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Денежно-Кредитная Политика России И Институциональные Ограничения Финансовой Системы // Monetary Policy In Russia And Institutional Boundaries Of Financial System

Author

Listed:
  • M. Golovnin Yu.

    (the Institute of Economics of Russian Academy of Sciences, Moscow)

  • S. Nikitina A.

    (Institute of Economics of Russian Academy of Sciences)

  • М. Головнин Ю.

    (Институт экономики Российской академии наук, Москва)

  • С. Никитина А.

    (Института экономики Российской академии наук)

Abstract

The paper focuses on impediments for efficient implementation of inflation targeting framework in Russia. Different structural and institutional problems of Russian economy and financial system are analyzed, including dependence on fuel sector, impact of external shocks, government-owned banks’ dominance, role of foreign capital on stock market and banking system, low level of trust, financial sanctions etc. Instead of implementing inflation targeting framework the authors offer switch monetary policy goals to crisis management with special focus on set of indicators, including exchange rate, and to supplement monetary policy by some capital account restrictions, macroprudential policy and fiscal policy (in terms of using development banks mechanisms). В статье анализируются ограничения для эффективного применения в России режима инфляционного таргетирования. Выделяются структурно-институциональные проблемы российской экономики (роль топливно-энергетического комплекса, зависимость от внешних шоков), финансовой системы (преобладание принадлежащих государству банков, значительная роль иностранного капитала, низкий уровень доверия, финансовые санкции). Предлагается вместо реализации режима инфляционного таргетирования сосредоточить денежно- кредитную политику России на решении текущих антикризисных задач, выделяя совокупность целевых индикаторов, включающих валютный курс, а также дополнить ее мерами валютного регулирования, макропруденциальной политики и бюджетно-налоговой политики.

Suggested Citation

  • M. Golovnin Yu. & S. Nikitina A. & М. Головнин Ю. & С. Никитина А., 2015. "Денежно-Кредитная Политика России И Институциональные Ограничения Финансовой Системы // Monetary Policy In Russia And Institutional Boundaries Of Financial System," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, issue 6, pages 7-18.
    • Handle: RePEc:scn:financ:y:2015:i:6:p:7-18
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    References listed on IDEAS

    as
    1. A. Nekipelov & M. Golovnin., 2010. "Strategy and Tactics of Monetary Policy during the World Economic Crisis," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
    2. Svetlana Ledyaeva & Päivi Karhunen & John Whalley, 2013. "If Foreign Investment Is not Foreign: Round-Trip Versus Genuine Foreign Investment in Russia," Working Papers 2013-05, CEPII research center.
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