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Реакция денежно-кредитной и бюджетно-налоговой политики России на вызовы глобализации // The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization

Author

Listed:
  • Mikhail Golovnin Yu.

    (Institute of Economics of the Russian Academy of Sciences)

  • Lyudmila Lykova N.

    (Institute of Economics of the Russian Academy of Sciences)

  • Irina Bukina S.

    (Institute of Economics of the Russian Academy of Sciences)

  • Михаил Головнин Юрьевич

    (Институт экономики Российской академии наук)

  • Людмила Лыкова Никитична

    (Институт экономики Российской академии наук)

  • Ирина Букина Сергеевна

    (Институт экономики Российской академии наук)

Abstract

Topic. The subject of conducted research is the reaction of monetary-credit and budget-taxation policy of Russia on the challenges facing the Russian economy under the influence of processes of globalization. The main challenges are highlighted by the global economic and financial crisis of 2008–2009 and the crisis 2014–2016, in the development of which series of external shocks have played an important role.Purpose. The purpose of the study is to assess the responsiveness of economic policy to external shocks.Methodology. From the standpoint of macroeconomic theory in an open economy based on the analysis of statistical data were revealed the results of the response of monetary-credit and budget-taxation policy to the external shocks of 2008–2009, and 2014–2016.Results. The normative part of the study contains proposals how to improve economic policy in the face of external shocks. There were highlighted the general vectors of response of monetary-credit policy to the both crises: support of the rouble exchange rate, assistance to the banking system, expanding the toolkit of monetary and credit policy.However, one of the specific features of the crisis 2014–2016 was the transition to a floating exchange rate of the rouble and resulting instability in the currency sphere. The area of budget-taxation policy was marked by the delayed reaction to crises and less stimulating effect during the upheavals 2014–2016. Despite the relatively small size of sovereign debt there exists a trend of rising costs of its service.Conclusions. As conclusions it is proposed a set of measures of monetary-credit and budget-taxation policies aimed at increasing the effectiveness of their response to the challenges of globalization. An important role ought to play the creation of a system of development institutions, aimed at restructuring the economy by using monetary, credit, budget and taxation policy measures. Предмет. Предметом исследования является реакция денежно-кредитной и бюджетно-налоговой политики России на вызовы, с которыми сталкивается российская экономика под воздействием процессов глобализации. В качестве основных вызовов выделены глобальный экономический и финансовый кризис 2008–2009 гг. и кризис 2014–2016 гг., в распространении которого важную роль сыграла серия внешних шоков.Цель. Целью исследования выступает оценка эффективности реагирования экономической политики на внешние шоки.Методология. С позиций макроэкономической теории в условиях открытой экономики на основе анализа статистических данных выявлены результаты мер реагирования денежно-кредитной и бюджетно-налоговой политики на внешние шоки 2008–2009 и 2014–2016 гг.Результаты. Нормативная часть исследования содержит предложения по совершенствованию экономической политики в условиях внешних шоков. Были выделены общие направления реакции денежно-кредитной политики на оба кризиса: поддержка валютного курса рубля, оказание помощи банковской системе, расширение инструментария денежно-кредитной политики. Вместе с тем, особенностью кризиса 2014–2016 гг. был переход к свободно плавающему валютному курсу рубля и усиление нестабильности в валютной сфере. В области бюджетно-налоговой политики отмечено запаздывание ее реакции на кризисы, а также меньший стимулирующий эффект во время потрясений 2014–2016 гг. Несмотря на относительно небольшие размеры государственного долга в России показана тенденция роста издержек его обслуживания.Выводы. В выводной части предлагается комплекс мероприятий денежно-кредитной и бюджетно-налоговой политики, направленный на повышение эффективности их реагирования на вызовы глобализации. Важная роль отводится выстраиванию системы институтов развития, нацеленных на структурную перестройку экономики, с использованием мер денежно-кредитной и бюджетно-налоговой политики.

Suggested Citation

  • Mikhail Golovnin Yu. & Lyudmila Lykova N. & Irina Bukina S. & Михаил Головнин Юрьевич & Людмила Лыкова Никитична & Ирина Букина Сергеевна, 2017. "Реакция денежно-кредитной и бюджетно-налоговой политики России на вызовы глобализации // The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization," 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, vol. 21(5), pages 6-21.
  • Handle: RePEc:scn:financ:y:2017:i:5:p:6-21
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    References listed on IDEAS

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    2. Nekipelov, A., 2015. "On the Resource Curse and its Effect on Tactics and Strategy of Economic Development," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 205-210.
    3. Charles P. Kindleberger & Robert Z. Aliber, 2005. "Manias, Panics and Crashes," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-62804-5, December.
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