Proceedings of the International Scientific and Practical Conference "Sustainable development of environment after Covid-19" (SDEC 2021)

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Effectiveness of Monetary Policy is an Important Factor in the Sustainability of a Modern Economy

Authors
Natalia Iosifovna Kiriyakova1, *, Gaukhar Keniskhanovna Kalieva2
1Ural State Economic University, Yekaterinburg, Russia
2Karaganda University of Kazpotrebsoyuz, Karaganda, Kazakhstan
*Corresponding author. Email: natashkir@yandex.ru
Corresponding Author
Natalia Iosifovna Kiriyakova
Available Online 18 January 2022.
DOI
10.2991/assehr.k.220106.047How to use a DOI?
Keywords
development sustainability; types of monetary policy; digitalization of the economy; adaptability of monetary policy; key rate; neutral key rate; nominal and real key rate; annual inflation; inflation targeting
Abstract

This article considers the issue of the effectiveness of the monetary policy of the Bank of Russia in the context of the economy digitalization. The issue of the degree of participation of the Central Bank in regulating the economy becomes controversial with emergence of cryptocurrencies, which, according to some researchers, will cancel the Central Bank’s monopoly on issuing funds. As a result, it becomes impossible to implement effective monetary policy. The author believes that emergence of cryptocurrencies creates the prerequisites for imbalances in the economy, therefore, presence of Central Banks in the regulation of monetary circulation is still necessary. However, this creates the need for a more flexible, adaptive control system. In recent years, the Bank of Russia has been using the key rate as such an instrument. Strengthening its differentiation, highlighting a neutral level and the possibility of fluctuations around it, make it possible to form an adaptive mechanism for regulating the monetary system, the level of inflation and the entire national economy.

Copyright
© 2022 The Authors. Published by Atlantis Press SARL.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the International Scientific and Practical Conference "Sustainable development of environment after Covid-19" (SDEC 2021)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
18 January 2022
ISBN
10.2991/assehr.k.220106.047
ISSN
2352-5398
DOI
10.2991/assehr.k.220106.047How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press SARL.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

risenwbib
TY  - CONF
AU  - Natalia Iosifovna Kiriyakova
AU  - Gaukhar Keniskhanovna Kalieva
PY  - 2022
DA  - 2022/01/18
TI  - Effectiveness of Monetary Policy is an Important Factor in the Sustainability of a Modern Economy
BT  - Proceedings of the International Scientific and Practical Conference "Sustainable development of environment after Covid-19" (SDEC 2021)
PB  - Atlantis Press
SP  - 261
EP  - 265
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.220106.047
DO  - 10.2991/assehr.k.220106.047
ID  - Kiriyakova2022
ER  -