| In the section | Articles |
| Title of the article | The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes? |
| Pages | 99-114 |
| Author 1 | Vasiliy Anatolyevich Rudyakov Candidate Economics, Candidate for Doctor’s Degree. Baikal State University 11 Lenina Street, Irkutsk, Russia, 664003 This email address is being protected from spambots. You need JavaScript enabled to view it. |
| Abstract | The article describes the Bank of Russia’s policy in recent years. Comparative analysis of the Bank’s policy with those of other countries with structurally similar economies, shows that the Bank of Russia is following a dysfunctional policy. The basic manifestation of this policy is not only the wrong definition of the Bank’s function, but also doubtful implementation mechanisms of this function. Pro-cyclical character of the Bank of Russia’s activity leads to a greater strengthening of a resource economic model. The study shows that without an adjustment of the Bank’s monetary policy Russian economy will just keep reproducing a steady tough environment that mostly aims at short-term restrictions but not at change stimulation. One of indispensable prerequisites of such adjustment is to create a macroeconomic policy which will be more adequate to the economy’s growth and development. |
| Code | 336.02 |
| DOI | 10.14530/se.2016.1.99-114 |
| Keywords | bank of Russia ♦ malfunction ♦ monetary policy ♦ adaptive efficiency ♦ targeting ♦ inflation ♦ monetization of economy ♦ interest rate |
| Download | SE.2016.1.099-114.Rudyakov.pdf |
| For citation | Rudyakov V.A. The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes?. Prostranstvennaya Ekonomika = Spatial Economics, 2016, no. 1, pp. 99-114. DOI: 10.14530/se.2016.1.99-114. (In Russian). |
| References | 1. Bazhan A.I. Inefficiency of the Current Russian Monetary Policy. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 116–125. (In Russian). 2. BRICS. Joint Statistical Publication. 2015. Moscow, 2015, 235 p. (In Russian). 3. Giblova N.M., Svirina E.M. Limited Influence of Monetary Policy of the Bank of Russia for Economic Growth. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 63–72. (In Russian). 4. Glazyev S.Yu. Sanctions of the USA and the Policy of Bank of Russia: Double Blow to the National Economy. Voprosy Ekonomiki [Economic Issue], 2014, vol. 9, no. 13–29. (In Russian). 5. Glazyev S.Yu. On an Inconsistency of the Central Bank of the Russian Federation «Monetarism» Policy. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 34–39. (In Russian). 6. Golovnin M.Yu. Exchange Rate Policy of the Central Bank of the Russian Federation in Terms of External Shocks. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 52–62. (In Russian). 7. Ershov M., Tatuzov V., Urieva E. Inflation and Monetization of the Economy. Dengi i Kredit – Money and Credit, 2013, no. 4, pp. 7–12. (In Russian). 8. Ershov M.V. Active Economical Policy: A Clear Need and Existing Stereotypes. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 40–47. (In Russian). 9. Ivanter V.V. Imperative Changes in the Russian Macroeconomic Policy. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 48–51. (In Russian). 10. Pykhteev Yu.N., Voronina A.S., Burova A.A. The Priorities of Monetary Policy in Raw Materials Export Economy. Uspekhi Sovremennogo Estestvoznaniya – Advances in Current Natural Sciences, 2014, no. 12, pp. 616–619. (In Russian). 11. Raevskiy V.A. Economic Policy is Not Only Monetary Instruments. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 126–136. (In Russian). 12. Russian Statistical Yearbook. Federal State Statistic Service of Russian Federation, 2015. Available at: http://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/ru/statistics/publications/catalog/doc_1135087342078 (accessed 07 March 2016). (In Russian). 13. Ruble is too Weak for the Russians: While the Central Bank Failed to Adapt the Consciousness of the Population to Exchange Rate. Neft Rossii [Oil of Russia], 2015, 28 December. (In Russian). 14. Sukharev O.S. Monetary Policy in Russia: Review of Basic. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 144–156. (In Russian). 15. Teteryatnikov K.S. National Monetary Policy Influence on the Banks: World and Russian Experience. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 91–115. (In Russian). 16. Tosunyan G.A. Monetary Policy as a Tool for Economic Growth... or Fall? Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 26–33. (In Russian). 17. Troshin N.N. On the Question of the Relationship Between Inflation Targeting and Economic Growth. Nauchnye Trydy VEO Rossii – Scientific Works of the Free Economic Society of Russia, 2015, vol. 191, no. 2, pp. 77–83. (In Russian). 18. Tulin D.V. Searching for Seigniorage, or Easy Paths to Prosperity (Review of Debates on Bank of Russia Policy). Dengi i Kredit – Money and Credit, 2014, no. 12, pp. 6–16. (In Russian). 19. The Central Bank of the Russian Federation. Available at: http://www.cbr.ru (accessed 07 March 2016). (In Russian). 20. Yugai Т.А., Phung Т.D. International Experience of Using Central Bank Instruments of Monetary Control in the Financial Crisis 2008–2014 Years. Internet-Zhurnal «Naukovedenie» – On-Line Journal «Naukovedenie», 2014, no. 6 (25), 18 p. (In Russian). 21. Yudaeva K. On the Opportunities, Targets and Mechanisms of Monetary Policy under the Current Conditions. Voprosy Ekonomiki [Economic Issue], 2014, no. 9, pp. 4–12. (In Russian). 22. Indicator. The World Bank. Available at: http://data.worldbank.org/indicator (accessed 07 March 2016). 23. Popov V.V. Mixed Fortunes. An Economic History of China, Russia, and the West. Oxford: Oxford University Press, 2014, 191 p. 24. Trading Economics. Available at: http://www.tradingeconomics.com/currencies (accessed 07 March 2016). |
| Financing | |
| Date |