Central Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator

The paper raises two main questions: the definition of a Central Bank’s responsibility and the need of the exchange rate regulation for the countries with developing, emerging and post-transformed national economies. We also investigate this issue for Russian practice within the period of 1990s till...

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Autores principales:	V. V. Arkhipova, S. A. Nikitina
Formato:	article
Lenguaje:	EN RU
Publicado:	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2020
Materias:	central bank exchange rate free floating external “shocks” russia financial stability responsible approach cause-and-effect relations International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/09721688043747a98fb4ad2293013761
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spelling	oai:doaj.org-article:09721688043747a98fb4ad22930137612021-11-07T14:45:05ZCentral Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator2542-02402587-932410.23932/2542-0240-2020-13-6-4https://doaj.org/article/09721688043747a98fb4ad22930137612020-12-01T00:00:00Zhttps://www.ogt-journal.com/jour/article/view/702https://doaj.org/toc/2542-0240https://doaj.org/toc/2587-9324The paper raises two main questions: the definition of a Central Bank’s responsibility and the need of the exchange rate regulation for the countries with developing, emerging and post-transformed national economies. We also investigate this issue for Russian practice within the period of 1990s till nowadays. The paper provides an overview of the Central bank history, highlighting the stages of its evolution and the corresponding changes in the goal-setting for its activities and tasks. The goals and policy of the Bank of Russia are considered and evaluated in the context of modern international practice and efficiency of achieving the necessary level of financial stability and national economy development, preserving and strengthening economic sovereignty. Generally we use the Bank for international settlements (BIS) survey data processing, the comparative cross-country analysis of BIS statistics and econometric analysis of the data provided by Bank of Russia including exchange rate and investments (FDI, portfolio and other). We alsoanalyzed the main directions of the unified state monetary policy in the Russian Federation and the consequences of its implementation. The authors concluded that the countries of the representative group are more vulnerable to the negative impact of external factors on their national economy under the conditions of free-float exchange rates. The policy of the Russian Central Bank focused mainly on inflation targeting with the freely floating exchange rate of the ruble, is recognized as ineffective for solving internal problems of the national economy and confronting external threats and challenges, including current sanctions regime against Russia.V. V. ArkhipovaS. A. NikitinaАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)articlecentral bankexchange ratefree floatingexternal “shocks”russiafinancial stabilityresponsible approachcause-and-effect relationsInternational relationsJZ2-6530ENRUКонтуры глобальных трансформаций: политика, экономика, право, Vol 13, Iss 6, Pp 65-83 (2020)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	central bank exchange rate free floating external “shocks” russia financial stability responsible approach cause-and-effect relations International relations JZ2-6530
spellingShingle	central bank exchange rate free floating external “shocks” russia financial stability responsible approach cause-and-effect relations International relations JZ2-6530 V. V. Arkhipova S. A. Nikitina Central Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator
description	The paper raises two main questions: the definition of a Central Bank’s responsibility and the need of the exchange rate regulation for the countries with developing, emerging and post-transformed national economies. We also investigate this issue for Russian practice within the period of 1990s till nowadays. The paper provides an overview of the Central bank history, highlighting the stages of its evolution and the corresponding changes in the goal-setting for its activities and tasks. The goals and policy of the Bank of Russia are considered and evaluated in the context of modern international practice and efficiency of achieving the necessary level of financial stability and national economy development, preserving and strengthening economic sovereignty. Generally we use the Bank for international settlements (BIS) survey data processing, the comparative cross-country analysis of BIS statistics and econometric analysis of the data provided by Bank of Russia including exchange rate and investments (FDI, portfolio and other). We alsoanalyzed the main directions of the unified state monetary policy in the Russian Federation and the consequences of its implementation. The authors concluded that the countries of the representative group are more vulnerable to the negative impact of external factors on their national economy under the conditions of free-float exchange rates. The policy of the Russian Central Bank focused mainly on inflation targeting with the freely floating exchange rate of the ruble, is recognized as ineffective for solving internal problems of the national economy and confronting external threats and challenges, including current sanctions regime against Russia.
format	article
author	V. V. Arkhipova S. A. Nikitina
author_facet	V. V. Arkhipova S. A. Nikitina
author_sort	V. V. Arkhipova
title	Central Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator
title_short	Central Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator
title_full	Central Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator
title_fullStr	Central Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator
title_full_unstemmed	Central Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator
title_sort	central bank responsibility area taking russian example: exchange rate as the financial stability indicator
publisher	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
publishDate	2020
url	https://doaj.org/article/09721688043747a98fb4ad2293013761
work_keys_str_mv	AT vvarkhipova centralbankresponsibilityareatakingrussianexampleexchangerateasthefinancialstabilityindicator AT sanikitina centralbankresponsibilityareatakingrussianexampleexchangerateasthefinancialstabilityindicator
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Central Bank Responsibility Area taking Russian Example: Exchange Rate as the Financial Stability Indicator

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