MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM
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’ domi...
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| Format: | Article |
| Language: | Russian |
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Government of the Russian Federation, Financial University
2017-10-01
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| Series: | Финансы: теория и практика |
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| Online Access: | https://financetp.fa.ru/jour/article/view/542 |
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| author | M. Yu. Golovnin S. A. Nikitina |
| author_facet | M. Yu. Golovnin S. A. Nikitina |
| author_sort | M. Yu. Golovnin |
| collection | DOAJ |
| description | 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). |
| format | Article |
| id | doaj-art-938bc7b20cec4e819e87b97e8fe359d4 |
| institution | Kabale University |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| publishDate | 2017-10-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj-art-938bc7b20cec4e819e87b97e8fe359d42025-08-20T03:59:53ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892017-10-0106718578MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEMM. Yu. Golovnin0S. A. Nikitina1the Institute of Economics of Russian Academy of Sciences, MoscowInstitute of Economics of Russian Academy of Sciences; Moscow School of Economics, Moscow State University M. V. Lomonosov, MoscowThe 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).https://financetp.fa.ru/jour/article/view/542monetary policystructural and institutional featuresrussian financial sectorexternal shocks |
| spellingShingle | M. Yu. Golovnin S. A. Nikitina MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM Финансы: теория и практика monetary policy structural and institutional features russian financial sector external shocks |
| title | MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM |
| title_full | MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM |
| title_fullStr | MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM |
| title_full_unstemmed | MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM |
| title_short | MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM |
| title_sort | monetary policy in russia and institutional boundaries of financial system |
| topic | monetary policy structural and institutional features russian financial sector external shocks |
| url | https://financetp.fa.ru/jour/article/view/542 |
| work_keys_str_mv | AT myugolovnin monetarypolicyinrussiaandinstitutionalboundariesoffinancialsystem AT sanikitina monetarypolicyinrussiaandinstitutionalboundariesoffinancialsystem |