Russian Monetary Policy Adjustment Under Financial Crisis in 2014

DOI

10.2991/aebmr.k.210210.047How to use a DOI?

Keywords

RUB, economy, crisis, monetary, policy, adjustment

Abstract

In the second half of 2014, a serious financial crisis broke out in Russia. Based on CNKI, China’s country report website and other relevant literature about Russia around 2014, this paper summarizes the sanctions, oil price drop, and internal economic structure imbalance and other factors as reasons to the financial crisis. The crisis triggered serious consequences such as plummeted ruble exchange rate and capital outflow. Subsequently, in order to deal with the crisis, Russia implemented a series of policies. This paper lists the reform of monetary policy of the Central Bank of Russia and sorts out its adjustment logic. By comparing the data of ruble exchange rate, Russian domestic interest rate, target inflation rate and actual inflation rate, the author analyzes the role of the Central Bank of Russia’s monetary policy reform in isolating external risks and stabilizing domestic economic market. Finally, combined with the past cases, the advantages of the floating exchange rate system, the matters in the adjustment of monetary policy, and prediction of Russia after the crisis can be summarized.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Yongkang Zheng
PY  - 2021
DA  - 2021/02/21
TI  - Russian Monetary Policy Adjustment Under Financial Crisis in 2014
BT  - Proceedings of the 6th International Conference on Economics, Management, Law and Education (EMLE 2020)
PB  - Atlantis Press
SP  - 294
EP  - 300
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210210.047
DO  - 10.2991/aebmr.k.210210.047
ID  - Zheng2021
ER  -