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2015 (published: 02.12.2015)
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Credit and budget mechanisms of investments financing in Russia
Paper analyzes the reasons of investment activity reduction in Russian economy. Slow structural economic reforms, real and financial sectors strategic goals contradictoriness, absence of complex approach to economy monetization problems are considered to be the main among them. Monetary policy held by Bank of Russiapoorly takes into consideration internal market needs, prevents getting manufacturing enterprises necessary amounts of financial resources for modernization of production, impedes providing structural changes in Russian economy and realizing measures stimulating demand, is accompanied by money supply reduction and results in cutting down real incomes of the population.
It is shown that Bank of Russia inflation “struggle”using exclusively monetary-credit policy methods brings country’s financial system to overall dependence from external factors. The author gives valid reasons for switching from restricting monetary policy to mild one in contemporary Russia. Using the experience of developed countries banking systems functioningaimed to achieve macroeconomic stability during crises periods credit and budget mechanisms of financing investments oriented on developing Russian economy industrialization are suggested. Among them the author distinguishes mechanisms of industry-monetary policy providing appearance of “long-term” money in the economy.
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Keywords: investments, inflation, monetary-credit policy, interest rate, money supply.
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