The Problems of Monetary Policy Transparency in the Russian Economy in the Conditions of Forced Localization

Tyumen State University Herald. Social, Economic, and Law Research


2016, Vol. 2. №4

The Problems of Monetary Policy Transparency in the Russian Economy in the Conditions of Forced Localization

About the authors:

Nadezhda A. Tolstobrova, Сand. Sci. (Econ.), Associate Professor, Department of Economics and Finance, Perm National Research Polytechnical University;

Margarita O. Yakimova, Master, Faculty of Electrical Engineering, Perm National Research Polytechnical University;


The change of the geopolitical situation, limiting supplies of many strategically important technologies to Russia, software, equipment, and components made the inevitable transition of Russian industry to a self-contained development strategy with a smaller share of international cooperation. The conditions of forced localization acutely raised the issue of providing technological autonomy under the existing financial problems. Thus, the aim of the paper is to determine the nature of the impact of monetary policy on the real sector of the national economy to formulate the suggestions for its optimization. Forced localization of knowledge-intensive industries should potentially lead to an increase of GDP. Under the market conditions, it was more profitable to purchase at foreign markets and not to engage their organization in Russia because of a high level of capital intensity and risk. The article assesses the state of monetary policy and analyzes the consequences of inflation targeting by the Bank of Russia. The authors study the problems of communication of the monetary policy in the economic policy based on surveys, scientific publications, analytical reports, strategic and program documents. The authors emphasize the status of the national currency, the structure of consumer demand, the marginal propensity to consume, economic activity, and inflation expectations. The authors reveal the features of the interbank lending application and regulatory impact of the Central Bank of Russia. The authors characterize the banks’ tariff policy based on the credit process and regulatory environment. The authors carried out the grouping of bank commissions on the principles of rationality and freedom of contract. It is possible to make decisions about the nature of the assessment of credit institutions with such a method. In conclusion, the authors formulate a proposal to improve the effectiveness of monetary policy and identify the mechanisms to enhance its influence on economic processes that will ensure the balance of interests of the participants of the credit process.


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