Anti-Inflationary Policy in Russia: From Inflation Targeting to Economic Growth

DOI

10.2991/aebmr.k.200312.138How to use a DOI?

Abstract

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.

Copyright

© 2020, 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  - 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  - 10.2991/aebmr.k.200312.138
ID  - Minakova2020
ER  -