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Today, increasing the growth rate of the Russian economy is more relevant than ever. Consideration of any macroeconomic phenomena that in a historical perspective would provide an economic recovery and increase the economic power of our country is of undoubted interest. One of the important...
Persistent link: https://www.econbiz.de/10015216131
This paper examines the relationship between the Russian ruble/US dollar exchange rate and global oil prices using autoregressive model with Markovian regime shifts. Empirical analysis on daily data for 2009–2019 shows that exchange rate dynamics is best described by three regimes,...
Persistent link: https://www.econbiz.de/10015216170
On the basis of an overview of theoretical and empirical studies on central banks’ independence, the paper assesses the independence of the central banks of the former USSR republics including the RF, as well as those of East European countries. An analysis of the potential existence of a...
Persistent link: https://www.econbiz.de/10015228635
Analysis of fundamental factors of the CBR’s exchange rate lay at the basis of this publication. The authors review papers which address problems of index construction of real effective exchange rate as well as models of evaluation of the real equilibrium exchange rate. They also analyze...
Persistent link: https://www.econbiz.de/10015228843
In March 2018, President of Russia Vladimir Putin designated the target of increasing per capita GDP of the Russian population 1.5 times by 2024. In order to meet this target, GDP would be required to grow by 6% a year between 2018 and 2024. This is a challenging task as the last time growth...
Persistent link: https://www.econbiz.de/10015259667
In our opinion, the key problems that will determine the parameters of the financial sector in the coming years are the budget deficit and growth of the monetary base. Growth of the monetary base is a direct consequence of the budget deficit. The government can withdraw liquidity through the...
Persistent link: https://www.econbiz.de/10015260359
The study compares the explanatory power of two alternative long-term determinants of the real effective exchange rate of the Russian ruble, oil prices and oil export revenues, in three variants of the error correction model. The linear model shows that during the period of managed nominal...
Persistent link: https://www.econbiz.de/10015265338