Стабилизация валютно-финансового рынка как необходимое условие перехода к устойчивому развитию
Stabilization of the Monetary and Financial Market as a Necessary Condition for the Transition to Sustainable Development

Summary/Abstract: In the absence of the effective system of state regulation, the monetary and financial market not only does not carry outthe function of the financing of value-adding investment, but it is also a source of destabilization of the Russian economy. Inthe article, the analysis of the policy instruments of the Central Bank of the Russian Federation is provided. The reasons andconsequences of the financial and currency speculation and transition to free ruble exchange rate are considered. The concept of«inflation targeting» is investigated and the conclusion that the transition to the inflation targeting declared by the Central Bankof Russia did not achieve the stated goals is drawn. The need for using the instruments as the control parameters, correspondingto a host of factors of currency system instead of using only refinancing rate is reasoned. The arguments to apply the currency restrictionsare considered. The assessment of a current situation of the Russian monetary and financial system is given as uncontrollable.The manipulation of the Russian monetary and financial market from the foreign financial institutions connected withissuers of world currencies is identified as the main political consequence of the currency and monetary policy. The aggravationof stagflation and of crisis phenomena in the Russian economy at the further realization of similar monetary policy is forecasted.In the article, a number of measures for stabilization of the Russian economy by the state regulation of the monetary and creditsphere, which would secure the monetary and financial market against external and internal threats, is offered.

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