Reproduction and Monetary Sphere (On the Paper by A. Navoi "On the Role and Place of the Central Bank Money Emission…")

Abstract

The article discusses the interconnections of real sector and monetary sphere. The structure of modern macroeconomic processes is analyzed, and its elements such as production, informational and financial processes are characterized. The main problems of the theory of value are stressed. It is indicated that intensification of financial process has led to forming debt economy which is characterized by soft credit constraints. They define soft demand constraints in the economy and, as a consequence, significant indebtedness of households and increasing financial risks. Money is not neutral in relation to processes in real sector and is able to accelerate them.