The Bank of Russia’s Policy under Crisis: Prejudices or Honest Mistakes?

Vasiliy Anatolyevich Rudyakov ()
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Vasiliy Anatolyevich Rudyakov: Baikal State University

Spatial Economics=Prostranstvennaya Ekonomika, 2016, issue 1, 99-114

Abstract: The article describes the Bank of Russia’s policy in recent years. Comparative analysis of the Bank’s policy with those of other countries with structurally similar economies, shows that the Bank of Russia is following a dysfunctional policy. The basic manifestation of this policy is not only the wrong definition of the Bank’s function, but also doubtful implementation mechanisms of this function. Pro-cyclical character of the Bank of Russia’s activity leads to a greater strengthening of a resource economic model. The study shows that without an adjustment of the Bank’s monetary policy Russian economy will just keep reproducing a steady tough environment that mostly aims at short-term restrictions but not at change stimulation. One of indispensable prerequisites of such adjustment is to create a macroeconomic policy which will be more adequate to the economy’s growth and development.

Keywords: bank; of; Russia; ?; malfunction; ?; monetary; policy; ?; adaptive; efficiency; ?; targeting; ?; inflation; ?; monetization; of; economy; ?; interest; rate (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:far:spaeco:y:2016:i:1:p:99-114

DOI: 10.14530/se.2016.1.99-114

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