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Инструменты Денежно-Кредитной Политики Банка России В Условиях Реализации Геополитических Рисков // Monetary Policy Tools Used By The Bank Of Russia In The Context Of Geopolitical Risks

Author

Listed:
  • Galina Abolikhina

    (Financial University)

  • Г. Аболихина А.

    (Финансовый университет)

Abstract

The paper investigates the problems that arose in the monetary sphere of the Russian economy in 2014 as a result of aggravation and subsequent realization of two groups of risks - geopolitical and market-driven. In this regard, the paper describes the concepts of country-scale, cross-country and global geopolitical risks identified for the purposes of the study, and shows the forms of cross-country geopolitical risks threatening the Russian economy due to the situation in Ukraine.Based on the analysis of monetary regulation measures undertaken by the Bank of Russia in order to establish the inflation targeting regime and stabilize the currency market, it is concluded that simultaneous realization of geopolitical and market risks signifi increases the degree of uncertainty in the development of the monetary credit sphere. Due to multiple influencing factors, the effect of standard monetary policy tools is distorted. Therefore, the use of a mixed-mode monetary policy is proposed along with the development of a more effective mechanism for interaction between the legislative and executive authorities and the Central Bank to ensure the realization of national interests. Статья посвящена исследованию проблем, возникших в денежно-кредитной сфере экономики России в 2014 г. вследствие обострения и последующей реализации двух групп рисков - геополитических и рыночных. В связи с этим в статье раскрывается содержание понятий страновых, межстрановых и глобальных геополитических рисков, определенных в целях проводимого исследования, показываются формы реализации в экономике России межстрановых геополитических рисков вследствие ситуации на Украине.На основании анализа мер денежно-кредитного регулирования, предпринятых Банком России в целях введения режима таргетирования инфляции и стабилизации положения на валютном рынке и их последствий, сделан вывод о том, что в условиях одновременной реализации геополитических и рыночных рисков значительно возрастает степень неопределенности в развитии денежно-кредитной сферы. При этом в силу множественности оказывающих влияние факторов искажается действие стандартных инструментов денежно-кредитной политики. В этих условиях предлагаются использование смешанного режима денежно-кредитной политики, а также разработка более эффективного механизма взаимодействия законодательной, исполнительной власти и Центрального банка в целях обеспечения реализации общенациональных интересов.

Suggested Citation

  • Galina Abolikhina & Г. Аболихина А., 2015. "Инструменты Денежно-Кредитной Политики Банка России В Условиях Реализации Геополитических Рисков // Monetary Policy Tools Used By The Bank Of Russia In The Context Of Geopolitical Risks," Экономика. Налоги. Право // Economics, taxes & law, ФГОБУ "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, issue 1, pages 37-42.
    • Handle: RePEc:scn:econom:y:2015:i:1:p:37-42
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    References listed on IDEAS

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    1. S. Andryushin., 2014. "Perspectives on Inflation Targeting Regime in Russia," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
    2. S. Glazyev., 2014. "Sanctions of the USA and the Policy of Bank of Russia: Double Blow to the National Economy," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 9.
    3. K. Yudaeva., 2014. "On the Opportunities, Targets and Mechanisms of Monetary Policy under the Current Conditions," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 9.
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