Digest Finance
 

Aspects of monetary policy in the EEU countries: An analysis of the prerequisites for harmonization

Vol. 24, Iss. 2, JUNE 2019

PDF  Article PDF Version

Received: 3 March 2016

Received in revised form: 21 March 2016

Accepted: 30 April 2016

Available online: 28 June 2019

Subject Heading: MONETARY SYSTEM AND CURRENCY CIRCULATION

JEL Classification: E52, E58, F15, F40

Pages: 207–220

https://doi.org/10.24891/df.24.2.207

Golodova Zh.G. Peoples' Friendship University of Russia, Moscow, Russian Federation
golodova@yandex.ru

ORCID id: not available

Ranchinskaya Yu.S. Peoples' Friendship University of Russia, Moscow, Russian Federation
uranchinskaya@gmail.com

ORCID id: not available

Gorokhova E.Yu. Peoples' Friendship University of Russia, Moscow, Russian Federation
elena150467@mail.ru

ORCID id: not available

Subject The article deals with the issues of harmonization and coordination of the monetary policies of the Member countries of the Eurasian Economic Union (EEU), taking into account their socio-economic development and interests, since financial stability is one of the main objectives of these countries.
Objectives The paper aims to identify common and specific development trends in the banking systems of the EEU Member countries at the present stage, that hamper the process of convergence of their monetary policies; assess the impact and ways to improve the policies.
Methods For the study, we used methods of statistical, financial, comparative, and systems analyses.
Results The paper reveals the relationship between the monetary parameters and GDP, shows the factors that create the basis for the harmonization of certain aspects of the monetary policies of the EEU Member countries. As well, it identifies the general and specific parameters and trends in development of the banking systems of the countries; proves the existence of agreed decisions of the banking regulators; assesses the effectiveness of monetary policies in 2007–2014, and it reads of the monetary policy improvement ways.
Conclusions We conclude that significant differences of quantitative and qualitative characteristics of the banking systems of the EEU Member countries still remain, despite the awareness of the need to strengthen the integration links and resolve similar economic problems.

Keywords: Eurasian Economic Union, monetary policy, banking system, EEU countries, money supply, inflation

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