of monetary and fiscal policy to stimulate growth, the achievement of other strategic objectives.
About the Author
S. V. Laptev
Plekhanov Russian University of Economics;
Financial University under the Government of the Russian Federation
Russian Federation
Laptev Sergei Doctor of Economic Sciences
Russian Federation
Laptev Sergei Doctor of Economic Sciences
References
1. Federal`ny`i Zakon “O Tsentral`nom banke Rossiiskoi Federatsii (Banke Rossii)” ot 10.07.2002 g. № 86-FZ (red. ot 02.08.2019 g.) [Federal Law “About the Central Bank of the Russian Federation (Bank of Russia)” dated August 10, 2002, № 86 (ed. on August 2, 2019)], SPS “Konsul’tantPlyus” [Legal reference system «Consultant Plus»]. Available at: http://www.consultant.ru/document/cons_doc_LAW_37570/ (accessed 15.08.2019).
2. Adzhemoglu D., Robinson D. A. Pochemu odni strany bogaty`e, a drugie bednye. Proiskhozhdenie vlasti, protsvetaniya i nishchety` [Why are some countries rich and others poor. The Origin of Power, Prosperity, and Poverty], Moscow, AST, 693 p.
3. Atkinson E. B. Neravenstvo: kak s nim by`t`? [Inequality: how to deal with it?], Moscow,Izdatel`skii dom «Delo»RANKhiGS, 2018, 536 p.
4. Zingales L. Kapitalizm dlya naroda. Liberal`naya revolyutsiya protiv korrumpirovannoi ekonomiki [Capitalism for the people. Liberal Revolution Against Corrupt Economy], Moscow, Izd-vo Instituta Gaidara, 2016, 368 p.
5. Zolotareva O. A., Minchenko A. A., Telyak O. A., Yankovskii I. A. Analiz effektivnosti protsentnogo kanala monetarnoi politiki v respublike Belarus’ [Analysis of the effectiveness of the interest rate channel of monetary policy in the Republic of Belarus], Ekonomika i banki [Economy and Banks], 2016, I. 1, pp. 40-49.
6. Ivanov Yu. A., Migda M. V., Makoveczkii M. Yu. Vliyanie monetarnoi politiki na razvitie ekonomiki v usloviyakh globalizatsii [The impact of monetary policy on the development of the economy in the context of globalization], Potentsial rossiiskoi ekonomiki i innovatsionnye puti ego realizatsii: materialy mezhdunarodnoi nauchno-prakticheskoi konferentsii studentov i aspirantov: v 2 ch., Omsk, 14 apr., 2015, [Potential of Russian economy and innovative ways of its implementation. Proceedings of the international scientific and practical conference of students and postgraduates], 2015, pp. 131-134.
7. Kalomiris Ch., Khaber S. Neprochnye po konstruktsii: politicheskie prichiny bankovskikh krizisov i defitsita kreditov [Unstable by design: political causes of banking crises and credit deficits], Moscow, Izd-vo Instituta Gaidara, 2017, 720 p.
8. Keins D. M. Obshchaya teoriya zanyatosti protsenta i deneg [The general theory of employment, interest and money], Antologiya ekonomicheskoi klassiki. V 2-kh t. T. 2 [Anthology of economic classics In 2 volumes. Vol. 2], Moscow, EKONOV, 1992, pp. 137-432.
9. Laptev S. V., Filina F. V. Konkurentnaya politika kak instrument formirovaniya innovatsionnoi modeli razvitiya ekonomiki [Competition policy as a tool for the formation of an innovative model of economic development], Intellekt. Innovatsii. Investitsii [Intelligence. Innovation. Investment], 2018, I. 4, pp. 31-36.
10. Laptev S. V., Filina F. V. Problemy upravleniya moral`nym riskom v bankovskoi sfere [Problems of moral hazard management in the banking sector], Sibirskaya finansovaya shkola [Siberian Financial School], 2015, I. 5, pp. 97-103.
11. Lunyakov N. V., Lunyakova N. A. Monetarnaya i makroprudentsial`naya politika v protivodeistvii nakopleniyu finansovykh disbalansov [Monetary and macroprudential policies to counter the accumulation of financial imbalances], Nauchnyi vestnik: Finansy, banki, investitsii [Scientific Bulletin: Finance. Banks. Investment], 2016, I. 1, pp. 63-72.
12. Moiseev S. R. Tsentral`nyi bank i politika valyutnogo kursa [Central Bank and Exchange Rate Policy], Moscow, Izdatel`skii dom “Delo” RANKhiGS, 2017, 624 p.
13. Rubinshtein A. Ya. Ekonomika obshchestvennykh preferentsii. Struktura i evolyutsiya sotsial`nogo interesa [Economics of public preferences. The structure and evolution of social interest], St. Petersburg, Aleteiya, 2008, 560 p.
14. Sinyakov A. A., Khotulev I. M. Optimal`naya monetarnaya, byudzhetnaya i makroprudentsial`naya politika v strane-eksportere nefti (obzor issledovanii) [Optimal monetary, budgetary and macroprudential policies in the oil exporting country (research review)], Den`gi i kredit [Money and Credit], 2017, I. 9, pp. 58-66.
15. Stiglits D. E. Krutoe pike: Amerika i novyi ekonomicheskii poryadok posle global`nogo krizisa [Freefall: America and new economic order after global crisis], Moscow, Eksmo, 2011, 512 p.
16. Stiglits D. E. Tsena neravenstva. Chem rassloenie obshchestva grozit nashemu budushchemu [The price of inequality. What threatens stratification of society to our future], Moscow, Eksmo, 2015, 512 p.
Review
For citations:
Laptev S.V. ON THE IMPACT OF MONETARY POLICY ON THE ECONOMIC DEVELOPMENT OF RUSSIA. Vestnik Universiteta. 2019;(11):140-145. (In Russ.) https://doi.org/10.26425/1816-4277-2019-11-140-145
Views:
670
Email this article 