COMPETITIVE DEVALUATION AS AN ELEMENT OF RUSSIA`S MODERN MONETARY POLICY
The purpose of this article is to analyze the current system of exchange rate formation in Russia, to identify its main features. The dynamics of the exchange rate is of particular importance for Russian economy, which is among the so-called export-and resource-oriented. In such economies, the exchange rate is significantly dependent on the conditions of foreign markets, since the receipt of foreign exchange earnings from exports is the most important fundamental factor in the supply of foreign currency on the domestic market. On the other hand, the exchange rate itself is a factor in the external price competitiveness of Russian exports. The statistical databases of the Federal State Statistics Service and the Bank of Russia, as well as the statistical data of the International Monetary Fund group, the World Bank and the Organization for Economic Cooperation and Development, served as the information base for this study. The paper used critical and comparative analysis, a systematic approach to the study of information, retrospective, statistical and graphical methods, on the basis of which the prerequisites were investigated and the features of the current monetary policy and some of its individual elements were identified.
Keywords: exchange rate, currency interventions, competitive devaluation, budget rule, currency sterilization, balance of payments.
Highlights:
♦ the features of the formation of the exchange rate in the conditions of a resource-oriented economy, in particular the Russian economy, are revealed;
♦ the essence of the mechanism of the exchange rate formation of the Russian ruble until 2015 is revealed and the peculiarities of exchange rate formation in Russia since the transition to a floating exchange rate;
♦ The current problems are identified and the mid-term prospects for the formation of the Russian ruble exchange rate are evaluated.
Konstantin G. Bunevich, Candidate of Economics, Associate Professor, Head of the Department of Finance and Credit; Tatyana A. Gorbacheva, Candidate of Economics, Associate Professor of the Department of Finance and Credit; Andrey N. Brodunov, Candidate of Economics, Associate Professor, Deputy Head of the Department of Finance and Credit. - Witte Moscow State University.