The Bank of Russia Interest-rate Policy in Terms of Balance Accounts Recession
The paper shows that the Bank of Russia current interest rate policy is not efficient in conditions of balance accounts recession. Inflation slowing in 2016-2017 is not driving by the Bank of Russia monetary impact measures, but by such factors as speculative capitals inflows, and pressed by it rubl...
| Main Authors: | , |
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| Format: | Article |
| Language: | Russian |
| Published: |
Government of the Russian Federation, Financial University
2018-04-01
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| Series: | Мир новой экономики |
| Subjects: | |
| Online Access: | https://wne.fa.ru/jour/article/view/156 |
| _version_ | 1826566353985732608 |
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| author | S. A. Andryushin V. V. Kuznetsova |
| author_facet | S. A. Andryushin V. V. Kuznetsova |
| author_sort | S. A. Andryushin |
| collection | DOAJ |
| description | The paper shows that the Bank of Russia current interest rate policy is not efficient in conditions of balance accounts recession. Inflation slowing in 2016-2017 is not driving by the Bank of Russia monetary impact measures, but by such factors as speculative capitals inflows, and pressed by it ruble’s revaluation, consumer and investment demand decrease, banks low credit activity. In financial sanctions situation, external inflow of speculative capitals intense pressure on ruble, and balance accounts recession the Bank of Russia should change the monetary policy tools, and enhance coherence of monetary, fiscal, and debt policies. It’s desirable for the Bank of Russia to deploy the financial repression mechanism under quantitative easing program, which approved by the State Duma in the third reading in April 2017. In middle term it allows to form conditions for the Russian economy transition to economic growth, to anchor long term inflation expectations, to resolve the bad debts problem, and to induce the bank’s credit activity for real economy. |
| first_indexed | 2024-03-12T03:43:54Z |
| format | Article |
| id | doaj.art-c2232c6cd1ed406b8967bf74a23ead98 |
| institution | Directory Open Access Journal |
| issn | 2220-6469 2220-7872 |
| language | Russian |
| last_indexed | 2025-03-14T10:50:18Z |
| publishDate | 2018-04-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Мир новой экономики |
| spelling | doaj.art-c2232c6cd1ed406b8967bf74a23ead982025-03-02T10:52:04ZrusGovernment of the Russian Federation, Financial UniversityМир новой экономики2220-64692220-78722018-04-0104114125156The Bank of Russia Interest-rate Policy in Terms of Balance Accounts RecessionS. A. Andryushin0V. V. Kuznetsova1Institute of Economics RASM. V. Lomonosov Moscow State UniversityThe paper shows that the Bank of Russia current interest rate policy is not efficient in conditions of balance accounts recession. Inflation slowing in 2016-2017 is not driving by the Bank of Russia monetary impact measures, but by such factors as speculative capitals inflows, and pressed by it ruble’s revaluation, consumer and investment demand decrease, banks low credit activity. In financial sanctions situation, external inflow of speculative capitals intense pressure on ruble, and balance accounts recession the Bank of Russia should change the monetary policy tools, and enhance coherence of monetary, fiscal, and debt policies. It’s desirable for the Bank of Russia to deploy the financial repression mechanism under quantitative easing program, which approved by the State Duma in the third reading in April 2017. In middle term it allows to form conditions for the Russian economy transition to economic growth, to anchor long term inflation expectations, to resolve the bad debts problem, and to induce the bank’s credit activity for real economy.https://wne.fa.ru/jour/article/view/156the bank of russiabanking sectormonetary policyliquidity deficit/proficitdebt marketconsolidationcredit activitycorporate sector |
| spellingShingle | S. A. Andryushin V. V. Kuznetsova The Bank of Russia Interest-rate Policy in Terms of Balance Accounts Recession Мир новой экономики the bank of russia banking sector monetary policy liquidity deficit/proficit debt market consolidation credit activity corporate sector |
| title | The Bank of Russia Interest-rate Policy in Terms of Balance Accounts Recession |
| title_full | The Bank of Russia Interest-rate Policy in Terms of Balance Accounts Recession |
| title_fullStr | The Bank of Russia Interest-rate Policy in Terms of Balance Accounts Recession |
| title_full_unstemmed | The Bank of Russia Interest-rate Policy in Terms of Balance Accounts Recession |
| title_short | The Bank of Russia Interest-rate Policy in Terms of Balance Accounts Recession |
| title_sort | bank of russia interest rate policy in terms of balance accounts recession |
| topic | the bank of russia banking sector monetary policy liquidity deficit/proficit debt market consolidation credit activity corporate sector |
| url | https://wne.fa.ru/jour/article/view/156 |
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