Key distortions in the economic model and economic condition, in economic policy are unveiled. An alternative financial policy stimulating rapid growth, modernization, financial development is presented as a response to the crisis and sanctions. The relationship between the ideology of development economics and international practice is demonstrated.
Sandoyan Edward, Mnatsakanyan Lida, Adiyan Fyodor
Upon generalizing the world experience of banking system operation, the authors substantiate the need to develop conceptually new methods and mechanisms able to guarantee stability of the economy and set up conditions for long-term economic growth. The prospect of applying an alternative approach to reserve requirements of the banking system is discussed.
The author consistently examines the main sources of financing the investment process in Russia, and also the possible contribution of these sources in raising the volume of investments in fixed assets to not less than 25% GDP. He deals with using the banking system’s and public development institutions’ capacity (the latter is exemplified by Industry Development Fund) in order to increase investments in non-resource sector of Russian economy. Proposals made by the author touch upon the directions changing the incentivizing role of the Russian Federation’s Central Bank in investment projects lending.
The author points to a sustainable growth of the share of projects realized in social services in the overall volume of public-private partnerships’ (PPPs’) investment projects. The peculiarity and experience of PPPs’ projects in educational area are addressed. The importance to adjust state programs of the RF which provide for the development of social and public infrastructures is underlined.
In view of Russia’s actual GDP lagging behind its potential level, measures of monetary and budgetary policy can produce a short- and mid-tern effect for economic growth accompanied by a limited inflation effect, the author states. He justifies that it is not the policy of monistic inflation targeting but a multi-factor policy (implying, in addition to inflation target, also exchange rate and economic growth targeting) that, to a greater degree, suits the Russian economy with its considerable structural imbalances.
Aganbegyan Abel, Rudensky Igor
The causes of stagnation and recession of Russian economy in 2013–2016 are analyzed. The flaws in the RF banking system are identified. The role of monetary policy in the country’s socioeconomic development is addressed. Main provisions of the Program for spurring investment growth in fixed-capital assets and in knowledge economy are unveiled.
This article studies Russian economic problems, which are closely tied to insufficient capacity and efficiency of the national banking system. Proceeding from the analysis of principal problems of Russian banks and the banking system as a whole, the author draws the conclusion about the need for essential reforms in this sector of economy —- expanding money supply, introducing fair conditions for banks to have access to resources of various types, extending bailout practices for troubled banks, implementing more bank-friendly regulation and supervision.
The author scrutinizes topical problems of monetary policy and the complexities in implementing anti-crisis policy in Russia. He asserts that the time to practice measures stimulating economic growth in Russia has gone by. He substantiates the transition —- from 2015 on — of world and Russian economies to a new, pre-crisis development paradigm as well as the need to design, in the next 4 to 5 years, a pre-crisis economic policy for Russia.
Natocheeva Natalya, Rovensky Yuri, Belyanchikova Tatyana
Priority trends to recover Russian economy and stimulate its further growth are defined, the sources of its financing are identified. Particular attention is paid to the problem of Russian foreign borrowings and capital amnesty.
The condition of the modern Russian banking sector is investigated. It is shown that the main problem of monetary policy and economic growth is the declining role of lending. Measures are proposed to expand the banks’ lending capacity and improve the monetary policy as a whole.
Govtvan Oleg, Moiseev Anton
The article focuses on Russian monetary and banking system development under exacerbated foreign economic risks and threats. The findings of the study helped formulate the main problems of Russian monetary policy, and show the key ways of improving institutions and instruments of monetary impact on economic growth.
The author shows that enhancing the role of the banking system in Russia is plausible mainly on the account of its internal modernization, since the stage of its most rapid growth has elapsed. In this connection, the legislators’ and regulator’s activities should be directed primarily towards achieving the aim of a qualitative internal upgrading of Russian banks. Market agents should start to feel they can count not only with a more rigid control and a heavier regulation burden, but also with a more positive development stimulus.
Several issues linked with participation of the banking sector in economic processes going on in the RF are addressed. It is shown that the role of banks is frequently limited by more fundamental frameworks of macroeconomic approaches: by the level of monetization, the level of interest rates, currency instability, etc. Several paths leading to an enhanced role of banks in the economy are traced.