Suchergebnisse

The article gives full treatment to monetary policy problems which are essential for the transition of the Russian economy to innovation-based development. The necessity for achieving all monetary policy objectives, instead of reducing them to inflation targeting, is justified. Systemic and structural approach to providing promotional monetary policy is suggested. The elaborated package of monetary policy tools allows ensuring higher efficiency of innovation-based economic development. Reasons for the relevance of the Central Bank of Russia discount rate decrease are given. Some general conclusions are drawn about new experience of governmental regulation under the conditions of the world financial crisis.

The article analyzes the mechanism of price change under conditions of "Dutch disease" using the model of centrally planned open economy - net exporter of raw materials. Characteristics of this mechanism are investigated when growth of raw material resources as well as external trade prices increases take place. If the three principles of monetary policy are fulfilled, then, firstly, growth of raw material resource causes increase in price and wage levels in case of zero output of tradable product, and, secondly, the growth of raw material prices leads to increase in price and wage levels in case of any output of tradable product. However, the inflation is caused not by "Dutch disease" itself, but by the rigidity of prices, wages and exchange. It is possible to reduce the inflation by lowering taxes on wages or subsidizing them from rental budget income. А non-monetary anti-inflation package for Russia is recommended.

The article considers causes and consequences of the Dutch Disease in Russia. The author analyzes in detail the genesis of the Dutch Disease and models its beginning in the countries with non-market economy. Basing on industrial structure analysis of the Russian economy, he draws the conclusion that in mitigating the Dutch Disease one should apply not only macroeconomic, but other methods as well, covering structural and institutional transformation.

The problems of when and how the ruble will become a fully convertible currency are analyzed in the article. Some requirements for achievement of its full convertibility must be fulfilled. Firstly, the ruble should become a currency of payments for Russian exports of oil and natural gas. Secondly, all restrictions on currency operations have to be abolished.

Criteria of sufficiency of gold and foreign exchange reserves of Russia are considered in the article. Their minimum size by different criteria is equal to 25 bln. USD. So the Central Bank of Russia can trade part of these reserves for Russian Federation's debts to foreign countries. It is also possible to use gold and foreign exchange reserves to refinance commercial banks credits to exporters and implement modernization projects in the economy. This will decrease foreign borrowings of the private sector, improve structure and efficiency of using gold and foreign exchange reserves without damaging stability of the ruble.