The key rate as a tool to ensure the economic security of the country

Timur Ahmedov; Liudmila Samoylova; I. Falinskiy

doi:doi:10.36511/2588-0071-2023-4-9-17

VAK Russia 5.2.3

The key rate as a tool to ensure the economic security of the country

Published в The Economy under Guard · Volume 2023, Issue 4, 2023 · Pages 9–17 · Rubrics: Regional and branch economy

DOI 10.36511/2588-0071-2023-4-9-17

Received: 12.11.2023 Accepted: 30.11.2023 Published: 25.12.2023

Authors

Timur Ahmedov ¹ · Liudmila Samoylova ² iD · I. Falinskiy

1 Saint Petersburg University of the Ministry Internal Affairs of Russian Federation (Kafedra ekonomicheskoy bezopasnosti i upravleniya social'no-ekonomicheskimi processami, Starshiy prepodavatel')
from 01.01.2019 until now Sankt-Peterburg, St. Petersburg, Russian Federation

2 Saint Petersburg Institute (branch) of the Russian State University of Justice (Russian Law Academy of the Ministry of Justice of Russia) (docent kafedry administrativnogo i finansovogo prava)
Sankt-Peterburg, St. Petersburg, Russian Federation

ABSTRACT

The article explores the main directions of the modern monetary policy of the Central Bank of Russia, its primary goals, and instruments. The mechanism of mutual influence between the key rate and the inflation level is described, along with factors that disrupt such a connection. Long-term and short-term effects of a high key rate are distinguished based on their nature. Through the calculation of the inflation index growth rates and the application of time lags, the positive impact of a high key rate on the inflation level is explained. Threats to economic security are identified, and the article discusses how a stringent monetary policy affects the emergence or elimination of these threats.

KEYWORDS

key rate inflation economic security interconnection Central Bank of Russia

Information Text

Authors:

1. Saint Petersburg University of the Ministry Internal Affairs of Russian Federation (Kafedra ekonomicheskoy bezopasnosti i upravleniya social'no-ekonomicheskimi processami, Starshiy prepodavatel')
from 01.01.2019 until now
Sankt-Peterburg, St. Petersburg, Russian Federation

2. Saint Petersburg Institute (branch) of the Russian State University of Justice (Russian Law Academy of the Ministry of Justice of Russia) (docent kafedry administrativnogo i finansovogo prava)

Sankt-Peterburg, St. Petersburg, Russian Federation

Type:

Article

Pages:

from 9 to 17

Status:

Published

Subject area:

VAK Russia 5.2.3

Language:

Russian

Keywords:

key rate, inflation, economic security, interconnection, Central Bank of Russia

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References

1. On the Strategy for the Economic Security of the Russian Federation for the Period up to 2030: decree of the President of the Russian Federation no. 208 of May 13, 2017. Collection of legislative acts of the RF, 2017, no. 20, art. 2902. (In Russ.)

2. Mirkhudaev E. F. The Role of the Exchange Rate of the Ruble in the Implementation of Monetary Policy in Russia. Financial Markets and Banks, 2023, no. 7, pp. 35-39. (In Russ.)

3. Main Directions of the Unified State Monetary Policy for 2024 and the Period of 2025-2026. Official website of the Bank of Russia. URL: https://www.cbr.ru/Content/Document/File/150582/on_2024(2025-2026).pdf (accessed 05.11.2023). (In Russ.)

4. Main Directions of the Unified State Monetary Policy for 2024 and the Period of 2025-2026: Brief Summary. Official website of the Bank of Russia. URL: https://www.cbr.ru/Content/Document/File/156000/on_Brochure_2024(2025-2026).pdf (accessed 05.11.2023). (In Russ.)

5. Zinisha O. S., Khokhlova T. Yu. The Key Rate of the Bank of Russia as a Tool to Influence the Financial Behavior of Economic Agents in the Russian Federation. Economics and Society, 2016, no. 5-1 (24), pp. 778-783. (In Russ.)

6. Karyavkina V. G. The Impact of Inflation on the Interest Rate. Epoch of Science, 2016, no. 8, pp. 20-23. (In Russ.)

7. Yakimchuk A. Yu., Teplenko A. I., Konyagina M. N. The Influence of the Key Rate on Inflation Rates in Modern Russia. Bulletin of the Academy of Knowledge, 2020, no. 2 (37), pp. 490-495. (In Russ.)

8. Gisheva S. Sh., Chinazirova S. K., Bakhova A. P., Vodozhdokova Z. A. Key Rate Policy of the Central Bank of Russia. The Scientific Heritage, 2020, no. 54-7, pp. 34-37. (In Russ.)

9. Prices, Inflation. Official website of the Federal State Statistics Service. URL: https://rosstat.gov.ru/statistics/price (accessed 31.10.2023). (In Russ.)

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