Izvestiya of Saratov University.

Economics. Management. Law

ISSN 1994-2540 (Print)
ISSN 2542-1956 (Online)


For citation:

Pugachev I. O. The Impact of Currency Policy of the Central Bank of Russia on the Dynamics of Economic Conjuncture. Journal Izvestiya of Saratov University. Economics. Management. Law, 2015, vol. 15, iss. 4, pp. 367-376. DOI: 10.18500/1994-2540-2015-15-4-367-376

This is an open access article distributed under the terms of Creative Commons Attribution 4.0 International License (CC-BY 4.0).
Full text PDF(Ru):
Language: 
Russian
Heading: 
Article type: 
Article
UDC: 
338.1. : 338.246.2 : 336.143

The Impact of Currency Policy of the Central Bank of Russia on the Dynamics of Economic Conjuncture

Autors: 
Pugachev Ilya Olegovich, Saratov State University
Abstract: 

Introduction. Monetary and exchange rate policy of the Central Bank of Russia has a decisive influence on the dynamics of the macroeconomic situation. Theoretical analysis. State, the device performs the impact on the economy taking into account their own specific interests, whose main aim is the growth of the resources of the state budget. Monetary policy the Central Bank provides the first replenishment of the resources of the state budget. The modern condition of a conjuncture of the economy of Russia is due to the impact of the crisis 2008 and the results of the state socio-economic policy. Analysis of anti-crisis measures of the government of the Russian Federation showed a shift in priorities assist in the direction of the business, ignoring the interests of the population. The devaluation of the ruble 2009 and 2014 were conducted in the interest of growth of the mining industry and increase revenues to the budget. The results of this policy was the decline in economic growth and its fall. Results. Needed a change of direction of currency and monetary policy of the Central Bank of the Russian Federation in the direction of stimulating long-term economic growth of our country.

Reference: 
  1. Rossijskij statisticheskij ezhegodnik: stat. sb. [Statistical Yearbook. Statistical collection]. Moscow, 2005. 819 p.
  2. Rossijskij statisticheskij ezhegodnik: stat. sb. [Statistical Yearbook. Statistical Statistical collection]. Moscow, 2006. 806 p.
  3. Rossijskij statisticheskij ezhegodnik: stat. sb. [Statistical Yearbook. Statistical collection]. Moscow, 2007. 825 p.
  4. Rossijskij statisticheskij ezhegodnik: stat. sb. [Statistical Yearbook. Statistical collection]. Moscow, 2008. 847 p.
  5. Rossija v cifrah: krat. stat. sb. [Russia by the Numbers. Short statistical collection]. Moscow, 2015. 543 p.
  6. Ministerstvo fi nansov Rossijskoj Federacii (Ministry of Finance of the Russian Federation. Site). Available at: http://minfin.ru (accessed 16 April 2015).
  7. Dezhkina T. G. Teoreticheskie osnovy gosudarstvennogo predprinimatel’stva (Theoretical Foundations of government entrepreneurship). Problemy sovremennoj ekonomiki [Problems of modern economy], 2008, no. 4 (28). Available at: http://m-economy.ru/art.php?nArtId=2267 (accessed 6 December 2013).
  8. Cheremisinov G. A. Paradigma direktivno-planovoy ekonomiki: rossiyskiy opyt hozyaystvennyh preobrazovaniy: v 2 chastyah [Paradigm policy-planned economy: the Russian experience of economic transformations. In 2 pts.]. Saratov, 2012. Pt. 1. 348 p.
  9. Arrigi Dzh. Adam Smit v Pekine: Chto poluchil v nasledstvo XXI vek [Adam Smith in Beijing]. Moscow, 2009. 456 p.
  10. Brenner R. Jekonomika global’noj turbulentnosti: razvitye kapitalisticheskie jekonomiki v period ot dolgogo  buma do dolgogo spada, 1945–2005 [The Economics of Global Turbulence: The Advanced Capitalist Economies from Long Boom to Long Downturn, 1945–2005]. Moscow, 2014. 552 p.
  11. Rossija v cifrah: krat. stat. sb. [Russia by the Numbers. Short statistical collection]. Moscow. 2001. 397 p.
  12. Rossija v cifrah: krat. stat. sb. [Russia by the Numbers. Short statistical collection]. Moscow, 2010. 558 p.
  13. Programma antikrizisnyh mer Pravitel’stva Rossijskoj Federacii na 2009 god (The program of anti-crisis measures of the Government of the Russian Federation in 2009 year). ATP «Consultant» [electronic resource].
  14. Akindinova N. V., Aleksashenko S. V., Jasin E. G. Scenarios and alternatives of macroeconomic policy. Doklad k XII Mezhdunar. nauch. konf. po problemam razvitija jekonomiki i obshhestva [Scenarios and alternatives of macroeconomic policy. Report to the XII International Academic Conference on Economic and Social Development. Moscow, 5–7 April 2011]. Moscow, 2011. 75 p.
  15. Glazyev S. Ob antikrizisnoj politike (On the anti-crisis policy). Available at:http://news-front.info/2015/02/22/ili-shax-umryot-ili-ishak-sdoxnet-serg... (accessed 24 February 2015).
  16. Zhukovsky V. Pochemu padaet rubl’ (Why falling ruble). Available at: http://zavtra.ru/content/view/valyuta/ (accessed 26 February 2015).
  17. Rossija v cifrah: krat. stat. sb. [Russia by the Numbers. Short statistical collection]. Moscow, 2014. 558 p.
  18. Rossijskij statisticheskij ezhegodnik: stat. sb. [Statistical Yearbook. Statistical collection]. Moscow 2012. 786 p.
  19. Rossija v cifrah: krat. stat. sb. [Russia by the Numbers. Short statistical collection]. Moscow, 2009. 525 p.
  20. Rossija v cifrah: krat. stat. sb. [Russia by the Numbers. Short statistical collection]. Moscow, 2012. 573 p.
  21. Rossija v cifrah: krat. stat. sb. [Russia by the Numbers. Short statistical collection]. Moscow, 2013. 573 p.
  22. Rajskaja N., Roshhina L,. Frenkel’ A., Mal’ceva I., Baranov Ye. Jekonomika v 2009–2011 gg. [The economy in 2009–20011 years]. Jekonomist [Economist], 2010, no. 8, pp. 18–55.
  23. Central’ny bank Rossijskoj Federacii (Central Bank of the Russian Federation. Site). Available at: http://cbr.ru/ hd_base/default.aspx?Prtid=mrrf_m (accessed 27 May 2014).
  24. Ershov M. V. Mirovoy ekonomicheskiy krizis. Chto dal’she? [The World economic crisis. What’s next?]. Moscow, 2011. 295 p.
  25. Raskov N. Dolgovremennye tendencii razvitija jekonomiki [Long-term economic trends]. Jekonomist [Economist], 2010, no. 5, pp. 27–39.
  26. Mirkin Ya. M. Finansovoe buduwee Rossii: e’kstremumy, bumy, sistemnye riski [The fi nancial future of Russia: extremes, booms and system risks]. Moscow, 2011. 480 p.
  27. Gubanov S. Avtonomnaja recessija kak fi nal’naja faza sistemnogo krizisa Rossii [ Autonomous recession as the fi nal phase of a systemic crisis in Russia]. Jekonomist [Economist], 2013, no. 9, pp. 3–24.
  28. Glazyev S. Kak ne proigrat’ v vojne (How not to lose the war). Available at: http://glazev.ru/sodr_ssn/368/ (accessed 25 April 2015).
  29. Katasonov V. Jekonomicheskie itogi Rossii 2014 goda: ograblenie strany v osobo krupnyh razmerah (Russian economic results in 2014: Robbery of the country on a large scale). Available at: http://www.regnum.ru/news/polit/1883032.html (accessed 12 February 2015).
  30. Zhukovsky V. Rubl’: CB utrachivaet kontrol’ nad situaciej? (Ruble: Central Bank loses control of the situation?). Available at: http://fi nam.info/news/rubl-tsb-utrachivaetkontrol-nad-situatsiey/ (accessed 27 February 2015).
  31. Boldyrev Yu. Spaset li jekonomiku Rossii «deshevyj»rubl’? (Whether Russia will save the economy «cheap»ruble?). Available at: http://svpressa.ru/economy/article/115780/ (accessed 20 March 2015).
Received: 
23.08.2015
Accepted: 
23.09.2015