Monetarnaya i makroprudentsial'naya politika v usloviyakh global'nogo finansovogo tsikla: opyt malykh otkrytykh ekonomik

0544655 - NHU-C 2022 RIV RU rus J - Journal Article
Akhmetov, R. R. - Mamonov, Mikhail - Pankova, V. A.
Monetarnaya i makroprudentsial'naya politika v usloviyakh global'nogo finansovogo tsikla: opyt malykh otkrytykh ekonomik.
[Monetary and macroprudential policy under global financial cycle: the experience of small open economies.]
Voprosy Ekonomiki. Roč. 2021, č. 6 (2021), s. 5-31. ISSN 0042-8736
R&D Projects: GA MŠMT(CZ) SVV260611
Institutional support: Progres-Q24
Keywords : global financial cycle * credit cycle * business cycle
OECD category: Applied Economics, Econometrics
Method of publishing: Limited access
https://doi.org/10.32609/0042-8736-2021-6-5-31

V rabote analiziruyetsya vliyaniye global'nogo finansovogo tsikla na malyye otkrytyye ekonomiki i sravnivayetsya effektivnost' mer denezhnokreditnoy i makroprudentsial'noy politiki v usloviyakh global'nogo finansovogo tsikla. Klassifitsirovany kanaly, cherez kotoryye monetarnaya politika mirovykh finansovykh regulyatorov (FRS SSHA, YETSB), vo mnogom opredelyayushchaya global'nyy finansovyy tsikl, transliruyetsya v malyye otkrytyye ekonomiki: differentsiala protsentnykh stavok, deyatel'nosti global'nykh finansovykh institutov i tsen na syr'yevyye tovary. Rassmatrivayutsya argumenty storonnikov i kritikov «trilemmy» monetarnoy politiki i pokazano, kak uchenyye prikhodyat k ideye o tom, chto politika inflyatsionnogo targetirovaniya ostayetsya optimal'noy dlya dostizheniya tsenovoy i makroekonomicheskoy stabil'nosti, no odnoy etoy politiki nedostatochno dlya obespecheniya finansovoy stabil'nosti. Neobkhodimo yeye koordinirovat' s merami makroprudentsial'noy politiki. Eti vyvody podkrepleny analizom keysov konkretnykh stran (Rossiya, Novaya Zelandiya, Braziliya, Turtsiya i dr.) po smyagcheniyu negativnykh posledstviy ekonomicheskikh krizisov v posledniye 30 let.

This review examines the impact of the global financial cycle on small open economies and compares the effectiveness of various monetary and macroprudential policies in the presence of global financial cycle. First, we provide a classification of the channels through which the monetary policy of the world financial regulators (US Federal Reserve, ECB), which largely determines the global financial cycle, is transmitted to small open economies: the channel for interest rates differential, the channel for the activities of global financial institutions, and the channel for commodity prices. Second, by analyzing the arguments of supporters and critics of the monetary policy trilemma, we show how the literature comes to the conclusion that inflation targeting policy is still one of the most optimal solutions for achieving the goals of price and macroeconomic stability but fails to ensure financial stability. The latter requires active coordination with macroprudential policy measures. These conclusions are supported by the analysis of case studies of specific countries (Russia, New Zealand, Brazil, Turkey, etc.), which attempted to mitigate negative consequences of the 2007—2009 global financial crisis.
Permanent Link: http://hdl.handle.net/11104/0321492