The state's economy is developing largely due to the implementation of monetary policy by the country's financial authorities. What is its essence? Which of its methods are most common?

What is the essence of monetary policy?

The term “monetary policy” is usually considered in the context of the activities of the Central Bank of the state or another structure that performs the functions that correspond to the Central Bank. In particular, such as:

Regulation of the activities of financial market entities;

Licensing of commercial banks;

Inflation management;

Implementation of monetary policy;

Assisting in the management of state budgetary capital.

Another name for the concept under consideration is “monetary policy.” The activities of the Central Bank and similar structures that carry them out have certain goals. Let's look at what they might be.

Monetary Policy Objectives

The key goals of monetary policy, in general, correspond to the functions of the Central Bank of the Russian Federation, which we mentioned above. We are talking about goals such as:

Containing excessive inflation;

Ensuring social protection of citizens;

Management of capitalization of key sectors of the economy;

Optimization of the balance of payments - but at the expense of increasing exports.

What determines the state’s choice of one or another type of monetary policy? How are the central bank's monetary policy priorities determined?

As a rule, this depends on the current level of stability of the state’s financial system, as well as the dynamics of development of the country’s economy as a whole. If the national economy is a developing one, then it may be acceptable for the Central Bank to choose a liberal strategy: it, as a rule, promotes investment and stimulates business activity in unoccupied market segments.

If the economy develops, the state's monetary policy goals may change. In this case, there may be a need to reduce the inflation rate. As we noted above, conservative monetary policy contributes to achieving this goal. Its goals, therefore, largely reflect the economic situation in the state. If the national economy is developing dynamically, monetary policy may be characterized by one set of characteristics; in case of crisis trends, by another.

Another common criterion for classifying monetary policy is scope. Thus, there are total and selective methods of regulating the economy. Let's take a closer look at their features.

Scope of monetary policy

First of all, it is worth noting that both types of monetary policy studied above, conservative and liberal, can be either total or selective. The difference between the types of financial systems under consideration is thus predetermined by the scope of the jurisdiction of decisions made by the Central Bank.

Thus, if the Central Bank implements a total monetary policy, then its orders apply to all financial institutions operating in the state. The goals and methods of monetary policy may in this case be associated with the need to stimulate the development of key sectors in the economy and modernize the state's banking infrastructure.

Selective structures involve extending the jurisdiction of decisions made by the Central Bank to a limited number of credit and financial structures. Thus, the Central Bank, implementing a selective policy, can:

Set limits on payments;

Determine lending standards;

Establish separate criteria for the performance of commercial financial organizations.

In this case, the goal of the Central Bank may be to optimize specific elements of the state’s credit system, improve the payment infrastructure, and improve the standards in accordance with which various payment transactions are carried out.

In practice, the goals and objectives of the monetary policy of the state, that is, the Central Bank or similar institutions, change quite often. This is due to constant changes in economic processes within the state and beyond, with the influence of socio-political factors, and technological progress. Thus, the Central Bank can regularly use all the noted types of monetary policy - and in different combinations and order.

Of course, in certain fairly long periods the state can choose priority methods of managing economic processes and, to a lesser extent, intensively use alternatives to them. But with a significant change in the external environment and the influence of political factors, the Central Bank may reconsider its own approaches to the implementation of monetary policy.

It will now be useful to consider the specific instruments through which the Central Bank regulates economic processes in the country.

State monetary policy instruments

Modern economists identify the following list of the main instruments in question:

Establishment of standards for reserves of commercial banks;

Participation of the Central Bank in transactions on stock exchanges;

Setting the key rate;

Regulation of the activities of commercial credit organizations.

Let's study them in more detail.

Reserve requirements for commercial banks

The first instrument from the list discussed above is considered one of the key ones, since it allows the Central Bank to have a significant influence on the relationship between demand and supply of capital in the state’s economy. The fact is that the volume of a commercial financial institution’s own reserves directly determines the capabilities of the bank acting as a lending entity. If the requirements established by the Central Bank for the corresponding resource are high, then the activity of banks in the corresponding segment of the financial market decreases. As a consequence, the capitalization of the economy in terms of the real sector decreases, however, it may increase in terms of the capital intensity of the financial sector and citizen deposits.

Tightening requirements for commercial banks' reserves may help reduce inflation and achieve other monetary policy goals that require a conservative approach. Is the instrument in question effective in terms of solving strategic problems in the economy?

Experts have different opinions on this matter. Some analysts believe that changing the standards regarding reserve requirements should be a temporary measure, others believe that the Central Bank of the Russian Federation should regularly use the appropriate tool - especially often in conditions of crisis and uncertainty of various processes in the national economy.

Participation of the Central Bank in operations on stock exchanges

The next common instrument of the Central Bank’s monetary policy is the regulation of transactions on stock exchanges. Relevant financial institutions are the venues for public bidding. Including those that involve transactions for the purchase and sale of securities issued by the state, as well as by the largest enterprises operating in the country.

The Central Bank in this case can be an active market player, buying or selling certain types of securities. As a rule, the Central Bank participates in transactions that reflect the turnover of government bonds. If he buys them, this indicates that the monetary policy he implements pursues the goals that characterize a liberal approach to regulating the economy. That is, the state or the largest companies, having received capital from the Central Bank, can use it to invest in new projects (budgetary, commercial), and stimulate the development of certain industries.

In turn, the sale of securities may indicate that the goals of the Central Bank's monetary policy are related to the implementation of a conservative approach to managing economic processes - since in this case market capitalization decreases.

Setting the key rate

The next tool of the Central Bank is setting the key rate. This indicator, as we noted above, predetermines lending conditions in the market as a whole.

Thus, a high key value may indicate that the goals of the Bank of Russia’s monetary policy are to reduce the dynamics of capitalization of certain sectors of the economy through borrowed funds, as well as to reduce inflation. At the same time, the high key rate of the Central Bank, as a rule, stimulates the attraction of citizens' funds to banks in the form of deposits - at a high interest rate. As a result, the capitalization, in turn, of the financial institution increases.

Regulation of financial transactions of commercial banks

Another important direction of the state’s monetary policy is regulation and the establishment of operating standards for commercial banks. It is carried out due to the fact that financial authorities need to ensure the stability of the functioning of the banking system as one of the key resources for the implementation of monetary policy.

Commercial credit institutions play the role of the most important financial institutions of the state. They must have a sustainable infrastructure and operate in accordance with strict regulations so that their clients, citizens, businesses and government agencies, have the opportunity to use secure and accessible services. The main goals of the state's monetary policy also require the most active use of this infrastructure. The task of the Central Bank is to ensure effective legal regulation of its construction and modernization.

Monetary policy of the Bank of Russia: main priorities

It will be useful to consider what priorities the Russian Central Bank adheres to in monetary policy. We noted above that the Central Bank, as the main credit and financial institution of the state, chooses one or another approach in managing economic processes based on the state of affairs in the national economy and the real factors influencing the development of the economy. The corresponding principle characterizes the Russian Central Bank.

This credit institution, as practice shows, implements predominantly conservative strategies during periods of recession and liberal ones during the growth of the state’s economy. Thus, during the crisis of 2008-2009, the key rate of the Central Bank of the Russian Federation was significantly increased: this slowed down the lending market, significantly reduced capitalization in the economy, but, at the same time, largely made it possible to maintain inflation at an acceptable level. After overcoming the crisis, the key rate decreased: the Central Bank switched to a liberal policy for managing economic processes.

Due to falling oil prices and complications in Russia's international relations, the Russian economy entered a recession again in 2015. The Central Bank raised the key rate and continues to keep it at a fairly high level. The inflation level, if we consider it as the main criterion for the effectiveness of monetary policy, as statistical data show, is at an acceptable level in the Russian Federation.

Again, we note that among economists there are different assessments of the approaches of the Central Bank of the Russian Federation to regulating the economy: there is a point of view that the key rate should be reduced and lending should be stimulated, and as a result, the level of capitalization of various sectors of the national economy should be increased.

Resume

So, we have examined the essence, main goals and instruments of the state’s monetary policy, which is also called monetary policy. Its main subject is the Central Bank. It is in charge of regulating inflation, the balance of payments, the key rate, and regulating the activities of commercial financial institutions, which also play a vital role in the implementation of the state’s monetary policy. Depending on the economic situation within the country, outside its borders, and the influence of socio-political factors, the Central Bank can choose one or another monetary strategy, as well as specific tools for its implementation. In general, they reflect one of two approaches: conservative, which involves a reduction in the capitalization of the economy or its key industries, or liberal, characterized by the Central Bank’s desire to stimulate the active exchange of capital among market participants.

If necessary, one approach can replace another. For example, when factors contributing to an economic recession appear, the goals of Russia's monetary policy, as a rule, reflect the desire of the financial authorities to reduce the volume of capitalization of the economy. This looks like an increase in the key rate by the Central Bank, and in some cases a change in the requirements for reserves of commercial credit institutions. But as soon as the economic situation in the state stabilizes, the Central Bank, as a rule, reduces the key rate.

Plan

1. General information about the state’s monetary policy

2. Types of monetary policies

3. Monetary policy methods

State monetary policy

Monetary (or monetary) policy is the policy of the state that influences the amount of money in circulation in order to ensure price stability, full employment and growth in real output. The Central Bank implements monetary policy.

The impact on macroeconomic processes (inflation, economic growth, unemployment) is carried out through monetary regulation.

Typically, the Central Bank's monetary policy is aimed at achieving and maintaining financial stabilization, primarily strengthening the exchange rate of the national currency and ensuring the stability of the country's balance of payments.

Monetary regulation is a set of specific measures of the central bank aimed at changing the money supply in circulation, the volume of loans, the level of interest rates and other indicators of money circulation and the loan capital market.

Monetary policy is an integral part of the unified state economic policy. State economic policy should include measures to solve problems in each block. The Central Bank performs its part - monetary policy, it is responsible for its implementation.

Types of monetary policies

Tough - aimed at maintaining a certain amount of money supply.

Flexible - aimed at regulating interest rates.

There are different types of monetary policy:

Stimulating - carried out during a recession and is aimed at “cheering up” the economy, stimulating the growth of business activity in order to combat unemployment.

Containing - carried out during a boom period and is aimed at reducing business activity in order to combat inflation.

Expansionary monetary policy involves the central bank taking measures to increase the supply of money. Its tools are:

reduction in reserve requirements

reduction in interest rate

purchase of government securities by the central bank.

Contractionary (restrictive) monetary policy consists of the central bank using measures to reduce the supply of money. These include:

increase in reserve requirements

increase in interest rate

sale by the central bank of government securities.

Monetary Policy Methods

Methods of monetary policy are a set of techniques and operations through which subjects of monetary policy influence objects to achieve their goals.

Direct methods are administrative measures in the form of various directives of the Central Bank regarding the volume of money supply and prices in the financial market. Limits on lending growth or deposit attraction are examples of quantitative controls. The implementation of these methods gives the fastest economic effect from the point of view of the central bank for the maximum volume or price of deposits and loans, for the quantitative and qualitative variables of monetary policy. When using direct methods, time lags are reduced. Time lags are a certain period of time between the moment the need arises to apply a particular measure in the field of monetary policy and the awareness of such a need, as well as between the awareness of the need, the development of an opinion and the beginning of implementation.

Indirect methods of regulating monetary policy affect the motivation of behavior of business entities using market mechanisms, have a large time lag, and the consequences of their use are less predictable than when using direct methods. However, their use does not lead to market distortions. Accordingly, the use of indirect methods is directly related to the degree of development of the money market. The transition to indirect methods is characteristic of the global process of liberalization and increasing the degree of independence of central banks.

There are also general and selective methods:

General methods are predominantly indirect, affecting the money market as a whole.

Selective methods regulate specific types of credit and are mainly prescriptive in nature. Thanks to these methods, private problems are solved, such as limiting the issuance of loans to certain banks and refinancing on preferential terms.

Open market operations.

The sale (purchase) by the Central Bank of government securities on open markets by commercial banks reduces (increases) bank reserves, and therefore reduces (increases) the lending capabilities of banks, increasing (decreasing) the interest rate. This method of monetary policy is applied in the short term and has great flexibility.

Change in the minimum reserve ratio.

Increasing the reserve ratio by the central bank reduces excess reserves (which can be loaned out), thereby reducing the bank's ability to expand the money supply through lending. This means of regulating the money supply is usually used in the long term.

Change in discount rate.

The rate charged by the central bank for loans made to commercial banks is called the discount rate. With a decrease in the discount rate, the demand of commercial banks for Central Bank loans increases. At the same time, the reserves of commercial banks and their ability to provide loans to entrepreneurs and the population increase. Bank interest rates for loans are also reduced. The supply of money in the country increases. On the contrary, when it is necessary to reduce business activity by reducing the money supply in the country, the central bank increases the discount rate. Increasing the discount rate is also a technique to combat inflation. Depending on the economic situation, the central bank resorts to a policy of “cheap” and “expensive” money.

Cheap money policy

It is carried out during a period of low market conditions. The central bank increases the supply of money by purchasing government securities on the open market, lowering the reserve ratio, and lowering the discount rate. This lowers the interest rate, increases investment and increases business activity.

Dear money policy

It is carried out by the Central Bank, first of all, as an anti-inflationary policy. In order to reduce the money supply, money emission is limited, government securities are sold on the open market, the minimum reserve ratio is increased, and the discount rate is increased.

Along with the listed methods of state regulation, which have an internal economic focus, there are special measures of external economic regulation. These include measures to stimulate the export of goods, services, capital, know-how, and management services. These are export credits, guarantees of export loans and investments abroad, the introduction and abolition of quotas, and changes in the value of duties in foreign trade.

Monetary policy is a set of activities and government in the field of money circulation and credit.

Central bank monetary policy (monetary policy)- this is a set of government measures that regulate the activities of the monetary system, the loan capital market, order in order to achieve a number of general economic goals: stabilization of prices, rates, strengthening of the monetary unit.

Monetary policy is the most important element.

All impacts are reflected in the value of the total social product and.

The main goals of the state's monetary policy:

• Containment
• Security
• Tempo regulation
• Mitigation of cyclical fluctuations in the economy
• Ensuring the stability of the balance of payments

Principles of monetary and credit regulation of the economy

Monetary regulation of the economy is carried out on the basis of the principle compensation regulation, which assumes the following:

• monetary policy restrictions, which involves limiting credit transactions by increasing the norms for reserving funds for participants in ; level up ; restrictions on the growth rate in circulation compared to the commodity mass;
• monetary policy expansion, which involves stimulating credit operations; reduction of reserve standards for subjects of the credit system; falling lending rates; acceleration of currency turnover.

Monetary Policy Instruments

The development and implementation of monetary policy is the most important function. It has the ability to influence the volume of money supply in the country, which in turn allows it to regulate the level of production and employment.

The main instruments of the central bank in implementing monetary policy:

• Regulation of official reserve requirements
  It is a powerful means of influencing the money supply. The amount of reserves (part of the banking assets that any commercial bank is required to keep in the accounts of the central bank) largely determines its lending capabilities. Lending is possible if the bank has enough funds in excess of the reserve. Thus, increasing or decreasing reserve requirements can regulate the lending activity of banks and accordingly affect the money supply.

• Open Market Operations
  The main instrument for regulating the supply of money is the purchase and sale of government securities by the Central Bank. When selling and purchasing securities, the Central Bank tries to influence the volume of liquid funds of commercial banks by offering favorable interest rates. By purchasing securities on the open market, he increases the reserves of commercial banks, thereby contributing to an increase in lending and, accordingly, an increase in the money supply. The sale of securities by the Central Bank leads to the opposite consequences.
• Regulation of the discount interest rate (discount policy)
  Traditionally, the Central Bank provides loans to commercial banks. The interest rate at which these loans are issued is called the discount rate. By changing the discount interest rate, the central bank affects the reserves of banks, expanding or reducing their ability to lend to the population and enterprises.

Factors that influence demand, supply and interest rates can be collectively called “monetary policy instruments.” These include:

Interest rate policy of the Bank of Russia

The Central Bank sets minimum interest rates for transactions it carries out. The refinancing rate is the rate at which loans are provided by commercial banks, or it is the rate at which bills of exchange are rediscounted from them.

The Bank of Russia may establish one or more for various types of transactions or pursue an interest rate policy without fixing the interest rate. Bank of Russia uses interest rate policy to influence market interest rates in order to strengthen the ruble.

Bank of Russia regulates the total volume of loans issued to them in accordance with the accepted guidelines of the unified state monetary policy, using the discount rate as an instrument. Bank of Russia interest rates represent the minimum rates at which the Bank of Russia carries out its operations.

Interest rate policy of credit institutions, being part of the national monetary policy, has a significant impact on the development and its stability. are usually free to choose specific rates on loans and deposits and use certain indicators reflecting the state of the short-term money market as guidelines when implementing interest rate policy. On the other hand, the central bank, in the targeting process, sets intermediate monetary policy goals that it can influence, as well as specific tools for achieving them. This may be the refinancing rate or interest rates on central bank operations, on the basis of which the short-term interbank lending rate is formed, etc.

The problems of identifying factors influencing the interest rate policy of commercial banks have worried specialists since the formation of economic theory. However, answers to many questions have not yet been found. Modern research aimed at identifying optimal rules for implementing national monetary policy is largely based on.

Methods of direct and indirect regulation of national monetary policy are considered in theory and practice. From the point of view of interest policy in the narrow sense (rates on credit and deposit operations, the spread between them), the instrument of its direct regulation is establishment by the central bank of interest rates on loans and deposits of commercial banks, indirect instruments - establishing the refinancing rate and the rate for central bank operations in the money and open markets.

Interest rates on loans and deposits as instruments of direct regulation are not often used in world practice. For example, the People's Bank of China sets rates that are considered indicative for the banking system. At the same time, the bank's policy is aimed at reducing the spread, which in the first half of 2006 was 3.65%, and by the end of 2009 - 3.06%, which indicates sufficient liquidity of the Chinese banking system.

In many countries, including Russia, the refinancing rate has become more of an indicative indicator, giving the economy only an approximate benchmark for the value of the national currency in the medium term, because it remains unchanged for a long time, while real rates in the money market change every day.

Required reserve standards

According to existing legislation, commercial banks are required to transfer part of the raised funds to special accounts in.

Since January 2004 established by the Central Bank following amounts of contributions to the mandatory reserve fund Bank of Russia: for ruble accounts of legal entities and foreign currency of citizens and legal entities, as well as for ruble accounts of citizens - 3.5%.

The maximum amount of deductions, i.e., required reserve standards, is 20% and cannot change by more than 5% at a time.

This standard allows the Bank of Russia to regulate the liquidity of the banking sector.

Reserves serve as a current regulation of liquidity in the money market, on the one hand, and as a limiter on the emission of credit money, on the other.

In case of violation of required reserve standards, the Bank of Russia has the right to indisputably collect from the credit institution the amount of funds not deposited, as well as a fine in the established amount, but not more than double.

Open market operations

Open market operations, which mean the purchase and sale by the Bank of Russia of corporate securities, short-term transactions with securities with the completion of a reverse transaction later. The limit on open market operations is approved by the board of directors.

In accordance with the law of July 10, 2002 No. 86-FZ (as amended on October 27, 2008) “On the Central Bank of the Russian Federation (Bank of Russia),” the Bank of Russia has the right to buy and sell products of commercial origin with a maturity date of not more than 6 months, buy and sell bonds, certificates of deposit and other securities with a maturity of no more than 1 year.

Refinancing

Refinancing means lending by the Bank of Russia to banks, including accounting and rediscounting of bills. The forms, procedure and conditions of refinancing are established by the Bank of Russia.

Refinancing of banks is carried out by providing intraday loans, overnight loans and holding pawnshop credit auctions for a period of up to 7 calendar days.

Currency regulation

It should be looked at from both sides. On the one hand, the Central Bank must monitor the legality of foreign exchange transactions, and on the other hand, monitor changes in the national monetary unit in relation to other currencies, avoiding significant fluctuations.

One of the methods of influencing the exchange rate is through central banks carrying out foreign exchange interventions or monetary policy.

Currency intervention- this is the sale or purchase by the Central Bank of foreign currency for the purpose of influencing the exchange rate and the total demand and supply of money. These obviously include transactions for the purchase and sale of precious metals on the domestic market of the Russian Federation, the procedure for which is regulated by letter of the Central Bank of the Russian Federation dated December 30, 1996 No. 390.

The main objectives of exchange rate policy in Russia are strengthening confidence in the national currency and replenishing gold and foreign exchange reserves. Currently, the monetary base is fully backed by gold and foreign exchange reserves.

Direct quantitative restrictions

Direct quantitative restrictions of the Bank of Russia include the establishment of limits on the refinancing of banks and the conduct of certain banking operations by credit institutions. The Bank of Russia has the right to apply direct quantitative restrictions in exceptional cases in order to implement a unified state monetary policy only after consultations with the government of the Russian Federation.

Benchmarks for growth of money supply indicators

The Bank of Russia can set growth targets for one or more indicators based on the main directions of the unified state monetary policy. In Russia, the main aggregate is the monetary aggregate.

Today, the monetary policy of central banks is guided by monetarist principles, where the Central Bank is tasked with strictly controlling the money supply, ensuring a stable, constant and long-term growth rate of the amount of money in the economy, equal to the growth rate of GDP.

Other factors influencing demand, supply and interest rates include:

• the situation in the real sector of the economy;
• return on investment in production;
• the situation in other sectors of the financial market;
• economic expectations of business entities;
• the need of banks and other business entities for funds to maintain their liquidity.

The politics of cheap and expensive money

Depending on the economic situation in the country, the central bank pursues a policy of cheap or expensive money.

Cheap money policy

Characteristic of a situation of economic recession and high level. Its goal is to make credit money cheaper, thereby increasing aggregate spending, investment, production and employment.

To implement a cheap money policy, the central bank can reduce the interest rate on loans to commercial banks or make purchases on the open market or reduce the reserve requirement ratio, which would increase the money supply multiplier.

Dear money policy

It is carried out with the aim of reducing the pace by reducing total expenditures and limiting the money supply.

Includes the following activities:

• Increasing the interest rate. Commercial banks begin to take less loans from the Central Bank, therefore the supply of money is reduced.
• Sale of government securities by the central bank.
• Increase in reserve requirements. This will reduce excess reserves of commercial banks and reduce the money supply multiplier.

All of the above monetary policy instruments related to indirect (economic) methods of influence. In addition to these general methods of monetary regulation, the central bank also uses direct (administrative) methods designed to regulate specific types of credit. For example, a direct limitation on the size of bank loans for consumer needs.

Monetary policy has pros and cons. Strengths include speed and flexibility, less dependence on political pressure than fiscal policy. Problems in the implementation of monetary policy are created by cyclical asymmetry. The effectiveness of monetary policy may also decrease as a result of counter-directional changes in the velocity of money.

0

Faculty of Economics and Management Department of State and Municipal Administration

COURSE WORK

in the discipline "Economics of the public sector"

State monetary policy

Head of work Senior lecturer

Standard controller

Executor

student of group “_”_20_g.

Ministry of Education and Science of the Russian Federation

FEDERAL STATE BUDGET EDUCATIONAL INSTITUTION OF HIGHER PROFESSIONAL EDUCATION

Faculty of Economics and Management

Department of State and Municipal Administration

Coursework assignment

State monetary policy

Initial data:

Legislative and regulatory acts of the Russian Federation, statistical data from Rosstat, the Ministry of Economic Development, the Ministry of Finance, as well as publications of domestic and foreign economists on the problem under study.

List of questions to be developed:

a) reveal the essence of monetary policy;

b) conduct an analysis of the implementation of Russia's monetary policy;

List of graphic material:

Tables, diagrams, drawings reflecting the main aspects of monetary policy.

Annotation

This course work “Monetary Policy of the State” examines issues of monetary policy using the example of the Russian Federation.

The structure of this work is as follows.

The first chapter examines the theoretical foundations and features of monetary policy, instruments and goals of monetary policy, models, as well as global experience in implementing this policy.

The second section contains an analysis of monetary policy for the period from 2008 to 2011, and examines the features of the implementation of monetary policy in the Russian Federation.

The work was printed on 44 pages using 26 sources, contains 5 tables, 7 figures and 1 appendix.

Introduction

One of the necessary conditions for effective economic development is the formation of a clear monetary policy mechanism that allows the Central Bank to influence business activity, control the activities of commercial banks, and achieve stabilization of money circulation.

Monetary policy is a very effective tool for influencing the country’s economy, without violating the sovereignty of the majority of subjects of the business system. Although this limits the scope of their economic freedom (without this, any regulation of economic activity is generally impossible), the state influences the key decisions made by these subjects only indirectly.

Ideally, monetary policy aims to ensure price stability, full employment and economic growth - these are its highest and ultimate goals. However, in practice, with its help it is necessary to solve narrower problems that meet the urgent needs of the country’s economy.

We must not forget that monetary policy is an extremely powerful and therefore extremely dangerous tool. With its help, it is possible to get out of the crisis, but a sad alternative cannot be ruled out - a worsening of the negative trends that have developed in the economy. Only very balanced decisions made at the highest level after a serious analysis of the situation and consideration of alternative ways of influencing monetary policy on the state’s economy will yield positive results. The Central Bank of Issue of the state acts as the conductor of monetary policy. Without the right monetary policy pursued by the Central Bank, the economy cannot function effectively.

Today in Russia, effective monetary policy is designed to minimize inflation, promote sustainable economic growth, maintain exchange rate relations at an economically sound level, stimulating the development of export-oriented and import-substituting industries, and significantly replenish the country's foreign exchange reserves. The task is quite difficult.

This paper will examine the theoretical foundations of monetary policy, analyze the monetary policy pursued by the Bank of Russia for the period from 2008-2011, and give a forecast for 2013-2015. and the main ways to improve its effectiveness are proposed.

Introduction........................................................ ................................

1 Essence, goals, tools and models of monetary policy

states........................................................ ............................

1.1 Essence, goals and instruments of monetary policy

states........................................................ ...............................

1.2 Models of state monetary policy..................................

1.3 Global experience in implementing monetary policy.................................

2 Analysis of the effectiveness of monetary policy in the Russian

Federations 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 Development prospects and measures to improve the monetary policy of the Russian Federation....................................................................

3.1 Macroeconomic development scenarios, goals and instruments for

2013 and the period of 2014 and 2015.................................................... ......

3.2 Measures to improve Russia’s monetary policy...

Conclusion................................................. ........................................................ .......

List of sources used.............

Appendix A - Structural divisions of the Central Bank of the Russian Federation.................................................... ........................

1.1 Essence, goals and instruments of the state’s monetary policy

The monetary policy of the state is understood as a set of measures of economic regulation of money circulation and credit aimed at ensuring sustainable economic growth by influencing the level and dynamics of inflation, investment activity and other important macroeconomic processes.

Monetary, or monetary, policy of the state is a set of government measures in the field of money circulation and credit in order to regulate the supply of monetary resources to ensure non-inflationary economic growth.

Monetary policy is part of overall macroeconomic policy that influences monetary factors of instability.

Monetary policy consists of changing the money supply in order to stabilize aggregate output (stable growth), employment and the price level.

The fundamental goals of the state’s monetary policy are:

Sustainable growth rates of national production;

Stable prices;

High level of employment;

Balance of payments equilibrium.

Also, the goals of monetary policy can be divided into primary, intermediate and tactical. Figure 1 demonstrates this.

Figure 1 - Monetary policy objectives

Monetary policy is carried out by the Central Bank of the country.

The effectiveness of monetary policy depends on the choice of instruments (methods) of monetary regulation.

The main general instruments of monetary policy are:

Establishing a mandatory reserve rate;

Regulation of the official discount rate;

Open market operations;

Administrative measures.

The discount rate policy (discount policy) is expressed in the regulation of the rediscount rate in the Central Bank of bills (written obligations of debtors to pay a certain amount at a predetermined time in a specified place) received from commercial banks. Those, in turn, receive bills of exchange from industrial, trading and other companies. When determining their loan interest, commercial banks are guided by the discount rate of the Central Bank.

The change in the value of the discount rate depends on the state of the economic situation: during a recession, the rate decreases and credit expands, and during an upturn and the threat of overheating of the economy (that is, the threat of production going beyond the limits of effective demand in the market), the rate increases and the volume of lending decreases.

According to the required reserve system, commercial banks are required to store a certain part of their credit resources in non-interest bearing 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 the discount rate, the size of reserves is adjusted depending on economic conditions. During an economic recovery, an increase in the reserve ratio limits the lending capabilities of commercial banks and, consequently, their credit expansion. A decrease in the reserve ratio during an economic downturn means an expansion of the credit resources of banks and the volume of their lending operations; the main object of regulation of the required reserve ratio is commercial banks, and other institutions usually follow the interest rate policy of commercial banks.

Regulation of the money supply through open market operations is expressed in the purchase and sale of government bonds by credit banking institutions. By selling bonds on the open market, the Central Bank thus reduces the credit resources of commercial banks and other credit institutions. These Central Bank operations reduce the supply of credit by banks and, therefore, contribute to higher interest rates in the market. And vice versa, by buying up part of such securities, the Central Bank expands the credit resources of commercial banks and other credit institutions.

The direct administrative impact of the state on the credit and banking system is one of the main means of monetary regulation carried out by the Central Bank. In practice, it finds expression in direct instructions to credit institutions in the form of various directives, instructions, and the application of sanctions. These measures mainly apply to commercial and savings banks.

The Central Bank controls the activities of commercial banks (especially questionable transactions) and conducts regular audits of credit institutions. Of great importance in credit regulation is the legislative and regulatory practice carried out by public authorities - parliament, government, local administration.

Closely related to credit regulation is the regulation of the cash supply in circulation, also carried out by the Central Bank. His policy in this area is closely linked with the above four methods of credit regulation, and, consequently, the sphere of circulation of credit (deposit) money. There are complex relationships between credit regulation and regulation of the mass of money in circulation. For example, if the Central Bank carries out active operations to sell securities, then this action leads to a reduction in the supply of deposit money, and vice versa, the purchase of such securities is equivalent to an expansion of the deposit portion of the money supply in circulation. The influence of the interest rate policy of the Central Bank and the required reserve system are similar. Modern macroeconomic theory includes several competing concepts that try to explain the mechanism of functioning of the market system and provide recommendations for managing the national economy, including in the field of monetary relations.

Representatives of various economic schools propose to influence macroeconomic parameters in different ways using monetary policy. The most famous are the Keynesian and monetarist concepts of monetary policy.

The Keynesian concept arose in the 30s of the twentieth century. In practice, it was used in the United States by the administration of President F. Roosevelt to overcome the economic crisis, which was called the “Great Depression.” This type of policy was also widely used in Western European countries after World War II.

The Keynesian concept provides for the active role of interest rates in stimulating investment and business activity. J.M. Keynes proposed using a “cheap money policy” during periods of economic recession by lowering the interest rate. Conversely, during periods of economic expansion, he proposed using a “dear money policy,” raising the discount rate to prevent the economy from overheating and the high inflation that typically accompanies an economic boom.

Thus, according to Keynesian theory, monetary policy should be carried out in connection with certain phases of the economic cycle and promptly respond to the state of the national economy. However, it should be noted that while Keynesians consider the possibility of interest rates influencing investment and real GDP, they also point to the possibility of a so-called “liquidity trap.” The meaning of the “liquidity trap” is that in conditions of increasing parameters of the money supply (that is, with a large scale of liquid funds offered) and, consequently, when the interest rate decreases, investors still do not have the desire to expand the demand for money. This situation occurs when investors have no expectation of profits.

In this case, the cause-and-effect relationship between the decrease in the interest rate and the increase in money supply, on the one hand, and the expansion of investment activity, business activity and the scale of GDP, on the other hand, is broken. Therefore, Keynesians believe that monetary policy is still not as effective as fiscal policy.

In the 70-80s of the twentieth century, almost all countries with market economies faced the phenomenon of stagflation, when economic recession and stagnation in the economy were accompanied by high rates of unemployment and inflation.

In this case, the active policy of cheap money, which was aimed against the recession and unemployment, led to further increased inflation. In turn, high inflation restrained the desire to expand investment activity, and investors refrained from implementing investment projects. Consequently, the policy of cheap money did not achieve its goal.

At the same time, the anti-inflation policy of dear money could further exacerbate the recession and unemployment, as high interest rates curbed investment demand.

Under these conditions, the positions of neoclassics begin to strengthen in economic theory. This includes the expansion of the influence of such a trend in neoclassical economic theory as monetarism. The most important representatives of the monetarist trend in economic science are the American economists Irving Fisher and Milton Friedman.

Monetarists believe that active government intervention in the economy is inappropriate and should be limited only to regulating the money supply. In justifying their opinion, monetarists draw attention to the existence of so-called time lags in the economy. Time lags are periods of time between the adoption of certain economic decisions, including by the government and the central bank, and changes in the real situation in the economy. The time lag can last 6-9 months. This is the period when economic entities will respond to the actions of government agencies. It is quite possible that the measures taken by the state will be belated.

Monetarists argue that monetary policy should not be associated with the phases of the economic cycle and it is necessary to move to a long-term policy of influencing the parameters of the money supply. In their opinion, there is a closer connection between the mass of money in circulation and the parameters of GDP than between investment 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 equation of exchange, the author of which, as noted earlier, is I. Fisher. According to monetarists, changes in the scale of money supply can play an active role in influencing the price level, investment, unemployment and GDP parameters.

In order to maintain the country's economy in the economic growth mode, it is necessary to annually increase the money supply in circulation, regardless of the phases of the cycle, by the amount of the average annual GDP growth rate calculated over a long period of time.

M. Friedman calculated that for the United States this average annual increase over a period of approximately one hundred years was equal to three percent. He justified and formulated the monetary rule, which was expressed in the Friedman equation.

M is the average annual growth rate of money, calculated over a long period of time.

Y is the average annual growth rate of GDP calculated over a long period of time.

P is the average annual growth rate of expected inflation.

The monetary rule assumes a strictly controlled increase in the money supply in circulation within the range of 3-5% per year. When the money supply increases beyond the specified parameters, inflation will “unwind”. Therefore, monetarists believe that inflation is the result of ill-considered government policy. If the rate of infusion of money into the economy is less than 3% per year, this will lead to a slowdown in the growth rate of real GDP, or even negative growth may be observed.

In turn, if the state adheres to a constant rate of growth of the money supply within the designated parameters, then entrepreneurs in the money market will always find the funds they need for investment, to replenish working capital, and to pay wages. If the price of money (interest rate) is relatively high, this will eliminate a significant part of speculative transactions. According to monetarists, in order to combat inflation, it is necessary to make the monetary unit steadily more expensive, thereby preventing the expansion of speculative demand and making savings effective. Entrepreneurs, knowing that the interest rate will be stable over a long period of time, and being confident that they will always find the amount of funds they need on the money market, will be able to more accurately calculate their income from investment projects. Therefore, the higher price of money will not distract them from actions in favor of implementing investments and will ensure economic growth.

Modern theoretical models of monetary policy represent a synthesis of different approaches to the impact of monetary instruments. At the same time, the monetarist approach prevails in long-term policy. At the same time, in order to quickly maneuver, the state does not refuse to influence the interest rate.

1.3 Global experience in implementing monetary policy

The world economy has accumulated vast experience in the functioning of monetary and financial institutions, which allows us to assess their role in the overall monetary regulation of the economy, maintaining market liquidity, efficient payments, and the flow of savings into investments. In the conditions of Russia, the country is of particular interest in familiarizing itself with foreign experience in solving a number of problems of financial and economic stabilization, in particular, using the example of the most developed

countries of the world - 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 the government's adviser on monetary policy and its conductor. In the post-war years, he used almost all the main methods of monetary policy. In the 1940s Monetary policy, in accordance with Keynesian recipes, was considered as an addition to financial policy and was aimed mainly at maximizing the cost of public debt: a policy of “cheap money” was pursued, i.e. keeping loan interest rates low. The main instruments of monetary policy were the establishment of a fixed ratio of cash reserves to bank deposits and open market operations.

In the 1950-1960s. Monetary policy was carried out on the basis of neo-Keynesian concepts of countercyclical regulation. Features of the monetary regulation mechanism were frequent changes in the official discount rate, tightening or loosening of direct restrictions on 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 transactions with government bonds to stabilize their rates and reduce the price of government debt .

In 1971 The 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 increase competition in the banking industry. This was accompanied by a sharp increase in the money supply and prices. Since the mid-1970s. There was an increase in the influence of neoconservative concepts on monetary policy: limits were set on the growth of the money supply, a number of measures were taken to stimulate the placement of government debt obligations outside the banking system, financial policy began to be considered primarily from the point of view of its influence on the money supply.

Since coming to power in 1979 Conservative government of M. Thatcher, the direction of monetary policy began to be determined by the deviation of the growth rate of the money supply from the established limits. The main method of the Bank of England's control over the growth of the money supply was its operations for the purchase and sale of bills, primarily commercial rather than treasury bills, and the placement of government obligations outside the banking system.

In the 1990s. Open market operations have become the main instrument of monetary policy in the UK, as in other developed countries.

Since January 1, 1999 The Bank of England is part of the European System of Central Banks, which is headed by the European Central Bank, being a member with a special status: it does not have the authority to participate in decision-making on issues of a single monetary policy.

The UK uses its own currency and has its own monetary policy.

As part of monetary regulation, the German Federal Bank, like other central banks of the world, uses certain methods, among which the policy of mandatory reserve standards occupies a special place. The Federal Bank, in accordance with the Law on the Central Bank, can set interest rates on obligations on demand deposits in the amount of no more than 30%, on time deposits no more than 20, on savings - no more than 10%, and on obligations to foreign institutions the bank can set interest rate up to 100%. The actual change in required reserve standards is carried out by the Federal Bank if it is necessary to increase or decrease the money supply in the country, but this can only be carried out in agreement with the European Central Bank and within the framework of the EU’s common monetary policy. In particular, the minimum reserve rate at the beginning of the third stage of development of the economic and monetary union was 2.0%. Subsequently, this rate changed within 2-2.07% (January 2007).

Of no small importance is such an approach as accounting or discount policy, which is used to implement the policy of “cheap” and “expensive” money in accordance with the economic situation of the country. For example, in recent years, central bank monetary policy has been aimed at stimulating economic activity by setting low interest rates. Therefore, policy becomes more aggressive, which led to a decrease in the discount rate in 2009 from 2.75 to 2%. In European countries, the possibility of reducing interest rates was due to the obligation of central banks to strive to achieve the targets set for the increase in domestic consumer prices. In particular, in accordance with paragraph 247 of the Federal Law, such indicative rates were: on January 1, 2009 -1.97, on July 1, 2009 - 1.22, on January 1, 2010 - 1.14, on July 1, 2010 . -1.13 and as of January 1, 2011 - 1.21%. In this regard, there was an increase in the M3 aggregate by 8.7%, and loans by 5%. When pursuing an open market policy, the Federal Bank purchases and sells government securities.

The Federal Bank also uses such a regulatory method as targeting in its arsenal. Every year it publishes a target corridor for the year to increase the amount of money. The basis for establishing the amount of money is the assumption of an increase in production potential, normative development of prices and changes in the velocity of circulation of money. Having information about the quantity of money, the German economy is provided with guidelines within which limits the bank considers it appropriate, on the one hand, to allow for possible growth, and on the other, to strictly limit inflation. At the same time, taking into account that the monetary unit is also in circulation in other EU countries, all this is carried out on the basis of the developments 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 in solving our problems in the field of monetary regulation.

Manufacturing corporations in Japan had weak financial resources in the early post-war decades, so the banking system played a huge role in shaping the conditions for accelerated industrial growth in the 50s and 60s.

It should be noted that the main feature of the functioning of the banking system in Japan during almost the entire post-war period was a high degree of government control. Relying on such an instrument as Central Bank loans to the private financial sector on preferential terms, the state bureaucracy actually regulated both interest rates and lending directions, which made it possible to relatively successfully implement state priorities. At the same time, the mechanism of such regulation was based on the extremely high demand for money from the non-financial sector and the constant excess of the size of loans over the amount of funds in bank deposits. Subsequently, the gradual increase in the role of self-financing and, accordingly, less dependence of industrial corporations on bank lending ultimately undermined the capabilities of administrative leadership on the part of the Central Bank and became one of the reasons for the liberalization of the monetary market.

Over the past ten years, the main feature of the modern Japanese capital market has been the artificial structure and strict regulation of interest rates. At the same time, the liberalization of interest rates in the last decade was determined not so much by considerations of efficiency, but by the need to place a huge amount of government bonds on the market and external pressure, and long-term loan rates are not quite market-level to this day.

As for the instruments of monetary policy of the Central Bank, such classical means as manipulation of the discount rate and reserve ratios, as well as operations on the open securities market in Japan, had very little significance for several post-war decades, inferior in this quality to direct quantitative rationing of credit under conditions of artificially low interest rates.

Recently, however, the situation has changed somewhat: the easing of tension in the loan capital market, its internationalization, as well as the emergence of alternatives in the form of a growing stock market, have largely eliminated the objective economic basis of administrative regulation and forced the Bank of Japan to reconsider its attitude towards traditional, classical instruments . The degree of interest rate flexibility has increased and the discount rate has been increased to the market level. Since 1971, the Bank of Japan began operations in the bill market, and later began active operations with government bonds, moving to a system of open subscription for them. Finally, a market for short-term government securities was formed and massive operations began in other short-term capital markets. All this speaks of a qualitative change in the model of regulation of the credit and financial sector, with an emphasis on indirect methods of such regulation, mediated by the liquid positions of banks, acting as direct subjects of credit expansion.

Let's consider the specific goals and mechanism of monetary policy. The approach to this policy was based on the idea of ​​selective support - a kind of “artificial selection of enterprises.” The government took the initiative to carry out reforms in this area. And here it actively used the double effect of lowering interest rates: on the one hand, the administrative setting of interest rates at an extremely low level (from 1962 to 1977) artificially exceeded the savings rate, redistributing funds in favor of the banking sector, and on the other hand, the regulation of lending rates and the deficit of loan capital thus created allowed the Central Bank and the government, in an essentially orderly manner, to direct it to the largest corporations in the field of heavy industry and export industries. The main thesis of the policy being pursued is that neither the Bank of Japan nor the government considered it possible to leave the decision on the direction of redistribution of funds, and, accordingly, the scarce resources available, to the spontaneous market process. It was the ability of the highest state apparatus to avoid excessive dependence on the short-term interests of primitive accumulation and to use the full power of state coercion to comply with the established “rules of the game” that apparently became one of the reasons for the rapid and healthy economic rise of the country in the 50s - 70s years.

Similar features can be found in the mechanism of control over the money supply by the Bank of Japan. Without relying on indirect control, the Bank resorted to direct intervention in processes in the bank lending markets, primarily in the short term “The Bank of Japan directly controlled the formation of the bulk of the money supply. Attempts to influence investment demand through money supply regulators have a limited effect in the case when they are used to prevent recovery from the recession. Lowering the interest rate or liberalizing the supply of credit resources in themselves cannot be an incentive for productive investment. In Japan, the basis for the high level of investment demand was “business confidence in the future of the economy, which determined the high rate of return on capital. Therefore, the policy of lowering interest rates on the credit market and credit rationing had as its main goal the redistribution of funds from the population and small businesses in favor of the largest corporations capable of making effective investments.

2 Analysis of the effectiveness of monetary policy in the Russian Federation at the present stage

2.1 Role, functions and tools of the 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 on January 10, 2002) [SZ RF. 2002. No. 28. Art. 2790; 2003. No. 2. Art. 157.], his property is federal property. The Bank of Russia exercises powers over the ownership, use and disposal of its property, including its gold and foreign exchange reserves.

The development of monetary policy by the Bank of Russia is carried out in accordance with Art. 45 of the 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 a draft of the main directions of the unified state monetary policy for the coming year and no later than December 1 - the main directions of the unified state monetary policy for the coming year. The project is preliminary submitted to the President and Government of Russia.

The Central Bank has the right to monopoly issue banknotes, regulate monetary circulation and exchange rates, and store gold and foreign exchange reserves. The most important function of the Central Bank is to develop a general monetary policy. Its strategic task is to create conditions for non-inflationary economic development /

The Bank of Russia has three main objectives, enshrined in the Law “On the Central Bank of the Russian Federation (Bank of Russia)”:

1) protection and ensuring the stability of the ruble;

2) development and strengthening of the banking system of the Russian Federation;

3) ensuring the efficient and uninterrupted functioning of the payment system.

The Central Bank of the Russian Federation performs the following functions:

In cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy;

Monopoly issues cash and organizes cash circulation;

Is the lender of last resort for credit institutions, organizes a system for their refinancing;

Establishes the rules for making payments in Russia;

Establishes rules for conducting banking operations;

Provides services to budget accounts at all levels of the budget system of the Russian Federation through settlements on behalf of authorized

executive authorities and state extra-budgetary funds, which are responsible for organizing the execution and execution of budgets;

Carries out effective management of gold and foreign exchange reserves of the Bank of Russia;

Makes decisions on state registration of credit organizations, issues licenses to credit organizations to carry out banking operations, suspends their validity and revokes them;

Supervises the activities of credit institutions and banking groups;

Registers the issue of securities by credit institutions;

Carry out all types of banking operations and other transactions necessary to perform the functions of the Bank of Russia;

Organizes and carries out currency regulation and currency control in accordance with the legislation of the Russian Federation;

Determines the procedure for making settlements with international organizations, foreign states, as well as with legal entities and individuals;

Establishes accounting and reporting rules for the banking system

Establishes the procedure and conditions for currency exchanges to carry out activities to organize transactions for the purchase and sale of foreign currency;

Conducts analysis and forecasting of the state of the Russian economy, publishes materials and statistical data.

The Central Bank of the Russian Federation is a single centralized system with a vertical management structure. The system includes: the central office, territorial institutions, settlement

cash centers, computer centers, field institutions and educational institutions, storage facilities, as well as other enterprises, institutions and organizations, including security units, necessary for the successful operation of the bank. The structure of the Central Bank of the Russian Federation is clearly presented in Figure 2.

Figure 2 - Scheme of the structure of the Central Bank of Russia

The national banks of the republics that are part of the Russian Federation are territorial institutions of the Bank of Russia. They do not have the status of a legal entity and do not have the right to make decisions of a regulatory nature, as well as issue guarantees and warranties, bills of exchange and other obligations without the 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 considering the possibility that they can be created in economic regions that unite the territories of several constituent entities of the Russian Federation. According to the Regulations of the Bank of Russia, “a territorial institution of the Central Bank of the Russian Federation (TU) is a separate division of the Central Bank of the Russian Federation that carries out part of its functions on the territory of a constituent entity of the Russian Federation.”

The territorial institutions of the Bank of Russia are its main departments in the territories, regions and autonomous districts of the Russian Federation, the cities of Moscow and St. Petersburg, and the National banks of the republics within the Russian Federation. Territorial branches of the Bank of Russia do not have the status of a legal entity. By decision of the Board of Directors of the Bank

In Russia, territorial institutions can be created in economic regions that unite the territories of several constituent entities of the Russian Federation.

The supreme body of the Bank of Russia is the Board of Directors. This is a collegial body that determines the main areas of activity of the Bank of Russia and manages 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 a permanent basis. They are approved by the State Duma on the proposal of the Chairman of the Bank, who is also the Chairman of the Board of Directors.

The Board of Directors, in cooperation with the Government, develops a unified state monetary policy and ensures its implementation.

The structure and staff of the central apparatus of the Bank of Russia, as well as the charters of its other structural divisions, are approved by this Council. 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 it, the National Banking Council operates outside the bank. It includes representatives of the President, representatives of the highest bodies of legislative and executive power and experts. The total number of council members does not exceed 15 people. Council members are approved by the State Duma on the proposal of the Chairman of the Bank of Russia.

The functional structure presupposes the existence in the bank of separate divisions (departments, managements) that implement the functions of the bank in accordance with the division of its activities into separate parts. If the volume of tasks solved by these divisions is large enough, then additional, smaller structural units - departments - can be created within them. This functional structure is presented in Appendix A.

For the normal functioning of the monetary systems, the Central Bank of the Russian Federation uses the following instruments and methods of monetary policy:

Interest rates on Bank of Russia operations;

Standards for required reserves deposited with the Bank of the Russian Federation (reserve requirements);

Open market operations;

Bank refinancing;

Currency regulation;

Cash management;

Direct quantitative restrictions;

Issue of own securities.

2.2 Characteristics of the monetary policy of the Bank of Russia, carried out in 2008 - 2009.

The form of money emission by the Bank of Russia - foreign exchange interventions - is closely tied to the foreign currency entering Russia. The recipients of such “issued” non-cash rubles are mainly large resident-exporters who are obliged to sell part of their foreign currency earnings, who become the owners of excess amounts of money in rubles. Such resident organizations and the credit institutions servicing them experience certain difficulties in placing on the monetary market or reinvesting their free ruble resources. With the current mechanism of monetary regulation in Russia, they cannot receive the necessary funds for a period sufficient to carry out the investment process. The rubles issued by the Bank of Russia in the process of foreign exchange interventions do not reach them, and the imperfection of the banking system, distrust between credit institutions and small enterprises, and the high cost of bank loans do not allow them to purchase the necessary credit funds on the banking services market.

As a result of the low capitalization of the banking system, reliance on self-financing, and insufficient development of the corporate bond market, there was no active use of national savings. Therefore, both public and private savings went abroad, including in the form of accumulated government reserves, which were subsequently borrowed for investment 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 volume of loans received by banks from other credit institutions), the almost complete suspension of the provision of external loans to Russian banks as a result of the global financial crisis was negative affected the functioning of the entire money market.

As a result, a low level of confidence in the ruble was formed due to a decrease in the inflow of currency into the country and a significant, comparable to our reserves, level of external corporate debt of companies and banks, amounting, according to the Central Bank of the Russian Federation, as of 10/01/2008. about 388.9 billion dollars in foreign currency and the equivalent of 108.7 billion dollars in rubles. In the 4th quarter of 2008 Russian companies and banks needed to return about 47.5 billion dollars to non-residents for previously taken loans (42.5 - debt, 5 - interest), but in 2009. - already 115.7 billion dollars (100.1 - debt, 15.6 - interest). Therefore, the money that in the fall of 2009. were allocated to support the banking system, and to a large extent ended up on the foreign exchange market, without reaching the economy, reducing the country's reserves. (The gold and foreign exchange reserves of the Russian Federation for the period from 01.08.2008 to 24.10.2008, i.e. almost 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 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), which represents the volume of cash in circulation (outside banks) and balances in national currency in the accounts of legal entities (except banks) and individuals, which largely determines demand in the economy. The growth of the M2 money supply immediately before the development of the crisis situation as of September 1, 2008 was only 9.5% (with guidelines of 30-35%), with inflation for the same period being 9.7%. The real volume of money supply practically did not increase by the beginning of September. The value of M2 as of 01.09.2008 amounted to 14,530.1 billion rubles, and its growth in September as of 01.10.2008 under the influence of capital outflow became negative - 1.1%, having amounted to 8.3% since the beginning of the year (M2 as of 01.10 .2008 - 14,374.6 billion rubles).

Table 1 - Money supply in 2009 (billion rubles)

According to Table 1, during 2009 the money supply decreased throughout almost the entire period compared to the beginning of the year, and the increase for the year was 16.3%.

At the same time, as can be seen from Table 2 and the diagram constructed on its basis (Figure 3), until 2008. There was a constant increase in the money supply. In 2000

2008 the seasonal growth of the M2 aggregate averaged about 19.7%, and also about 44% per year. Therefore, the reason for the reduction in the money supply during the period

The crisis was caused by the chosen direction of monetary regulation and, to a large extent, by “saving” budget expenditures in order to combat inflation. At the same time, the experience of 7 years of economic growth showed the absence of a direct dependence of the growth of consumer prices on the rate of increase in the money supply (M2) (as well as the opposite trend) and that the growth of the money supply with an increase in the degree of monetization contributed, along with the strengthening of the ruble, to a decrease in inflation.

Table 2 - Main parameters of monetary policy and 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 the diagram constructed on its basis (Figure

3), until 2008 there was a constant increase in the money supply. In 2000-2008 the seasonal growth of the M2 aggregate averaged about 19.7%, and also about 44% per year. Therefore, the reason for the reduction in the money supply during the crisis was the chosen direction of monetary regulation and, to a large extent, the “savings” of budget expenditures in order to combat inflation. At the same time, the experience of 7 years of economic growth showed the absence of a direct dependence of the growth of consumer prices on the rate of increase in the money supply (M2) (as well as the opposite trend) and that the growth of the money supply with an increase in the degree of monetization contributed, along with the strengthening of the ruble, to a decrease in inflation.

In addition, one of the weaknesses of the Russian monetary system is the overvaluation of the ruble in relation to other currencies, including dollars (the “currency corridor” problem). Due to a serious revaluation of the ruble with falling oil prices and a reduction in the influx of foreign currency earnings into the country, it became necessary to significantly weaken the ruble against foreign currencies. This weakening caused a trend toward dollarization of the country, a partial abandonment of the ruble due to its depreciation in payments, and other undesirable phenomena. Over the last 4 months of the crisis, the population acquired $70 billion, and 1/4 of deposits in banks became foreign currency. Attempts to contain such depreciation of the ruble led to the expenditure of large sums of gold and foreign exchange reserves. Therefore, it is necessary to gradually and carefully bring the ruble to the market exchange rate and avoid strong distortions in the future.

The most important problem of the Russian financial system is its small scale. The ratio of banking system assets to GDP as of January 1, 2008 is about 61%, while in developed countries it is over 100%. The banking system is not sufficiently developed, the reasons for this are 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 in development, in which about 60% of all financial resources are concentrated in Moscow. A significant reason for the lag of the economy and financial markets is the lack of market capitalization of a significant mass of the country’s resources, which creates the need to develop the country’s financial infrastructure, direct money to the most backward regions, increase the supply of money and government spending adequate to economic growth, lend against assets, create effective mechanisms for refinancing banking systems

Based on the foregoing, we can conclude that a serious reason causing problems in the monetary sphere of Russia is the lack of high-quality legal norms that establish an interconnected system of institutions that form a single agreed mechanism for regulating monetary relations, delimiting their competence, defining the order of interaction and distribution of responsibilities between them.

Let us consider in more detail the directions of monetary policy during the financial crisis and measures to overcome it.

At the beginning of the financial crisis of 2008, the monetary policy of the Bank of Russia as a whole was characterized by a lack of consistency and clarity of methodological approaches. This was expressed in a vague definition of the main objectives of interest rate policy, the undeveloped methodology for assessing the demand for money and conceptual approaches to the formation of money supply, ineffective management of gold and foreign exchange reserves, the absence of systemic measures to form an international financial center on Russian territory, insufficient consistency of policy with the state of the financial market and banking sector. In particular, when developing the main directions of monetary policy, the Bank of Russia does not determine its objects and features of the transmission mechanism.

During the period when Russia entered the global recession, the Bank of Russia, in cooperation with the Government, developed various measures taken to ensure the stability of the financial system, which can be divided into two groups: interest rate policy and other measures.

Activation of interest rate policy was one of the first measures taken by the Bank of Russia in response to the changed conditions of economic development and high inflation levels. Interest rate policy of the Central Bank of the Russian Federation in 2008-2009. can be divided into two stages. At the first stage, the Bank of Russia increased the refinancing rate six times. At the same time, before the first rate increase during the crisis, the Central Bank of the Russian Federation reduced rates on a number of instruments for providing liquidity to credit institutions, without changing the refinancing rates. This measure was intended to facilitate banks' access to liquid resources. As a result of the increases, the refinancing rate increased from 11 to 13% per annum, and rates on loans from the Central Bank of the Russian Federation to commercial banks increased by a comparable amount. The main reason for the increase in interest rates was the desire of the Central Bank of the Russian Federation to increase the cost of resources attracted from it by credit institutions and then invested in foreign currency assets.

As the situation in the financial markets stabilized, the Bank of Russia began to gradually ease 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 the rates on Bank of Russia operations - by 3.5-4.5 percentage points. However, as the Bank of Russia itself admits, its interest rate policy does not yet have a decisive impact on the structure of market rates, and therefore on the real conditions of borrowing in the Russian economy, which is due to the presence of excessive and diverse rates on transactions with banks and the lack of clearly defined guidelines in interest rate policy

Table 3 shows the Central Bank's refinancing rates for different periods of time.

Table 3 - Dynamics of the refinancing rate of the Central Bank of Russia

Validity period	Refinancing rate, %

Figure 4 - Dynamics of the refinancing rate of the Central Bank of Russia

With the help of the reserve requirements instrument, the Bank of Russia gave a quick response to the need to expand the money supply. In conditions when bank liquidity had to quickly adjust, but the financial market did not allow this, reserve requirements turned out to be especially useful. For these purposes, the Bank of Russia decided to temporarily reduce from September 18, 2008. reserve requirements by 4 percentage points for each category of reserve obligations. From October 15, 2008, reserve requirements amounted to 0.5% for all types of obligations with their subsequent increase starting 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%.

Changes in the conditions for implementing monetary policy determined the need for the Bank of Russia to increase the priority of achieving the goal of maintaining banking stability through open market operations. From September 18, 2008, the Bank of Russia reduced fixed interest rates on its operations providing liquidity for a period of 1 day (direct repo, currency swap, pawn loans) from 9 to 8% per annum, and the minimum interest rate on pawn credit auctions for a period 2 weeks was changed from 8 to 7.5% per annum. Interest rates on Bank of Russia loans secured by non-marketable assets or guarantees were also reduced: for a period of up to 30 days - from 10 to 9.5% per annum, for a period of up to 90 days - from 8 to 7.5% per annum, for a period of 91 up to 180 days - from 9 to 8.5% per annum.

In addition, the Bank of Russia relaxed the conditions for receiving funds using certain types of collateral: the 1.25% discount on direct repo transactions with OFZ and OBR was canceled, the values ​​of the Bank of Russia adjustment coefficients used to calculate the cost of Bank of Russia bonds were increased, as well as The adjustment coefficients of the Bank of Russia used to calculate the value of collateral for Bank of Russia loans provided against the security of non-marketable assets and guarantees of credit institutions were increased by 0.2.

To reduce the volatility of short-term interbank lending rates, the Bank of Russia, in September 2008, began to set a limit on the volume of funds placed at the first direct repo auction. In order to restore the functioning of the bond market and provide additional liquidity to credit institutions, in October 2008, direct repo operations were restored for a period of three months without establishing lower and upper limits for the discount, which implies the absence of compensation contributions before making them.

However, it was not possible to keep rates at the indicated levels for a long time. On February 9, 2009, the Bank of Russia, in order to take additional measures to curb inflationary trends and ensure the stability of the ruble exchange rate, decided to increase interest rates on credit operations and direct repo transactions.

For direct REPO transactions (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 pawnshop credit auctions for a period of two weeks is 9.5% per annum;

For loans secured by non-marketable assets or guarantees for a period of up to 90 calendar days - at the rate of 11% per annum, for a period from 91 to 180 calendar days - at the rate of 11.5% per annum.

Despite the active use of the refinancing instrument, the use of its types provided for by law during the crisis phase turned out to be insufficient, and therefore, on October 20, 2008, the Central Bank tested a new instrument to support the financial system - providing unsecured loans to Russian credit organizations for a period of no more than six months, and from December 30, 2008 for a period of no more than a year. As experts note, refinancing of this kind was urgently needed by credit institutions to combat the liquidity crisis. According to a review of the banking sector, in the worst month of 2008 - October - credit institutions had to borrow an unprecedentedly large amount from the Central Bank - 1.2 trillion. rub., which corresponds in volume to about a third of the equity capital of all Russian banks. These borrowings allowed credit institutions to compensate for losses incurred due to the revaluation of the securities portfolio and the outflow of deposits, as well as the costs of issuing loans.

In the context of investors actively withdrawing funds from Russian assets and the associated increase in demand for foreign currency, the Bank of Russia’s actions were aimed at preventing excessive weakening of the ruble and maintaining the value of the bi-currency basket. In this regard, the Bank of Russia in August-December 2008 carried out sales of foreign currency on the domestic market. As a result, the volume of international reserves fell sharply and their total volume as of January 1, 2009 fell to $427.1 billion. Many experts assessed the spending of international reserves to support the ruble as an “inadequate policy.” However, this policy continued until January 2009 in order to avoid sharp fluctuations in the ruble exchange rate. To avoid devaluation, on January 23, 2009, the upper limit of the currency corridor for the value of the bi-currency basket was set at 41 rubles. The results of the devaluation became noticeable already in the first quarter of 2009. Since the beginning of February, the Bank of Russia has not sold foreign currency on the foreign exchange market. Moreover, in order to prevent strong fluctuations in the exchange rate on certain days, he had to buy foreign currency. Thus, according to the data in Table 4 and Figure 5, by 2009, the value of foreign currency for seven years (since 2003) reached its maximum value: 30.24 per dollar and 43.39 per euro (at the end of the year).

Table 4 - Dynamics of foreign currency exchange rates against the ruble for the period 2000-2009.

Figure 5 - Dynamics of official exchange rates of foreign currencies against the ruble for 2000-2009.

Such an instrument of monetary regulation as the establishment of benchmarks for the growth of the money supply manifested itself during the crisis in the following way. The processes of transformation of ruble savings into foreign currency assets, a decrease in the money supply, influencing 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 credit to the general government by the end of 2008. Other indicators of the monetary program were also clarified (including net loans to banks and other net unclassified assets) taking into account 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 issued bonds on its own behalf. In September 2008, a new issue of OBR was placed, however, due to the fact that during the indicated period credit institutions began to experience a lack of liquidity, the volume of OBR placement at the auction was half as much as the volume of purchases by the Bank of Russia of its bonds on the secondary market. In October 2008, the Bank of Russia's debt to credit institutions remained virtually unchanged. Only the auction held on October 2 was recognized as valid, with the placed volume of only about 10 million rubles. at a weighted average rate of 6.3% per annum. In November 2008 - February 2009, the Bank of Russia's instruments for absorbing liquidity also remained in little demand.

As a result of the adoption of the measures discussed above, the situation in the banking sector stabilized: the bankruptcy of many banks was avoided, the outflow of household deposits was stopped, and lending to the economy continued. The outflow of household deposits from banks reached its maximum in October (then it amounted to 6% and practically stopped in November). In December, the influx of household funds into deposits resumed. The liquidity situation has normalized.

Thus, the package of anti-crisis measures implemented by the Bank of Russia at the height of the crisis, in its entirety, corresponded to the standard scheme of foreign authors, but was to a certain extent inconsistent. In general, it was possible to prevent the spread of “banking panic” and partially restore the confidence of business entities in the national banking system. Among the stabilization anti-crisis measures, it is necessary to highlight: strengthening the resource base of banks and saturating the banking system with additional liquidity, increasing the capital of systemically important banks, increasing to 700 thousand rubles. state guarantee of the safety of deposits of individuals, the decision to prevent bankruptcy of banks through reorganization, merger and other measures, carrying out a “smooth” devaluation of the national currency, permission to temporarily not revaluate bank assets at current market value, strengthening the protection of the legal rights of creditors.

2.3 Monetary policy in 2010-2011

In 2010-2011 The Bank of Russia pursued monetary policy based on the need to create favorable conditions for the long-term economic development of the country. Low inflation and the stability of the national currency were the basis for making effective decisions in the field of savings, investments and consumer spending - the basis for sustainable economic growth. Therefore the main goal

The unified state monetary policy pursued by the Bank of Russia jointly with the Government of the Russian Federation for this period was a steady reduction in inflation and maintaining it at a low level, while it was planned to reduce the inflation rate to 8.7-9.2% in 2010 and 78 .5% in 2011.

To achieve its goals, the Central Bank of the Russian Federation used all its available monetary policy instruments, which made it possible to quickly respond to changes in the intensity and direction of financial flows within the framework of its monetary policy goals.

The system of monetary policy instruments was supposed to ensure the stability of the money market and, at the same time, encourage credit institutions to more effectively manage their own liquidity.

If banks needed additional liquidity, they could use a set of instruments offered by the Bank of Russia for these purposes. During the day, these could be secured intraday loans provided by the Bank of Russia without charging a fee, as well as one-day direct repo auctions held in the first and second half of the day. In addition, on a weekly basis, the Bank of Russia carried out operations to provide liquidity to banks for longer periods. At the end of the operating day, credit institutions had access to standing instruments of the Bank of Russia - overnight loans and currency swap transactions, the interest rates for which were set at the level of the refinancing rate.

The Central Bank of Russia regulated refinancing rates taking into account the real state of the economy, inflation dynamics, the situation in various segments of the money market and was aimed at consolidating the emerging positive trends.

Since the beginning of 2010, the Bank of Russia twice decided to reduce the refinancing rate on 01/15/10 - from 16 to 14% per annum, and on 06/15/10 - from 14 to 13% per annum. Its next decrease occurred only at the end of December 2011 - it was lowered to 12%.

When managing liquidity, credit institutions in the second quarter of 2011 actively used the mechanism of intraday lending and overnight loans of the Bank of Russia, the largest volume of which occurred in April 2011. In general, the volume of intraday loans provided by the Bank of Russia increased from 2.3 trillion. rub. in the first quarter of 2011 to 2.6 trillion. rub. in the second quarter, and overnight loans - 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 credit institutions and the volume of overnight loans provided.

Against the backdrop of a downward trend in inflation dynamics, the Bank of Russia, from June 26, 2010, reduced the refinancing rate and interest rates on overnight loans and currency swap transactions from 12 to 11.5% per annum, and from October 23 - to 11%. However, the refinancing rate in the period 2010-2011. did not have a significant impact on monetary indicators primarily due to the fact that, in conditions of excess liquidity, commercial banks did not experience a significant need to borrow from the Central Bank.

In resolving the problem of the lack of ruble liquidity in the money market in 2010, a major role was played by the decisions of the Bank of Russia to reduce the required reserve ratios, which were adopted in order to gradually equalize the competitive conditions for Russian and foreign credit institutions.

The required reserve ratio for funds of 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 volume of released funds amounted to more than 150 billion rubles. In addition, from July 1, 2010, the Central Bank of the Russian Federation granted the right to averaging required reserves to credit institutions within the limits of the averaging coefficient of 0.2 established by the Board of Directors of the Bank of Russia. The use of this mechanism also contributed to increasing the liquidity of credit institutions.

The required reserve ratio for obligations to individuals in the currency of the Russian Federation and the required reserve ratio for other obligations of credit institutions in the currency of the Russian Federation and obligations in foreign currency did not change in 2011. During this period, credit institutions actively used the averaging of required reserves, that is, they fulfilled part of the required reserves by maintaining the corresponding average monthly cash balance in the correspondent account and correspondent sub-accounts of the credit organization with the Bank of Russia. The number of credit institutions that were granted the right to averaging required reserves constantly increased and in June 2011 reached 681 (or 55.2% of the total number of operating credit institutions).

Central Bank of the Russian Federation in the period from 2010-2011. gradually reduced the standard of mandatory requirements for credit institutions so that they began to lend more widely to the real sector of the economy and, above all, the manufacturing sector. However, commercial organizations were not particularly keen to lend to domestic industry due to the high risk and difficulty of assessing the economic situation. Thus, the reserve itself is an ineffective tool of monetary policy, since it adds little to the existing persistent reluctance of banks to channel money into the economy.

In 2010, the situation in the domestic foreign exchange market was formed under the influence of an increase in the supply of foreign currency from exporters as a result of the continuing rise in oil prices, as well as an increase in the investment attractiveness of ruble assets against the backdrop of a weakening US dollar on the world market. In this situation, the Bank of Russia sought to maintain the balance of supply and demand in the domestic

foreign exchange market, carrying out large-scale purchases of foreign currency during periods of increasing upward pressure on the ruble exchange rate. Based on the results for foreign currencies in the Russian Federation, from February 1, 2010, the Bank of Russia switched to using the bi-currency basket value expressed in rubles, consisting of US dollars and euros in proportions established by the Bank of Russia, as a new operational benchmark. At the same time, the formation of the US dollar/ruble exchange rate on the domestic foreign exchange market during the day and a period of several days became more free, and operations in order to limit intraday and short-term fluctuations in the US dollar/ruble exchange rate were carried out by the Bank of Russia based on the limits of fluctuations in the value of the bi-currency basket. From August 1, the bi-currency basket consisted of 0.35 euros and 0.65 dollars. USA. Over 10 months, the volume of foreign currency purchases by the Bank of Russia amounted to more than $11 billion.

In July-September 2010, the Bank of Russia carried out operations both to sell government bonds from its own portfolio and to purchase government securities. In general, the volume of net sales of government securities by the Bank of Russia in the third quarter remained at the level of the previous quarter (RUB 2.6 billion).

In the first half of 2011 The Central Bank of the Russian Federation continued to pursue monetary policy within the framework of the managed floating ruble exchange rate regime.

In order to maintain a relatively low level of volatility of the ruble exchange rate against foreign currencies that are significant for the Russian Federation, in 2011 the Bank of Russia continues to use the ruble value of a basket of euros and US dollars as an operational benchmark.

In 2011, the ratio of supply and demand in the domestic foreign exchange market was determined by the high level of positive current account balance of the balance of payments, due to the influx of significant additional income from exports into the Russian economy due to favorable foreign economic conditions, as well as cross-border capital movements. Under these conditions, the Bank of Russia's operations in the domestic foreign exchange market were aimed mainly at preventing an excessive increase in the effective exchange rate of the ruble under the influence of excess supply of foreign currency. The result of these transactions was a net purchase of foreign currency. In particular, in January-September 2011. The Bank of Russia acted as a net buyer of foreign currency.

The growth rate 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 rate of deposits in the national currency.

The dynamics of net foreign assets of the banking system was an important source of increase in the money supply, taking into account deposits in foreign currency. With an increase in the total volume of this monetary aggregate by 1083.7 billion rubles. net foreign assets increased by 1366.8 billion rubles, and domestic credit to the economy decreased by 204.6 billion rubles. (in 2010 - an increase of 717.2 and 1169.7 billion rubles and a decrease of 857.9 billion rubles, respectively).

For the period 2010-2011. The increase in the nominal effective exchange rate of the ruble played a significant role in reducing inflation. Last year, the nominal effective exchange rate increased by 3.2%. In the first five months of this year, it increased by another 1.5%. At the beginning of June, the Bank of Russia increased the ruble exchange rate against the bi-currency basket by about 0.6%.

In order to absorb free liquidity, the Bank of Russia continued to carry out transactions with its bonds in the 2011 quarter.

The sale of OBRs took place primarily at auctions. Credit institutions made the largest investments in OBR (RUB 80.2 billion) at an auction on June 15 (after the redemption of the third OBR issue under offer), while the total volume of OBR sales at auctions in April-June 2011 amounted to 108.2 billion . rub. at market value. The weighted average yield at OBR auctions in April-June 2011 ranged from 4.53 to 5.20% per annum (in the first quarter - from 4.60 to 5.14% per annum). According to daily quotes issued by the Bank of Russia, the volumes of purchases of OBRs by credit institutions on the secondary market significantly exceeded the volumes of their sales.

In 2011, the Bank of Russia also sold government bonds from its own portfolio without a repurchase obligation in the amount of 0.43 billion rubles.

In general, since 2010-2011 Open market operations of the Central Bank of the Russian Federation contributed to a gradual increase in the liquidity of the OBR market and, as a result, to the expansion of the sterilization capabilities of the Bank of Russia.

The monetary policy pursued by the Central Bank of the Russian Federation in the period from 2010 to 2011 turned out to be relatively ineffective in achieving its goal, which is clearly seen from Table 5.

Table 5 - Forecast and actual inflation indicators for 2010-2011.

It should be noted that since 2010, funds have been received into the banking system mainly only through foreign exchange interventions, but their inflow was so large that the Central Bank had to sterilize part of these inflows, mainly through open market operations.

In general, speaking about the effectiveness of monetary policy in Russia in the period from 2008-2011, we can say that it still remains at a low level, since the stated targets do not coincide with the actual results obtained, 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 the forecasts of the IMF and other international organizations, which assume a slight increase in the growth rate of the world economy in 2013, a moderate acceleration of economic growth in the countries that are Russia’s main trading partners is possible, with a similar trend continuing in 2014-2015. According to the IMF forecast, the growth rate of 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 inflation will continue to decline in foreign countries, including Russia’s main trading partners. It is not expected to accelerate in 2014-2015.

The projected increase in business activity in the world will support the current level of consumption of oil and other Russian exports, which mitigates the risks of a deterioration in the country's balance of payments.

Key interest rates in leading economies will remain low in 2013, which will help create conditions for capital inflows into the Russian economy. The movement of cross-border capital flows will depend on the state of foreign financial systems and the conditions of the global financial market, and the sentiments of global investors. Risks of capital outflow will remain.

The Bank of Russia considered three options for the conditions for conducting monetary policy in 2013-2015, one of which corresponds to the forecast of the Government of the Russian Federation. The scenarios are based on different dynamics of oil prices.

Under the first option, the Bank of Russia expects a reduction in the average annual price for Russian Urals oil on the world market to $73 per barrel in 2013. This is demonstrated in Figure 6.

Figure 6 - Urals oil price (US dollars per barrel)

Under these conditions, in 2013, real disposable income of the population may decrease by 0.4%, investment in fixed capital - by 2.1%. The decline in GDP could be 0.4%.

The second option considers the forecast of the Government of the Russian Federation, which serves as the basis for developing the parameters of the federal budget for 2013-2015. It is assumed that in 2013 the price of Russian oil may reach 97 US dollars per barrel.

This option reflects the development of the economy in the context of the implementation of an active government policy aimed at improving the investment climate, increasing competitiveness and business efficiency, stimulating economic growth and modernization, as well as increasing the efficiency of budget expenditures. According to this option, in 2013 the increase in real disposable income of the population is projected at 3.7%. The volume of investment in fixed capital may increase by 7.2%. Under these conditions, GDP could increase by 3.7%.

As part of the third option, the Bank of Russia expects to increase the price of Urals oil in 2013 to 121 US dollars per barrel.

In the context of increasing income from the export of Russian goods in 2013, an increase in investment activity is expected. The growth rate of investment in fixed capital may accelerate to 7.6%, real disposable income of the population - to 4%. GDP growth is expected at 4%.

In 2014-2015, GDP growth, depending on the forecast option, may be 2-5%.

The balance of payments forecast presented in the figure for 2013-2015 according to the second option is based on the assumption of an insignificant change in the price of Urals oil on the world market (from 97 to 104 US dollars per barrel). In the first and third options, oil prices are assumed to deviate from the specified range by a quarter, down or up.

Figure 7 - Forecast of the balance of payments of the Russian Federation for 2013-2015

In accordance with the scenario conditions for the functioning of the economy of the Russian Federation, the Government of the Russian Federation and the Bank of Russia have set the task of reducing inflation in 2013 to 5-6%, in 2014 and 2015

Up to 4-5% (based on December to December of the previous year). The specified target for inflation in the consumer market corresponds to core inflation at the level of 4.7-5.7% in 2013, 3.6-4.6% in 2014 and 2015.

Calculations for the monetary program for 2013-2015 were carried out based on indicators of demand for money corresponding to inflation targets, forecast dynamics of GDP and other macroeconomic indicators, as well as the forecast of the balance of payments and parameters of the draft federal budget.

Depending on the forecast options, the growth rate of the M2 monetary aggregate in 2013 may be 9-18%, in 2014 and 2015 - 14-19% per year.

The Bank of Russia has developed three versions 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 2014-2015. The rate of growth of the monetary base in a narrow definition, corresponding to inflation targets and estimates of economic growth dynamics, can be 7-14% in 2013 according to program options, and 11-14% annually in 2014-2015.

The first version of the program assumes an increase in the volume of net credit to the extended government by 0.5 trillion. rubles in 2013, by 0.4 trillion. rubles - in 2014, by 0.3 trillion. rubles - in 2015. According to calculations under the program, if this scenario is implemented in 2013-2015, the increase in net credit to banks could amount to 1.0-1.6 trillion. rubles per year due to the intensification of the Bank of Russia’s operations to provide liquidity to the banking sector. Under these conditions, by the end of 2015, the volume of gross credit to banks may exceed 60% of the monetary base.

The second version of the monetary program assumes moderate dynamics in world oil prices within the forecast period. Corresponding to the indicators of the balance of payments forecast, the increase in NIR will amount to 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 scenario of high oil prices, the projected increase in NIR in 2013 will be 2.9 trillion. rubles, in 2014 - 2.7 trillion. rubles, in 2015 - 2.4 trillion. rubles

Under this scenario, in 2013, net credit to banks is expected to decrease by 0.2 trillion. rubles

The main objectives of exchange rate policy for 2013 and the period 2014-2015 will be to further reduce the direct intervention of the Bank of Russia in the exchange rate setting mechanism and create conditions for the transition to a floating exchange rate regime by 2015.

In 2013 and 2014 The Bank of Russia will continue to implement exchange rate policy without interfering with the formation of trends in the dynamics of the ruble exchange rate, caused by the action of fundamental macroeconomic factors, and without setting any fixed restrictions on the level of the national currency exchange rate. At the same time, during this period, the Bank of Russia will gradually increase the flexibility of exchange rate setting, softening the process of adaptation of market participants to exchange rate fluctuations caused by external shocks.

After the transition to a floating exchange rate regime, the Bank of Russia plans to abandon the use of operational exchange rate policy targets related to exchange rate levels. At the same time, even after the transition to this regime, the Bank of Russia allows for the possibility of interventions in the domestic foreign exchange market, the volumes of which will be determined taking into account the conditions of the money market.

The system of instruments will continue to take into account the specifics of interaction between the Bank of Russia and regional credit organizations, the characteristics of the transmission mechanism of monetary policy and the state of the Russian financial market.

The basis of the current system of monetary policy instruments, the interest rate corridor of the Bank of Russia, will remain in place during the period under review, while the Bank of Russia will consider the possibility of narrowing it in order to increase the effectiveness of interest rate policy. Deposit operations and permanent refinancing operations for a period of 1 day will be used as tools to ensure that short-term interbank market rates are within the interest rate corridor.

The use of refinancing instruments for periods longer than 1 week will be aimed primarily at maintaining financial stability. In order to limit the impact of these operations on the corresponding segment of the market interest rate curve and prevent distortion of interest rate policy signals, the Bank of Russia will consider the advisability of switching to their implementation at a floating rate. In this case, it is not excluded that the system of Bank of Russia instruments will be supplemented with swap transactions with foreign currency and precious metals for a period of up to 1 year to expand credit institutions’ access to refinancing for these periods.

The Bank of Russia will also continue to use required reserve ratios as an instrument of monetary policy, making decisions on their changes depending on the macroeconomic situation and the state of liquidity of the banking sector.

In addition to working to improve its own system of instruments, the Bank of Russia attaches great importance to interaction with government bodies on the implementation of monetary policy and the development of financial markets. Cooperation with the Russian Ministry of Finance and the Federal Treasury will continue on the issue of developing a mechanism for placing temporarily free budget funds in the banking sector, the task of which is to minimize the seasonal impact of budget flows on the volume of liquidity of the banking sector.

3.2 Measures to improve Russia’s monetary policy

The main goal of monetary policy within the framework of the financial stabilization program is to maintain low current inflation rates and create conditions for investment growth, ensuring favorable dynamics of the national currency exchange rate, contributing to an improvement in the balance of payments.

To achieve this goal, the efforts of monetary authorities should be focused on solving the following tasks:

Limiting the money supply to the amount necessary to carry out economic activity;

Optimization of the structure of the money supply and its distribution between sectors and economic entities;

Preventing the outflow of capital abroad;

Maintaining foreign exchange reserves at a given level.

Solving these problems requires implementing a set of measures listed below. In order to achieve inflation control and maintain dynamic stability of the national currency exchange rate, it is necessary to limit the growth rate of the money supply and fluctuations in the level of interest rates on loans and deposits to the economy. Prompt regulation of bank liquidity and interbank market rates will ensure the stability of settlements and reduce speculation in the money market. Limitation of the growth of the national currency during periods of inflation, direct lending of the state budget deficit should not be allowed, gradual transfer of claims on the government for internal debt into medium-term government securities and with a positive real interest rate, ensuring their profitability at the level of government securities.

Short-term lending of the cash gap in state budget revenues and expenditures through the purchase of government short-term securities will create conditions for operational support of the state budget in market forms, and it is also necessary to establish a ceiling for the growth of the money supply and net domestic assets of the Central Bank in order to limit the growth of the money supply - this is a guaranteed limitation inflation rates and predictability of its changes.

It is necessary to set the discount rate of the Central Bank of the Russian Federation at a level not lower than the standard in force in neighboring countries; this, in the end, should lead to a decrease in the level of inflation, an increase in investment activity, and stabilization of production.

Also, the most important tool for improving monetary policy should be improving the system of refinancing commercial banks to stabilize the supply of money to the country’s economy. This can be achieved through the following measures:

1) ensuring the creation of a corridor of base refinancing rates for banks based on auction and pawnshop loans, which will allow the transition from quantitative to price methods of regulating bank liquidity and reducing rates on loans to the economy;

2) improving the procedure for quickly responding to changes in the volume of banking liquidity and fluctuations in interbank market rates through open market operations will ensure precise adjustment of the level of interbank market rates in a given corridor of base refinancing rates;

3) streamlining the procedures for providing reserve credit to individual banks experiencing a short-term lack of liquidity will ensure the stability of the banking system in the event of liquidity crises in large banks that affect the economy;

4) limiting the issue of short-term obligations of the Central Bank as the issue of government government securities expands, will save public funds for the purpose of regulating the money market (300-400 billion rubles per year). And the last step

improvements should include improving the systems of reserve requirements for commercial banks;

5) differentiation of mandatory reserve systems for bank deposits, aimed at increasing the share of long-term deposits as a resource for increasing investment activity in the country, will increase banking liquidity, stimulate the growth of long-term deposits and reduce the mass of “hot money”, and increase investment in the economy;

6) implementation of a gradual revision of mandatory reserve norms towards their reduction as the rate of inflation decreases and the demand for credit resources for long-term investments grows, the consequence of this should be the balance of business activity and money supply in the economy, increasing the mobility of money supply;

7) creation of a system for monitoring the situation in the money market and the capital market and, on this basis, modeling and forecasting financial flows in connection with the processes of macroeconomic development of the country, this helps to increase the efficiency of state regulation of the money market.

To achieve the goals that the Central Bank has set for itself for 2013-2015, the measures described above should be wisely used.

Conclusion

The main conductor of monetary policy in the Russian Federation is the Bank of Russia, which currently most actively uses four main instruments of monetary policy: regulation of the volume of refinancing of commercial banks, changes in required reserve norms, open market operations and foreign exchange interventions. With the help of these instruments, the Bank of Russia strives to achieve the main goal of monetary policy - a smooth reduction in inflation. The analysis of monetary policy in Russia in the period from 2000 to 2006 was carried out. showed an insufficient connection between the policies actually pursued by the Bank of Russia and the goals declared by it in program documents. The deviations of the stated targets from the actual results are too great to speak about the effectiveness of the monetary policy implemented.

The most important way to solve the problem of overcoming inflation in recent years has been the implementation of monetary policy aimed, first of all, at limiting aggregate demand with measures designed to limit the ability to provide loans to commercial banks and thereby influence the reduction in the volume of effective demand. An active monetary policy has made it possible to achieve certain results in a gradual reduction in inflation, however, the price of these successes is very high.

This is, first of all, a huge decline in production, one of the reasons for which is a decrease in effective demand. The monetary policy pursued had an impact only on the sphere of circulation and did not provide for a direct positive impact on the sphere of production.

In this regard, it is necessary to turn to the use of credit as an important lever for the growth of production and supply of goods, which will help reduce inflation.

The insufficient lending activity of Russian banks makes monetary policy instruments ineffective. In this regard, the Bank of Russia needs to start using them primarily not to smoothly reduce inflation, but to increase the investment activity of commercial banks. But before this, the Bank of Russia must theoretically study the impact of each instrument on regulating the economic situation, and only then begin to use them in practice.

Appendix A

(required)

Structural divisions of the Central Bank of the Russian Federation

Currently, the following structural divisions operate in the Central Bank of the Russian Federation:

Consolidated Economic Department. Department of Research and Information. Cash circulation department

Department of Regulation, Management and Monitoring of the Payment System of the Bank of Russia

Settlements Regulation Department. Accounting and Reporting Department

Department of Licensing of Activities and Financial Recovery of Credit Institutions. Banking Supervision Department. Banking Regulation Department. Department of Financial Stability. Main Inspectorate of Credit Institutions. Financial Market Operations Department

Department of support and control of operations in financial markets. Department of Financial Monitoring and Currency Control. Balance of Payments Department

Department of methodology and organization of servicing budget accounts of the budget system of the Russian Federation. Legal Department. Field Institutions Department. Information Systems Department

Department of Personnel Policy and Personnel Management. Finance department. Internal Audit Department

Department of International Financial and Economic Relations. Department of External and Public Relations. Administrative Department. Main Department of Real Estate of the Bank of Russia

Main Directorate for Expertise and Capital Expenditure Planning of the Bank of Russia. Main Directorate of Security and Information Protection

List of sources used

1 The Constitution of the Russian Federation was adopted by popular vote on December 12, 1993 (taking into account the amendments introduced by the Laws of the Russian Federation on amendments to the Constitution of the Russian Federation dated December 30, 2008 N 6-FKZ and dated December 30, 2008 N 7-FKZ) // "Collection of Legislation of the Russian Federation ", 01/26/2009, N 4, art. 75

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] // Collection of Legislation of the Russian Federation. -2001. N 86-ФЗ

3 Russian Federation. Laws. On banks and banking activities N 395-1 - Federal Law of December 2, 1990: federal. Law: [Adopted by the State. Duma February 7, 1990: approved. Federation Council 21 1990]. - [Electronic resource]. - Access mode: http: //www. consultant.ru

4 Russian Federation. Laws. Federal Law of April 22, 1996 N 39-FZ “On the Securities Market” (as amended on December 6, 2007, as amended and supplemented on January 1, 2008) //

Monetary policy - a set of interrelated measures taken by the Central Bank in order to regulate aggregate demand through the planned impact on the state of credit and money circulation.

Monetary policy can be aimed at stimulating credit and money creation. In this case there is credit expansion. The Central Bank adheres to a similar policy in the context of a decline in production and an increase in unemployment, trying to revive market conditions. On the contrary, in the event of economic recovery, wanting to prevent overheating of the economy, the Central Bank restrains credit and limits money emission. Then it holds credit restriction.

An important task of the Central Bank in the field of monetary policy is to control money circulation in order to prevent inflation or reduce its rate. The basic question for such regulation is how much money is needed for circulation, and what principles should be followed when conducting monetary policy.

All monetary policy instruments can be divided into two groups: general tools affecting the money market as a whole; And selective instruments , intended to regulate specific types of credit or lending to individual industries and large firms.

Common monetary policy instruments The Central Bank are: open market operations, accounting and interest (discount) policy based on changes in the discount rate; establishing a required reserve requirement for commercial banks.

Let us give a brief description of the main monetary instruments.

Open market operations- this is the purchase and sale of government securities by the Central Bank

Sale securities to commercial banks and other financial institutions by the Central Bank leads to a decrease in the reserves of commercial banks. Accordingly, the ability of commercial banks to provide loans to their clients is reduced. As a result the money supply decreases.

Purchase securities held by commercial banks gives the opposite result: the reserves of commercial banks and their ability to issue loans expand, the money supply increases.

Open market operations are effective in countries where there is a large market for government securities.

Accounting and interest (discount) policy The Central Bank's job is to regulate the interest rate (discount) at which commercial banks can borrow reserves from the Central Bank.

If the Central Bank raises the official discount rate then commercial banks reduce the amount of borrowing, which, in turn, leads to a decrease in reserves, an increase in interest rates and a reduction in lending operations.

Lowering the discount rate. The Central Bank creates conditions for increasing reserves and lowering interest rates, and the volume of lending operations is growing.

The discount rate mechanism operated effectively at the beginning of the 20th century. Subsequently, the use of this monetary policy instrument yielded less results. This was facilitated by the actions of banking monopolies, which set interest rates by conspiracy, and not under the influence of the market. The internationalization of economic life has also reduced the effectiveness of accounting and interest policy: a decrease in the discount rate can lead to an outflow of capital from the country.

Establishing the norm of required reserves commercial banks are also used by the Central Bank to directly influence the amount of bank reserves. This tool allows you to quickly influence your financial situation.

The monetary policy of the Central Bank is presented in two forms:

The policy of “cheap” money. It is carried out during a recession in order to stimulate investment and expand production.

The Central Bank increases the money supply by:

Reducing the required reserve ratio;

Reducing the discount rate;

Purchase of government securities on the open market.

The policy of “expensive” money is carried out during a period of inflation in order to reduce aggregate demand.

The Central Bank reduces the money supply by:

Increasing the required reserve ratio;

Increasing the discount rate;

Sales on the open market of government securities.

Effectiveness of monetary policy. The question of whether monetary policy can achieve full employment without accelerating inflation remains an open question. This is because using monetary policy for this purpose has its pros and cons. Let's look at them.

TO monetary merits -credit policy usually attributed to both its faster action compared to fiscal policy and the fact that monetary policy is less susceptible to political pressure than fiscal policy.

Disadvantages of money-credit policy they believe that it is less effective in preventing a recession than in curbing inflation. It is also noted that its positive effect can be absorbed by changes in the velocity of money and the fact that it does not always lead to a significant change in investment costs in the economy.

Conclusions.

1. The monetary system is a form of organization of monetary circulation.

2. The money supply circulating in the country, conditionally divided into monetary aggregates (M 1, M 2, M 3, L), differing in the degree of liquidity.

3. The demand for money is a function of the interest rate. The demand for money is determined by transactional and speculative motives.

4. The money supply is relatively stable and is determined by the state.

5. The equilibrium interest rate is formed in the money market.

6. The form of movement of monetary capital is a loan on the principles of repayment and payment. The credit system includes banks and other financial institutions that are financial intermediaries.

7. The banking system is two-tier, includes the Central Bank and commercial banks. Commercial banks carry out passive and active operations in order to generate banking profits.

8. The Central Bank carries out monetary policy using the discount rate, the required reserve ratio, and open market operations.

Review questions

1. Name the main functions of money.

2. What are the components of the money supply? Do they differ in terms of liquidity?

3. What determines the demand for money for transactions and the demand for money from assets?

4. What would be the effect of an increase in the money supply in an underemployed economy?

5. Why is there an intermediate goal dilemma in the conduct of monetary policy?

6. Show what happens if the Central Bank increases the required reserve ratio.