An independent assessment of the quality of the provision of services in the field of culture will be carried out by public councils created by the profile federal bodies. The necessary changes in the current fundamentals of the legislation of the Russian Federation on culture, approved by the Armed Forces of the Russian Federation of 09.10.1992 N 3612-1 (hereinafter referred to as the legislation on culture) were made by federal law of 21.07.2014 N 256-FZ. In the article, we will consider what order is organized by an independent assessment of the quality of services in the field of culture.
Objectives and criteria for independent evaluation. An independent assessment of the quality of service provision of cultural organizations will be carried out in accordance with Art. 36.1, which supplemented culture legislation.
Such an assessment is one of the forms of public control. It is held in order to provide citizens with information on the quality of the provision of services by cultural organizations and improve the quality of their activities.
An independent assessment of the quality of service provision by cultural organizations provides for evaluating the provision of services for the following general criteria:
- openness and availability of information about the organization of culture;
- the comfort of the provision of services and the availability of their preparation;
- time waiting for the provision of services;
- goodwill, politeness, competence of cultural organizations;
- Satisfaction with the quality of services.
When conducting an independent assessment of the quality of the provision of services, publicly available information on the cultural organizations placed in the form of open data will be used.
Note. With regard to the creation, execution and interpretation of works of literature and art, an independent assessment of the quality of services to the organizations of culture is not conducted.
An independent evaluation is subject to:
- organizations of culture, the founders of which are the Russian Federation, the subjects of the Russian Federation or municipalities;
- organization of culture, in the authorized capital of which the share of the Russian Federation, the subject of the Russian Federation or the municipality in the aggregate exceeds 50%;
- other non-governmental organizations of culture, which provide state, municipal services in the field of culture.
Authorities authorized to conduct an independent assessment. According to the additions made in Art. Art. 37 and 39 legislation on culture, federal government bodies and state authorities of the subjects of the Russian Federation in the field of culture are authorized to create conditions for organizing an independent assessment of the quality of services to cultural organizations.
The authorized federal executive authority in the field of culture with the participation of public organizations, public associations of consumers (their associations, unions) and professional communities forms the Public Council to conduct an independent assessment of the quality of services to cultural organizations and approves the provision of it. The list of cultural organizations in respect of which there is no independent assessment of the quality of service provision, is approved by an authorized federal executive body with a preliminary discussion on the public council.
At the level of the subjects and municipalities, their public councils are formed and provisions are approved to conduct an independent assessment of the quality of services to cultural organizations.
Indicators characterizing the overall criteria for assessing the quality of services to cultural organizations are established by an authorized federal executive body with a preliminary discussion on the public council.
By decision of the authorized federal executive body, the state authorities of the constituent entities of the Russian Federation or local government agencies, the function of public councils on the independent assessment of the quality of services to cultural organizations can be assigned to the public tips existing in these bodies. In such cases, public councils on the independent assessment of the quality of services are not created by cultural organizations.
Activities of public councils. Public Council should be formed in such a way that the possibility of conflict of interests is excluded. Public Council includes representatives of public organizations. The number of its members can not be less than five people. Members of the Public Council carry out their activities on a public basis. Information on the activities of the Public Council is placed by the authority of state power, the local government body, in which it is created on its official website on the Internet.
An independent assessment of the quality of the provision of services by cultural organizations organized by public councils on its conduct is carried out no more than once a year and at least once every three years.
The following functions are assigned to public councils:
- definition of a list of cultural organizations in respect of which an independent assessment is carried out;
- the formation of a proposal for the development of a technical assignment for an organization that collects, summarizing and analyzing information on the quality of services to the services of cultural organizations (hereinafter - the operator);
- participation in the review of draft documentation for the procurement of works, services, as well as projects of state, municipal contracts concluded by the authorized federal executive body, the state authorities of the constituent entities of the Russian Federation or by local self-government authorities with the operator;
- establishing additional criteria for the quality assessment of the provision of services by cultural organizations;
- the implementation of an independent assessment of the quality of services to cultural organizations, taking into account the information provided by the operator;
- submission to the authorized federal executive body, state authorities of the subjects of the Russian Federation, local self-government bodies of the results of an independent assessment of the quality of services to cultural organizations, as well as proposals for improving the quality of their activities.
Selection of information processing operator. The selection of the operator, whose tasks will be collected, generalization and analysis of information on the quality of the provision of services by organizations will be carried out by federal executive bodies, the state authorities of the constituent entities of the Russian Federation or local governments on a competitive basis. With this selection, the Federal Law of 05.04.2013 No. 44-FZ "on the contract system in the field of procurement of goods, works, services for state and municipal needs should be observed.
According to the results of the conclusion of state, municipal contracts, authorized bodies draw up a decision to determine the operator responsible for the collection, generalization and analysis of information on the quality of services. If necessary, it is provided with publicly available information on the activities of these organizations, formed in accordance with state and departmental statistical reporting (if it is not posted on the official website of the organization).
The results of an independent assessment. The information received and entered into relevant state authorities information on the results of an independent assessment of the quality of services to cultural organizations is subject to compulsory consideration by these bodies within one month and is taken into account when developing measures to improve the activities of cultural organizations.
Information about the results of an independent assessment of the quality of service provision by cultural organizations is located on the Internet:
- authorized by the federal executive authority on the official website for posting information on state and municipal institutions;
- state authorities of the constituent entities of the Russian Federation, local governments on their official sites and the official website for posting information on state and municipal institutions.
The composition of the information on the results of an independent assessment of the quality of services and the procedure for its placement on the official website to accommodate information about state and municipal institutions on the Internet is determined by the authorized government of the Russian Federation by the federal executive authority.
Control over compliance with the procedures for conducting an independent assessment of the quality of services to cultural organizations is carried out in accordance with the legislation of the Russian Federation. Necessary regulations In this regard, it is likely to be developed later.
Responsibilities of cultural institutions. According to Art. 36.2 The legislation on the culture of the institution of culture and art should ensure the information openness of their activities. The following information should be opened and available:
- the date of creation of the organization of culture, its founder (founders), the location of the organization of culture and its branches (if available), mode, work schedule, contact phones and email addresses;
- Structure and bodies of the management of the organization of culture;
- Types of services provided by the Organization;
- material and technical support of the provision of services;
- a copy of the Charter of the Organization of Culture;
- a copy of the Plan of Financial and Economic Activities of the Organization of Culture, approved in the procedure established by the legislation, or budget estimates (information on the volume of services provided);
- a copy of the document on the procedure for the provision of services for the fee;
- information that is posted is published by the decision of the culture organization, as well as information, the placement and publication of which are mandatory in accordance with the legislation of the Russian Federation;
- otherwise determined by the authorized federal authority of the executive authority necessary for the independent assessment of the quality of services by organizations of culture information.
This information is posted on the official websites of the authorized federal executive body, state authorities of the constituent entities of the Russian Federation, local governments and cultural organizations on the Internet in accordance with the requirements for its content and the form of the provision established by an authorized federal executive authority.
In addition, on the same sites, the authorities and cultural institutions should be provided by the technical possibility of expressing opinions by recipients of services about their quality.
Summarizing said. State (municipal) institutions of culture and art should ensure the information openness of their activities. Such information is used by authorized bodies and established by public councils to conduct an independent assessment of the quality of services to cultural organizations. The criteria for which an independent assessment is carried out are formed by legislation on culture and public councils. All recipients of cultural services should be able to express their opinion on the quality of their provision.
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COURSE WORK
The effect of monetarydit Policy on the Russian Economics
Introduction
The topic of this work "The Impact of Monetary Policy on the Economy of the Russian Federation".
Objective: Improving the impact of monetary policy on the Russian economy.
The importance of studying this problem is that monetary policy occupies a decisive place in the state economic policy. And the evolution process of the Russian banking system is presented as a gradual restructuring of the Bank of Russia's monetary policy instruments. It is obvious that the composition of the instruments and methods (it is this meaning that we invest in the concept of the toolkit) should provide in perspective effective interest policy and through the interbank credit market to influence the processes in the non-financial sector of the economy. Modern trends in world economic development and a new stage of the functioning of the Russian economy led to the need to revise the theoretical foundations and practical methods for conducting monetary policy. Monetary policy is a set of measures in the field of money circulation and loans aimed at regulating economic growth, deterrent inflation, employment and alignment of the balance of payments.
In Russia, a credit system has already developed, different from two world models: American and German. In the country are valid universal banks (This is different from the American model), and also functions a fairly developed sector of specialized credit institutions (it differs from the German model).
It should be noted that the banking system of Russia poorly fulfills its second main function - lending. As a result, due to the high cost of lending half of the Russian industrial enterprises Does not resort to bank loans. In the current conditions, there is an acute question about the restructuring of the banking system. In particular, in the framework of preparation by the Bank of Russia, the concept of development of the banking system proposes the adoption of the law "On the insolvency (bankruptcy) of credit institutions" and the law "On the restructuring of credit institutions", as well as ensuring the effective activities of the Agency for the Restructuring of Credit Organizations (ARCO).
The main carriers of modern monetary policy are: Central Bank of the country and the Ministry of Finance; the largest commercial banks performing a system-forming role in the national banking sector; Association of commercial banks; Analytical and scientific centers of the National Banking System.
Thus, monetary policy is very important for any state especially today, when the main function of the state is to ensure market economy with a sufficient amount of cash. It is also worth noting that the overall state of the economy is greater extent depends on the state of the monetary and credit sphere. It is enough to notice that from 75 to 90% of the money supply in most countries amount to bank deposits and only 10% of banknotes of the Central Bank. It cannot be noted that the views on the regulation of the monetary - credit sphere for a long time have repeatedly changed. The number and quality of the activities of the state regulating the money circulation increased.
Thus, in this paper, it is necessary to identify the most relevant and most effective instruments for regulating the monetary and credit sphere, which must be used to achieve the main goal of monetary policy.
Tasks for this course work:
Determine the essence of monetary policy
Consider factors affecting the formation of monetary policy
Reveal the features of monetary policy
Analyze the mechanism of influence of monetary policy on the Russian economy
Consider the current state of the state monetary policy of the Russian Federation
Identify problems that appear as a result of the impact of monetary policy on the Russian economy
Explore the prospects for improving monetary policy in the Russian economy
Estimate the effectiveness of the impact of monetary policy on the Russian economy
In this paper, articles from magazines were used as: "Economy Issues", "Finance and Credit", "Money and Credit", "Economics", "Economic Science of Modern Russia", as well as economic dictionaries. This lithology allows you to more accurately analyze the impact of monetary policy on the Russian economy, as well as to solve the main tasks of the course work.
1. Theoretical aspects of determining the essence of monetary policy
1.1 Entity Monetary Policy
credit economy
From the point of view of economic theory - monetary policy is a set of state activities in the field of money circulation and loans. From the standpoint of Finance - a monetary policy is a complex of interrelated activities taken by the Central Bank in order to regulate the aggregate demand by the planned impact on the state of the loan and money circulation.
Monetary - credit policy in economic literature is most often determined by the policy of the Central Bank, affecting the amount of money in circulation. According to comments to the federal law "On the Central Bank of the Russian Federation (Bank of Russia)", monetary policy is determined, it is determined as the main part of the Unified State economic Policy, manifested in the impact on the amount of money in circulation in order to achieve price stability, ensuring the maximum possible employment of the population, as well as the growth of the real volume of production. A more accurate interpretation of this category is carried out by Simanovsky A.Yu. Monetary policy is determined by them as "management of cash supply or creating conditions for access to economic entities to loans and (or) under the interest rate corresponding to certain economic purposes" Unlike the first definition, the second emphasizes the possibility of the impact of monetary policy not only on the sphere of circulation, but also on the sphere of production.
The objectives of monetary policy are divided into two groups.
The first group includes economic goals aimed at maintaining economic activity and reducing unemployment:
Regulation of economic growth rates;
Increase GDP;
Mitigation of cyclic oscillations in the market of goods, capital and labor;
Inflation deterrent;
Stimulating the growth of monetary operations;
Achieving balance of balance of payments and others.
The second group includes social objectives:
Raise the standard of living of the population;
Make various services more accessible and others.
Monetary policy is closely linked to internal political and economic relations, especially the rates of inflation and economic growth. Moreover, it is used not as a separate element of the regulation of the economy, and in conjunction with instruments such as financial policies, income policy and others. Credit performs primarily redistributive function. With his help, free cash capital and income of enterprises, households, states accumulate and turn into loan capital, which is transmitted for a fee (as a percentage) for temporary use. Through the loan mechanism, loan capital is redistributed on the basis of the repayment between the economy, rushing in those areas that provide greater profits or who are preferred in accordance with national economy development programs.
Eroshin believes that monetary policy is a state rate in the field of monetary circulation and credit relations.
Monetary regulation is: a) One of the functions of managing the state economy in the indirect form of its manifestation and is a targeted impact of the state with the help of a special regulatory mechanism on the scope of money circulation and credit relations; b) One of the subsystems to ensure the implementation of the State Course in the field of economy by monetary methods.
Monetary mechanism is a set of forms, methods, tools and monetary regulatory levers.
Comparison of the goal of monetary policy with the main elements of the economic security system. For this, first of all, we will identify what threats to the state of economic security states are taken into account when determining the purpose of monetary policy. For the formulation of monetary policy goals, as a rule, the central bank of the state is responsible. These goals are reflected in the relevant regulatory acts. But the inseparable target put forward the stability of prices. At the same time, the desire to preserve the stability of prices parallel to the desire to ensure full-time employment and the growth of the real volume of GDP. It should be noted that some economists consider incorrect monetary policy as a major threat to the development of the economy, considering it its main cause of economic crises.
This determines the need to introduce such regulatory mechanisms that allow you to mitigate negative consequences Monetary policy.
1.2 Factors affecting the formation of monetary policy
World experience shows that the main factors determining the formation and conduct of monetary policy include, first of all: the macroeconomic conditions for its implementation; foreign economic factors; socio-economic policy of the country; structural changes in the economy; state of the budget sector; information uncertainty; The state and liberalization of the financial market, its globalization.
In assessing the effectiveness of monetary policy, the factors determining its formation and implementation should be taken into account. We propose to systematize them as follows.
Fig. 1. Factors affecting the effectiveness of the formation and conduct of monetary policy
One of of essential factorsThe monetary policy affects the macroeconomic situation in the country, which is confirmed by the experts of the Bank of International Claims.
The fluctuation of lending and investment, the level of assets has become a serious source of macroeconomic instability, both in developing and industrial developed countries. As a result, financial crises, the macroeconomic consequences have become more frequent and deep.
The next factor affecting the implementation of monetary policy is the goals of socio-economic development, which can conflict with the immediate tasks of monetary policy. Often the emergence of such a dilemma between the target landmarks of the economic policy of the state and monetary policy occurs in the conditions of crisis processes and social upheavals.
Monetary policy is carried out in conditions when at the same time it is necessary to ensure the increase in the standard of living of the population and the structural modernization of the economy. This determines the main limitation - the monetary policy should be carried out taking into account the compromise between consumption and investment. In addition, additional resources are required to repay external debt and ensure the security of the country, as well as to solve a complex of social problems. Significant price regulation and tariffs for the consumer price index reduces the efficiency of the use of monetary mass indicators as an intermediate reference point of monetary policy.
Foreign economic factors determining monetary policy are mainly associated with the uncertainty of the dynamics of world energy prices, which constitute the basis of Russian exports. A significant reduction in these prices entails a reduction in trade balance and a decrease in the inflow of foreign currency.
High prices for Russian export goods were a long time a fundamental factor in the controlled floating exchange rate mode, within which the Bank of Russia actively opposed the ruble to excessive strengthening through interventions in the domestic foreign exchange market. Changing trade conditions led to a decrease in the imbalance between supply and demand in the foreign exchange market, weakening the ruble and to reduce the need for the presence of the Bank of Russia on it.
The most important internal factor that affects the implementation of the DCC is the change in the principles of the formation of the state budget (budget policy):
Planning and approval federal budget for a three-year period in the form of the law;
The distribution of income (oil and gas and nonnephnegas revenues) with the determination of the size of the oil and gas transfer sent to the expenses of the federal budget and to the Reserve Fund and the National Welfare Fund.
An internal factor indirectly affecting monetary policy is the degree of confidence in the Central Bank, as a body responsible for its holding. The central bank with low confidence from the Company is forced to conduct more restrictive monetary policy. The sharp changes in the Central Bank of the interest rate may be publicly understood as proof of its mistakes in the forecasts of the economy and on inconsistency of monetary policy. This may lead to loss of confidence in the central bank and reduce the effectiveness of the monetary policy.
Therefore, the central bank should make adjustments to interest policy not too often and only if it has a sufficient amount of information and a reasonable forecast about current and upcoming macroeconomic shocks.
1.3 Mechanism of the impact of monetary policy on the economy
The mechanism of the impact of monetary policy on the state of the economy is quite complicated. Therefore, central banks in the decision-making process regarding monetary policy are considering three groups of indicators: the final goals defined by global macroeconomic indicators; Intermediate (operating) targets or guidelines, as well as methods and tools that are a set of measures to achieve the goals.
The ultimate goals of monetary policy are directly related to the objectives of the economic policy as a whole and are maintenance of price stability, cost national currency In domestic and foreign markets, deterrence inflationary processes.
Types (directions) of monetary policy
From the point of view of goals, two main types (directions) of monetary policy are allocated: monetary restriction and monetary expansion.
Restriction monetary policy received to limit monetary emissions, i.e. to reduce the money supply in circulation. This is the so-called policy of expensive money, which is usually carried out during periods of high inflation.
Expansionist monetary policy is accompanied by an expansion of monetary emissions, i.e. an increase in the money supply in circulation. This is the so-called cheap money policy, it is usually held during periods of economic downturn in order to ensure the conditions for expanding lending to enterprises, stimulating investment activity. Through the credit expansion, the central banks pursue the goals of lifting production and revitalizing the conjuncture; With the help of credit restriction, they are trying to prevent "overheating" of the conjuncture, observed during periods of economic lifts, and limit inflationary processes.
Thus, a particular complexity for monetary regulators are situations when the decline in production is accompanied by intensive inflationary processes. This situation in the economic literature the name of the stagnation (from "stagnation" plus inflation) requires the regulatory bodies of the system of interrelated instruments of monetary, financial and other areas of economic regulation and clear cooperation in economic policy in all its aspects.
Four links of the transmission mechanism of monetary policy can be distinguished:
Changing the value of the real money supply (M / P) S as a result of the revision of the Central Bank of the relevant policy;
Change in interest rates in the money market;
Reaction of the total costs (especially investment) on the dynamics of interest rate;
Changing the volume of emissions in response to the change in total demand (total costs).
There are two more intermediate steps between the change in the supply of money and the reaction, the passage through which significantly affects the final result.
The change in the market interest rate occurs by changing the structure of the portfolio of the assets of economic agents after as a result, let's say, the expansive monetary policy of the Central Bank in their hands they have more money than they need. The consequence of which is known to be the purchase of other types of assets, the cost of the loan, i.e. As a result - a decrease in the interest rate.
However, the reaction of the money market depends on the nature of the demand for money. If the demand for money is quite sensitive to a change in interest rate, then the result of an increase in the monetary unit will become a slight change in the rate. Conversely, if the demand for money weakly responds to the interest rate, then the increase in the money supply will lead to a significant drop in the bet.
Obviously, violations in any link of the transfer mechanism can lead to a decrease in or even the absence of any results of monetary policy. For example, minor interest rate changes in the money market or the lack of a reaction of the components of the total demand for the rate of betting breaks between the oscillations of the money supply unit and the amount of monetary emission. These violations in the work of the transfer mechanism of monetary policy are particularly strongly manifested in countries with economies in transition, when, for example, the investment activity of economic agents is not associated with as much as the interest rate in the money market, as with the general economic situation and expectations of investors.
In the context of state administration, the perception of policies in the form of a certain state course or the general line of the state will be more acceptable. Under the management of the economy, a conscious targeted impact on it should be understood by the power institutions.
In this case, it is logical to call what functions contains control. And the economic mechanism is a set of forms, methods, levers and tools, with which the economy is managed. Depending on the management model, some functions will be more prioritized. So, in the conditions of an administrative and command economy, the priority is the function of planning, and in market conditions - regulation. It should be borne in mind that the process of implementing each of the functions provides for the formation of its own system (subsystem) of the management and manifestation of elements of other functions. For example, the control function can be associated with all control functions.
2. The current state of monetary policy ineconomics of the Russian Federation
2.1 Assessment of the current state State Monetary Policy of the Russian Federation
Monetary policy is an integral part of the state's economic policy, the main strategic goals of which are to increase the welfare of the population and ensuring maximum employment. Based on this long-term strategy, the main landmarks of the Macroeconomic Policy of the Government are usually advocating GDP growth and inflation reduction.
Her finite goals are formulated in accordance with the goals of macroeconomic policies taken for the current year.
The main direction of monetary policy as an integral part of the modern economic policy of Russia is a gradual decline in inflation and maintaining it at a certain level.
Ideally, the monetary policy is designed to ensure the stability of prices, full employment and economic growth is such a higher and final goal. However, in practice, it is necessary to solve and narrower, responding to the urgent needs of the country's economy.
We must not forget that monetary policy is extremely powerful, and therefore an unusually dangerous tool. With its help, you can get out of the crisis, but also the sad alternative is not an exacerbation of negative trends in the economy. Only very suspended decisions made at the highest level after a serious analysis of the situation, consideration of alternative ways of impact of monetary policy on the state economy, will give positive results. The central emission bank of the state acts as a monetary policy conductor. Without the right monetary policy held by the Central Bank, the economy cannot effectively function.
The Bank of Russia has prepared a draft Unified State Monetary Policy for the upcoming three-year period, the priority goal of which will be the maintenance of the planned inflation rate - 4.5 percent in 2014 and 2015 and 4 percent in 2016. In addition, the Bank of Russia intends to continue to increase the flexibility of the courage, including by reducing the volume of interventions, and by 2015 to complete the transition to the floating exchange rate regime.
As the main indicator of the direction of monetary policy, the Bank of Russia will use the key bid. At the same time, by January 1, 2016, the Bank of Russia will adjust the refinancing rate to the level of the key rate. Up to the specified date, the refinancing rate will have a secondary value. Conducting operations to regulate the liquidity of the banking sector, the Bank of Russia will strive to maintain one-day cash market rates at the key rate level. At the same time, interbank lending should be played the main role in the redistribution of liquidity between market participants.
In order to create conditions for a more active redistribution of funds in the interbank market and improving the effectiveness of the management of their own liquidity by credit institutions, starting from February 1, 2014, the Bank of Russia will cease to conduct a repo auction on a daily basis for a period of 1 day and will use repo operations on a auction basis on the timing from 1 to 6 days as a "fine tuning" tool.
In case of the need to compensate for the effects of sharp changes in the level of liquidity of the banking sector, due to the action of autonomous factors or changes in the demand of credit institutions on liquidity, the Bank of Russia will quickly decide on the implementation of these operations. It should also be noted that in the project prepared by the Bank, the project addresses 4 options for monetary policies. Options are distinguished by expected external conditions in 2014:
· Taking into account the conservation of the average annual oil price at the level close by 2013: Option II (b) - an increase in investment - 3.9 percent, an increase in GDP to 2.8 percent; Option II (a) - an increase in investment - 3.0 percent, an increase in GDP - 2.0 percent.
The prerequisites laid down in the forecast relative to external conditions differ between the options. In options II (A) and II (b), it is planned to gradually improve the situation in the global economy and maintaining the average annual oil price at the level close to the level of 2013. Options I and III provide for the rejection of the average annual oil price by $ 25 to a smaller and most side in the conditions of a suitably slower and more rapid restoration of the global economy.
With regard to internal conditions, it is planned to implement structural reforms marked by the Government of the Russian Federation (it is expected that the stated reforms will be enshrined by the relevant regulatory acts and decisions). In this case, option II (b) comes from the premise of a relatively rapid improvement in the business climate and increasing the competitiveness of the Russian housekeeper, while in the variants of the Bank of Russia it is assumed that the influence of structural reforms on the economy will be more stretched in time and will not lead to a significant increase in investment Private sector activity in the three-year period under consideration. All options take into account the change in the procedure for indexing regulated tariffs for goods and services of infrastructure companies: the implementation of tariff indexation for the population in 2014-2016 based on the level of inflation of the previous year with a decrease in 0.7 coefficient; Intimacy in 2014 and indexing at the inflation rate of the previous year in 2015 and 2016 tariffs for other categories of consumers.
Regarding budget policies in all embodiments, it is assumed to be held in 2014-2016 within the framework of existing budget rules. The forecasts of the Bank of Russia major macroeconomic parameters also take into account the impact on the internal conditions on the part of the monetary policy, aimed at achieving inflation goals.
The Bank of Russia in 2014 will continue to conduct a course policy that does not impede the formation of trends in the dynamics of the ruble exchange rate due to the action of fundamental macroeconomic factors without establishing any fixed restrictions on the rate of the national currency. At the same time, during this period, the Bank of Russia will make a gradual increase in the flexibility of the course, including by reducing the volume of interventions of the Bank of Russia, aimed at smoothing the oscillations of the ruble exchange rate, as well as an increase in the sensitivity of the interval borders to the volume of interventions committed by the Bank of Russia, thereby creating Conditions for adapting market participants to currency exchange rate fluctuations caused by external shocks.
By 2014, the Bank of Russia plans to modify the course policy mechanism, in accordance with which the volume of currency interventions aimed at smoothing the excessive volatility of the ruble exchange rate will be adjusted by the amount determined by the movement of the means of sovereign funds and the actions of the factors for the formation of the liquidity of the banking sector. Scheduled changes will be implemented in the framework of work on the gradual increase in the flexibility of the exchange rate and reduce the presence of the Bank of Russia in the domestic foreign exchange market.
In 2014, work will be completed on the creation of conditions for the transition to the regime of a floating exchange rate, which implies the refusal to use operating reference points of the exchange rate policy related to the level of exchange rate, which will allow the Bank of Russia to concentrate on the management of market interest rates to achieve the target for inflation. At the same time, the Bank of Russia will continue to conduct operations in the domestic currency market as part of solving the tasks in regulating the level of liquidity of the banking sector. Such practice does not contradict the concept of a floating exchange rate mode and successfully applied by developed countries having sovereign funds. In addition, this mode does not exclude the conducting point currency interventions in order to maintain financial stability in case of shock events. Under conditions of improving the flexibility of the cursion, the ruble exchange rate will be formed under the influence of predominantly market factors, including transboundary streams of capital exposed to sharp and labor-consumable fluctuations after changing the mood of the participants in financial markets. The consequence of this will be an increase in the uncertainty of the dynamics of the ruble course in the medium term, which will necessitate the further development of the market of derivative financial instruments to manage the exchange rate risk of economic agents both in the real and financial sector.
At the same time, providing the Bank of Russia price stability will support the purchasing power of the ruble, which will increase the trust of economic agents to national currency and will contribute to the decline in its course.
The Bank of Russia will attach great importance to clarify the participants of the financial market of the current operating procedure, as well as the features of the application of monetary policy tools. .
2.2 Analysis of the impact of monetary policy on the Russian economy
Conducting the monetary policy of the Central Bank of the Russian Federation in the conditions of instability and variability of the external and internal conditions of the country's economy is inevitably faced with a number of problems.
First, a difficult problem is to assess the state of economic development (which is necessary for the most rational measures to adopt the central bank).
Secondly, regulation in the framework of the national economy is complicated due to influence externally economic processes. The result is that the target direction of the measures taken may be distorted. By regulation, the Central Bank should take into account not only the relationship within the global economy, but also the interdependence of the units of the national economy.
The instability of the Russian economy leads to instability of demand and suggestions on the credit market, identifying positive and negative sides Lending methods of the national economy. So, the relevance of the loan on the security of values \u200b\u200bfalls due to the key value, frequent inability to quickly implement the collateral, etc.
In addition, the scope of functioning of the credit market involves obtaining considerable incomes of its participants. Therefore, this market mechanism is attractive for various kinds of fraud.
It should also be noted the need to develop legislative support of consumer lending as an indirect source of lending to the real sector of the economy, developing lately the highest pace.
Recently, in Russia, the problem of the lack of cash and non-cash cash, manifested in the low ratio of the money supply to GNP / GDP, was aggravated. This indicator is called the monetization coefficient. In Russia, this indicator remains fairly high and in 2014: 16-17% (according to the Bank of Russia). This indicator suggests that in the country a low level of saturation in cash of economic turnover and the largest shortage of money, both in cash and non-cash circulation.
The shortage of money supply in circulation and sustainably high state expenses lead to an increase in the share of the country's monetary resources directed to the cost of budget expenditures.
In addition, the cash and money in the country increases in terms of value structure. Causes of cash circulation growth are diverse. These include: an economic crisis; Non-payment crisis; Cash crisis; Bad organization of the interbank settlement system; Slow calculation.
Conscious reduction of profit and income enterprises in order to care from taxes and expand cash beyond the banking system.
A sharp increase in cash turnover leads to an increase in the costs of the state for circulation, transportation, storage of cash, as well as the replacement of dilapidated bills.
By performing settlement and cash transactions, banks of the Russian Federation regulate the amount of cash money and its appeal. In terms of limited resources, many commercial banks cannot fully carry out cash and cashless service of the population and legal entities, which leads to the loss of benefits according to operations.
The cash market is also characterized by increased riskiness: counterfeiting money, computational cash services errors, considerable amount cash operations etc. Such risks lead to a violation of settlement and cash work in credit institutions and reduce the effectiveness of these operations.
Another negative factor is that the rate of money appeal tends to change in the direction opposite to the proposal of money, thereby slowing down or eliminating changes in the proposal of money caused by politics, that is, when the money supply is limited, the rate of money appeal is increasing. Conversely, when political measures are taken to increase the supply of money during the recession period, the drop in the speed of money appeal is very likely.
In addition, one of the main problems of the money market in any country is inflation. Especially negative inflation factors manifest themselves in cash impairment in cash and non-cash formas, in the fall of purchasing power, in the ruin of non-competitive enterprises, in the general economic crisis. Cash turnover I. non-cash funds Always associated with the risk of not getting the expected amount of profitability for both the state as a whole and for a separate subject. Inflation deprives Central bank Effectively hold monetary policy in the country.
The central bank of any state regulates the money turnover is not directly, but through the monetary and credit system. Impacting credit institutions (bank), it creates certain conditions for their urave. From these conditions, the extent depends on the direction of the activities of commercial banks and other financial institutions, which affects the course of the country's economic development.
By carrying out monetary policy, affecting the credit activities of commercial banks and directing the regulation on the expansion or reduction of lending to the economy, the Central Bank reaches the stable development of the internal economy, strengthening the monetary circulation, the balance of internal economic processes. Thus, the impact on a loan allows to achieve deeper strategic tasks of the development of the entire farm as a whole. On the other hand, excessive money mass has its drawbacks: impairment of money, and, as a result, reducing the living standards of the population, the deterioration of the currency position in the country. Accordingly, in the first case, monetary policy should be aimed at expanding the credit activities of banks, and in the second case, on its reduction, the transition to the "expensive money" policy (restriction).
3. The main directions of improving monetary policy in order to improve the economic state of the Russian Federation
3.1 Monetary policy like direction for Improvement of monetary policy in the Russian economy
Improving the monetary sector of the Russian economy occurs with the help of joint actions of the Central Bank and the state. The purpose of the monetary policy of the Central Bank in the monetary field is to create conditions in the money market so that the economy constantly existed such a lot of money and loans, which is necessary for development, and thereby ensure the country of the growing amount of goods, services, workers places. To compensate for the loss of purchasing power, lenders should add a certain percentage (appropriate inflation level) to the rates that they would prescribe in another situation. Therefore, if inflation growth is due to the growth of money supply, it actually can lead to increasing interest rates.
In general, the monetary policy can be defined as a monetary proposal management or creating conditions for the access of economic entities to loans in volumes and (or) under the interest rate corresponding to certain economic purposes. Components of monetary policies are: monetary (in a narrow sense) policy, as a policy of regulating the amount of money in the turnover (volume of money supply); interest policy - the policy of regulating the overall interest rates in the economy; The currency course policy (monetary policy in a narrow sense) - the policy of regulating the level and dynamics of the national currency rate to foreign (as long as the US dollar). The question of the revitalization of monetary policy in order to stimulate economic growth makes it necessary to identify the limits and the consequences of the possible impact of such activation on the economy, primarily on the production dynamics and prices of price.
The potential impact of monetary policy on the production dynamics is advisable to analyze at the micro level (enterprise level).
For monetary policy, the backup system of the Russian Federation has four main tools:
· Change the level of reserve requirements;
· Change in interest rates that banks must pay, taking loans from the Central Institute (accounting rate). In general, it is believed that the impact of the interest rate on the economy leads to the fact that economic growth increases. Thus, the decrease in the average rate per 1% gives the increase in the annual economic growth of the country by 1 \\ 3 percent;
· Purchase and sale of state valuable papers (operations in open markets);
· Determination of conditions for various types of loans (selective credit control).
In addition, to create optimal conditions for the development of the money market in Russia, it is necessary:
Improving the legislative framework in the field of monetary policy;
Reducing the dollarization of Russian monetary circulation;
Strengthening incentives of investment activity;
Improving the tax system;
Decline in inflation and policy containment policy;
Introduction and improvement of electronic money circulation;
Development and application of a wide range of forms of non-cash circulation;
Strengthening control over the legality of cash and non-cash turnover to prevent possible unlawful actions and others.
To increase the speed and efficiency of cash in cash and non-cash forms, the development of the guarantee provides a mechanism. Currently, this is the provision of state guarantees. However, only state guarantees can not fully ensure the needs of commercial structures in guarantees. Thus, the improvement of the money market conjuncture in Russia will lead to the strengthening of the national monetary unit and stabilizing the monetary system as a whole, which, in turn, will have a positive impact on the entire complex of economic processes in the country.
3.2 Refinancing banks
Refinancing is one of the most important instruments of monetary policy applied by central banks.
Under the refinancing, the provision of the Central Bank commercial banks Borrowings when they have exhausted their resources and do not have the ability to replenish them from other sources (for example, in the interbank credit market or securities market) on acceptable conditions for themselves.
Refinancing loans are issued, as a rule, only sustainable banks experiencing temporary difficulties with liquidity. By refinancing banks, the Central Bank performs both a function on the implementation of monetary policy and the function of the creditor of the last instance or bank banks. At the same time, when issuing loans as a lender of the last instance, the Central Bank establishes interest rates that can be carried in essence, penalty area and be higher than market.
Refinancing loans are classified depending on:
§ availability and forms of security (accounting, pawnshop, without collateral);
§ provision methods (direct loans and loans provided through auctions);
§ provision periods (usually short-term and medium-term);
§ targets (for example, target, calculated).
As a rule, in developed countries, the refinancing by the central banks of credit institutions is carried out towards security (secured by securities or by overcalling bills), but during periods of financial and economic crises it is possible to provide unsecured loans. Usually refinancing loans are provided for a relatively short time, since long-term operations would violate the principle of operational, flexible liquidity management.
Bank of Russia from the beginning to the mid-90s of the XX century. Refinancing commercial banks through provisioning target loans (without collateral) from central resources to finance individual industries and regions ( agriculture, commercial and industrial complex, etc.).
In order to short-term refinancing of banks, the Bank of Russia provides the following types of loans for their settlements and fulfillment of loans and payments (secured by securities from the Lombard List, as well as bills and rights of claims for loan agreements):
§ intraday loans for a period of one operational day (without percentage),
§ One-day settlement loans "Overnight" at a rate equal to refinancing rate.
Currently, the Bank of Russia has developed and operate mechanisms for refinancing (lending) of banks that can be divided into two groups that differ in the degree of efficiency of the Bank of Russia to provide a loan decision:
§ lending on bail (blocking) of securities from the Lombard List of the Bank of Russia;
§ lending provided by non-market assets (secured by bills, the rights of claims on loan agreements of material production and / or guarantee of credit institutions).
In the first case, the provision of loans is standardized (a concrete list of securities is a pawnshop of the Bank of Russia), the accounting of property rights on the mortgage is carried out by authorized depositories. The decision time varies from a few seconds to one hour.
In the second case, the process of making a decision on the issuance of a loan, as well as the process of assessing the quality and cost of ensuring more durable and ranges from 8 to 20 days, which are necessary to verify the Bank of Russia the authenticity of the bank transferred to the pledge, availability of ownership of the bill or availability of rights The loan agreement, as well as in some cases, is caused by the need to evaluate the level of solvency and financial condition of the Organization, whose commitments are offered by the Bank in a pledge on the loan of the Bank of Russia.
With regard to the operations of the Central Bank on the overcurrent bills for commercial banks, then in Russia, it is complicated by the fact that it is associated with high credit risks. A significant part of Russian enterprises is in a difficult financial situation, some have significant debt. Carrying out the Bank of Russia operations on the exchange of commercial bills issued russian enterprisesOn the one hand, it could provoke banks to accept excessive risks when taking into account (purchase) of such bills, and on the other, it could lead to the financial losses of the Bank of Russia itself related to the possible non-fulfillment by enterprises of their obligations to repay debts on promissory bills. That is why the main mechanism of transmitting additional liquidity to banks in Russia remains the provision of loans. In the conditions of a stable economic situation in countries with a developed market economy, the importance of refinancing operations is gradually decreasing with the development of monetary and financial markets, the use of tools more "fine tuning". However, in the conditions of financial and economic crises, accompanied by the threatening crises of the liquidity of banks and the loss of solvency, the role of these monetary regulatory instruments occurs.
Conclusion
Thus, the overall goal of monetary policy is to ensure macroeconomic equilibrium with optimal economic growth for a given country. In accordance with the goal of the Bank of Russia, a national monetary policy, a national monetary policy, is aimed at ensuring the stability of the national currency.
The main problems in the implementation of monetary policy is:
Fiscal problems associated with a low level of tax collection; an increase in wage arrears and social payments;
The growth of mutual non-payment and actual bankruptcy of many enterprises of the real sector;
Deterioration in the balance of payments due to the unfavorable change in the conjuncture on the global energy markets and maintain the overestimated course of the ruble;
Capital outflow abroad;
Low ruble exchange rate towards the dollar.
Consequently, to solve these problems in Russia, it is necessary:
improving the legislative framework in the field of monetary policy; Reducing the dollarization of Russian monetary circulation; strengthening incentives of investment activity; Improving the tax system; decline in inflation and policy containment policy; introduction and improvement of electronic money circulation; development and application of a wide range of forms of non-cash circulation; Strengthening control over the legality of cash and non-cash turnover to prevent possible unlawful actions and others.
Bibliographic list
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2. Kamensky V.A. Basics of Social Economics - Moscow CJSC Publisher "Economics", 2010. - 951 S.
3. Keynes D.M. "General theory of employment, percentage and money." - M.: Progress, 2014. Since 78.
4. Fall PD. Technologies of monetary work in various spheres of life: studies. Manual / Ed. PROF P.D. Paven - M.: Infra - M 2009 - 379 p.
5. Rezberg B.A. Modern Economic Dictionary, M., 2010. P. 354
6. Mallaieva M.I. Monetary policy: features, consequences, measures to overcome // Questions of the economy, 2011.- №3. P. 6-10.
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12. Luntovsky G.I. The current state of corporate governance in the credit institutions of the Russian Federation and the prospects for its improvement // "Money and Credit" №2, 2013
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Monetary policy of economically developed countries: the choice of the path of the crisis
V. I. Melnikova, graduate student
Russian State Trade and Economic University
Depending on the state of the economic situation, highlights printing and expansionist policies. Restriction is accompanied by an increase in taxes, reducing government spending, as well as other activities aimed at deterring inflation. Expansionist monetary policy is characterized by expanding lending, weakening control over the amount of money in circulation, reducing tax rates and lower interest rates.
For each type of monetary policy, it is characterized by its own set of tools and a certain combination of economic and administrative methods of regulation.
Restriction (or restrictive) policies used to reduce the money in the country and the fight against inflation is the policy of "expensive money." In a situation where the economy faces excessive expenses, which generates inflationary processes, the Central Bank should try to lower total costs by restricting or reduced the money supply. To solve this problem, it is necessary to lower the reserves of commercial banks.
This is as follows. The central bank should sell government bonds on the open market in order to trim the reserves of commercial banks. Then it is necessary to increase the backup rate, which automatically frees the commercial banks from
redundant reserves. An accounting rate is raised to reduce the interest of commercial banks to an increase in its reserves by borrowing from the Central Bank.
As a result of this policy, banks discover that their reserves are too small to satisfy the prescribed reserve norm, that is, their current account is too large in relation to their reserves. Therefore, to fulfill the requirement of a backup rate with insufficient reserves, banks should keep their current accounts, resicient from issuing new loans after the old have been paid. As a result, the monetary proposal will decrease, causing an increase in the rate of interest, and the interest rate increase will reduce investment, reducing total costs and limiting inflation.
The purpose of the policy is to limit the supply of money, that is, the availability of the loan and its costs to reduce costs and keep inflationary. Consider. one.
If the level of pure national product (CNP), characterized by full employment and absence of inflation, is equal to $ 450 billion, then there is an inflationary gap of $ 5 billion.
That is, at a 470-billion level of CHDP, the planned investment exceeds savings, and therefore, the total costs will exceed the total production in the country by $ 5 billion. Reducing a money supply from 150 to 125 billion dollars. Increase the interest rate from 8 to 10, as
Savings and investment, billion dollars US
Real interest rate,% 16 14 12 10 8 6 4 2
showing in Fig. 2, and will reduce investment from 20 to $ 15 billion, as noted. 3.
If you shift down the investment schedule in Fig. 1 from 1P1 to 1P3 per value of $ 5 billion, it will allow to align planned investments and savings, and therefore cumulative expenses, and the total production in the country - at the level of 450-billion CHDP, and also liquidate the initial 5 billion inflation gap.
Expansionist policies (the policy of "cheap" money) is held in order to increase the volume of investment in the economy and makes the loan cheap, easily accessible. The US Federal Reserve resorts to the policy of "cheap" money if there is a significant unemployment and under use of production facilities.
To increase the money supply, federal reserve banks of the United States are taken in a certain combination the following actions:
First, the Central Bank should make the purchase of securities on the open market among the population and among commercial banks;
Secondly, it is necessary to reduce the accounting rate;
Thirdly, you need to change the standards on reserve deductions.
As a result of measures, excess reserves of the system of commercial banks will increase. Since excess reserves are the basis for increasing the money supply by commercial banks by lending, it can be expected that the offer of money in the country will increase. Increased money supply will reduce interest
Real interest rate and expected norm net profit, %
16 14 12 10 8 6 4 2
Real CNP, billion US dollars. 1. The dynamics of the equilibrium CNP
0 50 100 150 200
Supply and demand
money billion dollars
Investment size,
billion dollars
Fig. 3. Dynamics of investment demand
Fig. 2. Dynamics of the money market
rate, causing an increase in investment and an increase in equilibrium CHDP. The value for which the NGP will increase depends on the degree of growth of investment and the size of the income multiplier.
For example, if a CHDP characterized by full-time employment is $ 490 billion, the expansion of a money supply from 150 to 175 billion dollars will lower the interest rate from 8 to 6, as noted in Fig. 1, and increases the volume of investments from $ 20 to $ 25 billion, as shown in Fig. 3.
Shift up the schedule of investment in fig. 1 from 1P1 to i by magnitude of 5 billion dollars. With the corresponding multiplier, equal to four, will increase the equilibrium CHDP from 470 billion. to the desired 490-billion level characterized by full-time.
Restriction monetary policy is aimed at implementing activities regulating the activities of a monetary system by limiting the volume of credit operations of commercial banks and increase interest rates. Her holding is usually accompanied by an increase in taxes, reducing government spending, as well as other activities aimed at deterrence
inflation, and in some cases - to improve the balance of payments. Restriction monetary policy can be used both in order to combat inflation and the smoothing of cyclic oscillations of business activity.
Monetary policy of both expansionist and restriction type may have either total or selective. With total monetary policy, the event of the Central Bank applies to all institutions of the banking system, with selective - on individual credit institutions or their groups, or to certain types of banking activities. Selective monetary policy allows the central bank to provide a selective effect in the specified direction. When it is done, the use of the next set of tools or a variety of combinations of them is practiced:
Establishing limits of accounting and overcompaning operations (for example, by industry, IT regions.);
Limiting certain types of operations of banks (their groupings);
Establishing margin when conducting various financial and credit operations;
Regulation of the conditions for issuing certain types of loans to various categories of borrowers;
Establishment of credit ceilings, etc.
Selective policies are resorted to the weak development of financial markets, when those are unable to ensure a fairly effective redistribution of funds and investments in the necessary directions. On the one hand, such a policy contributes to a significant change in credit flows into the priority areas of the economy, on the other, it impedes the normal functioning of the credit and financial system in connection with the creation of preferential lending conditions to individual regions, sectors, areas of activity. By establishing quantitative restrictions on loans sent to priority industries, as well as preferential interest rates on them, selective policy causes the need to subsidize the priority sectors of the economy through loans of international credit and financial institutions and budget funds, which inevitably generates new problems in the credit and financial sector.
The choice of the type of monetary policy, and, accordingly, the set of tools for regulating the activities of commercial banks The Central Bank maintains on the basis of the state of the economic situation in each case. Developed based on
such a choice, the main directions of monetary policy are approved by the legislative body. At the same time, it is necessary to take into account the temporary lag between the holding of a particular event of monetary regulation and the manifestation of the effect of its implementation. The effectiveness of the use of various types of monetary policy is determined by the extent to which the destabilization of the monetary turnover is caused by a purely monetary, and not general economic and political factors.
The main directions of the Unified State Monetary Policy of the Central Bank of the Russian Federation for the nearest period are formed in difficult conditions of deep general economic crisis. Such a situation arose under the influence of a number of external and internal factors:
Exacerbations of fiscal problems associated with a low levels of tax collecting, an increase in wage arrears and social payments, the growth of the costs of maintenance and refinancing of domestic public debt;
Growth of mutual non-payment and actual bankruptcy of many enterprises of the real sector;
Deterioration in the state of the balance of payments due to the growth in expenditures for the service of external public debt and maintaining the overestimated course of the ruble, projected by a change in the conjuncture on world energy markets;
The deterioration of the situation in global financial markets, expressed in the outflow of international capital from countries with emerging markets.
For example, in the development of the 1998 crisis, two stages can be distinguished, during which the monetary policy was different and developed in accordance with the general economic condition.
At the first stage, the crisis was mostly hidden, and managed to confront him by increasing the state debt and spending the country's gold reserves. During this period, on the financial market, the refinancing rates were repeatedly increased, for lombard loans and to attract funds to the deposits of the Bank of Russia. It was during this period that it became obvious that state short-term commitments were ceased to be a tool intended to raise funds to the federal budget, and began, on the contrary, to absorb funds from the budget. As a result, the Government of the Russian Federation decided to refuse borrowing in this market and renewal
state securities (GKO-OFZ) with maturity until December 31, 1999 in new securities.
The second stage of the crisis proceeded in an open form and covered all parties to the economic life of Russia: the government was not able to serve the public debt and fulfill its current obligations, financial markets have almost ceased to function, the country's gold reserves were at a maximum low level, a systemic crisis arose in the banking sector . The resulting devaluation of the ruble identified a new state of the economy, as there was a sharp jump of inflation, and the population lost confidence in the financial system and banks.
The crisis led to new issues in the country's economy:
Deterioration of the terms of fulfillment of obligations on external debt;
Slowing down the pace of transition to economic growth;
The need to find additional tools for rehabilitation of the banking system and financial instruments;
Attachment of social tensions in society.
In this situation, there was a change of monetary policy priorities due to the inability to give preference to any of its types - neither restriction or expansionist. Monetary policy has become weighted, which involves compliance with the tough financial discipline by all economic agents, a responsible approach to the regulation of money supply and the limiting activation of work in the field of institutional reforms in the conditions of the floating exchange rate mode.
The main advantage of monetary policy pursued under the conditions of a floating exchange rate is that the danger of an imbalance associated with the non-compliance of the exchange rate by changing macroeconomic conditions is eliminating, - the factor providing serious negative impact on economic development. When the floating exchange rate mode, the central bank gets the opportunity to increase the saturation of the economy with money.
The market definition of the exchange rate, to maintain whose currency reserves of the Central Bank, allows the bank to pay more attention to the problems of the real sector of the economy. Under these conditions, opportunities appear to increase the positive balance of current accounts, improvement
the balance of the balance in general, as well as to start working on the restoration of gold reserves, which is very important in the post-crisis period.
After the insertion of the floating exchange rate mode, the remains of funds on correspondent accounts of commercial banks have significantly increased, which contributed to the gradual exit from the crisis of banking non-payments. The monetary offer somewhat increased, and most importantly, this was not accompanied by increasing inflation.
But the reason for the fact that the Russian economy has not reached the trajectory of sustainable economic growth, was not a budget deficit and not a lack of its income, but the crisis of the banking system itself.
In 2009-2010 world economy Entered into a very difficult economic period. Despite the fact that the reasons for the global crisis are related to the functioning of the American financial system, Russia, like most states of the world, turned out to be drawn into this process. The modern crisis is inherent in a number of features both within the framework of national economies and in the global economy. It is usually compared with the crisis of 1929-1933. However, it occurs in new historical conditions - at the stage of economic modernization on the basis of intensive scientific and technological progress, as part of the implementation of the model of the new economy.
In connection with the financial crisis in world markets, problems have emerged from Russian credit institutions. In fact, the period of "cheap" and "long" money, which leading banks, such as Sberbank, VTB and Gazprombank, were over for them, received in the form of loans from abroad, and then resell to middle and small banks in the interbank lending market. In such a situation, many banks, having lost accessible sources of lending, are forced to raise lending rates and tighten the requirements to borrowers. Including a significant blow to the nascent domestic mortgage. Citizens of the Russian Federation have to pay for the inconsistency of the US mortgage and the mistakes of Ros-Syyskybankovskiy-managers.
In crisis conditions, the European Union (EU) has taken measures to develop a European version of the agreed efforts to exit the crisis. This revealed considerable discrepancies. If in the US, the J. Bush model was based on neoliberal and monetarist postulates in the form of primarily pumping public funds into banking and enterprises, then in Europe, President N. Sarkozy spoke with an employed model of "entrepreneurial capitalism", refusal
from the model of "financial capitalism", i.e. Restrictions on the issues of financial capital, refusal to economic uncontrolcity, fraught with crises.
The situation in the Russian Federation is characterized by a number of features. In the pre-crisis period, a significant reserve was created in the pre-crisis period as a result of the unprecedented increase in prices in the global hydrocarbon markets in Russia. However, this did not become a reliable protection against the crisis.
First, it was not fully taken into account the global nature of the crisis. The invisible growth of oil prices gave rise to the illusion of their preservation on the foreseeable perspective.
Secondly, close credit relations of the largest Russian banks and corporations with foreign creditors led to an increase in external debt. Meanwhile in 2008-2009. The timing of its repayment has come. In terms of impairment on securities exchanges, the liquidity reduction of borrowers was before the threat of default.
Thirdly, imbalances increased between production and sales, demand dynamics within the country.
Fourth, the structure of production in Russia remains backward: they practically did not begin to the process of economic modernization in a mass scale, the commodity orientation of the economy is preserved.
Russia, Ukraine and Kazakhstan experienced the impact of the global financial crisis later western countries, only in the fall of 2008, the first felt the impact of the crisis Russia. Already in September indicators economic speakers somewhat worsened, although still remained better (index values \u200b\u200babove zero) than in Western countries (Great Britain, France, Germany, USA, Canada). In October, the economic situation deteriorated sharply in Russia and in Ukraine, the values \u200b\u200bof the index of anti-crisis efficiency dropped significantly below zero.
In Russia, Kazakhstan and Ukraine declined the exponentials of exports and volume of foreign trade as a whole, stock indexes are significantly stronger than in Western countries (almost twice). In all CIS countries, the problem of high consumer prices is preserved. By March 2009, in Kazakhstan, an increase in unemployment rate compared with March 2008 amounted to 2.9%. Less only in Germany - 2.4%. In Russia and Ukraine, a completely different order of figures: 53.8% and 34.8%, respectively, although so far we have not yet caught up with an antilidera - in the US 66.7%. The gold and foreign exchange reserves in Kazakhstan were in March 2009. Only 1.9% less compared to March 2008, whereas in Russia - by 25.1%,
Ukraine is 23.6%. Western European countries were divided according to this indicator into two groups: in Germany, Canada and the United States, the indicator of their dynamics is close to zero, and in France and Great Britain near stock-Russian values.
The most difficult situation affecting all economic and social problemsIt develops in the field of financial and monetary policy. At the end of the first half of 2009, inflation in Russia in relation to June 2008 amounted to 11.9%. In the UK, this indicator is 1.8%, Germany - 0.1%, Italy - 0.5%. In a number of developed countries (USA, Canada, France, Japan, China) there was a minor deflation. Moreover, in this situation, another retreat appeared from the classical theory of monetarism, which believes that the dynamics of consumer prices is directly dependent on the number in the economy.
The main increase in price increases devaluation and raising tariffs natural monopolies, once again confirming the dominance of cost inflation over the inflation of demand in the Russian Federation. It is very important to take into account when making decisions in the economy, fearing either to "strangle" the economy in the absence of sufficient number, or pour out an excessive amount of money supply and overclock the flywheel inflation.
Evaluating the development of the Russian economy and monetary policy in 2009, the Bank of Russia notes that the conditions for the development of the Russian economy in January-July 2009 were much worse than in 2008 under the influence of crisis phenomena in the global economy and reducing demand for Products of Russian exports in conditions lower than in the previous year, world prices for oil and pure private capital outflow Volume of GDP in the first half of 2009. decreased by 10.4%.
For sustainable economic growth, access of the real sector of the economy to "long and cheap" money is necessary, and financial institutions are not ready to issue such loans in conditions of high inflation and the threat of new devaluation.
The global financial and economic crisis has set new tasks associated with the need to coordinate and coordinate anti-crisis efforts on an international scale to determine effective methods of exiting crisis and measures designed to prevent his repetition. Despite the difference in the interpretation of the causes of the crisis, its consequences and measures of opposition, the general position was developed - the awareness of the seriousness of the situation and the need to carry out the reform of the current international financial system
we, since it does not meet the requirements of the global economy in its globalization.
At the meetings, it was decided to reform the IMF and the World Bank, with which the Twenty countries will allocate to the fight against the crisis of up to 5 trillion dollars. The need to tighten the financial market regulation system was noted. The leaders of the largest economies of the world agreed to preserve anti-crisis measures until the restoration of the global economy becomes more sustainable, introduce new rules for regulating the banking system by the end of 2012, to establish criteria for bonuses top managers of banks and corporations, etc.
As experts of the investment company Troika Dialog believes, the economy of the Russian Federation passed "bottom" back in January 2009, but the current monetary policy limits the growth of the economy, therefore the Bank of Russia should speed up the decline in rates and reduce currency interventions. Undoubtedly, in these circumstances, the state of a reasonable monetary policy, the skillful use of its tools will contribute to the stabilization of the economy and the gradual output of the crisis situation.
Thus, the recovery of the banking system is the main condition for conducting effective monetary policy. Crisis events showed the complexity of predicting the volume of ruble money supply in the context of established economic uncertainty.
The dollarization of the Russian economy makes particularly important use in monetary policy not only the patterns of changes in the dynamics of ruble assets of economic agents, but also the movements of their foreign currency accounts. Therefore, based on the forecast of the balance of payments, it can be assumed that the exporting external sector will play an important role in the process of forming a monetary supply.
In the conditions of preserving the price level for export goods and implement effective currency regulatory measures and monetary monitoring You can expect an increase in the positive balance of the account on the current operations of the balance of payments of Russia. This will create the basis for an increase in the monetary reserves of the Central Bank and will have an impact on the parameters of the increase in money supply,
Expansionist policy restriction policy
Problem: unemployment and decline Problem: inflation
The federal reserve system buys bonds, reduces the backup rate or lowers the discount rate. The Federal Reserve System sells bonds, increases the reserve rate or increases the accounting rate
Money offer increases money supply reduced
Interest rate drops interest rate increases
Investment expenses increase investment costs reduced
The real chip increases in the amount of multiple investment increase inflation decreases
Fig. 4. Comparison of monetary policy types
and also reduce the needs of the government in borrowed funds.
Of all this, we can conclude that there are two main classification types of monetary policy that use economically developed countries: restriction and expansionist. Consider their main differences (Fig. 4).
Thus, the expansionist monetary policy (or the policy of "cheap" money) is characterized, as a rule, expansion of lending, weakening control over the increase in money in circulation, reducing tax rates, decrease in the level of interest rates. Restriction policy (or the policy of "expensive" money) is aimed at tightening conditions and limiting the amount of credit operations of commercial banks. It suggests and is accompanied by an increase in taxes, reducing government spending, as well as other activities aimed at restraining inflation, and in some cases - to improve the balance of payments.
Bibliography
1. Dinkevich. I. global financial and economic crisis // Money and loan. 2009. No. 10.
2. Round V. ^. The development of Russian credit institutions at the stage of the global financial crisis // Finance and credit. 2009. № 43.
3. Macconell K.P., Bruz S.L. Economics: principles, problems and politics. In 2 T.: Per. from English 11th ed. T. 1. M.: Republic, 1992.
4. Nikolaev I., Marchenko T., Titova M. CIS countries and world crisis // Society and economics. 2009. № 6.
5. The policy of cheap and expensive money: URL: www. Unless, ha /.
6. Pridachuk M. ^. Finance policy of Russia in the conditions of crisis // Finance and credit. 2009. №41.
7. Types of monetary policy: URL: www.eco-nomics.ru/.
0Faculty of Economics and Department of Department of State and Municipal Administration
COURSE WORK
under the discipline "Public Sector Economics"
Credit and monetary policy state
Leader Senior Lecturer
Normocontroller
Executor
the student of the group "_" _ 20_g.
Ministry of Education and Science of the Russian Federation
Federal State Budgetary Educational Institution of Higher Professional Education
Faculty of Economics and Management
Department of State and Municipal Administration
Task for the course work
Credit and monetary policy state
Initial data:
Legislative and regulatory acts of the Russian Federation, Rosstat statistics, Ministry of Economic Development, Ministry of Finance, as well as the publication of domestic and foreign economists on the problem under study.
The list of issues to be developed:
a) reveal the essence of credit and monetary policy;
b) to analyze the implementation of the monetary policy of Russia;
List of graphic material:
Tables, schemes, drawings reflecting the main aspects of credit and monetary policy.
annotation
In this term paper The "credit and monetary policy of the state" considered issues of monetary policy on the example of the Russian Federation.
The structure of this work is as follows.
The first chapter considered theoretical basis and the features of monetary policy, tools and credit and monetary policy goals, models, as well as the global experience of implementing this policy.
In the second section, a monetary policy analysis was conducted for the period from 2008 to 2011, the features of the implementation of credit-change policy in the Russian Federation are considered.
The work is made in a printing method for 44 pages using 26 sources, contains 5 tables, 7 drawings and 1 application.
Introduction
One of the necessary conditions for the effective development of the economy is to form a clear mechanism of monetary policy, allowing the Central Bank to influence business activity, control the activities of commercial banks, to achieve stabilization of money circulation.
Monetary policy is a very effective tool for influencing the country's economy that does not violate the sovereignty of the majority, business system subjects. Although there is a limitation of their framework economic freedom (Without this, no regulation of economic activity is generally impossible, but the key decisions taken by these subjects, the state affects only indirectly.
Ideally, the monetary policy is designed to ensure the stability of prices, full employment and economic growth is such a higher and final goal. However, in practice, it is necessary to solve and narrower, responding to the urgent needs of the country's economy.
We must not forget that monetary policy is extremely powerful, and therefore an unusually dangerous tool. With its help, you can get out of the crisis, but also the sad alternative is not an exacerbation of negative trends in the economy. Only very suspended decisions made at the highest level after a serious analysis of the situation, consideration of alternative ways of impact of monetary policy on the state economy, will give positive results. The central emission bank of the state acts as a monetary policy conductor. Without the right monetary policy held by the Central Bank, the economy cannot effectively function.
Today, in Russia, an effective monetary policy is intended to minimize inflation, to promote sustainable economic growth, support the exchange rate ratios of the exchange rate, at an economically reasonable level, stimulating the development of export-oriented and import-substituting industries, to significantly replenish the country's foreign exchange reserves. The task is quite complicated.
In this paper, the theoretical foundations of the credit-change policy will be considered, a monetary policy conducted by the Bank of Russia from 2008-2011 will be analyzed, a forecast for 2013-2015 will be analyzed. And the main ways to increase its effectiveness are proposed.
Introduction ................................................... ................................
1 Essence, goals, tools and credit policy models
states ................................................... .............................
1.1 Essence, goals and credit policy tools
states ................................................... ...............................
1.2 Models of credit and monetary policy state ...........................
1.3 World Experience Implementation of Credit Policy .................
2 Analysis of the effectiveness of monetary policy in the Russian
Federation at the present stage .............................................. .....
2.1 Role, functions and instruments of the Central Bank of the Russian Federation .............................
2.2 Characteristics of the Monetary Policy of the Bank of Russia,
carried out in 2008 - 2009 ............................................ ..........
2.3 Monetary policy in 2010-2011 ............................
3 Prospects for development and measures to improve the credentials of the Russian Federation ...................................................
3.1 scripts of macroeconomic development, goals and tools on
2013 and the period of 2014 and 2015 .......................................... ......
3.2 Measures to improve the monetary policy of Russia ...
Conclusion ............................................................... .................................................. .......
List of sources used ................
Appendix A - structural divisions of the Central Bank of the Russian Federation ......................................... ........................
1.1 Essence, goals and tools of the monetary policy of the state
Under the monetary policy of the state means a combination of measures for economic regulation of monetary circulation and a loan aimed at ensuring sustainable economic growth by impact on the level and dynamics of inflation, investment activity and other major macroeconomic processes.
Monetary, or monetary, state policy is a combination of state activities in the field of monetary circulation and loan in order to regulate the proposal of monetary resources to ensure non-inflationary economic growth.
Credit and monetary policy is part of the general macroeconomic policy that affects the monetary factors of instability.
Monetary policy is to change the monetary proposal in order to stabilize the total production (stable growth), employment and price level.
The fundamental goals of the monetary policy of the state are:
Sustainable growth rates of national production;
Stable prices;
High level of employment of the population;
Balance balance.
Also, credit and monetary policy objectives can be divided into primary, intermediate and tactical. Figure 1 shows it demonstrated.
Figure 1 - Credit Policy Objectives
Credit and monetary policy is carried out by the Central Bank of the country.
The effectiveness of credit and monetary policy depends on the choice of tools (methods) of monetary regulation.
The main general tools of credit and monetary policy are:
Establishing a mandatory reservation rate;
Regulation of the official accounting rate;
Operations on the open market;
Administrative measures.
Accounting policy ( discount Policy) It is expressed in the regulation of the exchange rate in the central bank of bills of exchange (written obligations of debtors to pay a certain amount into a pre-agreed period in the established place) received from commercial banks. The same, in turn, receive bills from industrial, shopping and other companies. In determining its loan interest, commercial banks are focused on the accounting rate of the Central Bank.
The change in the value of the accounting rate depends on the state of the economic situation: in the conditions of the recession, the rate decreases and the loan is expanding, and with the rise and threat of overheating of the economy (that is, the threats of production output beyond the limits of solvent demand in the market) The rate increases, and the volume of lending is reduced.
According to the system of mandatory reserves, commercial banks are obliged to keep a certain part of their credit resources on interest-free accounts of the Central Bank. The amount of reserves is established by the Central Bank in relation to deposits of commercial banks and ranges from 5 to 20%. Like an accounting rate, the size of the reserves is regulated depending on the economic situation. When economic recovery, the growth rate of reserves limits the credit capabilities of commercial banks and, therefore, their credit expansion. Reducing the norm of reserves in the economic downturn means expanding the credit resources of banks and their credit operations, the main object of regulating the norm of mandatory reserves are commercial banks, and other institutions are usually followed by the interest policy of commercial banks.
Regulation of the money supply through operations in the open market is expressed in the sale and sale of government bonds by credential banking institutions. Selling bonds on the open market, the Central Bank thus reduces the credit resources of commercial banks and other credit institutions. These CB operations reduce the loan offer banks and, therefore, contribute to increasing interest rates on the market. Conversely, buying some of these securities, the Central Bank expands the credit resources of commercial banks and other credit institutions.
The direct administrative impact of the state on the credited banking system is one of the main funds for monetary regulation carried out by the Central Bank. In practice, it finds an expression in direct regulations with credit institutions in the form of various directives, instructions, as well as the application of sanctions. These measures are mainly applied to commercial and savings banks.
The Central Bank controls the activities of commercial banks (especially dubious operations), conducts regular audits of credit institutions. The legislative and regulatory practice, carried out by state authorities, the Parliament, the Government, the local administration, has great importance in credit regulation.
Credit regulation is closely associated with the regulation of the cash-in mass in circulation, also carried out by the Central Bank. His policies in this area are closely linked to the above four ways of credit regulation, and therefore, the scope of circulation of credit (deposit) money. There are complicated relationships between credit regulation and regulation of the mass of money. For example, if the Central Bank carries out active operations for the sale of securities, this action leads to a reduction in the proposal of deposit money, and vice versa, the purchase of such papers is equivalent to expanding the deposit of the money supply in circulation. Similarly, the impact and interest policy of the Central Bank, and the system of mandatory reserves. Modern macroeconomic theory includes several competing concepts that are trying to explain the mechanism of functioning of the market system and provide recommendations on the management of national economy, including in the field of monetary relations.
Representatives of various economic schools offer in different ways to influence macroeconomic parameters using a monetary policy. The most famous are the Keynesian and monetarist concepts of monetary and credit policy.
The Keynesian concept emerged in the 1930s of the twentieth century. In practice, it was applied to the United States by the Presidential Administration of F. Shruzelt to exit the economic crisis, which was called "Great Depression." This kind of policy after World War II was also widely used in Western European countries.
The Keynesian concept provides for the active role of interest rates in stimulating investment and business activities. J.M. Keynes offered during periods of economic recession to use the "Cheap Money Policy" by lowering the interest account. And, on the contrary, during periods of economic recovery, he offered to use the "politics of expensive money", increasing the discount interest in order to prevent overheating of the economy and high inflation, which, as a rule, accompanies the economic boom.
Thus, according to Keynesian theory, monetary and credit policy should be carried out due to those or other phases of the economic cycle and respond to the state of the national economy. However, it should be noted that although Keynesians consider the possibility of the impact of interest rates on the size of investments and for real GDP, they simultaneously indicate the possibility of the so-called "liquidity trap". The meaning of the "liquidity trap" is that in the context of increasing the parameters of a monetary supply (that is, with a large scale of the proposed liquid funds) and, therefore, with a decrease in interest rates, investors still do not arise the desire to expand the demand for money. Such a situation arises when investors have no wait in profits.
In this case, the causal relationship between the decrease in interest rate and an increase in the money supply, on the one hand, and the expansion of investment activities, business activity and the scale of GDP, on the other hand. Therefore, Keynesians believe that monetary and credit policy is still not so effective as a fiscal policy.
In the 70s and 1980s, the twentieth century almost all countries with a market economy faced a phenomenon of stagnation when economic recession and stagnation in the economy were accompanied by high unemployment and inflation parameters.
In this case, the active policy of cheap money, which was directed against the decline and unemployment led to the fact that even more increased inflation. In turn, high inflation constrained the desire to expand investment activities, and investors abstained from the implementation of investment projects. Consequently, the policy of cheap money did not reach your goal.
At the same time, the policy of expensive money directed against inflation could even further strengthen the decline and unemployment, since the high interest rate was held back investment demand.
Under these conditions, the positions of neoclassics begin to strengthen the economic theory. Including the influence of such a direction in the neoclassical economic theory as monetarism occurs. The most important representatives of the monetarist direction in economic science There are American economists Irving Fisher and Milton Friedmen.
Monetarists believe that the active state intervention in the economy is inappropriate and should be limited only by the regulation of the money supply. Justifying your opinion, monetarists pay attention to the existence in the economy of the so-called temporary lags. Temporary lags are periods of time between the adoption of certain economic decisions, including from the Government and the Central Bank, and the change in the real situation in the economy. Temporary lag may be a duration of 6-9 months. This is the period when economic subjects Reagree on the actions of government agencies. It is quite possible to the situation when the measures taken by the state will be late.
Monetarists prove that monetary credit policies should not be associated with the phases of the economic cycle and it is necessary to move to the long-term impact policy on the parameters of the money supply. In their opinion, there is a closer connection between the weight of money in circulation and GDP parameters than between investments and GDP, and the dynamics of GDP follows the dynamics of changes in the money supply. The relationship between the parameters of nominal GDP and the amount of money in circulation in economic theory is described using the exchange equation, the author of which, as already noted earlier, is I.Fisher. According to monetarists, the change in the scale of money supply can play an active role in the impact on the level of prices, on investment, on the scale of unemployment and on the parameters of GDP.
In order to hold the economy of the country in economic growth, it is necessary to increase the money supply in circulation annually, regardless of the phases of the cycle, the average annual growth rate of GDP growth calculated for a long period of time.
M. Frydman calculated that for the United States, this average annual increase for about a century period was equal to three percent. He substantiated and formulated the monetary rule, which found an expression in the Friedman equation.
M is an average annual growth rate of money calculated for a long period of time.
Y is an average annual GDP growth rate calculated for a long period of time.
P is an average annual growth rate of expected inflation.
The monetary rule assumes a strictly controlled increase in the money supply in circulation within 3-5% per year. With an increase in the money supply in excess of these parameters, the inflation will occur. Therefore, monetarists believe that inflation is the result of the ill-visible policy of the state. If the rate of infusion of money in the economy will be less than 3% per year, it will lead to a slowdown in real GDP growth rates, or even a negative increase may be observed.
In turn, if the state adheres to a permanent rate of money in the designated parameters, then entrepreneurs in the money market will always find them the money for investment, to replenish current meansFor payments wages. If at the same time the price of money (interest rate) will be relatively high, this will allow you to cut off a significant part of speculative operations. According to monetarists, in order to combat inflation, it is necessary to make a monetary unit is steadily expensive in order to prevent the expansion of speculative demand and make effective savings. Entrepreneurs, knowing that the interest rate will be stable on a long period of time, and being sure that they will always find money in the money market, they will be able to more accurately calculate their income from investment projects. Therefore, the higher price of money will not distract them from action in favor of the implementation of investment investments and will ensure economic growth.
Modern theoretical models of monetary policies are the synthesis of different approaches to the effects of credit and monetary instruments. At the same time, a monetarist approach is dominated in long-term policies. At the same time, in order to quick maneuvering, the state does not refuse to affect the interest rate.
1.3 World Experience Implementation of Credit Policy
The global economy has accumulated a vast experience of the functioning of monetary and financial institutions, which makes it possible to assess their role in the overall monetary regulation of the economy, maintain the liquidity of the market, the effective payment of payments, overflow savings in investments. In the context of Russia, countries are some interest asking for foreign experiences to solve a number of financially economic stabilization problems, in particular, on the example of the most developed
world countries - Great Britain, Germany, Japan, USA and Mexico, which is one of the most developed countries in Latin America.
The Central Bank of Great Britain (Bank of England) is a government consultant on monetary policy issues and its conductor. In the postwar years, he used almost all the basic methods of monetary policy. In the 1940s Monetary policy in accordance with Keynesian recipes was considered as an addition to financial and was aimed mainly on the maximum depreciation of public debt: the policy of "cheap money" was carried out, i.e. maintaining a loan percent at a low level. The main instruments of the monetary policy were the establishment of a fixed relationship of cash reserves for deposits of banks and operations in the open market.
In 1950-1960. Monetary policy was carried out on the basis of non-Moscow concepts of anticyclic regulation. The features of the monetary regulatory mechanism were frequent changes in the official accounting rate, toughening or weakening direct limitations of bank loans, depending on the state of the economic situation, the state of the balance of payments, the scale of inflation, as well as the use of operations with government bonds to stabilize their courses and lowering public debt prices .
In 1971 Conservatives who came to power proclaimed a "new approach" to monetary regulation, based on neoconservative concepts. Direct credit restrictions were noted and measures were taken to expand competition in the banking sector. It was accompanied by a sharp increase in money supply and prices. From the mid-1970s. There was an increase in the influence of neoconservative concepts for monetary policy: the limits of the growth of the money supply were established, a number of measures were made to stimulate the placement of state debt obligations outside the banking system, the financial policy began to be considered primarily from the point of view of its impact on the money supply.
With the arrival of power in 1979. Conservative government M. Thatcher, the direction of monetary policy has become determined by the deviation of the growth rate of the money supply from set limits. The main method of controlling the Bank of England for the growth of the money supply was its operation on the purchase and sale of bills of exchange, and mostly commercial, not treasury, and posting state obligations outside the banking system.
In the 1990s. The main instrument of monetary policy in the UK, as in other developed countries, has become operations on the open market.
From January 1, 1999 The Bank of England enters the European system of central banks, headed by the European Central Bank, being a member with a special status: does not have the authority to participate in decision-making on unified monetary policy issues.
The United Kingdom uses its own monetary unit and conducts independent monetary policy.
Within the framework of monetary regulation, the German Federal Bank, like other central banks of the countries of the world, uses certain methods, including a special place of the policy of compulsory reservation. The Federal Bank, in accordance with the Central Bank law, may establish interest rates for obligations on demand deposits in the amount of not more than 30%, on urgent deposits no more than 20, for savings - no more than 10%, and on obligations to foreign institutes the bank can establish Interest rate up to 100%. The real change in the norms of mandatory reserves is carried out by the Federal Bank, if it is necessary to increase or decrease the money in the country, but this can be carried out only when agreeing with the European Central Bank and within the framework of the Unified EU monetary policy. In particular, the minimum rate of reserves at the beginning of the third stage of the development of the economic and foreign exchange union was 2.0%. In the future, this rate has changed in the range of 2-2.07% (January 2007).
An important value is also an approach as an accounting or discount policy, which is used to carry out the policy of "cheap" and "expensive" money in accordance with the country's economic situation. For example, in recent years, the monetary policy of central banks has been aimed at stimulating economic activity by establishing low interest rates. Therefore, politics becomes more aggressive, which led to a decrease in the interest accounting rate in 2009 from 2.75 to 2%. In Europe, the ability to reduce the interest was due to the obligation of central banks to strive to achieve landmarks established in relation to the increase in domestic consumer prices. In particular, in accordance with paragraph 247 of the Federal Law, such as tentative rates were: on January 1, 2009. -1.97, on July 1, 2009 - 1.22, January 1, 2010 - 1.14, July 1, 2010 . -1.13 and on January 1, 2011 - 1.21%. In this regard, an increase in M3 aggregate by 8.7%, and loans by 5%. When conducting the policies of the open market, the Federal Bank carries out the purchase and sale of government securities.
The federal bank uses in its arsenal and such a method of regulation as targeting. Every year he publishes the target corridor for a year to increase the amount of money. The basis for establishing the amount of money is the assumption of an increase in production potential, the regulatory price development and a change in the speed of money appeal. Having information on the number of money, the German economy is provided by landmarks, in what framework the Bank considers it appropriate, on the one hand, the assumption of possible growth, and on the other, the rigid restriction of inflation. At the same time, considering that currency unit It also has in other EU countries, all this is carried out on the basis of the development of the European Central Bank.
Turning to the experience of Japanese economists in the field of monetary regulation, it is necessary to note the following points that could be useful for solving our problems in the field of monetary regulation.
Production corporations in Japan had weak financial capabilities in the first post-war decades, so the banking system played a huge role in the formation of conditions for accelerated industry growth in the 50s and 60s.
It should be noted that the main feature The functioning of the banking system in Japan during almost the entire post-war period was a high degree of government control. Based on such a tool, as a central bank loans to the private financial sector in preferential conditions, the state bureaucracy actually regulated both interest rates and lending directions, which made it possible to compallyly successfully implement government priorities. At the same time, the mechanism of such regulation lay an extremely high demand for money from the non-financial sector and continuous exceeding loans over the amount of funds in bank deposits. Subsequently, the gradual increase in the role of self-financing and, accordingly, a smaller dependence of industrial corporations from bank lending, urged the possibilities of administrative leadership by the Central Bank and became one of the reasons for the liberalization of the monetary market.
In the past ten years, the main feature of the modern Japanese market of loan capital was artificial structure and strict regulation of interest rates. At the same time, the liberalization of interest rates in the last decade has been determined not so much by considerations of efficiency, how much the need to place a huge number of government bonds and pressure on the market, and the long-term loan rates are not quite market for the current day.
As for the monetary policy instrumentaries of the Central Bank, such classical means, as manipulating the accounting rate and norms of reserves, as well as operations on the open market of securities in Japan, for several post-war decades, had a very small value, yielding in this capacity to direct Quantitatively increasing loan in conditions of an artificially understated level of interest.
Recently, however, the situation changes somewhat: the weakening of tension in the market of loan capital, its internationalization, as well as the appearance of an alternative in the form of a growing stock market Mostly eliminated the objective economic basis for administrative regulation and forced the Bank of Japan to reconsider their attitude to the traditional, classical tools. Increased the degree of flexibility of interest rates and the accounting rate was increased to a market level. Since 1971, the Bank of Japan began operations on the bill market, and further started active operations with the bonds of the Goszimov, going to the open subscription system on them. Finally, the Government's short-term securities market was formed and mass operations were launched in other short-term capital markets. All this indicates a qualitative change in the model of regulating the credit and financial sector with a focus on indirect methods of such regulation, mediated by the liquid positions of banks acting in the role of direct subjects of credit expansion.
Consider specific goals and mechanism of monetary policy. At the basis of the approach to this policy, the idea of \u200b\u200bselective support is a kind of "artificial selection of enterprises". The initiative in the conduct of reforms in this area took over the government. And here it actively used the double effect of incarnation of interest rates: on the one hand, the administrative establishment of interest rates at an extremely low level (from 1962 to 1977) artificially exceeded the rate of accumulation, redistributing funds in favor of the banking sector, and on the other hand, the regulation of credit rates And the deficit of loan capital, created in this way, allowed the central bank and government, in order to be essentially to send it to the largest corporations in the field of heavy industry and export industries. The main thesis of the policy being carried out - neither the Bank of Japan, nor the government considered it possible to leave a solution to the issue of the direction of the redistribution of funds, and accordingly and the rare resources of the natural market proceed. It is the ability of the highest state apparatus that to avoid excessive dependence on the momentary interests of the initial accumulation and use the power of state coercion to comply with the "rules of the game" and became, apparently, one of the reasons for the rapid and healthy economic recovery of the country in the 50s - 70s Years.
Similar features can be found in the monetary control mechanism by the Bank of Japan. Without relying on indirect control, the bank resorted to direct interference in the processes in the bank lending markets, primarily the short-term "Bank of Japan directly controlled the formation of the main part of the money supply. Attempts on investment demand through money regulators have a limited effect in the case when they Used to prevent exit from the decline. Reducing the level of interest or liberalization of the offer of credit resources in itself cannot be an incentive for production investments. In Japan, the high level of investment demand was "business confidence in the future of the economy that determined the high rate of return on capital. Therefore, the policy of understating a percentage in the credit resource market and the loaning of the loan had its main purpose redistribution of funds from the population and small businesses in favor of the largest corporations capable of implementing effective investments.
2 Analysis of the effectiveness of monetary policy in the Russian Federation at the present stage
2.1 Role, Functions and Tools Central Bank of the Russian Federation
The Central Bank of the Russian Federation (Bank of Russia) is the main bank of the Russian Federation. It was created and operates on the basis of the Federal Law of July 10, 2002 No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)" (as amended from 10. 01. 0E) [SZ RF. 2002. No. 28. Art. 2790; 2003. No. 2. Art. 157.], his property is federal property. The Bank of Russia exercises authority to hold, use and dispose of its property, including its gold and foreign exchange reserves.
Development of monetary policy by the Bank of Russia is held in accordance with Art. 45 federal law "On the Central Bank of the Russian Federation (Bank of Russia)". The Bank of Russia annually no later than August 26 submits to the State Duma. The project of the main directions of a single state monetary policy for the coming year and no later than December 1 - the main directions of the Unified State Credit Policy for the coming year. The project is pre-project submitted to the President and the Government of Russia.
The Central Bank is endowed with the right of monopoly emissions of banknotes, regulation of money circulation and exchange rate, storage of gold and currency reserves. The most important function of the Central Bank is the development of general credit and monetary policy. His strategic task is creating conditions for non-adjusted economic development /
The Bank of Russia has three main objectives of the activities enshrined in the law "On the Central Bank of the Russian Federation (Bank of Russia)":
1) protection and ensuring the resistance of the ruble;
2) development and strengthening of the banking system of the Russian Federation;
3) Ensuring effective and uninterrupted operation payment system.
The Central Bank of the Russian Federation performs the following functions:
In cooperation with the Government of the Russian Federation, develops and conducts a unified state monetary policy;
Monopoloily carries out the issuance of cash and organizes cash circulation;
He is a lender of the last instance for credit institutions, organizes the system of their refinancing;
Establishes the rules for making calculations in Russia;
Sets the rules of the holding banking operations;
Carries out maintenance of budget accounts of all levels of the budget system of the Russian Federation through settlements on behalf of the Commissioners
executive bodies and state extrabudgetary funds, which are imposed on the organization of execution and execution of budgets;
Carries out effective management of foreign exchange reserves of the Bank of Russia;
Takes decision O. state registration credit institutions, issues licenses to credit organizations to carry out banking operations, suspends their action and recalls them;
Supervises the activities of credit institutions and banking groups;
Registers issuing securities with credit institutions;
Carries out all types of banking operations and other transactions necessary to fulfill the functions of the Bank of Russia;
Organizes and implements currency regulation and currency control in accordance with the legislation of the Russian Federation;
Determines the procedure for making calculations with international organizations, foreign states, as well as legal and individuals;
Sets the accounting and reporting rules for the banking system
Establishes the procedure and conditions for the implementation of currency exchanges on the organization of operations for the purchase and sale of foreign currency;
The analysis and prediction of the state of the Russian economy, publishes materials and statistical data.
The Central Bank of the Russian Federation is a unified centralized system with a vertical control structure. The system includes: central apparatus, territorial institutions, settlement
captions, computing centers, field agencies and educational institutions, storage facilities, as well as other enterprises, institutions and organizations, including the security divisions necessary for the successful activities of the Bank. The structure of the Central Bank of the Russian Federation is clearly shown in Figure 2.
Figure 2 - Diagram of the structure of the Central Bank of Russia
National banks of the republics that are part of the Russian Federation are territorial agencies of the Bank of Russia. They do not have the status of a legal entity and do not have the right to make decisions that are regulated, as well as issuance of guarantees and guarantees, bills and other obligations without permission of the Board of Directors of the Bank of Russia.
The tasks and functions of the territorial institutions of the Bank of Russia are determined by the Regulations on these institutions approved by the Board of Directors. Currently, the Central Bank of the Russian Federation is being worked out that they can be created in economic districts uniting the territories of several constituent entities of the Russian Federation. According to the provision of the Bank of Russia, "the territorial institution of the Central Bank of the Russian Federation (TU) is a separate division of the Central Bank of the Russian Federation, carrying out part of its functions on the territory of the constituent entity of the Russian Federation.
The territorial agencies of the Bank of Russia are its main departments in the edges, regions and autonomous districts of the Russian Federation, the cities of Moscow and St. Petersburg, the national banks of the republics as part of the Russian Federation. Territorial institutions of the Bank of Russia do not have the status of a legal entity. By decision of the Board of Directors of the Bank
Russia territorial institutions can be created in economic districts uniting the territories of several subjects of the Russian Federation.
The highest body of the Bank of Russia is the Board of Directors. This is a collegial body that determines the main activities of the Bank of Russia and the manager of it. The Board of Directors includes the chairman of the Bank of Russia and 12 members of the Council.
Members of the Board of Directors work here on an ongoing basis. They are approved by the State Duma on the submission of the Chairman of the Bank, which is simultaneously the Chairman of the Board of Directors.
The Board of Directors in cooperation with the Government is developing a unified state monetary policy and ensures its implementation.
The structure and states of the central office of the Bank of Russia, as well as the statutes of its other structural divisions, approves this advice. The Board of Directors not only heads and organizes the work of the Bank of Russia, but also regulates the activities of the country's commercial banks.
Along with him, the National Banking Council is functioning outside the bank. It includes representatives of the president, representatives of the highest bodies of legislative and executive bodies and experts. The total number of the board does not exceed 15 people. Council members are approved by the State Duma on the submission of the Chairman of the Bank of Russia.
Functional structure involves existence in a bank separate divisions (Departments, management), implementing the functions of the bank in accordance with the division of its activities for individual parts. If the volumes of tasks solved by these divisions are large enough, then additional, smaller structural units can be created within them - departments. This functional structure is presented in Appendix A.
For the normal functioning of credit and monetary systems, the Central Bank of the Russian Federation uses the following tools and monetary policy methods:
Interest rates on the operations of the Bank of Russia;
Standards for mandatory reserves deposited in the Bank of the Russian Federation (Reserve Requirements);
Operations on the open market;
Refinancing banks;
Currency regulation;
Cash control of cash;
Direct quantitative restrictions;
Emissions of own securities.
2.2 Characteristics of the Monetary Policy of the Bank of Russia, carried out in 2008-2009.
For foreign currency incoming foreign currency, the form of money emissions of the Bank of Russia - currency interventions is closely tied. The recipients of such "emission" non-cash rubles are mainly large residents exporters, obliged to sell part of their currency revenues, which become owners of excessive cash in rubles. Such resident organizations and their credit organizations are experiencing certain difficulties with the placement on the monetary market or reinvesting the free ruble resources belonging to them. With the monetary regulatory mechanism in Russia, the necessary funds for sufficient to carry out the investment process will not receive. Rubles, issued by the Bank of Russia in the process of currency interventions, do not reach them, and the imperfection of the banking system, distrust between credit institutions and small enterprises, high cost bank credit Do not allow them to acquire the necessary credit funds in the banking services market.
As a result of the low capitalization of the banking system, supports for self-financing, insufficient development of the corporate bond market, there was no active use of national savings. Therefore, both government and private savings left abroad, including in the form of accumulated state reserves, which subsequently borrowed to invest in Russian companies. Those. Due to the fact that the domestic interbank market was focused on external refinancing (the share of loans from non-resident banks exceeded 70% of the total loans received by banks from other credit institutions), almost a complete suspension of external loans russian banks As a result of the global financial crisis, a negative impact on the functioning of the entire money market.
As a result, a low level of confidence in the ruble was formed was caused by a decrease in the flow of currency to the country and significant, comparable to our reserves, the level of external corporate debt of companies and banks constituting according to the Central Bank of the Russian Federation as of 01.10.2008. About 388.9 billion dollars in foreign currency and equivalent $ 108.7 billion in rubles. In the 4th quarter of 2008 russian companies And banks needed to return to non-residents on previously taken loans about $ 47.5 billion (42.5 - debt, 5 percent), but in 2009. - already 115.7 billion dollars. (100.1 -Dong, 15.6 - percent). Therefore, the money that falls in the fall of 2009. It was allocated to support the banking system, largely found themselves in the foreign exchange market, without reaching the economy, reducing the reserves of the country. (Zolotovolnoy reserves of the Russian Federation for the period from 01.08.2008 to 24.10.2008, i.e. almost for 3 months, decreased by 18.6% - 111.2 billion dollars. (From 595.9 to 484.7 billion dollars).
However, in general, the level of monetization of the Russian economy is low (about 40%). Therefore, the main problem, and, in fact, the cause of the crisis is in the shortage of rubles. At the same time, one of the most important economic parameters is the volume and dynamics of the money supply (M2) representing the amount of cash in circulation (outside banks) and balances in national currency in the accounts of legal entities (except banks) and individuals, largely determining Demand in the economy. The growth of M2's money supply immediately before the development of the crisis situation as of September 1, 2008 amounted to only 9.5% (with a benchmark of 30-35%), with inflation for the same period 9.7%. The real amount of money supply by the beginning of September almost did not increase. The magnitude of M2 on 09/01/2008 was 14,530.1 billion rubles, and its increase in September on 01.10.2008 under the influence of capital outflow became negative - 1.1%, which has already been 8.3% since the beginning (M2 on 01.10 .2008 - 14,374.6 billion rubles.).
Table 1 - Money mass in 2009 (billion rubles)
According to Table 1, during 2009, the monetary mass has been reduced throughout the entire period compared with the beginning of the year, and the increase for the year amounted to 16.3%.
At the same time, as can be seen from Table 2 and the diagram built on it (Figure 3), until 2008. There was a permanent increase in money supply. In 2000.
2008 The seasonal growth of the M2 aggregate amounted to an average of about 19.7%, as well as about 44% per year. Therefore, the reason for the reduction of the money supply during the period
the crisis was the selected direction of monetary regulation and largely "savings" of budget expenditures in order to combat inflation. At the same time, the experience of 7 years of economic growth showed the lack of direct dependence of the growth of consumer prices from the rate of increasing the money supply (M2) (as well as the opposite tendency) and that the growth of the money supply with an increase in the degree of monetization contributed, along with the strengthening of the ruble, a decrease in inflation.
Table 2 - the main parameters of the monetary policy and the economy of the Russian Federation in 2000
Figure 3 - Dynamics of money supply and inflation in 2000-2008.
As can be seen from Table 2 and based on it, a diagram (drawing
3), until 2008 there was a permanent increase in the money supply. In 2000-2008 The seasonal growth of the M2 aggregate amounted to an average of about 19.7%, as well as about 44% per year. Therefore, the reason for the reduction of the money supply during the crisis was served the selected direction of monetary regulation and largely "savings" of budget expenditures in order to combat inflation. At the same time, the experience of 7 years of economic growth showed the lack of direct dependence of the growth of consumer prices from the rate of increasing the money supply (M2) (as well as the opposite tendency) and that the growth of the money supply with an increase in the degree of monetization contributed, along with the strengthening of the ruble, a decrease in inflation.
In addition, one of the weaknesses of the monetary system of Russia lies in the revaluation of the ruble in relation to other currencies, including in dollars (the problem of the "currency corridor"). Because of the serious revaluation of the ruble while reducing oil prices and reducing the inflow of currency revenue to the country, it was necessary to go for a significant weakening of the ruble relative to foreign currency. Such a weakening caused the trend of dollarization of the country, partial abandonment of the ruble due to its depreciation in the calculations and to other undesirable phenomena. Over the past 4 months of crisis, the population has acquired $ 70 billion, and 1/4 deposits in banks became currency. Attempts to restrain such a depreciation of the ruble led in the costs of large sums of gold reserves. Therefore, it is necessary to gradually and carefully bring the ruble to the market currency rate and not allow strong distortion in the future.
The most important problem of the Russian financial system is its small scale. The attitude of the assets of the banking system for GDP on 01.01.2008 is about 61%, while in developed countries over 100%. The banking system is not sufficiently developed, the reasons for this are in the personal poverty of a significant part of the population (about 30-40%), which contributes to a decrease in savings, as well as colossal regional imbalances of development, in which about 60% of all financial resources are concentrated in Moscow. The essential reason for the lag of the economy and financial markets is the lack of a market capitalization of the considerable mass of the country's resources, which creates the need to develop the country's financial infrastructure, to send money to the most backward regions, to increase the offer of money and government spending adequately economic growth, lend to assets, to create effective bank refinancing mechanisms Systems.
Based on the foregoing, it can be concluded that the serious reason for generating problems in the monetary sphere of Russia is the lack of high-quality legal norms establishing an interconnected system of institutions generating a single coherent mechanism for regulating monetary relations that distinguish their competence determining the procedure for interaction and distribution of responsibility between them.
Consider in more detail the directions of monetary policy during the financial crisis and the exit measures from it.
At the time of the start of the financial crisis of 2008, the monetary policy of the Bank of Russia as a whole was characterized by a lack of systemic and clarity of methodological approaches. This was expressed in the vague determination of the main tasks of the interest rate policy, the invertation of the methodology for assessing the demand for money and conceptual approaches to the formation of a monetary supply, inefficient management of gold and foreign exchange reserves, the absence of systemic measures to form russian territory international financial center, insufficient consistency of policies with the state of the financial market and the banking sector. In particular, when developing the main directions of the monetary policy, the Bank of Russia does not determine its objects and features of the transmission mechanism.
In the period of Russia's accession to the World Recession, the Bank of Russia in promoting the Government developed various measures taken to ensure the stability of the financial system, which can be conventionally divided into two groups: interest policy and other measures.
The intensification of interest policy was one of the first measures applied by the Bank of Russia in response to the changed conditions for the development of the economy and the high level of inflation. Interest Policy of the Central Bank of the Russian Federation in 20082009. You can divide into two stages. At the first stage, the Bank of Russia raised the refinancing rate six times. At the same time, until the first increase in the rate during the crisis of the Central Bank of the Russian Federation reduced the rates on a number of tools for providing liquidity to credit organizations without changing the refinancing rates. This measure was designed to facilitate the banks access to liquid resources. As a result of the increase, the refinancing rate increased from 11 to 13% per annum, and rates on loans for the Central Bank of the Russian Federation commercial banks increased by a comparable amount. The main reason for increasing interest rates was the desire of the Central Bank of the Russian Federation to increase the cost of resources attracted by credit institutions and then investigated in foreign currency assets.
As the situation stabilized in the financial markets, the Bank of Russia began to gradually mitigate monetary policy. In April-December 2009, the Central Bank of the Russian Federation reduced interest rates seven times. During this period, the refinancing rate was reduced from 13 to 8.75% per annum (see Table 3, Figure 2), and rates on the operations of the Bank of Russia - by 3.5-4.5 pp. However, as the Bank of Russia himself recognizes, its interest rate policy has not yet a decisive impact on the structure of market rates, and, consequently, for real borrowing conditions in the Russian economy, which is associated with the presence of redundant and diverse rates on operations with banks and the absence of clearly designated landmarks. In interest policy
Table 3 shows the refinancing rates of the Central Bank at different periods of time.
Table 3 - Dynamics of the refinancing rate of the Central Bank of Russia
|
Validity |
Refinancing rate, % |
Figure 4 - Dynamics of the refinancing rate of the Central Bank of Russia
With the help of the reserve requirements of the Bank of Russia, the Bank of Russia has given a quick response to the need for an expansion of a monetary supply. Under conditions, when bank liquidity was to quickly rebuilt, and the financial market did not allow it to do this, reserve requirements were particularly useful. To this end, the Bank of Russia decided to temporarily decline from September 18, 2008. Reserve requirements for 4 percentage points for each category of reserved obligations. From October 15, 2008, reserve requirements amounted to 0.5% for all types of obligations with their subsequent increase from May 1, 2009 to 1%, from June 1, 2009 to 1.5%, from July 1, 2009 up to 2%, from August 1, 2009 to 2.5%.
Changing the terms of the implementation of monetary policy determined the need for the Bank of Russia to increase the priority of the implementation of the goal of maintaining bank stability, by operations on the open market. From September 18, 2008, the Bank of Russia reduced fixed interest rates on its liquidity provision operations for a period of 1 day (direct repo, "currency swap", lombard loans) from 9 to 8% per annum, and the minimum interest rate on lombard loan auctions for time 2 weeks was changed from 8 to 7.5% per annum. Interest rates on loans of the Bank of Russia, secured by non-market assets or guarantees, were also reduced: for a period of up to 30 days - from 10 to 9.5% per annum, for up to 90 days - from 8 to 7.5% per annum, for a term of 91 up to 180 days - from 9 to 8.5% per annum.
In addition, the Bank of Russia has been mitigated by the conditions for obtaining funds using certain types of collateral: the discounts of 1.25% on the operations of direct repo from OFZ and the ORG are increased, the values \u200b\u200bof the correction coefficients of the Bank of Russia used to calculate the cost of bonds of the Bank of Russia, as well as The correction coefficients of the Bank of Russia, used to calculate the cost of security for the Bank of Russia, provided on the guarantee of non-market assets and the guarantee of credit institutions, increased.
To reduce the volatility of short-term rates of interbank lending, the Bank of Russia since September 2008 began to establish a restriction on the amount of funds placed on the first auction of direct repo. In order to restore the performance of the bond market and providing additional liquidity to credit institutions in October 2008, the operations of direct repo were restored for a period of three months without the establishment of the lower and upper limit values \u200b\u200bof the discount, which implies the absence of compensation contributions.
However, it was not possible to keep bets in these sizes for a long time. From February 9, 2009, the Bank of Russia in order to further consolidate inflation trends and ensuring the stability of the ruble exchange rate decided to increase interest rates on credit operations and direct repo transactions.
For direct repo operations (at fixed interest rates)
for a period of 1 day - 11% per annum, for a period of 7 days - 11% per annum;
The minimum interest rate on lombard loan auctions for a period of two weeks - 9.5% per annum;
According to loans provided by non-market assets or guarantees for up to 90 calendar days, in the amount of 11% per annum, for a period of 91 to 180 calendar days - in the amount of 11.5% per annum.
Despite the active use of the refinancing instrument, the application in the crisis phase provided by the legislation of his species was not enough, in connection with which October 20, 2008, the Central Bank has tried a new financial system tool to support the management of credit organizations without providing no more than six months, And from December 30, 2008 for a period of no more than a year. According to experts, the refinancing of this kind was sharply needed by credit institutions to combat liquidity crisis. According to the review of the banking sector, in the worst month of 2008 - October - expense had to occupy at the Central Bank unprecedented great amount - 1.2 trillion. rub. that in terms of volume corresponds about a third of its own capital of all Russian banks. These borrowing allowed credit institutions to compensate for the losses incurred due to the revaluation of the securities portfolio and deposit outflows, as well as the costs of issuing loans.
In the conditions of active withdrawal by investors from Russian assets and related to the increase in demand for foreign currency, the Bank of Russia were aimed at preventing the excessive weakening of the ruble and to hold the cost of a bivarny basket. In this regard, the Bank of Russia in August-December 2008 made sales of foreign currency in the domestic market. As a result, the volume of international reserves declined sharply and their total volume as of January 1, 2009 decreased to $ 427.1 billion. Many experts spending international reserves to support the ruble were assessed as "inadequate policy." but this policy continued until January 2009, to avoid sharp oscillations of the ruble exchange rate. In order to avoid devaluation, on January 23, 2009. The upper limit of the currency corridor of the value of the Bivarny Basket was installed at the level of 41 rubles. The results of devaluation became tangible in the first quarter of 2009. From the beginning of February, the Bank of Russia did not sell foreign currency in the foreign exchange market. Moreover, in order to prevent strong exchange rate fluctuations on some days, he had to buy foreign currency. So, according to the data given in Table 4 and in Figure 5, the cost of foreign currency by 2009 for seven years (since 2003) reached the maximum value: 30.24 per dollar and 43.39 per euro (at the end of the year).
Table 4 - Dynamics of foreign currencies in relation to the ruble for the period 2000-2009.
Figure 5 - Dynamics of official courses of foreign currencies in relation to the ruble for 2000-2009.
Such a tool of monetary regulation, as the establishment of target growth orientations manifested itself during the crisis in the following. The transformation processes of ruble savings into currency assets, the decline in the money supply affecting the dynamics of budget revenues, which are the source of the formation of the Reserve Fund and the National Welfare Fund, determined the need to clarify the net loan to the Executive Government until the end of 2008, other monetary program indicators were also clarified (including Net credit to banks and other net non-classified assets) taking into account the measures taken by the Government of the Russian Federation and the Bank of Russia to support the financial sector.
In addition, the Bank of Russia carried out the issuance of bonds on his own behalf. In September 2008, there was a new issue of the ORP, but due to the fact that in the denotation period, credit organizations began to lack liquidity, the volume of accommodation of the Auction was twice as lower than the purchase of Russia's bonds in the secondary market. In October 2008, the Bank of Russia's debt in front of credit organizations has not changed. Only auction, held on October 2, was held, with a placed amount of only about 10 million rubles. on the weighted average rate of 6.3% per annum. In November 2008 - February 2009, the instruments of the Bank of Russia on liquidity absorbing also remained unlaced.
As a result of the adoption of the measures discussed above, the situation in the banking sector has stabilized: it was possible to avoid bankruptcy of many banks, suspend the outflow of contributions to the population, continue lending to the economy. The outflow of deposits of the population from banks reached a maximum in October (then it was 6% and almost ceased in November). In December, the inflow of the population in deposits resumed. Normalized the situation with liquidity.
Thus, a package of anti-crisis measures implemented by the Bank of Russia in the midst of the crisis, in the complex corresponded to the standard scheme of foreign authors, but was in a certain extent inconsistent. In general, it was possible to prevent the dissemination of "banking panic" and partially restore the confidence of economic entities to the national banking system. Among the stabilization anti-crisis measures should be allocated: strengthening the resource base of banks and the saturation of the banking system with additional liquidity, an increase in capital of system-forming banks, an increase of up to 700 thousand rubles. State guarantee of the preservation of deposits of individuals, the decision to warn the bankruptcy of banks through a sanation, merger, etc. Measures, conducting a "smooth" devaluation of the national currency, permission to temporarily not overestimate bank assets for the current market value, strengthening the protection of legal rights of creditors.
2.3 Monetary policy in 2010-2011
In 2010-2011 The Bank of Russia carried out monetary policy on the basis of the need to create favorable conditions for the long-term economic development of the country. Low inflation and stability of the national currency were the basis for making effective solutions in the field of savings, investment and consumer spending - good for sustainable economic growth. Therefore, the main goal
unified State Monetary Policy, held by the Bank of Russia together with the Government of the Russian Federation for this period, was a sustainable decline in inflation and maintaining it at a low level, while it was supposed to reduce inflation rates to 8.7-9.2% in 2010 and 78 , 5% in 2011.
To achieve the goals of the Central Bank of the Russian Federation, we used all the monetary policy tools that have been allowed to respond to changing the intensity and directions of the movement of financial flows within the framework of the goals of monetary policy.
The monetary policy instrument system was to ensure the stability of the money market and, at the same time, stimulate credit organizations to more efficiently manage their own liquidity.
In the event of banks, additional liquidity needs, they could use a set of tools offered by the Bank of Russia for these purposes. During the day, this could be provided internal loans provided by the Bank of Russia without posting the fees, as well as the auctions of one-day direct repo, held in the first and afternoon. In addition, on a weekly basis, the Bank of Russia conducted operations to provide liquidity to banks for longer periods. At the end of the operating day, credit organizations had access to the permanent instruments of the Bank of Russia - thereds of "Overnight" and transactions "currency swap", interest rates on which are installed at the level of refinancing rate.
The regulation of refenaning rates of the Central Bank of Russia carried out with regard to the real state of the economy, the dynamics of inflation, the situation on the various segments of the money market and was focused on the consolidation of emerging positive trends.
Since the beginning of 2010, the Bank of Russia has decided twice to reduce the refenaning rate of 15.01.10 - from 16 to 14% per annum, and 15.06.10 - from 14 to 13% per annum. The next decline has occurred only at the end of December 2011 - it was lowered to 12%.
When managing liquidity, credit organizations in the second quarter of 2011 were actively used by the mechanism of intraday lending and loans "Overnight" of the Bank of Russia, the greatest volume of which was accounted for by April 2011. In general, the volume of intraday loans provided by the Bank of Russia increased with 2.3 trillion. rub. In the first quarter of 2011 to 2.6 trillion. rub. in the second quarter, and loans "Overnight" - from 5.9 to 14.3 billion rubles. respectively. At the end of each calendar month, there was a traditional increase in demand for intraday loans from the credit institutions and the volume of the "Overnight" loans provided.
Against the background of a downward trend in the dynamics of inflation by the Bank of Russia from 06/26/2010, the refinancing rate and interest rates on Overnight loans and currency swap transactions were reduced from 12 to 11.5% per annum, and from October 23 to 11%. However, the refinancing rate in the period 20102011. did not have a significant impact on monetary indicators First of all, due to the fact that in excess liquidity, commercial banks have not experienced a significant need for borrowing at the Central Bank.
In resolving the problem of a shortage of ruble liquidity in the money market in 2010, the decisions of the Bank of Russia were played with a large role in the decline in the standards of mandatory reserves, which were taken to gradually equalize competitive conditions for Russian and foreign credit institutions.
The standard of mandatory reserves for individuals in the currency of the Russian Federation was reduced on July 8, 2010 from 7% to 3.5%, as a result of which the extensive funds of the funds amounted to more than 150 billion rubles. In addition, from July 1, 2010, the Central Bank of the Russian Federation provided the right to averaging mandatory reserves with credit institutions within the rate established by the Board of Directors of the Bank of Russia averaging coefficient of 0.2. The use of this mechanism also contributed to an increase in the liquidity of credit institutions.
The standing of mandatory reserves for obligations to individuals in the currency of the Russian Federation and the standard of mandatory reserves on other obligations of credit institutions in the currency of the Russian Federation and the obligations in foreign currency in 2011 did not change. During the specified period, credit organizations actively used the averaging of mandatory reserves, that is, a part of mandatory reserves carried out by maintaining the relevant average monthly cash balance at the correspondent account and correspondent subaccounts of the credit institution in the Bank of Russia. The number of credit institutions that were given the right to averaging mandatory reserves were constantly increased in June 2011. reached 681 (or 55.2% of the total number of existing credit institutions).
Central Bank of the Russian Federation in the period from 2010-2011 Gradually reduced the norm of mandatory requirements for credit institutions so that they are lazy to lend to the real sector of the economy and, above all, the production sector. However, commercial organizations did not particularly strive to lend to the domestic industry due to the high risk and the complexity of the assessment of the economic situation. Thus, the reservation itself is an ineffective monetary policy tool, because there is little that adds to the existing sustainable reluctance of banks to send money to the economy.
In 2010, the conjuncture of the domestic foreign exchange market was formed under the influence of an increase in the supply of foreign currency by exporters as a result of the continued increase in oil prices, as well as an increase in the investment attractiveness of ruble assets against the background of weakening the US dollar in the global market. In the current situation, the Bank of Russia sought to support the balance of supply and demand for internal
the foreign exchange market, carrying out large-scale purchases of foreign currency during periods of strengthening increase pressure on the ruble exchange rate. According to the results for the Russian Federation, foreign currencies Bank of Russia from February 1, 2010 moved to use as a new operating reference to the cost of a bivarny basket, consisting of US dollars and euros in proportions established by the Bank of Russia. At the same time, the formation of the course of the US dollar to the ruble on the domestic currency market during the day and the period in a few days has gained a more free character, and the operations in order to limit intraday and short-term fluctuations in the US dollar to the ruble were carried out by the Bank of Russia based on the borders of the valentine's value fluctuation. From August 1, the bivarny basket consisted of 0.35 euros and 0.65 dollars. USA. For 10 months, the purchase volume of foreign currency by the Bank of Russia was more than $ 11 billion.
In July-September 2010, the Bank of Russia conducted operations as selling government bonds from its own portfolio and for the purchase of government securities. In general, the volume of net sales of state securities Bank of Russia for the third quarter was preserved at the level of the previous quarter (2.6 billion rubles).
In the first half of 2011 The Central Bank of the Russian Federation continued to conduct a monetary policy within the framework of the ruble floating rate regime.
In order to maintain the ruble exchange rate at a relatively low level, the Bank of Russia in 2011 continues to use the ruble cost of the basket from the euro and the US dollar as an operating landmark.
In 2011, the ratio of supply and demand in the domestic currency market was determined by the high level of the current balance of the current balance of payments, due to the influx in russian economy Significant additional income from exports due to a favorable external economic situation, as well as transboundary motion of capital. In these conditions, the operation of the Bank of Russia in the domestic currency market was directed mainly to prevent excessive increase in the effective exchange rate under the influence of excessive foreign currency supply. The result of these operations was net Purchase foreign currency. In particular, in January-September 2011. The Bank of Russia performed a net buyer of foreign currency.
The growth rates of deposits in foreign currency (in dollar terms) in the first half of 2011 amounted to 10.2%, which is two times lower than the growth rates of deposits in national currency.
The dynamics of pure foreign assets of the banking system was an important source of increase in money supply, taking into account deposits in foreign currency. With the increase in the total volume of this monetary unit by 1083.7 billion rubles. Net foreign assets increased by 1366.8 billion rubles, and the internal loan of the economy decreased by 204.6 billion rubles. (In 2010 - an increase of 717.2 and 1169.7 billion rubles. and a reduction of 857.9 billion rubles. respectively)
For the period 2010-2011 Increasing the nominal effective exchange rate of the ruble has played a significant role in reducing inflation. Last year, the nominal effective course rose by 3.2%. In the first five months of this year, he rose by another 1.5%. In early June, the Bank of Russia raised the ruble exchange rate on a bivarny basket for another 0.6%.
In order to absorb free liquidity, the Bank of Russia continued to carry out operations with its bonds in 2011.
The sale of the arrival took place mainly at auctions. The largest investments in the ORG (80.2 billion rubles) loan organizations were carried out at the auction on June 15 (after redemption on the offer of the third issue of the ORP), while the total sales of ORD at auctions in April-June 2011 amounted to 108.2 billion . rub. at market value. The weighted average yield that established at the Auctions of the ORP in April-June 2011 was from 4.53 to 5.20% per annum (in the first quarter - from 4.60 to 5.14% per annum). According to the Bank of Russia, the daily quotations of the purchase volumes of Credit organizations in the secondary market have significantly exceeded their sales.
In 2011, the Bank of Russia also carried out the sale of government bonds from his own portfolio without the obligation to reverse redemption in the amount of 0.43 billion rubles.
In general, from 2010-2011. Operations of the Central Bank of the Russian Federation in the open market contributed to the gradual increase in the liquidity of the ORG market and as a result - the expansion of the sterilization capabilities of the Bank of Russia.
Monetary policy, conducted by the Central Bank of the Russian Federation in the period from 20102011, it turned out to be a relatively effective goal, which is clearly seen from the table 5.
Table 5 - Forecast and actual inflation indicators for 2010-2011.
It should be noted that since 2010, it was mainly only due to currency interventions to the banking system received money, but their receipt was so large that the Central Bank had to be sterilized and mainly due to operations on the open market.
In general, speaking about the effectiveness of monetary policy in Russia in the period from 2008-2011, it can be said that it still remains low, since the claimed targets do not coincide with the results actually received, but there are prospects.
3 development prospects and measures to improve the monetary policy of the Russian Federation
3.1 Macroeconomic Development Scenarios, Goals and Tools for 2013 and the period 2014 and 2015
Within the framework of forecasts of the IMF and other international organizations involving a small increase in the growth rates of the global economy in 2013, a moderate acceleration of economic growth in the countries of the enterprise trading partners of Russia with the preservation of a similar trend in 2014-2015 is possible. According to the IMF forecast, the growth rate of the production of goods and services in the world will increase from 3.5% in 2012 to 3.9% in 2013. According to forecasts, in 2013, the decline in inflation in foreign countries will continue, including the main trading partners of Russia. It is not expected to accelerate and in 2014-2015.
The predictable increase in business activity in the world will support the current level of oil consumption and other Russian exports, which weakens the risks of deterioration of the country's balance of payments.
Key interest rates in leading economies in 2013 will remain low, which will contribute to the formation of conditions for capital inflows in the Russian economy. The movement of transboundary capital flows will depend on the state of foreign financial Systems and the conjunctures of the global financial market, the mood of global investors. The risks of capital outflow will remain.
The Bank of Russia reviewed the three options for conducting a monetary policy in 2013-2015, one of which corresponds to the forecast of the Government of the Russian Federation. The scripts are based on various dynamics of oil prices.
As part of the first version, the Bank of Russia suggests a decrease in the average annual price of the Russian oil of the Urals grade in the world market to 73 US dollars per barrel. This is demonstrated in Figure 6.
Figure 6 - price for oil varieties "Yurall" (US dollars per barrel)
Under these conditions, in 2013, the real disposable cash incomes of the population can be reduced by 0.4%, investments in fixed assets - by 2.1%. Reduced GDP can be 0.4%.
As part of the second option, the forecast of the Government of the Russian Federation, which is based on the development of the parameters of the federal budget for 2013-2015. It is assumed that in 2013 the price of Russian oil may amount to $ 97 per barrel.
This option reflects the development of the economy in the implementation of the active public Policyaimed at improving investment climate, improving the competitiveness and efficiency of business, to stimulate economic growth and modernization, as well as to improve the efficiency of budget expenditures. According to this option, in 2013, an increase in the real disposable monetary incomes of the population is projected at 3.7%. The volume of investments in fixed assets can increase by 7.2%. Under these conditions, GDP may increase by 3.7%.
Within the framework of the third version, the Bank of Russia implies an increase in 2013, the prices of Urals grade oil up to 121 US dollars per barrel.
In the context of income from the export of Russian goods in 2013, an increase in investment activity is expected. The growth rate of investments in fixed assets can accelerate to 7.6%, the real disposable monetary incomes of the population - up to 4%. An increase in GDP is estimated at 4%.
In 2014-2015, the increase in GDP volume depending on the forecast option may be 2-5%.
The forecast of the balance of payments, presented in the figure, for 2013-2015, was compiled on the basis of an assumption of an insignificant change in the price of Urals's oil in the world market (from 97 to 104 US dollars per barrel). In the first and third embodiments, the deviations of oil prices from the specified quarter range to a smaller and most part are assumed.
Figure 7 - Forecast of the balance of payments of the Russian Federation for 2013-2015
In accordance with the scenario conditions of functioning of the economy of the Russian Federation, the Government of the Russian Federation and the Bank of Russia have determined the task to reduce inflation in 2013 to 5-6%, in 2014 and 2015
Up to 4-5% (at the rate of December to December of the previous year). This goal for inflation in the consumer market corresponds to basic inflation at 4.7-5.7% in 2013, 3.6-4.6% in 2014 and 2015.
Calculations on the monetary program for 2013-2015 were held on the basis of indicators of demand for money corresponding to targeted inflation, the forecast dynamics of GDP and other macroeconomic indicators, as well as the forecast of the balance of payments and the parameters of the federal budget project.
Depending on the options of the forecast, the growth rate of the M2 monetary aggregate in 2013 may amount to 9-18%, in 2014 and 2015 - 14-19% per year.
The Bank of Russia has developed three variants of the monetary program. The second version of the program is based on macroeconomic indicators used in the formation of the draft federal budget for 2013 and the planning period of 2014-2015. The growth rate of the monetary base in a narrow definition corresponding to the target inflation and estimates of economic growth in the dynamics of economic growth can be 7-14% in 2014-2015 - 11-14% annually.
In the first version of the program, an increase in the amount of pure loan to the expanded government by 0.5 trillion is supposed. rubles in 2013, by 0.4 trillion. rubles - in 2014, by 0.3 trillion. rubles - in 2015. According to the calculations on the program, in the implementation of this scenario in 2013-2015, the increase in the net loan can be 1.0-1.6 trillion. rubles per year due to the intensification of the operations of the Bank of Russia to provide liquidity to the banking sector. Under these conditions, by the end of 2015, the volume of gross loan can exceed 60% of the volume of the monetary base.
In the second variant of the monetary program, the moderate dynamics of world oil prices within the forecast period are assumed. The effective indicators of the balance of payments, the increase in CMR will be 0.6 trillion in 2013. rubles, in 2014 - 0.5 trillion. rubles, and in 2015 - 0.3 trillion. rubles.
In accordance with the third option of the monetary program based on the scenarios of high oil prices, the projected increase in the CMD in 2013 will be 2.9 trillion. rubles, in 2014 - 2.7 trillion. rubles, in 2015 - 2.4 trillion. rubles.
Within the framework of this scenario in 2013, it is expected to reduce the net loan to 0.2 trillion banks. rubles.
The main tasks of the course policy for 2013 and the period of 2014-2015 will be further reduced by the direct intervention of the Bank of Russia into the mechanism of the coupustration and the creation of conditions for the transition to the flow of the floating exchange rate by 2015.
In 2013 and 2014 The Bank of Russia will continue to carry out a course policy, without preventing the formation of trends in the dynamics of the ruble exchange rate due to the action of fundamental macroeconomic factors, and without establishing any fixed restrictions on the level of the national currency rate. At the same time, during this period, the Bank of Russia will increase the flexibility of the course gradually, mitigating the process of adapting market participants to the currency fluctuations caused by external shocks.
After the transition to the Floating Currency Curriculum regime, the Bank of Russia implies to refuse to use operating benchmarks of the course policy associated with the exchange rate levels. At the same time, even after the transition to the specified regime, the Bank of Russia allows for interventions in the domestic currency market, the volumes of which will be determined taking into account the wage market.
The tool system will continue to take into account the features of the interaction of the Bank of Russia with regional credit institutions, the characteristics of the transmission mechanism of the monetary policy and the state of the Russian financial market.
The basis of the current monetary policy instrument system - the corridor of interest rates of the Bank of Russia during the period under review will continue, while the Bank of Russia will consider the possibility of its narrowing in order to increase the effectiveness of interest policy. As tools that provide the intensity of short-term rates of the interbank market within the boundaries of the percentage corridor, deposit operations and the refinancing operations for permanent action for a period of 1 day will be applied.
The application of refinancing tools for a period of above 1 week will be directed mainly to maintain financial stability. In order to limit the impact of these operations on the corresponding segment of the market interest rates curve and preventing the distortion of interest policy signals, the Bank of Russia will consider the feasibility of transition to their floating rate. In this case, the addition of the Bank of Russia's tools system is not excluded by swap transactions with foreign currency and precious metals for up to 1 year to expand the access of credit institutions to refinancing for these terms.
The Bank of Russia will also continue to use the standards of mandatory reserves as a monetary policy tool, making decisions on their change, depending on the macroeconomic situation and the liquidity state of the banking sector.
In addition to working on improving its own instrument system, the Bank of Russia attaches great importance to interaction with government agencies For the implementation of monetary policy and development of financial markets. Cooperation will continue with the Ministry of Finance of Russia and the Federal Treasury on the development of the mechanism for the placement of temporarily free budget funds in the banking sector, whose task is to minimize the seasonal impact of budget flows on the liquidity of the banking sector.
3.2 Measures to improve the monetary policy of Russia
The main purpose of the monetary policy under the Financial Stabilization Program is to maintain low current rates of inflation and the creation of conditions for investment growth, ensuring the favorable dynamics of the national currency rate contributing to the improvement of the balance of payments.
To achieve this goal, the efforts of monetary regulatory authorities must be focused on solving the following tasks:
Restriction of money supply by the amount necessary for the implementation of economic activities;
Optimization of the structure of the money supply and its distribution between sectors and economic entities;
Prevent capital outflow abroad;
Maintaining at a given level of foreign exchange reserves.
The solution of these tasks requires the implementation of the complex listed below. To achieve control over inflation and maintain the dynamic stability of the national currency rate, it is necessary to limit the rate of growth of the money supply and fluctuations in the level of interest rates on loans and deposits of the economy. Operational regulation of bank liquidity and rates of the interbank market will ensure the stability of calculations will reduce speculation in the money market. The limit limit of the growth rate of the national currency during the periods of inflation cannot be allowed direct lending to the state budget deficit, the phased translation of the requirements for the government on the internal debt into medium-term government securities and with a positive real interest rate providing their profitability at the level of government securities.
Short-term cash rupture lending in income and costs of the state budget through the purchase of state short-term securities will make it possible to create conditions for the operational support of the state budget in market forms, and it is also necessary to establish the ceiling of the growth of the money supply and net internal assets of the Central Bank in order to limit the growth of money supply - this is a guaranteed limit The pace of inflation and the predictability of its change.
It is necessary to establish an accounting rate of the Central Bank of the Russian Federation at the level, not lower than the standard acting in neighboring states, in the end, should lead to a decrease in inflation, an increase in investment activity, stabilization of production.
Also, the most important tool for improving the monetary policy should be the improvement of the refinancing system of commercial banks to stabilize the money supply supply of the country's economy. This can be achieved with the following measures:
1) ensuring the creation of a corridor of basic refinancing of banks based on auction and pawls, which will allow you to move from quantitative to price methods for regulating bank liquidity and reducing loan rates of the economy;
2) Improving the rapid response procedure to change the volume of bank liquidity and the oscillation of the rates of the interbank market by operating on the open market will ensure accurate setting of the level of interest rates of the interbank market in a given corridor of refinancing rates;
3) streamlining procedures for providing a redundant loan to individual banks experiencing a short-term lack of liquidity, will ensure the stability of the banking system in liquidity crises in large banks that affect the economy;
4) Restriction of Emissions short-term obligations The Central Bank as government securities expands the emission of government securities will save public funds for the purpose of regulating the money market (300-400 billion rubles per year). And the last step
improvement should be the improvement of reserve requirements for commercial banks;
5) differentiation of systems of mandatory reservation of bank deposits aimed at increasing the share of long-term deposits as a resource to increase investment activity in the country will provide an increase in bank liquidity, stimulating the growth of long-term deposits and reduce the mass of hot money, an increase in investment in the economy;
6) the implementation of the phased revision of the obligatory reservation standards in the direction of their decline as the rate of inflation and the growth of demand for credit resources for long-term investments decreases, the consequence of this should be the balance of business activity and a money supply in the economy, an increase in the mobility of the money supply;
7) Creating a monitoring system for monetary market and capital market and on this basis implementation of modeling and forecasting financial flows in conjunction with the process of macroeconomic development of the country, this contributes to the efficiency of state regulation of the money market.
For the implementation of those goals that the Central Bank of PO Put in front of him for 2013-2015 should be reasonably useful to the measures described above.
Conclusion
The main guide of monetary policy in the Russian Federation is the Bank of Russia, which currently most actively uses four main instruments of monetary policy: this is the regulation of refinancing of commercial banks, a change in the norms of mandatory reserves, operations in the open market and currency interventions. With the help of data tools, the Bank of Russia strives to fulfill the main purpose of monetary policy - a smooth decrease in inflation. Analysis of monetary policy in Russia in the period from 20002006 She showed an insufficient connection between the policy that was actually conducted by the Bank of Russia and the goals declared in the program documents. The deviations of the claimed targets from the actual results are too large to talk about the effectiveness of the monetary policy.
The most important way to solve the problem of overcoming inflation over the past years was the implementation of monetary policy, aimed, first of all, to limit the aggregate demand with measures, designed to limit the possibilities of providing loans to commercial banks and thereby affect the decline in solvent demand. Active monetary policy made it possible to achieve certain results in a smooth decrease in inflation, however, the price of these successes is very large.
This is, first of all, a huge decline in production, one of whose reasons is to reduce solvent demand. The monetary policy has affected only the sphere of appeal and did not provide directly positive impact on the production sphere.
In this regard, it is necessary to turn to the use of the loan as an important lever of the production growth and the supply of goods, which will help reduce inflation.
Insufficient credit activity of Russian banks makes monetary policy tools ineffective. In this regard, the Bank of Russia needs to start using them primarily not on a smooth decline in inflation, but to an increase in the investment activity of commercial banks. But before this, the Bank of Russia must theoretically study the influence of each instrument on regulating the economic situation, and only then start using them in practice.
Appendix A.
(mandatory)
Structural divisions of the Central Bank of the Russian Federation
Currently, the following structural divisions are functioning in the Central Bank of the Russian Federation:
Common Economic Department. Department of Research and Information. Cash Department
Department of Regulation, Management and Monitoring of the Bank of Russia's payment system
Department of Payment Regulation. Department accounting and reporting
Department of Licensing Activity and Financial Recovery Credit Organizations. Department of Banking Supervision. Department of Bank Regulation. Department of Financial Stability. Main Inspectorate of Credit Organizations. Department of Operations in Financial Markets
Department of Support and Control Operations in Financial Markets. Department of Financial Monitoring and Currency Control. Department of Balance
Department of the methodology and organization of services for the budget accounts of the budget system of the Russian Federation. Legal Department. Department of Field Institutions. Department of Information Systems
Department of Personnel Policy and Providing Work with Human Resources. Finance Department. Department of Internal Audit
Department of International Financial and Economic Relations. Department of External and Public Relations. Administrative department. Main Department of Real Estate Bank of Russia
Main Department of Examination and Planning Capital Costs of the Bank of Russia. General Security and Information Security Management
List of sources used
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2 Russian Federation. Laws. Federal Law on the Central Bank of the Russian Federation: [Federal Law: Adopted by the State Duma on July 10, 2002] // Meeting of the legislation of the Russian Federation. -2001. N 86-FZ
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