Financial Analytics: Science and Experience

A comparative analysis of major trends in the fiscal and monetary policies of Russia

Vol. 10, Iss. 10, OCTOBER 2017

Received: 7 August 2017

Received in revised form: 8 September 2017

Accepted: 15 September 2017

Available online: 16 October 2017


JEL Classification: Е22, E61

Pages: 1088–1099

Slepov V.A. Plekhanov Russian University of Economics, Moscow, Russian Federation

Volkov I.I. Plekhanov Russian University of Economics, Moscow, Russian Federation

Subject The article analyzes the major trends in the monetary and fiscal policies of Russia.
Objectives The purpose of the study is to determine the extent of interaction of the said trends, which is focused on economic growth.
Methods The main methods we apply in the research include formal and dialectical logic, deduction and induction, analysis, synthesis, comparison, and synergy.
Results The inflation targeting and improving the transmission mechanism quality are the main elements of the monetary policy pursued by the Bank of Russia. The regulator specifies that one of drivers of monetary regulation efficiency is an adequate fiscal policy with regard to its predictability and capability to ensure sustainable economic development. The fiscal policy is focused on fiscal consolidation through cuts in public expenditure and alignment of budget balance in the mid-run.
Conclusions and Relevance The paper assesses the degree of integration of the fiscal and monetary policies over the current three-year period, which is classified as low, medium and high depending on certain measures to be taken. The findings may be useful for developing the financial and economic policies of the Russian Federation and the Federal budget formation.

Keywords: monetary policy, fiscal policy, fiscal consolidation, financial integration


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