financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2025-29-3-148-165finance-3696Research ArticleДРАЙВЕРЫ ЭКОНОМИЧЕСКОГО РОСТАDRIVERS OF ECONOMIC GROWTHФинансовая стабильность и экономическое развитие: расстановка приоритетовFinancial Stability and Economic Development: Setting Prioritieshttps://orcid.org/0000-0002-1243-5349СмирновВ. Д.SmirnovV. D.

Владимир Дмитриевич Смирнов — кандидат экономических наук, доцент кафедры мировой экономики и мировых финансов факультета международных экономических отношений

Москва

Vladimir D. Smirnov — Cand. Sci. (Econ.), Assoc. Prof., Department of World Economy and World Finance, Faculty of International Economic Relations

Moscow

vdsmirnov@fa.ruФинансовый университет при Правительстве Российской ФедерацииРоссияFinancial University under the Government of the Russian FederationRussian Federation202518062025293148165Copyright © Смирнов В.Д., 20252025Смирнов В.Д.Smirnov V.D.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3696

Предмет исследования — влияние денежно-кредитной политики на динамику экономического развития страны. Цель работы — определить причинно-следственные связи устанавливаемой регулятором процентной ставки и  реакции на нее нефинансовых компаний и  банков. Методологическую основу исследования составили теория экономического роста и  экономической политики, эмпирико-статистический и  качественный анализ. В  результате исследования установлено, что в то время, как регулятор успешно решает задачу обеспечения устойчивости банковского сектора, его действия по поддержке роста российской экономики далеко не всегда являются эффективными. Сделан вывод, что ключевая ставка должна быть направлена на тех, кто способен решить проблему инфляции. Это поможет избежать негативного влияния на всех экономических акторов, включая тех, кто развивает производство и повышает производительность труда. Такой подход сбалансирует товарное предложение и спрос.

The subject of the study is the influence of monetary policy on the dynamics of the country’s economic development. The purpose of the paper is to establish causal relationships between the key interest rate set by the regulator and the reaction of non-financial companies and banks to it. The methodological basis of the study was the theory of economic growth and economic policy, empirical-statistical and qualitative analysis. As a result of the study, while the regulator successfully solves the problem of ensuring the banking sector’s stability, its actions to support the growth of the Russian economy are not always effective. It is concluded that it is expedient to set the key rate at such a level that it would be aimed at those who are able to solve the problem of inflation, and would not have an indiscriminate impact on all economic actors, including those that ensure the production capacity increase and the labor productivity growth in order to balance product supply with demand.

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The authors declare that there are no conflicts of interest present.