Finance and Credit

A comparative analysis of principal directions of monetary and fiscal policies

Vol. 24, Iss. 3, MARCH 2018

Received: 26 January 2018

Received in revised form: 12 February 2018

Accepted: 27 February 2018

Available online: 29 March 2018


JEL Classification: E22, E55, E61

Pages: 709—721

Kosov M.E. Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: 0000-0002-1067-0935

Subject The article reviews current directions in the monetary and fiscal policies that affect economic processes. It systematizes approaches to organization of financial processes and implementation of measures to stimulate economic growth, which are used by developed countries.
Objectives The study aims to systematize and perform a comparative analysis of focal points of major directions of monetary and budgetary policies, using the accumulated experience of Russian regulators and international institutions.
Methods The study rests on a systems analysis of existing directions in the monetary and budgetary policies of regulators and international institutions.
Results We prove that it is necessary to implement active processes of integration of monetary and budgetary policy. The results of the study can be applied when developing approaches to the integration of the policies within the framework of existing programs.
Conclusions We describe the current areas implementing the integration processes in the monetary and budgetary policy. We also note potential links and possible vectors for further development of the concept of integration in the declared area.

Keywords: monetary policy, budget policy, Bank of Russia, Ministry of Finance of the Russian Federation, macroeconomic policy


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