On the Guidelines for the Single State Monetary Policy for 2019 and the Period of 2020 to 2021: Expert Opinion of Financial University

Abstract

The paper presents the opinion of the FinancialUniversityexperts on the problems of the single state monetary policy for the upcoming three-year period (2019–2021).The relevanceof paper stems from the increasing role of the monetary sphere and the monetary policy in achieving financial stability and ensuring Russia’s economic growth in the modern context of the economy financialization.The subject of the researchis the current monetary policy of Russia set out in the program document of the Bank of Russia for the medium term.The purpose of the researchwas to identify the pros and cons of the single state monetary policy. In the course of the research, the Guidelines for the Single State Monetary Policy for 2019 and the Period of 2020 to 2021 adopted by the Bank of Russia were analyzed. Based on the research findings,it is concludedthat the state monetary policy should pay more attention to the credit channel of the transmission mechanism in the context of its interaction with the interest rate channel to achieve the operational goal of the monetary policy and for further use of special refinancing instruments in view of the fact that financial sanctions against the Russian economy will continue over the whole forecast horizon. Along with that, measures should be taken to develop incentive regulation of the banking sector in order to support the creation of favorable conditions for boosting investment and economic activities. In general, as a result of the research, it was established that the monetary policy guidelines developed by the Bank of Russia in cooperation with the Russian Federation Government for the next three years meet modern requirements but have to be supplemented and refined with account for new phenomena and circumstances emerging in the recent time.