Monetary Policy and Global Financial Crisis: Methodological Aspects and Lessons for Russia

S. Andryushin and V. Burlachkov

Voprosy Ekonomiki, 2008, issue 11

Abstract: The article develops the integral approach to formulating and realizing modern monetary policy which is capable to replace the traditional one, characterized as fragmental and non-systematic. Global financial crisis has revealed the absence of sufficient instruments of monetary policy and led to transformation of central banking functions. Monetary authorities are now not just lenders of last resort, but actually sponsors of financial market of last resort. The efficiency of monetary policy in future must be formed by its integrity (interactions of its objects) and close connections with real economy as well.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2008:id:1368

DOI: 10.32609/0042-8736-2008-11-38-50

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