Money-credit policy. Monetary policy of the Central Bank of the Russian Federation: features, objectives, principles of creation

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Course work

discipline: "Economic Theory"

on the topic of: " Money-credit policy Central Bank of Russia"

Chelyabinsk - 2016

Introduction

1. Theoretical approaches to the study of monetary policy

1.1 Essence and types of bank monetary policy

1.2 The concept of the Central Bank and its role in monetary policy

1.3 Ideas about monetary regulation of the economy by various economic schools

1.3.1 Neoclassical school

1.3.2 Keynesian model monetary regulation

1.3.3 Monetarist quantity theory of money

2. Development of the Russian economy and monetary policy in 2015

2.1 Implementation conditions and main monetary policy measures

2.2 Application of monetary policy instruments

2.3 Monetary policy in interaction with other functions of the Bank of Russia

3. Macro scenario economic development and monetary policy in 2016-2018

Conclusion

List of sources used

Introduction

The passage of the Russian economy through various stages of its development, naturally, could not but be accompanied by corresponding changes in the trends in the dynamics of the monetary and credit sectors of the economy.

The rapid expansion of types of monetary transactions and instruments of the loan capital market, the use of computers dictate new conditions for the development of the credit market.

Redistribution of monetary resources in the credit market between its participants leads to redistribution money supply countries between economic sectors have priority with higher profitability. Such interaction leads to the creation of a basis for accelerated settlements, the introduction of automated new methods, and greater opportunities appear for participants in the loan market. All this helps to save distribution costs and increase the efficiency of social reproduction in general.

In the field money turnover the final sale of goods created in the national economy takes place and the quality of communication between social production and personal consumption. Due to such reasons, from the state of cash money market The normal circulation of money in the economy and the stability of its purchasing power largely depend.

In all these processes, an important role is played by Central banks, which serve as the center monetary system any country.

Every year, the Bank of Russia, together with the Government of the Russian Federation, determines the main directions of the unified monetary policy and specific measures to maintain the purchasing power of the ruble and its exchange rate. Also, thanks to the effective policies pursued by the Central Bank of the Russian Federation, the penetration of foreign banks into the domestic credit market is increasing and the participation of Russian banks in the Western European economy is increasing.

Therefore, the purpose of this course work is to study the monetary policy of the Central Bank of the Russian Federation and the features of its implementation in modern stage. The object of research in this course work is the monetary sphere of the Russian economy, the subject of research is the tools of monetary policy.

The objectives of the study are as follows:

1. Study theoretical foundations monetary policy and organization of the Central Bank;

2. Assess the state of the monetary sector in Russia at the present stage;

3. Analysis of the main directions of the monetary policy of the Central Bank of the Russian Federation;

4. Identify the reasons that impede the effectiveness of the monetary policy of the Central Bank of the Russian Federation;

5. To formulate the main ways to solve the identified problems in the monetary policy tools of the Central Bank of the Russian Federation.

The research methods used in this course work are: economic-mathematical, statistical, graphic and others.

Also, in this work, information materials of legislative acts, works of domestic and foreign research authors, and periodicals were used.

1. Theoretical approaches to the study of money- credit policy

1.1 Essence and types of money- credit policyjar

From point of view economic theory- monetary policy is a set of government measures in the field of money circulation and credit. From a finance perspective, monetary policy is a set of interrelated measures taken by the Central Bank to regulate aggregate demand through the planned impact on the state of credit and money circulation.

The objectives of monetary policy are:

1) Economic goals aimed at maintaining economic activity and reducing unemployment:

Tempo regulation economic growth;

Increase in GDP;

Mitigation of cyclical fluctuations in the commodity, capital and work force;

Containing inflation;

Stimulate growth in the volume of monetary credit operations;

Achieving a balanced balance of payments and others.

2) Social objectives:

Increase the standard of living of the population;

Make various services more accessible and others. /7/

Monetary policy is closely linked to domestic political and economic relations, especially the rate of inflation and economic growth. Moreover, it is not used as separate element regulation of the economy, and in conjunction with such instruments as financial policy, income policy and others.

The methods used in monetary policy are varied, but the most common ones are:

Change in discount interest rate or official discount rate Central Bank(accounting or discount policy);

Changing the norms of required reserves of banks;

Open market operations, i.e. transactions for the purchase and sale of bills, government bonds and other valuable papers;

Regulation of economic standards for banks (the relationship between cash reserves and deposits, equity and borrowed capital, equity capital and debt, equity and assets, the amount of a loan to one borrower and capital or assets, etc.). /1/

Selective methods can also be used aimed at regulating certain forms of credit (for example, consumer credit) or lending to various industries (housing construction, export trade). Sampling methods include:

Direct restrictions on the size of bank loans for individual banks or loans (so-called credit ceilings);

Regulation of the conditions for issuing specific types of loans, in particular, establishing margin sizes, i.e. the difference between the amount of security and the size of the loan issued; deposit rates and loan rates, etc.;

Accounting policy. monetary policy central

In the sphere of monetary circulation, the state pursues its policy using cooperation with this regulatory partner. A kind of partnership is formed: “the state - the Central Bank.” Practice shows the high efficiency of this cooperation.

It should be noted that in the production sector the state does not have such a powerful lever of influence. The manufacturing sector should be characterized by the highest possible degree of freedom and independence, which is required by the market nature itself. Within the production sphere, the state focuses on indirect ways of influence - through the monetary circulation system, which is a kind of circulatory system of the economy.

This indirect version of regulatory influence on the manufacturing sector is built on trade-offs. There is no direct interference in the plans of entrepreneurs. In the same time indirect methods create the prerequisites for the entrepreneur himself to strive to act in accordance with his goals economic policy. However, externally, the state plan will be implemented through the adoption of independent decisions by business circles. Thus, “indirect methods of regulation are manifested in a combination of elements of freedom necessary for the market with soft, but subtly calculated and persistent actions of the state.”

All this can be realized only through the use by the government of such a powerful regulatory lever as the Central Bank, the organizational features of which will be discussed in the next chapter of this course work.

1.2 The concept of the Central Bank and its role inmonetary- credit policy

The emergence of Central Banks is historically associated with the centralization of banknote issue in the hands of a few of the most reliable commercial banks that enjoyed universal confidence, whose banknotes could successfully perform the function of a universal credit instrument of circulation.

Such banks began to be called emission banks. The state, by issuing relevant laws, actively contributed to this process, since banknotes issued to issue loans by numerous small banks were deprived of the ability to circulate in the event of bankruptcy of the issuers. At the end of the 19th and beginning of the 20th centuries. in most countries, the issue of all banknotes was concentrated in one issuing bank, which began to be called the central issuing bank, and then simply central bank.

Currently in Russia there is a two-tier banking system - this is commercial banks and various financial organizations performing credit functions, the second level is the Central Bank. The relationship between these levels is based on two principles: regulatory activity.

The central (issuing) bank occupies a special place, fulfilling the role of the main coordinating and regulatory body of the entire banking system of the country.

The Central Bank (CB) carries out following functions:

Issues money into circulation as a monopoly;

Stores temporarily available funds and required reserves of other banks, i.e. acts as a “bank of banks”;

Acts as a “lender of last resort”, i.e. providing credit only if it is not available on acceptable terms elsewhere, mainly for short-term needs;

Implements non-cash payments on a national scale;

Conducts cash execution of the budget and credits the state;

Regulates the exchange rate of the national currency and coordinates the foreign activities of private banks in its country;

Stores centralized gold and currency reserves;

Establishes economically justified limits and standards for the activities of banks, including the official interest rate on loans;

Conducts scientific research;

Defines legal basis and principles of functioning of credit and financial institutions, markets for short-term and long-term credit transactions, as well as types of payment documents circulating in the country;

Forms an effective mechanism for monetary regulation of the economy.

Empowering the Central Bank with these powers ensures the effective functioning of the two-tier banking system. To implement the listed functions of the Central Bank, an extensive network is required regional institutions and the central office.

Let us consider in more detail the role of the Central Bank in the implementation of monetary policy. The Central Bank is the main conductor of monetary regulation of the economy, which is an integral part of the government's economic policy, the main goals of which are to achieve stable economic growth, reduce unemployment and inflation, and equalize the balance of payments.

75 to 90% of the money supply in most countries is bank deposits and only 25-10% are banknotes of the Central Bank. That's why government regulation monetary sphere can be successful only if the state, through the Central Bank, is able to influence the scale and nature of the operations of commercial banks.

The Central Bank realizes its role through indirect regulation of the monetary sphere. For example, by raising or lowering the official discount rate, the Central Bank affects the ability of commercial banks and their clients to obtain loans, which in turn affects economic growth, the money supply, and the level of market interest.

A change in the discount rate of the Central Bank, causing a corresponding change in market interest, is reflected in the balance of payments and the exchange rate. An increase in the rate helps to attract foreign short-term capital to the country, and as a result, the balance of payments is activated, the supply of foreign currency increases, and the exchange rate of the foreign currency decreases and the rate of the national currency increases. Lowering the rate leads to the opposite results.

Another example would be a change in the required reserve ratio. As a result of its increase, bank loans and the money supply in circulation are reduced, and interest rates on bank loans increase. Decrease in norm bank reserves leads, accordingly, to the expansion of bank loans and the money supply, to a decrease in market interest. Minimum reserves are a mandatory norm for deposits of commercial banks in the Central Bank, established in legislative order and defined as a percentage of total amount deposits of commercial banks. Regulation of minimum reserve requirements has a dual meaning: on the one hand, it guarantees a minimum level of liquidity for commercial banks, on the other, it is used as an important instrument of the Central Bank’s monetary policy.

When assessing the role of the Central Bank, monetary policy should also be considered in a broad and narrow sense. In a broad sense, it is aimed at combating inflation and unemployment, achieving stable rates of economic development through regulating the money supply in circulation, liquidity of the banking system, long-term interest rates. In a narrow sense, such a policy is aimed at achieving an optimal exchange rate through foreign exchange intervention, accounting policy and other methods of regulating short-term interest rates. Currency intervention refers to the policy of purchase and sale by the Central Bank of foreign currency for national currency. foreign exchange market.

When the Central Bank sells or buys foreign currency in exchange for national currency, the ratio of supply and demand for foreign currency changes and the exchange rate of the national currency changes accordingly. If, for example, the Bank of Russia sells dollars on the currency exchange, then the supply of dollars increases and, accordingly, their exchange rate decreases, and the ruble exchange rate rises. When dollars are bought, their rate increases.

Thus, the Central Bank plays a decisive role in the implementation of monetary policy and determines the prospects for its development in the future.

1.3 Ideas about monetary regulation of the economy by various economic schools

1.3.1 Neoclassical school

Economists of the classical (neoclassical) school of the last third of the 19th - early 20th centuries. believed in an effective self-regulating and self-developing market economy, denied the need for large-scale government intervention in economic processes, and money was considered only as a shell for the nominal expression of real values, such as output, income, investment, etc.

They believed that the real volume of production is determined by the main factors of production available to society: labor resources, production capacity, natural resources, i.e. factors that change only in the long term. In particular, many economists of this school believed that output and the velocity of money tend to tend to natural levels and are independent of the influence of money and monetary policy. A change in the amount of money in the economy can only affect the level of domestic prices. Adhering to the quantity theory of money, a significant contribution to the modernization of which was made by a prominent representative of the mathematical school I. Fisher (1867-1947). In economic theory, the mathematical equation of exchange by I. Fisher is well known: MV = PQ, where M is the amount of money in circulation. V - velocity of money circulation, R - price level. Q - level of real production volume. In this equation, MV characterizes the supply of money in the economy, PQ - demand for money.

Neoclassicists argued that a proportional change in the nominal quantity of money will cause only a proportional change in the absolute price level. Therefore, they concluded that monetary policy was ineffective and called on the government to take care, first of all, about a balanced state budget, preventing its deficiency.

World economic crisis 1929-1933 questioned the basic provisions of neoclassical theory, which virtually excluded the possibility of protracted crises and forced unemployment in a market economy. He also discovered that the classical quantity theory of money and prices, operating on long-term time intervals, was unable to solve the problems caused by the crisis. To combat unemployment by the US government. Great Britain and other developed countries began to use government regulation measures that do not fit into the orthodox neoclassical doctrine.

1.3.2 Keynesian model of monetary regulation

The most famous theoretical justification for large-scale government intervention in a market economy was J. Keynes’s book “The General Theory of Employment, Interest and Money” (1936). Keynes revolutionized macroeconomics, radically changing the way economists and governments viewed business cycles and economic policy.

The new economic theory proceeded from the fact that a modern market economy, automatically striving for equilibrium, can fall into a state of equality of aggregate demand and aggregate supply, in which actual output is much lower than potential and a significant part of the labor force consists of the involuntarily unemployed.

Unlike the classics, J. Keynes believed /20/ that the economy could be “stuck” for a long time in a situation of low output and chronic unemployment, because due to the inflexibility of prices and wages There is no mechanism by which full employment can be quickly restored and production capacity can be fully utilized.

The reason why the economy falls into the trap of equilibrium in conditions of full employment J. Keynes saw insufficient aggregate demand and believed that the government could influence the state of economic activity using monetary and fiscal policy methods to change aggregate demand.

In the Keynesian theory of aggregate demand, investment demand is of decisive importance. Fluctuations in investment due to the multiplier effect will cause large changes in production and employment. Among the most important factors determining the level of investment in the economy, J. Keynes identifies the interest rate, since the latter represents the cost of obtaining a loan for financing investment projects. Interest rate growth, etc. equal conditions will reduce the level of planned investment, and, consequently, output and employment will fall.

The chain of functional dependencies can be expressed as follows: an increase in the money supply causes a fall in the interest rate, which leads to an increase in investment, and, consequently, income and employment. Keynes considered the effect of interest rates on investment policy as a lever through which the conditions of monetary circulation affect the economy as a whole. This is why analysis of the money market, where the interest rate is set as a result of the interaction of supply and demand for money, is an important component of Keynesian theory. Revealing the mechanism for changing the interest rate, J. Keynes rejected the classical quantitative theory of demand for money and presented his point of view, according to which money is one of the types of wealth, and the desire of business entities to store part of their assets in the form of money is determined by the so-called liquidity preference.

Keynes viewed the demand for money as a function of two variables: nominal national income and the interest rate, because he believed that the aggregate demand for money included two elements. The first element is transaction demand, or demand for money as a medium of exchange, i.e. demand for money for transactions, purchase of goods and services. It takes into account the transactional motive, when money is needed to carry out planned expenses, and the precautionary motive, which determines the need to have money to be able to realize unexpected needs. Transaction demand depends on the level of national income: the higher the nominal national income, the higher the level of spending, since people enter into a large number of transactions and they need to have more liquid funds.

Fundamentally new for Keynes is the introduction of a second element into the aggregate demand for money - speculative demand associated with the purchase and sale of securities. The presence of speculative demand for money is due to the fact that people in each specific case themselves determine what share of income to allocate for consumption and what for savings, as well as in what form to store savings. Savings represented in securities generate income. However, owning them is associated with risk, since changes in interest rates will lead to changes in the price of securities. Since the price of securities is inversely proportional to the interest rate, when it rises, market price securities is declining. Moreover, it is expected that, having reached the "natural level", interest rates will begin to fall in the future and securities can be sold profitably at a higher price. Naturally, every business entity investing assets will prefer to invest money in securities, as a result of which there will be no speculative demand for money. On the contrary, at a low interest rate it is expected future growth, which will lead to a decrease in the price of securities and cause capital losses to security holders. Under these conditions, there is a general desire for liquidity, a refusal to finance economic growth through investment in securities, and speculative demand for money increases.

According to the works of J. Keynes, the speculative motive forms feedback between the demand for money and the lending interest rate.

The functional dependence of the demand for money can be defined as follows: the nominal demand for money depends on the nominal national income and the nominal interest rate.

The supply of money in the economy is determined by the policy of the Central Bank and is constant in the short term.

The mechanism for setting the interest rate in the money market can be represented graphically (see Fig. 1).

Rice. 1. Dependence of the nominal interest rate i on the amount of money in circulation M: Md is the total demand for money; Ms - money supply; E is the equilibrium point of the money market; i - equilibrium interest rate

Level increase nominal income shifts the demand curve for money to the right, to position Md 2 , which, other things being equal, will cause an increase in the nominal interest rate (i 2).

An increase in the money supply will shift the curve Ms 1 to the right, to the position Ms 2, and accordingly will lower the equilibrium interest rate to the value (i 3).

Using monetary policy methods, the government can influence the interest rate, and through it the level of investment, maintaining full employment and ensuring economic growth.

However, J. Keynes and his followers gave priority to fiscal policy. Several reasons can be given to explain this.

Firstly, the economy enters a special state in which an increase in the money supply does not cause a change in national income. This case is called a “liquidity trap” and was analyzed in sufficient detail by the famous English economist J. Hicks /21/

A “liquidity trap” means that the interest rate is at a fairly low level and can only be changed upward. Under these conditions, owners of money will not seek to invest it. A situation arises where even a very low interest rate does not stimulate investment and does not contribute to income growth. The entire increase in money is absorbed by speculative demand, i.e. money ends up in hands rather than being invested in the economy. Since the interest rate does not change, investment and income remain constant. The market mechanism of independent revival does not work. Need an impulse from outside market system. A way out of this situation, the Keynesians believed, was possible only if fiscal policy was involved, which would serve as a “locomotive” for private investment.

Secondly, in assessing the velocity of circulation of money, Keynes proceeded from the fact that it is changeable and unpredictable, including over short periods of time (for example, within economic cycle). Therefore, money cannot be considered as the most important factor determining the dynamics of production volume, employment and prices.

And finally, thirdly, J. Keynes believed that prices in a market economy are inflexible, therefore he expresses all economic indicators in constant wages.

Having examined the channels through which government fiscal and monetary policies affect the state of the economy, and based on theoretical premises, Keynes concluded that in conditions of depression, the methods of the monetarist approach to regulating and stimulating the economy failed. Changes tax system and the structure of government spending, he believed more in effective ways stabilization of the economy. This conclusion led Keynes' followers to proclaim the famous thesis: "money doesn't matter." At the same time, the early Keynesians, based on the “liquidity trap,” considered monetary policy ineffective and emphasized the absoluteness of fiscal policy.

Late Keynesians also believed that monetary policy was effective. Preference is given to a mixed monetary-fiscal policy: relatively tight fiscal and easy monetary, with the latter being assigned the role of an adaptive policy accompanying fiscal regulation measures. Monetary policy is necessary to keep interest rates low and encourage investment: an increase in the money supply will counteract the increase in interest rates and thus prevent crowding out of private investment, reducing the “push” effect of increasing government spending.

1.3.3 Monetarist quantity theory of money

Monetarism is a school of economic thought that emphasizes changes in the quantity of money in circulation as a determining function of prices, income, and employment.

Monetarists disagree with Keynesians not only on the role of money in the economy, but also, above all, on assessing the functioning of market economy generally. They believe that the market economy is quite stable and the market mechanism is capable of independently restoring economic equilibrium. Therefore, monetarists oppose active government intervention in the economy and defend the principles of free competition in general and in the monetary sphere in particular. Money is considered by monetarists as a decisive factor in the development of production. Excessive government regulation of the monetary sphere can provoke, in their opinion, an economic crisis. They found proof of this not only in the crises of the mid-70s - early 80s.

Underestimation of the role of money, and monetary circulation in particular, the inability of the US Federal Reserve System (FRS) to prevent a sharp reduction in the amount of money in circulation in the late 20s. significantly strengthened, according to M. Friedman, the negative aspects economic downturn. M. Friedman was convinced that money and monetary circulation have always been very important for the development of the economy and ignoring monetary theory or the incorrect use of its postulates in the course of excessive government regulation can cause enormous harm to the public economy.

Analysis of business cycles and money circulation allowed M. Friedman and his associates to significantly modernize the classical quantitative theory of money circulation, especially for short-term time intervals. Thus, monetarists, considering the velocity of circulation of money as a variable, believe that the theory they propose makes it possible to predict the behavior of this variable. They identify the expected level of inflation and the interest rate as the main factors determining the velocity of money. Monetarists also identified the relationship between changes in the growth rate of the money supply, real and nominal GNP, and showed that changes in the growth rate of the money supply affect real output faster than prices. For example, within one business cycle, the growth rate of the money supply in circulation, after some delay, usually several months, causes changes in the growth rate of nominal GNP. First, a significant portion of changes in nominal GNP reflects changes in real GNP, i.e. changes in the real quantity of goods and services produced in economic system. Subsequently, if the growth rate of the money supply significantly exceeds the average annual rate of economic growth, a significant part of the changes in nominal GNP consists of changes in the absolute price level. Thus, the acceleration of nominal GNP growth caused by an increase in the money supply only initially takes the form of an increasing real output, accompanied by a decrease in unemployment. Subsequently, the slowdown in the growth rate of real production leads to the fact that rising prices absorb an increasingly large part of the impact on the economy due to changes in the growth rate of the money supply. When the growth rate of the money supply slows down, the corresponding changes in nominal and real GNP slow down in the opposite order.

New studies by representatives of the monetarist trend provided the keys to understanding the influence of state monetary policy on the state of the economy, made it possible to explain such a previously unobserved economic phenomenon as stagflation, or the simultaneous existence of high unemployment and high inflation, which completely contradicted Keynesian theory, and, finally, to offer appropriate recommendations on the monetary policy of the state.

Based on the fact that good intentions are too often miscarried, monetarists opposed active monetary policy aimed at stabilizing both the money supply and the interest rate.

They considered the Keynesian concept to be erroneous and internally contradictory. Therefore, the main object of regulation, in their opinion, should not be the interest rate, but the growth rate of the money supply. The central bank must implement a constant, predictable monetary policy and follow simple rule constant growth of the money supply. The growth rate of the money supply must be sufficient to, on the one hand, ensure the growth of real GNP, and on the other hand, not cause inflationary processes in the economy.

In the 70s - early 80s. practical use monetarist recipes made it possible to develop fairly effective measures to combat inflation. At the same time, the stabilization of inflation processes, changes in financial institutions and the transition to a new quality of economic growth in the 80s. significantly reduced the relevance of monetarist monetary policy recipes developed during the inflationary period of the previous decade. However, largely thanks to the scientific achievements of the monetarists, economists have said goodbye to the statement “money doesn’t matter” forever.

Modern monetary theory is increasingly acquiring synthetic forms of models that include elements of Keynesianism, monetarism, neoclassical “supply-side economics”, etc.

In general, in economic science a direction has been formed called “neoclassical synthesis”, which includes various points of view on a number of issues in the theory and practice of the functioning of a modern mixed economy.

2. Development of the Russian economy and monetary policy in 2015

2.1 Terms of sale Andbasic measures monetary policy

A year earlier, in the “Main Directions of the Unified State Monetary Policy for 2015 and the Period of 2016 and 2017,” the Bank of Russia considered five scenarios of economic development, differing in assumptions about the dynamics of oil prices, as well as the duration of the financial and economic sanctions introduced in relation to Russia. In economic development scenarios, the price of Urals oil ranged from 84 to 105 US dollars per barrel on average for 2015 (under the base scenario, the oil price was assumed to be 95 US dollars per barrel). The scenario, which included a decrease in oil prices to 60 US dollars per barrel in 2015, was considered by the Bank of Russia as stressful.

Thus, the Russian economy was faced, on the one hand, with a drop in output, and on the other, with an acceleration of inflation. Under these conditions, the Bank of Russia pursued monetary policy, trying to maintain a balance between the need to reduce inflation and prevent excessive cooling of economic activity while maintaining financial stability. Measures aimed at limiting the growth of inflation and devaluation expectations and normalizing the situation in the financial market included the decision taken on December 16, 2014 to increase the key rate to 17.00% per annum, increasing the volume of foreign currency provided by the Bank of Russia on a repayable basis to Russian credit institutions, as well as measures to maintain the stability of the financial sector.

The implementation of these measures contributed to stabilizing the situation in the financial market, restoring the confidence of economic entities in the Russian financial system overall and had a dampening effect on economic activity. When making decisions on monetary policy, the Bank of Russia relied on the medium-term macroeconomic forecast, updated on a regular basis, including taking into account changes in external conditions, and published in the quarterly Monetary Policy Report /22/.

The low level of oil prices in 2015 occurred in conditions of a significant oversupply on the global oil market, as well as as a result of the strengthening of the US dollar against the backdrop of a relatively rapid recovery of the American economy and expectations of the beginning of normalization of monetary policy by the US Federal Reserve.

On the one hand, the growth in demand for energy resources slowed down due to the fact that the growth rate of the global economy was lower than predicted (primarily due to the slowdown in economic growth, the global economy will slow down to 3.1% in 2015 compared to 3.4% in 2015). previously, countries with emerging markets from 4.6 to 4.0%.

On the other hand, OPEC’s decision not to reduce production levels contributed to maintaining a high supply volume in the oil market. Thanks to advances in technologies for extracting oil from unconventional sources, the cost of production from operating shale oil fields in the United States has decreased significantly.

Finally, additional downward pressure on oil prices was exerted by expectations of a further increase in oil supply from Iran in connection with the lifting of sanctions, as well as from other OPEC member countries (such as Libya and Iraq). As a result, the situation on the global energy market turned out to be more unfavorable than in the stress scenario of the Bank of Russia.

Forced repayment of external obligations Russian companies and banks led to a significant capital outflow. It is estimated that the peak volumes of payments for external debt fell on the fourth quarter of 2014 - the first quarter of 2015 (about 80 billion US dollars). Despite the limited possibilities for debt refinancing on external capital markets, payments were made on time and in the required volumes, which was largely facilitated by refinancing operations in foreign currency of the Bank of Russia. The volume of private sector payments on external debt for 2015, adjusted for intra-group loans and borrowings, as well as for the part of the debt that can be refinanced in external markets, is estimated at about 70 billion US dollars. This represents about 60% of the amount corresponding to the official external debt repayment schedule. Given near-zero net demand for foreign assets, net private capital outflow will be determined primarily by the repayment of foreign liabilities and is estimated to be about US$70 billion in 2015.

Overall, in 2015, external conditions continued to have a restraining effect on growth Russian economy. At the same time, their impact on inflation, which was realized to the greatest extent at the end of 2014 - beginning of 2015, gradually decreased throughout the year, however, the persistence of high external volatility created additional uncertainty and risks in price dynamics.

Internal financial conditions for economic development in 2015, taking into account the increase implemented by the Bank of Russia at the end of 2014 key rate to 17.00% per annum, remained relatively strict, but gradually softened during the year.

As in previous years, changes in rates in the economy in 2015 were heterogeneous. In the segment of short-term credit and deposit operations, the reduction in rates began earlier and was more pronounced than in the segment of similar long-term operations. This was due, among other things, to the perception that the Bank of Russia’s rate hike at the end of the year was a temporary measure. Expectations of a reduction in the Bank of Russia's key rate as inflation slows and the economy cools, built into rates on long-term operations, led to the formation of an inverted rate structure at the beginning of the year in the credit and deposit segments of the market. Under these conditions, there was an increase in the share of short-term deposits and long-term loans in the total volume of banking operations.

Promotion credit risks was one of the factors holding back the decline lending rates. In the context of declining real incomes and an increased debt burden (including taking into account the increase in the cost of borrowed resources and currency revaluation), the quality of servicing obligations by Russian corporate and private borrowers deteriorated somewhat, which led to an increase in overdue loans. The write-off of bad loans and the additional accrual of provisions for loan losses associated with the deterioration in the quality of banks' loan portfolios put pressure on the capital of Russian banks. However, a number of measures state support banking sector, adopted in 2015, contained this pressure.

In such conditions, the volume of bank lending remained moderate. At the same time, banks significantly tightened requirements for borrowers compared to the previous year and gave preference to less risky areas of investment, reducing to a greater extent the volume of unsecured loans. consumer lending and lending to small and medium-sized businesses. An additional factor, which stimulated banks to increase lending large companies, was the increased demand of these companies for loans in connection with the replacement of declining external debt.

As expected, at the end of 2015, the growth rate of the money supply in national terms and the broad money supply, excluding currency revaluation, will be small. The growth rate of loans to non-financial organizations and the population in rubles and foreign currency at the end of the year will not exceed 7%. The more subdued dynamics of monetary and credit aggregates in 2015 in relation to the baseline forecast presented in the “Main Directions of the Unified State Monetary Policy for 2015 and the Period of 2016 and 2017” was determined by a deeper decline in economic activity and the persistence of tighter monetary policy. credit conditions than assumed in the baseline scenario. The impact of the identified external and internal factors influencing economic activity is estimated to lead to a reduction in GDP in 2015 by 3.9-4.4%. This scale of decline will correspond to the lower limit of the forecast interval of the stress scenario. A year ago, the Bank of Russia’s baseline scenario predicted zero GDP growth in 2015.

In 2015, the Bank of Russia gradually eased monetary policy. In the first half of the year, in the context of weakening inflation risks while maintaining the risks of a significant cooling of the economy, the key rate was reduced by a total of 5.5 percentage points, to 11.50% per annum. In July - early September, against the background of the observed weakening of the ruble, inflation risks increased. In this regard, the Bank of Russia in July reduced the scale of the key rate reduction to 50 basis points, reducing it to 11.00% per annum, and in September-October it kept the key rate unchanged.

2.2 Use of tools monetary policy

The Bank of Russia manages money market interest rates in conditions of a structural liquidity deficit, that is, the banking sector has a persistent need to raise funds from the central bank. In this regard, the Bank of Russia carries out operations primarily to provide liquidity. The volume of supply of funds at auctions is determined by the Bank of Russia based on the liquidity forecast of the banking sector. At the same time, the Bank of Russia strives to provide the necessary amount of liquidity to the banking sector through auction operations. The minimum cost of providing funds under these operations is tied to the level of the Bank of Russia key rate. This makes it possible to create the prerequisites for the redistribution of funds by credit institutions in the interbank money market at rates close to the key rate of the Bank of Russia.

In 2015, the Bank of Russia implemented a number of changes to the system of monetary policy instruments stated in the “Main Directions of the Unified State Monetary Policy for 2015 and the Period of 2016 and 2017.” Thus, to expand credit institutions’ access to refinancing, in June 2015 the Bank of Russia supplemented the system of monetary policy instruments with a “fine-tuning” foreign exchange swap auction for 1-2 days. These operations will be carried out by decision of the Bank of Russia together with “fine-tuning” repo auctions in cases where high level Loads on market collateral for core operations may have a negative impact on the Bank of Russia’s ability to manage money market interest rates. In 2015, such operations were not carried out.

As planned, the Bank of Russia continued in 2015 to increase the volume of collateral that credit organizations can be used in refinancing operations of the Bank of Russia. The Lombard List of the Bank of Russia, as well as the List of the Bank of Russia, was significantly expanded. Since 2015, bonds may be included in the Lombard List of the Bank of Russia legal entities- residents Russian Federation, which are non-financial organizations, and mortgage-backed bonds, the issuers (issues) of which do not have ratings rating agencies or fulfillment of the issuer's obligations for which is not secured by state guarantees of the Russian Federation or the joint guarantee of OJSC "Mortgage Agency" housing lending". In 2015, decisions were also made to increase adjustment coefficients and reduce discounts used to adjust the value of assets accepted as collateral for Bank of Russia refinancing operations.

2.3 Monetary politics ininteraction Withother functions Bank of Russia

The changing situation in the economy has become a serious challenge not only for monetary policy, but also for state economic policy in general. In 2015, at the initial stage of adaptation to the significant deterioration in foreign economic conditions that occurred in the second half of 2014, issues of maintaining confidence in national currency and the financial system, ensuring the stable functioning of financial markets and the banking sector, maintaining certain segments of the economy. To solve these problems, the Bank of Russia, along with monetary policy instruments, also used foreign currency transactions, specialized refinancing mechanisms, and changes in prudential regulation standards.

At the same time, during the development and application of such measures, significant attention was paid, among other things, to assessing their impact on the conditions for implementing monetary policy and the prospects for inflation achieving the target level. Operation parameters were set and changed in such a way as to minimize their impact on the effectiveness of interest rate management, not to distort the operation of the monetary policy transmission mechanism and the normal functioning of markets, and not to contribute to the formation or increase of imbalances in the economy.

Given the growing demand of Russian companies and banks for foreign currency to service external obligations, the Bank of Russia at the beginning of the year increased the volume of foreign currency refinancing operations. During the period from the beginning of January to mid-April 2015, the total debt of credit institutions under these operations increased by 16.8 billion US dollars, to 36.7 billion US dollars. After successful completion Russian organizations peak of payments on external debt in February-March, there were signs of a significant improvement in the situation with foreign exchange liquidity of the banking sector: the return of balance sheet indicators characterizing the volume of foreign exchange liquidity available to banks and the cost of borrowing it in the money market to the levels observed in the period before the introduction of international financial sanctions . Along with other factors, such as the recovery of oil prices relative to the lows of the beginning of the year, the weakening of the US dollar against a basket of major world currencies in March-April, the decrease in demand for foreign currency from the corporate sector and the population, this made a significant contribution to the reduction in volatility in the foreign exchange market and a faster return of the ruble exchange rate to fundamentally justified levels in February-April.

The strengthening of the ruble had a positive impact on the dynamics of domestic prices and became one of the factors in slowing inflation since April 2015. Thus, currency refinancing operations not only contributed to ensuring the sustainable functioning of the financial sector, but also had a positive impact on the conditions for implementing monetary policy by reducing inflationary pressure from the dynamics of the ruble exchange rate. Along with other factors, this influence was taken into account when making decisions on the level of the key rate and, among other things, made it possible to actively reduce it in the first half of 2015.

The use of Bank of Russia operations to provide foreign exchange liquidity made it possible to significantly mitigate the passage of the most difficult stage of adaptation of the economy to the conditions of limited access to international capital markets. Subsequently, against the backdrop of stabilization of the situation in the financial markets, the Bank of Russia took measures designed to encourage banks to more actively look for alternative sources financial resources in foreign currency so that Bank of Russia instruments do not replace market mechanisms. At the end of March - April 2015, the minimum interest rates on instruments for providing liquidity in foreign currency were increased in order to bring them closer to market interest rates. In addition, taking into account the decreasing need of the banking sector for operations to provide foreign currency refinancing, the Bank of Russia suspended repo auctions in foreign currency for a period of 364 days from June 2015. Until the end of 2015, the Bank of Russia will be ready to quickly make decisions on changing limits at currency repo auctions and credit auctions in the event of changes in the banking sector's need for foreign currency liquidity and, if necessary, increase the volume of funds provided. Revenues are expected to be current account balance of payments and the level of reserves of liquid foreign currency assets already accumulated by Russian companies and banks, together with currency refinancing operations of the Bank of Russia, will allow them to uninterruptedly make payments on external debt during this period.

In the conditions of stabilization of the situation in the foreign exchange market, the Bank of Russia in May 2015 decided on the need to replenish international reserves, given their special importance for maintaining the stable functioning of the financial sector during the period of negative external shocks, the duration of which can be significant.

The volume of transactions to replenish reserves for each day was established taking into account the conditions of the foreign exchange market, changes in foreign economic conditions, the state of the Russian economy and the balance of payments. Purchases of foreign currency on the domestic foreign exchange market were carried out in small volumes (100-200 million US dollars) evenly throughout the day. The volume of transactions for each day was set in such a way as to ensure minimization of their impact on the dynamics of the ruble exchange rate and its volatility and, as a result, on the level of risks for price and financial stability. If necessary, currency purchases were suspended for one day or a longer period. In May-July, the total volume of foreign currency purchases amounted to 10.1 billion US dollars; since July 28, 2015, no transactions were carried out in conditions of increasing exchange rate volatility under the influence of foreign economic factors. Decisions on the possibility of resuming operations to replenish international reserves will be made taking into account the development of the situation on the domestic foreign exchange market, as well as on world markets and in the Russian economy as a whole.

At the beginning of 2015, the Bank of Russia also carried out operations related to the sale of Federal Treasury foreign currency from its foreign currency accounts with the Bank of Russia; the volume of transactions amounted to 2.3 billion US dollars. Operations related to the replenishment or expenditure of sovereign funds by the Ministry of Finance of the Russian Federation and the Federal Treasury in 2015 were carried out by converting funds in foreign currency into rubles in accounts with the Bank of Russia, that is, they did not affect exchange rate. The implementation of anti-crisis measures by the Bank of Russia in the field of banking regulation also served to achieve the goals of ensuring the stability of the Russian financial sector in 2015. In the first half of 2015, temporary changes introduced in December 2014 to the procedure for assessing and classifying assets and liabilities of credit institutions continued to be in effect, including a moratorium on the recognition of negative revaluation of securities portfolios, the right to use fixed foreign exchange rates when calculating prudential standards, and a relaxation of the assessment procedure quality of loan debt /23/.

Tools and methods of monetary policy

The main tools and methods that the Bank of Russia can use are determined by the Law of the Russian Federation “On the Central Bank of the Russian Federation (Bank of Russia)”.

Methods of controlling and regulating the money supply include:

establishing interest rates on operations of the Central Bank of the Russian Federation;
determination of standards for required reserves deposited by commercial banks with the Central Bank of the Russian Federation (reserve requirements);
open market operations;
bank refinancing and government loans;
currency interventions;
transactions with government securities as part of servicing government debt;
setting targets for money supply growth;
quantitative credit restrictions;
issuing bonds on its own behalf (on behalf of the Bank of Russia).

Official interest rate involves regulating the loan capital market by establishing and revising the official (base) interest rate. In foreign banking practice, it exists in two forms:

discount rate - the conditions under which the Central Bank of the Russian Federation purchases (rediscounts) commercial bills from commercial banks. Rediscounting of bills of exchange is in the nature of a loan for commercial banks, since bills of exchange are purchased before the maturity date for them. Since bills of exchange are redeemed at a discount from the bill amount, these loans are called discounted, and the rediscount operation is called rediscounting;
interest rate on pawnshop operations - loans secured by securities. Such a loan is usually short-term (3-6 months); object of regulation in in this case- not only the level of interest, but also a list of securities that can become the subject of collateral, as well as minimum size coverage of the loan provided (as a percentage of the value of securities).

The meaning of this tool is as follows:

by regulating the level of interest rates on its operations, the Central Bank of the Russian Federation influences the amount of money supply through managing the deposit base of commercial banks and their demand for credit;
The official interest rate has an indirect impact on market interest rates set by commercial banks independently in accordance with the credit market. At the same time, the official interest rate may deviate from the market one in one direction or another.

IN domestic practice The official rate of the Central Bank of the Russian Federation as a method of monetary regulation began to be used in 1988, simultaneously with the beginning of decentralization of the banking system. But since there was no mechanism for commercial lending and, therefore, circulation of commercial bills, the securities market was not developed, the interest rate on direct loans to commercial banks became the base rate.

Refinancing rate is a monetary regulation tool used by the Central Bank of the Russian Federation to set an upper limit on interest rates in the money market. The reform of the banking system, the development of the interbank credit market, and the independence of banks in carrying out credit policy led to the abandonment of administrative methods of regulating interest rates. The development of the securities market for bill circulation made it possible to expand the concept of the official interest rate in Russian practice monetary regulation. In particular, the new legislation on the Bank of Russia stipulates that the refinancing of commercial banks includes both direct loans and the accounting and rediscounting of bills. Instruments of monetary regulation also include interest rates on Bank of Russia operations, including short-term loans secured by securities. Lists of securities suitable for securing loans are determined by the Board of Directors of the Bank of Russia.

The Central Bank of the Russian Federation has developed a procedure for submitting rediscount and pawnshop loans. Rediscount credit - This is the provision by the Bank of Russia of a loan to a commercial bank by purchasing from it bills of exchange of supplier enterprises at an established rediscount loan rate. The loan is provided on the basis of an agreement on bill lending, concluded with commercial bank. The requirements for bills submitted for rediscount are as follows:

these must be promissory notes supplier enterprises, compiled according to a single form;
the bill amount (the face value of the bill) must be at least 100 million rubles;
bills must be issued by solvent enterprises that have a current account with a given commercial bank;
the bill must be issued for the actual shipment of goods or provision of services, i.e. must be marketable. At the request of the Bank of Russia, a commercial bank must provide information on the commodity basis of the bill: agreement for the supply of products, provision of services, shipping documents. Target this condition is to limit the possibility of issuing money for financial debentures, in relation to emissions credit money and trade needs.

Loans are provided on the terms of repurchase of bills. The period for which the Bank of Russia buys bills from commercial banks ranges from 10 to 90 days. The repurchase operation of bills of exchange by a commercial bank is carried out no later than two business days before the due date of payment on the bill.

Since 1996, the Bank of Russia has been providing commercial banks with Lombard loans in order to regulate their liquidity. Pawn loan provided against government securities in two options:

by satisfying bank requests at a fixed pawn interest rate;
through an auction of banks' applications at the cut-off rate established at the auction.

The loan is provided by the bank for a period of up to 30 calendar days. The Bank of Russia ensures accounting of securities accepted as collateral as collateral for a pawn loan in a special depository (a depository is a special organization that ensures the storage of securities and accounting of ownership rights to them). Securities pledged must meet the following requirements:

they must be government securities included in the Lombard list of the Bank of Russia;
must be owned by the bank requesting the loan and cannot be encumbered by other obligations of the bank;
must have a maturity date no earlier than 10 days after the maturity date of the pawn loan.

The amount of the pawn loan requested by the bank (including interest for the entire loan period) should not exceed the market price of the pledged securities at the time the loan was granted. This takes into account the risk of changes in market prices. For this purpose, a special correction factor established by the Bank of Russia is used. The sufficiency of collateral for pawn loans is checked when considering the bank’s application for a loan.

The market value of securities is determined on the basis of exchange information as of the relevant date. If the bank does not fulfill its obligations to repay the loan, then the pledged securities are sold according to the existing market prices. If the proceeds from the sale are not enough, then the difference is recovered from the borrowing bank as funds are received in its correspondent account at the cash settlement center of the Bank of Russia.

An important feature of the process of regulating interest rates in the economy is the use of indirect methods of influence. The Bank of Russia influences the level of interest rates by regulating the money supply. The refinancing rate (in any of its variants) is only a guideline for determining rates for commercial bank operations.

Reserve requirements. Mandatory reserves are deductions from credit institutions from the volume of attracted resources in accordance with accepted rules. Required reserves are a mechanism for regulating the overall liquidity of the banking system, used to control monetary aggregates by reducing the money multiplier. Reserve requirements are established in order to limit the lending capabilities of credit institutions and maintain the money supply in circulation at a certain level.

Historically, contributions to the centralized fund arose as voluntary contributions and served as an insurance reserve for the banking system. Reserves were first used as mandatory bank deposits in the United States in 1863, long before the creation of the Federal Reserve System. In accordance with banking law, the reserve requirement for New York banks was 25% of deposits. Reserves were deposited in the accounts of the banks themselves. For credit institutions in other 16 major cities

The US had the same reserve requirements. Half of them regional banks should have been kept in New York bank accounts. For other banks, the reserve ratio was 15%. Reserve requirements were extended to all US banks in 1913 with the creation of the Federal Reserve System. Before the First World War, the functions of required reserves consisted of ensuring the liquidity of banks and the safety of deposits. Subsequently, the importance of required reserves as an instrument of monetary regulation became decisive.

Reserve requirements perform several functions, among which the main ones are the following:

cash buffer - in the event of a sharp shortage of liquidity in the interbank market, the short-term interest rate shoots up. To stabilize or smooth out its fluctuations, the central bank reduces the reserve ratio and thereby provides banks with an additional influx of funds. In addition, reserve averaging allows banks to access resources in the event of an emergency shortage. Manipulating the reserve ratio makes it possible to provide a kind of buffer that softens the money market situation. The buffer function is most actively used in industrialized countries;

liquidity management - reserve obligations are one of the main determinants of the monetary position of commercial banks and the demand for borrowed reserves of the central bank. Changing the reserve ratio allows you to regulate the liquidity of the banking system in the short term;

regulation of money supply - Required reserves act as a limiter on banks' credit issues. A decrease in the reserve ratio expands the lending activity of banks, and a decrease in the reserve ratio, accordingly, reduces it. Thus, through reserve requirements, the central bank can regulate the supply of money in the economy. Currently, industrialized countries do not use this function of reserve requirements, but developing countries continue to actively use it;

taxation - reserve requirements are somewhat analogous to a tax on banks. The forced attraction of cheap resources by the central bank allows it to extract monopolistic income. In other words, reserve obligations are a source of state seigniorage;

secondary regulatory functions - In some cases, reserve requirements perform functions that are not typical for most central banks. For example, they can play a prudential role, be used as a means of insuring deposits and regulating international capital flows.

Currently, reserve requirements in industrialized countries are used to manage short-term financial sector liquidity. Reserve requirements, determined by averaging bank deposits over a period of time, can change the daily stability of interest rates. Reserve averaging allows banks to have automatic access to funds in central bank accounts on a daily basis until average level reserves for reporting period equals reserve requirements.

The use of this instrument of monetary regulation is based on several rules:

the required reserve ratio is at the minimum level required for the effective implementation of monetary policy;
reserve requirements are not applied to interbank deposits in order to avoid their double taxation and obstacles in the development of the interbank money market;
mandatory reserves apply evenly to all types of credit institutions and obligations in order to exclude the possibility of arbitrage transactions;
Government securities are not considered as part of reserves to avoid inefficiencies in open market operations.

Central banks of many countries during the 90s of the XX century. reduced or completely abandoned reserve requirements. However, many central banks maintain reserve requirements because reserves provide direct and qualitative control over the money supply.

In Russia, for the first time, reserve requirements are used as a regulatory tool with the advent of credit system commercial structures. The minimum reserves of newly created joint-stock (share, cooperative) banks were subject to credit to the fund for regulating credit resources. The amount of fund balances subject to reserve was determined in accordance with the standards of the Central Bank of the Russian Federation, established as a percentage of the volume of funds attracted by banks.

During the period of validity of this instrument in banking system Minimum reserve requirements have changed several times. Reserve Fund The banking system of the Russian Federation was created in April 1991, the reserve norm was set at 2%, there was no differentiation of norms depending on the nature of the resources attracted by banks. Since January 1992, the size of required reserves was increased to 10%, and in April differentiated reserve standards were introduced for the first time: 20% for demand deposits and 15% for time deposits.

Since March 1996, for the first time in domestic banking practice, differentiated reserve standards were introduced:

on demand accounts and time deposits up to 30 days - 18%;
for time deposits from 31 to 90 days - 14%;
for time deposits over 90 days - 10%;
for foreign currency accounts - 1.25%.

The law on the Central Bank of the Russian Federation defines the upper limit of reserve requirements (20%) and provides for the possibility of differentiating reserve requirements for different credit institutions.

The amount of required reserves, as well as the procedure for their deposit, are established by the Board of Directors of the Bank of Russia. Since January 2000, the following norms of required reserves have been in force:

on raised funds of legal entities in the currency of the Russian Federation and attracted funds of legal and individuals in foreign currency - 10%;
for funds of individuals attracted to deposits in Russian currency - 7%.

Changing the level of required reserves is the most effective tool of monetary regulation, since it directly affects the deposit base of banks.

Open market operations

Open market operations consist of the purchase or sale of securities by the Central Bank of the Russian Federation. The method is used to reduce or increase the deposit base of commercial banks, influence the level of market interest rates, and regulate the rate of government securities. The bulk of such transactions are carried out on the secondary securities market. The objects of operations are marketable securities: government bonds, securities of the largest national corporations and banks. Based on technical procedures, a classification of open market operations can be drawn up (Fig. 13.1).

Rice. 13.1. Typology of operations on the open securities market

In industrialized countries, open market operations are the main instrument of monetary policy. If securities are sold by the Central Bank of the Russian Federation at a predetermined rate, then this rate, as a rule, is somewhat lower than the market rate. The goal is to attract banks as buyers and the corresponding outflow of credit resources from the loan market. The difference between the selling rate and the market rate depends on what goal the Central Bank of the Russian Federation is pursuing. He buys securities if it is necessary to maintain the liquidity of commercial banks and increase free reserves for lending.

For the practice of conducting open market operations by the Bank of Russia, it is important to determine the list of securities, operations with which will allow achieving the set goals. These papers must meet three main criteria:

low credit risk;
high liquidity;
circulation on the organized market.

The Bank of Russia currently uses exclusively GKOs and OFZs, as well as its own bonds, for open market operations. Of greatest interest is the classification of operations according to the terms of the transactions. Among them, the most flexible tool is considered repo deal(REPO, RP - repurchase agreement) - an agreement to purchase securities with subsequent repurchase at a specified price. Such transactions arose on the basis of the government securities market. Under these agreements, the Central Bank of the Russian Federation takes the position of buyer of securities from commercial banks. Commercial banks undertake to carry out a reverse transaction after a certain time. The following characteristics are decisive in repo transactions:

purchase price;
resale price;
time lag (time interval) between direct and reverse transactions.

In order to make the operation attractive to commercial banks, the Central Bank of the Russian Federation buys securities at higher prices than the resale price, i.e. with discount. Such a discount can be fixed or floating. REPO agreements are concluded for a short-term period, the terms of transactions are standardized (1-3 weeks, 2-6 months). In world practice, REPO transactions are the most effective tool for achieving the operational goals of monetary policy.

Refinancing of credit institutions

Refinancing of commercial banks - This is lending by the Bank of Russia to credit institutions to replenish their liquidity. As stated above, such loans include direct loans, rediscount and pawnshop loans. The types of loans used to refinance commercial banks are presented in table. 13.1.

Table 13.1. Types of loans for refinancing commercial banks

Bank of Russia loan		Credit term
Intraday credit “overday” Credit..overnight*		During the operating day
Intraday credit “overday” Credit..overnight*		1 working day
Pawn loan	Regulations of the Bank of Russia “On the procedure for the Bank of Russia to provide loans to banks secured by the pledge of government securities”	From 1 to 30 days

End of table. 13. /

Bank of Russia loan	Basis for granting the loan	Credit term
	Regulations of the Bank of Russia “On the procedure for granting pawn loans to banks by the Bank of Russia”
Rediscount credit	Regulations of the Bank of Russia “On carrying out rediscount operations by the Bank of Russia”	From 10 to 90 days
Loan to a bank-rehabilitation company carrying out measures to rehabilitate a problem credit institution	Regulations of the Bank of Russia “On the procedure for the Central Bank of the Russian Federation to provide loans to a credit organization carrying out measures to rehabilitate a problem credit organization -
Loan to support measures to repay obligations to depositors	Conditions for the provision and repayment of a loan from the Bank of Russia in support of measures to repay obligations to depositors, approved by a decision of the Board of Directors of the Bank of Russia
Liquidity loan	Conditions for the provision and repayment of a loan from the Bank of Russia to maintain liquidity, approved by a decision of the Board of Directors of the Bank of Russia	From 1.2 months. up to 1 year
Loan to support improvement measures financial stability jar	Conditions for the provision and repayment of a loan from the Bank of Russia in support of measures to increase the financial stability of the bank, approved by a decision of the Board of Directors of the Bank of Russia
Stabilized loan	Conditions for the provision and repayment of a stabilization loan from the Bank of Russia, approved by a decision of the Board of Directors of the Bank of Russia

The refinancing system of commercial banks in its functional tasks goes beyond the purely pragmatic goals of monetary policy and acts as one of the factors stimulating the increase credit potential banking system of Russia. Despite the progressive development of the banking sector, its role in the development real sector the economy remains insufficient. Banking sector assets in relation to GDP are only 45%, while in the UK, for example, about 400%, in Germany - 317%.

To stimulate the growth of credit potential, it is possible to increase the provision of pawn loans by expanding the pawn list of securities, reducing interest rates on such loans, developing a system of long-term lending to commercial banks in order to expand project lending to enterprises and increasing the role of banks in modernizing the economy.

An integral part of the policy pursued by the Bank of Russia to regulate the liquidity of credit institutions - deposit transactions with credit institutions. The purpose of such operations is to remove excess liquidity from the banking system by attracting available funds from credit institutions to deposit accounts with the Bank of Russia. To carry out these operations, the following mechanisms are used:

holding deposit auctions;
conducting deposit operations at a fixed interest rate;
acceptance for deposit of funds from banks that have entered into a General Agreement with the Central Bank of the Russian Federation on deposit operations using the Reuters Dealing system (carried out on standard conditions offered by the Central Bank of the Russian Federation);
acceptance of bank funds for deposit on the basis of a separate agreement defining the terms of the deposit.

Currency interventions

Currency interventions- these are operations of the Bank of Russia for the purchase or sale of foreign currency on the exchange and interbank markets to influence the ruble exchange rate, the total demand and supply of money, and reduce the volatility of the foreign exchange market.

Setting benchmarks for money supply growth

Targeting in a broad sense, it is the application of the available range of economic policies to responsibly achieve the quantitative targets of the target variable. The subject of targeting may be exchange rates, inflation rates, and monetary aggregates. Targeting the money supply is currently based on determining the target parameters of the M2 aggregate. This indicator serves as a monetary indicator, which influences inflation with a certain short-term time lag.

Direct quantitative restrictions

Direct quantitative restrictions may be applied by the Central Bank of the Russian Federation in exceptional cases. These include administrative methods such as:

setting limits on granting loans and raising funds;
determination of types of collateral active operations;
introduction size limits interest rates on loans provided by banks;
direct limitation of credit margin.

Currently, direct quantitative restrictions by the Central Bank of the Russian Federation are not applied.

Federal Agency for Education

NOU "Baltic Humanitarian Institute"

Faculty of Economics

Department of Humanities and Natural Sciences

Discipline "History" Russian finance»

Abstract-essay

Topic: “Monetary policy of the Central Bank of the Russian Federation”

Completed by: 1st year student, correspondence department,

specialty Finance and Credit,

Guskova I.V., record book number 11039098

Completion date: 04/14/09

Checked by: supervisor

Mezentseva M.S.

St. Petersburg (2009)

Work plan

Introduction

Bibliography

Introduction

State regulation of credit and financial institutions is one of the most important elements in the development and formation of the monetary system of any country. The main directions of state regulation are:

the policy of the Central Bank in relation to credit and financial institutions, especially banks;

tax policy governments in mixed (semi-state) or state credit institutions and legislative activities of the executive and legislative branches.

A key element of state regulation of the financial sector of any developed state today is the Central Bank, which acts as the conductor of official monetary policy. In turn, monetary policy, along with budget policy, forms the basis of all state regulation of the economy. Accordingly, without mastering the methods of operation of central banks, monetary policy instruments cannot be effective. market economy.

The rapid expansion of types of monetary transactions and instruments of the loan capital market dictate new conditions for the development of the credit market.

The redistribution of monetary resources in the credit market between its participants leads to the redistribution of the country's money supply between sectors of the economy, preferably with higher profitability. Such interaction leads to the creation of a basis for accelerated settlements, the introduction of automated new methods, and greater opportunities for loan market participants appear. All this helps to save distribution costs and increase the efficiency of social reproduction in general.

1. The essence and types of monetary policy of the bank and its role in monetary policy

From the point of view of economic theory, monetary policy is a set of government measures in the field of money circulation and credit. From a finance perspective, monetary policy is a set of interrelated measures taken by the Central Bank in order to regulate aggregate demand through a planned impact on the state of credit and money circulation.

The objectives of monetary policy are:

1) Economic goals aimed at maintaining economic activity and reducing unemployment:

regulation of economic growth rates;

increase in GDP;

mitigation of cyclical fluctuations in the commodity, capital and labor markets;

curbing inflation;

stimulating growth in the volume of monetary transactions;

achieving a balanced balance of payments and others.

2) Social objectives:

improve the standard of living of the population;

make various services more accessible and others.

Monetary policy is closely linked to domestic political and economic relations, especially the rate of inflation and economic growth. Moreover, it is used not as a separate element of economic regulation, but in conjunction with such instruments as financial policy, income policy and others.

The methods used in monetary policy are varied, but the most common ones are:

Changes in the discount interest rate or the official discount rate of the Central Bank (accounting or discount policy);

Changing the norms of required reserves of banks;

Open market operations, i.e. transactions for the purchase and sale of bills, government bonds and other securities;

Direct restrictions on the size of bank loans for individual banks or loans (so-called credit ceilings);

Accounting policy.

This indirect version of regulatory influence on the manufacturing sector is built on trade-offs. There is no direct interference in the plans of entrepreneurs. At the same time, indirect methods create the prerequisites for the entrepreneur himself to strive to act in accordance with the goals of economic policy. However, externally, the state plan will be implemented through the adoption of independent decisions by business circles. Thus, “indirect methods of regulation are manifested in a combination of elements of freedom necessary for the market with soft, but subtly calculated and persistent actions of the state.”

All this can be realized only through the use by the government of such a powerful regulatory lever as the Central Bank, the organizational features of which are discussed in the next part of this work.

2. The concept of the Central Bank and its role in monetary policy

Such banks began to be called emission banks. The state, by issuing relevant laws, actively contributed to this process, since banknotes issued to issue loans by numerous small banks were deprived of the ability to circulate in the event of bankruptcy of the issuers. At the end of the 19th and beginning of the 20th centuries. in most countries, the issue of all banknotes was concentrated in one issuing bank, which became known as the central issuing bank, and then simply as the central bank.

Currently in Russia there is a two-tier banking system - these are commercial banks and various financial organizations performing credit functions, the second level is the Central Bank. The relationship between these levels is based on two principles: regulatory activity.

The central (issuing) bank occupies a special place, fulfilling the role of the main coordinating and regulatory body of the entire banking system of the country.

The Central Bank (CB) performs the following functions:

issues money into circulation as a monopoly;

stores temporarily available funds and required reserves of other banks, i.e. acts as a “bank of banks”;

performs the role of “lenders of last resort”, i.e. providing credit only if it is not available on acceptable terms elsewhere, mainly for short-term needs;

carries out non-cash payments nationwide;

conducts cash execution of the budget and credits the state;

regulates the exchange rate of the national currency and coordinates the foreign activities of private banks in its country;

stores centralized gold and currency reserves;

establishes economically justified limits and standards for the activities of banks, including the official interest rate on loans;

conducts scientific research;

determines the legal basis and principles of functioning of credit and financial institutions, markets for short-term and long-term credit transactions, as well as types of payment documents circulating in the country;

forms an effective mechanism for monetary regulation of the economy.

Empowering the Central Bank with these powers ensures the effective functioning of the two-tier banking system. To implement the listed functions of the Central Bank, an extensive network of regional institutions and a central office is needed.

From 75 to 90% of the money supply in most countries are bank deposits and only 25-10% are Central Bank notes. Therefore, state regulation of the monetary sphere can be successful only if the state, through the Central Bank, is able to influence the scale and nature of the operations of commercial banks.

Another example would be a change in the required reserve ratio. As a result of its increase, bank loans and the money supply in circulation are reduced, and interest rates on bank loans increase. A decrease in the norm of bank reserves leads, accordingly, to an expansion of bank loans and money supply, to a decrease in market interest. Minimum reserves are a mandatory norm for deposits of commercial banks with the Central Bank, established by law and defined as a percentage of the total amount of deposits of commercial banks. Regulation of minimum reserve requirements has a dual meaning: on the one hand, it guarantees a minimum level of liquidity for commercial banks, on the other, it is used as an important instrument of the Central Bank’s monetary policy.

When assessing the role of the Central Bank, monetary policy should also be considered in a broad and narrow sense. In a broad sense, it is aimed at combating inflation and unemployment, achieving stable rates of economic development through regulating the money supply in circulation, the liquidity of the banking system, and long-term interest rates. In a narrow sense, such a policy is aimed at achieving an optimal exchange rate through foreign exchange intervention, accounting policies and other methods of regulating short-term interest rates. Currency intervention refers to the policy of purchase and sale by the Central Bank of foreign currency into national currency in the foreign exchange market.

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Thus, the Central Bank plays a decisive role in the implementation of monetary policy and determines the prospects for its development in the future.

3. Options for the development of the Russian economy in 2009-2011.

In August 2008, the Central Bank of Russia submitted to the State Duma the draft “Main Directions of the Unified State Monetary Policy for 2009 and the Period of 2010 and 2011.” The document was approved by the Government of the Russian Federation at a meeting on August 21.

The Bank of Russia and the government in options for the development of the Russian economy in 2009-2011. proceed from uniform assessments of the external and internal conditions of its functioning. Over the next three years, the main objective of monetary policy is to consistently reduce inflation.

The Government and the Bank of Russia have set the task of reducing inflation in 2009 to 7.5-8.5%, in 2010 - to 5.5-7%, and by 2011 to reach an inflation level of 5-6.8% (based on December to December). This goal for the general level of inflation in the consumer market corresponds to core inflation of 6.7-8% in 2009, 4.5-6.2% in 2010 and 4.5-6.1% in 2011.

The Bank of Russia intends to largely complete the transition to an inflation targeting regime, which assumes the priority of the goal of reducing inflation. However, in the near future, monetary policy will largely retain the features formed in last years: the use of the managed floating exchange rate regime for the ruble will continue, the use of the monetary program to monitor the compliance of monetary indicators with the target level of inflation, and the use of the bi-currency basket as an operational reference point for exchange rate policy. At the same time, decisions on policy adjustments will be made based on a wide range of economic indicators.

The price of oil on world energy markets is the most important factor influencing the development of the Russian economy. In this regard, the Bank of Russia considered 4 options for the conditions for conducting monetary policy in 2009-2011, 3 of which are based on forecasts of the Government of the Russian Federation.

Within the first option, which is considered in addition to the forecast options of the Russian government, it is expected that the average annual price for Russian oil up to 66 dollars/barrel. Under these conditions, the current account balance may become negative. Real disposable cash income of the population could increase by 8.1%, investment in fixed capital - by 10%, and GDP - by 5.7%.

The second option provides for the development of the Russian economy in 2009 in the context of a decline in the price of Urals oil on the world market to $90 per barrel. Under these conditions, the positive balance of the current account of the balance of payments may decrease by more than 3 times. The growth of foreign exchange reserves will slow down significantly.

If external conditions worsen, the growth rate of key economic indicators in 2009 will be lower than in the previous year. Real disposable income of the population may increase by 9.9%. It is expected that the growth rate of investment in fixed assets will slow down to 14%. In this case, GDP could increase by 6.4%.

As a third option, the forecast underlying the project is considered federal budget. It is expected that in 2009 the price of Russian oil will drop to $95/barrel. Exports of goods and services under this option will be almost the same as in 2008, and imports will increase. The current account surplus of the balance of payments will be larger than in the second option. The growth of foreign exchange reserves will slow down, but to a lesser extent than in the second option.

This option involves the implementation of measures to transition to an innovative development model, which will contribute to maintaining high investment activity - in 2009, the growth rate of investment in fixed capital may be 14.5%. Real disposable income of the population could increase by about 10.5%. The rate of economic growth in these conditions is expected to be 6.7%.

According to the fourth version of the forecast, it is assumed that the price of Russian oil in 2009 will be $115/barrel. In this case, the current account surplus and the increase in foreign exchange reserves will be greater than in the third option. Against the backdrop of a significant improvement in external conditions, the growth rates of key economic indicators will be higher than in the third option. Increase in real disposable cash income population is expected at 11.1%, investment in fixed assets - 15.2%. GDP growth in this case could be 7.1%.

In accordance with the forecast for the medium term, it is assumed that the price of Russian oil in 2011 may be: according to the first option - 60 dollars per barrel; according to the second - $75/barrel; for the third - $88/barrel; for the fourth - $122/barrel. These conditions will be favorable for the development of the Russian economy. Depending on the option, GDP may grow in 2010 and 2011. at a rate of 5.5-7.1%, which is higher than the expected growth rate of the global economy.

Calculations according to monetary program for 2009-2011 carried out based on indicators of demand for money corresponding to inflation targets, projected rates GDP growth and its components, as well as the dynamics of exchange rates taken into account in the balance of payments forecast.

Trends in the ruble exchange rate in medium term will be determined by the movement of funds within the framework of foreign economic activity, formed under the influence of external factors, and the processes of transformation of the structure of the Russian economy.

Under the conditions set by the main macroeconomic options for Russia's development, as well as the parameters for the implementation of monetary policy, the rate of increase in the real effective exchange rate of the ruble will tend to decrease.

In 2009-2011 The Bank of Russia will continue to interact with the Ministry of Finance of the Russian Federation both in the implementation of monetary policy and on the development of national financial markets. In particular, the mechanism for placing temporarily free budget funds on deposits in credit institutions will be used as an additional channel for providing liquidity to the banking sector during periods of liquidity shortage.

In addition, the policy of the Bank of Russia will be aimed at implementing, together with the Ministry of Finance, a number of measures to improve the government bond market, which will help increase the efficiency of using Bank of Russia operations with government securities in order to regulate the money supply.

These were the forecasts for 2009 and subsequent years. However, the economic situation has changed, and already in April 2009, at a meeting of the National Banking Council (NBC), the report of the Bank of Russia on monetary policy (MP) in 2009 was read out, containing the Central Bank’s adjusted economic crisis forecast of main macroeconomic indicators.

The version of the document presented at the NBS meeting forecasts inflation at 13% and reduces the forecast for net capital outflow in 2009 to $70 billion from $90 billion.

The document also assumes a decrease in foreign exchange reserves for 2009 by $76.3 billion (versus $86 billion according to the forecast of the Ministry of Economic Development).

According to the report, the Central Bank forecasts an increase in the money supply by 9-11% in 2009, and an increase in the monetary base by 14-16%.

In the Program published on April 6, 2009 anti-crisis measures of the Government of the Russian Federation for 2009 The government and the Central Bank will implement responsible macroeconomic policy, aimed both at maintaining macroeconomic stability and at creating the necessary conditions and incentives for the growth of savings of the population, increasing investment attractiveness economy, to form a qualitatively different model of economic development. This assumes a balanced budget policy, maintaining equilibrium exchange rate ruble Monetary policy will be aimed at combating the liquidity crisis in financial sector while reducing inflation. The measures taken should lead to increased confidence in the national currency, an increase in the level of monetization of the economy, and a reduction in inflation, thereby providing the necessary conditions for restoring sustainable economic growth.

Generalization.

As can be seen from the previous part of the work, the draft directions of the unified state monetary policy for 2009. due to changes taking place in economic situation, has already been revised several times. What happened to the banking system in such a fairly short period of time? The opinions of analysts considering this issue converge in some aspects, and in others they are diametrically opposed.

Based on what the media report, the Russian banking system over the past six months has avoided a systemic crisis and paralysis of settlements solely due to the refinancing support of the Central Bank and large-scale reorganization of problem banks with the participation of state banks.

At the same time, judging by publications, bankers and experts see the situation not so optimistically. “The fire has been extinguished, but will only ashes remain after it? - the first deputy chairman of the Federation Council committee on financial markets and money circulation Gleb Fetisov. “By the end of 2009, the banking system may be left without capital, the money supply has narrowed, and banks’ liabilities have decreased by more than 20%.

Bankers are concerned about the growth in the volume of problem debt of borrowers, the continuing threat of devaluation of the ruble, while not all banks have foreign currency investments equal to foreign currency liabilities; increasing the cost of attracting resources and maintaining low efficiency of procedures for collecting overdue debts. In this regard, bankers are demanding that the state share their risks and add liquidity. The government, according to bankers, should urgently take measures to rid banks of bad debt. For example, create a distressed asset fund, similar to those already created in the USA and some European countries. In addition to buying back bad assets, bankers have other proposals to the government. For example, reduce the refinancing rate. All over the world it has dropped to almost zero, but in our country it is only growing.

And yet, the main problem of 2009 is bad debts. Without its solution, one cannot count on a restoration of banks’ lending activity.

It must be stated that the lending activity of the banking system as a whole was in recent months last year has actually been curtailed. Growth loan portfolio was shown only by state banks with access to state support funds, and large federal banks with access to refinance loans from the Central Bank and significant foreign currency liabilities, which ensured automatic exchange rate gains against the backdrop of rapid devaluation of the ruble. The forecast for the dynamics of banks' lending activity remains purely pessimistic for 2009 - in the system as a whole, judging by the estimates of the Central Bank and the Ministry of Finance, a zero nominal increase in loan debt is expected. This will mean that new loans or refinancing of existing debt will remain the province of the largest banks and systemically important borrowers from among large enterprises. The bulk of medium and small businesses will be deprived of access to loans. True, given the current sky-high level of interest rates, the demand for market (not subsidized or guaranteed by regional or federal authorities) credit has also decreased significantly.

The assets and liabilities of the banking system are in equilibrium today. International liabilities, according to the Deputy Prime Minister, currently amount to about $150 billion, while international assets are $147 billion. As the Minister of Finance noted, the fact that these figures are almost equal can be called a stabilizing moment.

“We should not experience much concern about the liquidity of the banking system this year,” says First Deputy Chairman of the Board of the Central Bank Alexey Ulyukaev. According to him, this is evidenced by the following facts: a decrease in rates in the interbank lending market, a decrease in demand for repo transactions, early repayment unsecured loans. For banks that do not experience problems with liquidity, money at such a high price turns out to be unnecessary, noted the first deputy chairman of the Central Bank.

The Central Bank is vested with great powers, among which is the formation of an effective mechanism for monetary regulation of the economy. And the fact that the entire banking system is now in such a difficult situation that the forms of storing savings in money (including bank deposits) that would provide a positive real return are not currently available, indicating that the Central Bank has failed to cope with its responsibilities.

I would like to note that it is also high time for legislators to introduce a 100% guarantee on deposits of individuals (now the state guarantees the return to depositors of no more than 700 thousand rubles from each bank that collapses). In addition, it would be nice to extend guarantees to funds individual entrepreneurs, and even all other legal entities. The allocation of 30 billion rubles for lending to small and medium-sized businesses is extremely insufficient, and this must be admitted.

It is obvious that when implementing all directions of the monetary policy of the Central Bank of the Russian Federation in conditions of instability of external and internal factors of the economy, various problems inevitably arise. This is imperfection legislative framework, and the riskiness of the monetary sector, lack of sufficient information about the monetary sector, lack of cash and non-cash funds, and others.

The implementation of effective measures to strengthen the monetary sector of the Russian economy and create conditions for increasing the efficiency of its regulation through the policies of the Central Bank will contribute to the revival of financial and social life country and its stable development in the future.

As part of the provision policy effective control For the activities of the banking system and the policy of ensuring the reliability and stability of the monetary system, attention should be paid to the information openness of the monetary authorities and the banking sector, through regular publications of objective analytical materials. Moreover, it is necessary to introduce, and in some cases tighten, penalties for professional abuses and the provision of unreliable and untimely information both on the part of commercial banks and supervisory authorities.

In addition, it is necessary to speed up work aimed at combating fictitious capital and identifying the real owners of banks. To ensure the consistency of the course being pursued and the investment attractiveness of the country, the socio-economic policy developed by the monetary authorities must acquire a long-term nature and in the presence of persons directly responsible for its implementation.

In conclusion, it should be noted that the justification and regulation of the final general goal of the monetary and credit Central Bank of the Russian Federation are the initial and key stage of its modernization. Without justification of the final general goal of the Central Bank's monetary policy, the adequate need to improve the quality of life and ensure innovativeness of economic development, there is a danger of “imitation of vigorous activity.”

Bibliography

Antonov N.G. Money circulation, credit and banks: Textbook for universities. - M.: UNITY. - 2003.

Banking / Under. ed. O.I. Lavrushina - M.: Finance and Statistics, 2003.

Bulatov A.S. Economics - M.: Yurist, 2002.

Drobozina L.A., Okuneva L.P., Androsova L.D. Etc. Finance. Money turnover. Credit. - M.: Finance, UNITY, 2003.

www.cbr.ru - Official website of the Central Bank of the Russian Federation.

www.minfin.ru - Official website of the Ministry of Finance of the Russian Federation.

www.premier.gov.ru - Website of the Chairman of the Government of the Russian Federation V.V. Putin.

www.expert.ru - Official website of the Expert magazine.

Money-credit policy– is a government policy that influences the amount of money in circulation in order to ensure price stability, full employment and growth in real output.

The main conductor of monetary policy and the body implementing monetary regulation, is the central bank.

The main object of monetary regulation of most central banks is the money supply, which is influenced by pursuing two types of monetary policies: restriction(from Latin restrictio - restriction) and expansionist(from Latin expansio - distribution). Restrictive monetary policy (restrictive or “dear money” policy) is aimed at limiting monetary emission. Carrying out an expansionary monetary policy (the policy of “cheap money”) means expanding the scope of lending and weakening control over the increase in the amount of money in circulation.

Methods of monetary regulation– these are ways to influence intermediate targets of monetary policy. They can be divided into two large groups: direct control methods And market methods. Methods of direct control (administrative ) consist in measures of administrative control over the activities of banks and, as a rule, take the form of directives, orders, instructions issued by the central bank. Market (indirect) methods influence the objects of regulation (money supply, interest rates, exchange rates) using market mechanisms.

The Central Bank of the Russian Federation carries out monetary policy using instruments that are assigned to it by law:

1) interest rates on Bank of Russia operations;

2) standards for required reserves deposited with the Bank of Russia (reserve requirements);

3) open market operations;

4) refinancing of credit institutions;

5) currency interventions;

6) establishing guidelines for the growth of the money supply;

7) direct quantitative restrictions;

8) issue of bonds on its own behalf.

In accordance with Federal Law“On the Central Bank of the Russian Federation (Bank of Russia)” interest rates of the Central Bank of the Russian Federation represent the minimum rates at which the Bank of Russia carries out its operations. An increase or decrease in official central bank rates means, respectively, the implementation of restrictive or expansionary policies. Among the rates on Bank of Russia operations, the most important role is played by refinancing rate, through which the central bank influences interbank market rates, as well as rates on loans and deposits provided by credit organizations to legal entities and individuals.

Under refinancing commercial banks understand the provision of borrowings by the Central Bank when banks have exhausted their resources or are unable to replenish them from other sources. Currently, the Bank of Russia provides loans to commercial banks in the form of pawn loan. Also, the most common types of refinancing loans are loans to ensure uninterrupted settlements in the Bank of Russia settlement network, incl. intraday credit and credit " overnight».

Reserve requirements represent part of the credit resources of banks and other credit institutions, located in an interest-free (as a rule) account opened with the Central Bank at its request. This reserving of funds makes it possible to ensure a constant level of liquidity for commercial banks through the accumulation of a minimum reserve that is not subject to lending. By establishing and revising the reserve requirement standard, the central bank has the opportunity to regulate the size and dynamics of active operations of commercial banks.

Open market operations represent operations of the central bank for the purchase and sale of securities in the banking system. When the central bank purchases securities from commercial banks, the corresponding amounts are credited to their accounts and it becomes possible to expand active operations. If the central bank sells securities to credit institutions, on the contrary, the amount of their funds decreases, and in the banking system as a whole there is a reduction in credit resources or an increase in their value, which in turn is reflected in the value of the total money supply.

Central banks of various countries determine targets for the growth of the money supply in circulation, and therefore this practice is called “ monetary targeting" The procedure for regulating the money supply using targets in different countries varies. Thus, in France they are set in the form of control figures, in the USA and Russia - in the form of a range (“fork”), in Japan - in the form of a forecast.

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1.3 Ideas about monetary regulation of the economy by various economic schools

1.3.1 Neoclassical school

1.3.2 Keynesian model of monetary regulation

1.3.3 Monetarist quantity theory of money

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