Coordination of federal and regional actions of stabilization policy for heterogeneous economic area
The purpose of this article is to discuss conceptual approaches to the development of stabilization policy in federal countries. In this article, the authors have justified the need for a regional component in the mechanism of the domestic price level stabilization policy and systemized relevant f...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Russian Academy of Sciences, Institute of Economics of the Ural Branch
2014-06-01
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| Series: | Экономика региона |
| Subjects: | |
| Online Access: | http://economyofregion.com/archive/2014/49/2289/pdf/ |
| Summary: | The purpose of this article is to discuss conceptual approaches to the development of stabilization policy
in federal countries. In this article, the authors have justified the need for a regional component in the
mechanism of the domestic price level stabilization policy and systemized relevant factors that have a significant
impact on the spatial outcome of stabilization policy. The article proposes a method of determining
the spatial zones of high, medium and low “susceptibility” to measures of stabilization policy center, and includes
the following: 1) analysis of regional price manageability background; 2) sensitivity study of the regional
banking system to a change in central bank policy; 3) elasticity analysis of the reaction of the population and business in the region to change the activity of the regional banking system. The authors have formulated
the principles of coordination of actions between the federal center and the regions in the implementation
of stabilization policies that allow to take into account differences between the regions in response to
the changes made in federal policy. The paper has substantiated the system of performance indicators that
measures anti-inflationary policy and also takes into account the heterogeneity of economic space of the
Russian Federation in the context of the “direct” and “conjugate” effects on the central regions. Theoretical
position application and output indicators, which are outlined in this article allow building a system of coordination
and interaction between the federal center and the regions and thus ensuring the effectiveness of
stabilization policies and non-inflationary development of Russia. |
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| ISSN: | 2072-6414 2411-1406 |