Finance and Credit

Restrictive financial and monetary policy of the State and the problems of GDP growth in Russia

Vol. 24, Iss. 7, JULY 2018

Received: 8 February 2018

Received in revised form: 15 March 2018

Accepted: 29 March 2018

Available online: 27 July 2018


JEL Classification: H11, G01, G15, G28

Pages: 1511–1532

Kulikov N.I. Tambov State Technical University, Tambov, Russian Federation

Kudryavtseva Yu.V. Tambov State Technical University, Tambov, Russian Federation

ORCID id: not available

Subject The article assesses the rigid financial and monetary policy that the government and the Central Bank of the Russian Federation have pursued in Russia for the past 25 years.
Objectives We performed an in-depth analysis of the financial and monetary policy implemented in Russia over the past 25 years to show how the State, the business and the population benefited from it, and why the GDP growth rate in Russia lags behind the world average.
Methods The study draws on methods of analysis of scientific and information base, synthesis of findings to make theoretical conclusions and practical recommendations. Academic papers on the theory and practice of economic and financial security by domestic and foreign scientists create the methodological and theoretical framework of the study.
Results We propose measures to reform the financial and monetary policy of the government and the Central Bank and change the structure of the Russian economy. The paper considers an alternative economic and financial policy of the State, which will enable about 6–7 percent of GDP growth annually over the next 2–3 years.
Conclusions Low household incomes, high lending rates have become the main obstacle for economic growth. It is necessary to ensure the increase in real disposable incomes of the population, reduce inequality and improve living standards. Priority economic sectors should get money at low loan rates and for longer period. It is important to control the targeted expenditure of these funds.

Keywords: monetary policy, GDP, budget, inflation, household income


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Vol. 24, Iss. 7
July 2018