MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM
Abstract
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).
About the Authors
M. Yu. Golovnin
the Institute of Economics of Russian Academy of Sciences, Moscow
Russian Federation
Doctor of Science, acting Director
Russian Federation
Doctor of Science, acting Director
S. A. Nikitina
Institute of Economics of Russian Academy of Sciences; Moscow School of Economics, Moscow State University M. V. Lomonosov, Moscow
Russian Federation
Russian Federation
Junior research fellow
graduate student
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Review
For citations:
Golovnin M.Yu., Nikitina S.A. MONETARY POLICY IN RUSSIA AND INSTITUTIONAL BOUNDARIES OF FINANCIAL SYSTEM. Finance: Theory and Practice. 2015;(6):7-18. (In Russ.)
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