Suchergebnisse

The article studies the problems of implementing monetary policy in the environment of a significant inflow of foreign currency revenues from exports of commodities into the country. It shows that in the conditions of strong balance of payments the Central Bank is forced to accept either the appreciation of the ruble or inflation. Only the government of Russia has at its disposal a powerful tool that allows both to prevent the appreciation of the local currency and to contain inflation at the same time. This dual task is solved by means of saving some part of oil and gas revenues in reserve funds during favorable situations on foreign markets. Such a policy lays the foundation for macroeconomic stability and ensures investment attractiveness of the Russian economy.

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia's economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

The article considers theoretical and methodological reasons for maintaining the consistently low rate of inflation. Basing upon the results of empirical research, monetary policy in Russia is analyzed for 1992-2007. The author estimates the influence of monetary and non-monetary factors on inflation in the given period. The measures of anti-inflationary policy in the world are generalized and the policy prescriptions for Russia are introduced.

The article is focused on the estimation of advantages and risks of the policy of "strong" ruble. The author analyzes factors, that cause effective exchange rate appreciation, studies the influence of ruble appreciation on the import dynamics. In the end suggestions on the optimal exchange rate policy in Russia are offered.

The article contains proposals to enhance the sustainability of long-term fiscal policy in Russia. The new methodology implies separation of those budget revenues that come from oil and gas industries and imposition of specific constraints on their use (oil-and-gas transfer). Definition of non-oil-and-gas budget balance is also presented. Long-term effects of such a new methodology introduction on federal budget parameters are described as well.

The article substantiates the necessity of non-renewable resources funds creation in oil exporting countries. It also provides the analysis of results and specific features of fiscal policy as well as of oil export windfall revenues allocation in countries dependent on fluctuations of non-renewables prices. The article contains Russia's Stabilization Fund effectiveness assessment and provides guidelines for further improvement of its mechanism.

We investigate mechanisms of budget expenditures structure influence on economic development. General government fiscal multiplier in various functional directions is estimated. We show that productive expenses in general have bigger multiplicative effect on GDP, than unproductive ones. By means of multiplicative effects models estimation for various functional items we calculate potential effect on economic growth of the budget maneuver in favor of productive expenses and the implemented effect of the recent years budget expenditures structure change. We show that resources redistribution from non-productive expenses to productive ones could increase long-term rates of economic growth approximately by 0,8 p. p. per year. On the contrary, the budget expenditures structure change observed during 2011-2017 has a negative impact on average annual rates of economic growth about 0,3 p. p. per year.