title: Accommodative monetary policy, fiscal stimulus and foreign exchange reserves within the framework of Russian national economic interests: Long-standing problems and new challenges
metadata.name: dc.contributor.author
metadata.value: Nesterov, Igor O.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2021-11-03T09:43:05Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2021-11-03T09:43:05Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2021-09
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Nesterov I. O. (2021) Accommodative monetary policy, fiscal stimulus and foreign exchange reserves within the framework of Russian national economic interests: Long-standing problems and new challenges. St Petersburg University Journal of Economic Studies, vol. 37, iss. 3, pp. 371– 394.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2021.301
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/33409
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Ultra-accommodative monetary policy, fiscal stimulus, and, as a result, growing debt were
  the main features of advanced economies development in the 2010s. The pandemic crises
  of 2020 intensified those trends. Russian authorities had to respond to the new challenges
  inspired by the global economic slowdown and massive lockdowns thru adopting relaxing
  monetary conditions and employing fiscal impetus. However, “the new financial reality” of
  zero-negative interest rates and fast-growing public debt in major advanced economies highlighted
  the long-standing problems of international financial architecture as well as created
  new challenges for the Russian national economy. In the article, the author analyzes monetary,
  fiscal and debt risks challenging the world economy during the last decade and concludes that
  under current circumstances continuing accumulation of foreign exchange reserves is resulting
  in growing dependence of Russia economy on the monetary policy of the world’s leading
  central banks, creating devaluation pressures on the ruble and, consequently, increasing outside
  inflationary impact on the domestic economy. Ultimately financing the already inflated
  budget deficits of the United States, the Eurozone and Japan and thereby feeding the wave of
  “debt tsunami” that is looming from these economies, the Russian Federation is losing investment
  resources that are so vital for sustainable economic growth recovery. The main goal of
  the article is to prove that within the framework of the new global financial reality, the further
  accumulation of foreign exchange reserves preserves ruble undervaluation and ultimately undermines
  the sustainable development and economic growth of the Russian economy. The
  author suggests the key elements for national economic policy aimed to support the domestic
  economy may and should be ruble appreciation. The adjusted paradigm of Russian economic
  development based on the import substitution model is a strong argument in favor of this
  proposal.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 37; Issue 3
metadata.lang: -
metadata.name: dc.subject
metadata.value: monetary policy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: fiscal stimulus
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: foreign exchange reserves
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: national economic interests
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: international financial architecture
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Accommodative monetary policy, fiscal stimulus and foreign exchange reserves within the framework of Russian national economic interests: Long-standing problems and new challenges
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 371-394.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/33409/1/371-394.pdf
resources.format: Adobe PDF
resources.size: 1,3 MB