The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization
Topic. The subject of conducted research is the reaction of monetary-credit and budget-taxation policy of Russia on the challenges facing the Russian economy under the influence of processes of globalization. The main challenges are highlighted by the global economic and financial crisis of 2008–200...
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| Format: | Article |
| Language: | Russian |
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Government of the Russian Federation, Financial University
2017-11-01
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| Series: | Финансы: теория и практика |
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| Online Access: | https://financetp.fa.ru/jour/article/view/567 |
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| author | Mikhail Yu. Golovnin Lyudmila N. Lykova Irina S. Bukina |
| author_facet | Mikhail Yu. Golovnin Lyudmila N. Lykova Irina S. Bukina |
| author_sort | Mikhail Yu. Golovnin |
| collection | DOAJ |
| description | Topic. The subject of conducted research is the reaction of monetary-credit and budget-taxation policy of Russia on the challenges facing the Russian economy under the influence of processes of globalization. The main challenges are highlighted by the global economic and financial crisis of 2008–2009 and the crisis 2014–2016, in the development of which series of external shocks have played an important role.Purpose. The purpose of the study is to assess the responsiveness of economic policy to external shocks.Methodology. From the standpoint of macroeconomic theory in an open economy based on the analysis of statistical data were revealed the results of the response of monetary-credit and budget-taxation policy to the external shocks of 2008–2009, and 2014–2016.Results. The normative part of the study contains proposals how to improve economic policy in the face of external shocks. There were highlighted the general vectors of response of monetary-credit policy to the both crises: support of the rouble exchange rate, assistance to the banking system, expanding the toolkit of monetary and credit policy.However, one of the specific features of the crisis 2014–2016 was the transition to a floating exchange rate of the rouble and resulting instability in the currency sphere. The area of budget-taxation policy was marked by the delayed reaction to crises and less stimulating effect during the upheavals 2014–2016. Despite the relatively small size of sovereign debt there exists a trend of rising costs of its service.Conclusions. As conclusions it is proposed a set of measures of monetary-credit and budget-taxation policies aimed at increasing the effectiveness of their response to the challenges of globalization. An important role ought to play the creation of a system of development institutions, aimed at restructuring the economy by using monetary, credit, budget and taxation policy measures. |
| format | Article |
| id | doaj-art-4cdbaeccb80141c9a20a7839164058c8 |
| institution | DOAJ |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| publishDate | 2017-11-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj-art-4cdbaeccb80141c9a20a7839164058c82025-08-20T03:21:55ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892017-11-0121562110.26794/2587-5671-2017-21-5-6-21599The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of GlobalizationMikhail Yu. Golovnin0Lyudmila N. Lykova1Irina S. Bukina2Institute of Economics of the Russian Academy of SciencesInstitute of Economics of the Russian Academy of SciencesInstitute of Economics of the Russian Academy of SciencesTopic. The subject of conducted research is the reaction of monetary-credit and budget-taxation policy of Russia on the challenges facing the Russian economy under the influence of processes of globalization. The main challenges are highlighted by the global economic and financial crisis of 2008–2009 and the crisis 2014–2016, in the development of which series of external shocks have played an important role.Purpose. The purpose of the study is to assess the responsiveness of economic policy to external shocks.Methodology. From the standpoint of macroeconomic theory in an open economy based on the analysis of statistical data were revealed the results of the response of monetary-credit and budget-taxation policy to the external shocks of 2008–2009, and 2014–2016.Results. The normative part of the study contains proposals how to improve economic policy in the face of external shocks. There were highlighted the general vectors of response of monetary-credit policy to the both crises: support of the rouble exchange rate, assistance to the banking system, expanding the toolkit of monetary and credit policy.However, one of the specific features of the crisis 2014–2016 was the transition to a floating exchange rate of the rouble and resulting instability in the currency sphere. The area of budget-taxation policy was marked by the delayed reaction to crises and less stimulating effect during the upheavals 2014–2016. Despite the relatively small size of sovereign debt there exists a trend of rising costs of its service.Conclusions. As conclusions it is proposed a set of measures of monetary-credit and budget-taxation policies aimed at increasing the effectiveness of their response to the challenges of globalization. An important role ought to play the creation of a system of development institutions, aimed at restructuring the economy by using monetary, credit, budget and taxation policy measures.https://financetp.fa.ru/jour/article/view/567monetary policycredit policybudget policytaxation policy |
| spellingShingle | Mikhail Yu. Golovnin Lyudmila N. Lykova Irina S. Bukina The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization Финансы: теория и практика monetary policy credit policy budget policy taxation policy |
| title | The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization |
| title_full | The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization |
| title_fullStr | The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization |
| title_full_unstemmed | The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization |
| title_short | The Reaction of Monetary-Credit and Budget-Taxation Policy of Russia on the Challenges of Globalization |
| title_sort | reaction of monetary credit and budget taxation policy of russia on the challenges of globalization |
| topic | monetary policy credit policy budget policy taxation policy |
| url | https://financetp.fa.ru/jour/article/view/567 |
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