

Монетарная и макропруденциальная политика в условиях глобального финансового цикла: опыт малых открытых экономик
https://doi.org/10.32609/0042-8736-2021-6-5-31
Аннотация
В работе анализируется влияние глобального финансового цикла на малые открытые экономики и сравнивается эффективность мер денежно-кредитной и макропруденциальной политики в условиях глобального финансового цикла. Классифицированы каналы, через которые монетарная политика мировых финансовых регуляторов (ФРС США, ЕЦБ), во многом определяющая глобальный финансовый цикл, транслируется в малые открытые экономики: дифференциала процентных ставок, деятельности глобальных финансовых институтов и цен на сырьевые товары. Рассматриваются аргументы сторонников и критиков «трилеммы» монетарной политики и показано, как ученые приходят к идее о том, что политика инфляционного таргетирования остается оптимальной для достижения ценовой и макроэкономической стабильности, но одной этой политики недостаточно для обеспечения финансовой стабильности. Необходимо ее координировать с мерами макропруденциальной политики. Эти выводы подкреплены анализом кейсов конкретных стран (Россия, Новая Зеландия, Бразилия, Турция и др.) по смягчению негативных последствий экономических кризисов в последние 30 лет.
Ключевые слова
JEL: E32, E52, E58, F32, F44
Об авторах
Р. Р. АхметовРоссия
Ахметов Ренат Рамилович, эксперт ЦМАКП, н. с. ИНП РАН, н. с. Центра фундаментальных исследований (ЦФИ) НИУ ВШЭ
Москва
М. Е. Мамонов
Россия
Мамонов Михаил Евгеньевич, к. э. н., директор Центра исследований международной экономики Института международных исследований МГИМО, PhD-кандидат CERGE-EI, Карлов университет
Москва
Прага
В. А. Панкова
Россия
Панкова Вера Александровна, эксперт ЦМАКП, н. с. ИНП РАН, н. с. ЦФИ НИУ ВШЭ
Москва
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Дополнительные файлы
Рецензия
Для цитирования:
Ахметов Р.Р., Мамонов М.Е., Панкова В.А. Монетарная и макропруденциальная политика в условиях глобального финансового цикла: опыт малых открытых экономик. Вопросы экономики. 2021;(6):5-31. https://doi.org/10.32609/0042-8736-2021-6-5-31
For citation:
Akhmetov R.R., Mamonov M.E., Pankova V.A. Monetary and macroprudential policy under global financial cycle: The experience of small open economies. Voprosy Ekonomiki. 2021;(6):5-31. (In Russ.) https://doi.org/10.32609/0042-8736-2021-6-5-31