The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes?
The article describes the Bank of Russia’s policy in recent years. Comparative analysis of the Bank’s policy with those of other countries with structurally similar economies, shows that the Bank of Russia is following a dysfunctional policy. The basic manifestation of this policy is not only the wr...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | Russian |
| Published: |
Economic Research Institute of the Far East Branch of the Russian Academy of Sciences
2016-03-01
|
| Series: | Prostranstvennaâ Èkonomika |
| Subjects: | |
| Online Access: | http://spatial-economics.com/eng/images/spatial-econimics/1_2016/SE.2016.1.099-114.Rudyakov.pdf |
| _version_ | 1828446680386633728 |
|---|---|
| author | Vasiliy Anatolyevich Rudyakov |
| author_facet | Vasiliy Anatolyevich Rudyakov |
| author_sort | Vasiliy Anatolyevich Rudyakov |
| collection | DOAJ |
| description | The article describes the Bank of Russia’s policy in recent years. Comparative analysis of the Bank’s policy with those of other countries with structurally similar economies, shows that the Bank of Russia is following a dysfunctional policy. The basic manifestation of this policy is not only the wrong definition of the Bank’s function, but also doubtful implementation mechanisms of this function. Pro-cyclical character of the Bank of Russia’s activity leads to a greater strengthening of a resource economic model. The study shows that without an adjustment of the Bank’s monetary policy Russian economy will just keep reproducing a steady tough environment that mostly aims at short-term restrictions but not at change stimulation. One of indispensable prerequisites of such adjustment is to create a macroeconomic policy which will be more adequate to the economy’s growth and development |
| first_indexed | 2024-12-10T22:16:46Z |
| format | Article |
| id | doaj.art-9ac1215245a6430bbdb71eec904daf4d |
| institution | Directory Open Access Journal |
| issn | 1815-9834 2587-5957 |
| language | Russian |
| last_indexed | 2024-12-10T22:16:46Z |
| publishDate | 2016-03-01 |
| publisher | Economic Research Institute of the Far East Branch of the Russian Academy of Sciences |
| record_format | Article |
| series | Prostranstvennaâ Èkonomika |
| spelling | doaj.art-9ac1215245a6430bbdb71eec904daf4d2022-12-22T01:31:27ZrusEconomic Research Institute of the Far East Branch of the Russian Academy of SciencesProstranstvennaâ Èkonomika1815-98342587-59572016-03-0119911410.14530/se.2016.1.99-114The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes?Vasiliy Anatolyevich Rudyakov0Baikal State UniversityThe article describes the Bank of Russia’s policy in recent years. Comparative analysis of the Bank’s policy with those of other countries with structurally similar economies, shows that the Bank of Russia is following a dysfunctional policy. The basic manifestation of this policy is not only the wrong definition of the Bank’s function, but also doubtful implementation mechanisms of this function. Pro-cyclical character of the Bank of Russia’s activity leads to a greater strengthening of a resource economic model. The study shows that without an adjustment of the Bank’s monetary policy Russian economy will just keep reproducing a steady tough environment that mostly aims at short-term restrictions but not at change stimulation. One of indispensable prerequisites of such adjustment is to create a macroeconomic policy which will be more adequate to the economy’s growth and developmenthttp://spatial-economics.com/eng/images/spatial-econimics/1_2016/SE.2016.1.099-114.Rudyakov.pdfbank of Russiamalfunctionmonetary policyadaptive efficiencytargetinginflationmonetization of economyinterest rate |
| spellingShingle | Vasiliy Anatolyevich Rudyakov The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes? Prostranstvennaâ Èkonomika bank of Russia malfunction monetary policy adaptive efficiency targeting inflation monetization of economy interest rate |
| title | The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes? |
| title_full | The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes? |
| title_fullStr | The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes? |
| title_full_unstemmed | The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes? |
| title_short | The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes? |
| title_sort | bank of russia s policy under crisis prejudices or honest mistakes |
| topic | bank of Russia malfunction monetary policy adaptive efficiency targeting inflation monetization of economy interest rate |
| url | http://spatial-economics.com/eng/images/spatial-econimics/1_2016/SE.2016.1.099-114.Rudyakov.pdf |
| work_keys_str_mv | AT vasiliyanatolyevichrudyakov thebankofrussiaspolicyundercrisisprejudicesorhonestmistakes AT vasiliyanatolyevichrudyakov bankofrussiaspolicyundercrisisprejudicesorhonestmistakes |