Anti-Inflationary Policy in Russia: From Inflation Targeting to Economic Growth
I V Minakova, T N Bukreeva, E I Bykovskaya, O G Timofeeva, O I Solodukhina
I V Minakova
Available Online 17 March 2020.
- https://doi.org/10.2991/aebmr.k.200312.138How to use a DOI?
- The paper analyses the official Russian state anti-inflationary policy. It reveals that this policy does not correspond to the causes of inflation. Over the period from 1992 to 2018, the monetarist basis of the state economic policy pursued in Russia has not changed. Sterilization of financial assets and artificial restraint of money supply in the country took place through the Central Bank and the deposit and credit banking multiplication. This made anti-inflationary policies extremely ineffective. The non-monetary nature of Russian inflation has been proved. There were proposed measures of government control based on rejection of the monetarist model of combating inflation which leads to stagnation of economic growth. The most effective way to combat inflation in Russia is to enrich the economy with investment flows and long loans, stimulating supply of goods and services. First of all, it is necessary to reduce the tax burden including the VAT. It is necessary to abandon the liberal dogmas and to pursue a state pricing policy with respect to infrastructure monopolies, whose tariffs are currently significantly overestimated.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - I V Minakova AU - T N Bukreeva AU - E I Bykovskaya AU - O G Timofeeva AU - O I Solodukhina PY - 2020 DA - 2020/03/17 TI - Anti-Inflationary Policy in Russia: From Inflation Targeting to Economic Growth BT - Proceedings of the International Scientific Conference "Far East Con" (ISCFEC 2020) PB - Atlantis Press SP - 1005 EP - 1010 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.200312.138 DO - https://doi.org/10.2991/aebmr.k.200312.138 ID - Minakova2020 ER -