GLOBAL POLITICAL AND ECONOMICAL PROCESSES, MONETARY POLICY OF THE BANK OF RUSSIA AND DEVELOPMENT OF THE RUSSIAN ECONOMY

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Abstract

Russia is an example of one of negative globalization effects expressed in domination of the developed countries and their largest corporations to the prejudice of the national interests of less developed countries. The economic policy pursued by the Government and the Bank of Russia aggravates negative consequences of foreign policy complications. Transition to inflation targeting and currency market liberalization resulted in multiple ruble depreciation in 2014-2016, which became one of the reasons of inflation processes intensification in spite of the restrictive monetary policy. Attempts to suppress the non-monetary inflation (primarily induced by the growth of the natural monopolies' rates) by monetary methods are inappropriate and lead to the consequences negative for the economy and the society. Inflation targeting policy requiring introduction of the floating exchange rate, is disastrous for the Russian economy. In the condition of highly volatile prices for primary commodities, floating rate intensified effect of financial sanction on the Russian economy...
Original languageEnglish
Title of host publicationGLOBALIZATION AND ITS SOCIO-ECONOMIC CONSEQUENCES
Subtitle of host publication16th International Scientific Conference Proceedings. ZU - University of Zilina, 5th -6th October 2016, Rajecke Teplice, Slovak Republic. Zilina: University of Zilina, 2016 Издательство:
Place of PublicationZilina, Slovakia
PublisherEDIS-Zilina University publisher
Pages33-40
Number of pages8
StatePublished - 2016

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