Активная денежно-кредитная политика: возможности и перспективы для российской экономики

Государственная служба. 2017. № 4. С. 42–48.

Perekhod S., Переход Е. К.

The analysis of the current problems of the Russian economy is considered in the article; the monetary policy of the
Central Bank of the Russian Federation is considered by the authors as a tool for solution of the topical issues. The analysis of the functions of the Bank of Russia showed that in conditions of low prices for oil and gas, as well as the Western sanctions, that limited access to external capital markets, the achievement of a single target of low inflation is not enough to develop in the modern environment. Based on the study of successful experience of China, Japan, Germany, USA and other countries, the article shows effective mechanisms and instruments of their financial systems. In particular, the tool such as the target emission, which increases the level of monetization and, as a consequence, leads to the reduction of the interest rates. The conclusion is made that for transformation to a sustainable course of development of the Russian economy, we need to create the internal sources of investment by means of the active monetary policy as well. It implies the use of the similar mechanisms and tools. The implementation of such mechanisms stipulates the change of the functional authority of the Bank of Russia itself which will be responsible not only for financial stability but also for the economic growth. The use of the offered reserves will allow to attract the necessary financial resources for the development of industrial-innovation sector and in whole for the structural reconstruction of the economy of Russia. The article also touches upon the risk assessment of the money emission, in particular, fears of rising inflation. It is concluded that the risks of saving hard monetary policy are more dangerous than the risks of transition to the policy of stimulating economic growth.
 

Keywords: monetary policy, кредитно-денежная политика