THE IMPACT OF MONETARY POLICY OF THE CENTRAL BANK ON THE DEVELOPMENT OF THE MONETARY SYSTEM OF RUSSIA
A.V. Grishanova

A. I. Shmyreva Ph.D

Novosibirsk state University of Economics and management "NINH"

At the present time there is a change of the monetary system of the Russian Federation, through the implementation of the Central Bank of Russia special monetary policy.
Before turning to the analysis of the economic environment prevailing in the Russian economic space, it should focus on the principles of monetarism, which have been studied and introduced by the founders of this teaching - M. Friedman, A. Meltzer, K. Brunner.
Monetarism simulates economic system that meets the following requirements:
1) to optimize own wealth individuals should have a free choice between different forms of wealth;
2) the national wealth should bring the total income;

3) the dominance of free competition in the market of goods, resources, and all other goods included in the national wealth.

Currently in Russia there is the dominance of monopoly prices for energy carriers, transport services, infrastructure [1]. Wages in these sectors is due to the corporate benefits companies, other income countries.

For a long time, the Russian economy showed steady increment of GDP, as presented in figure 1.

Fig1. The structure of GDP growth over the elements used in 2010-2013, %

However, based on the data of the chart presented in figure 2, published by the CBR, we can conclude that in the present economic growth practically stopped, and inflation according to Rosstat, for it is the year 2013 was 6.6%.

Fig.2. The actual rate of inflation, expressed through the annual index of consumer prices (CPI) in 1991-2012, %

Thus, it turns out that the system of state regulation of the economy cannot provide a sustainable, dynamic and balanced economic development that can be caused by contact one of the "traps", which is subject to the following dogmatic rules of monetary policy.
Under the monetary policy refers to the activities of the state in foreign exchange and monetary spheres aimed at realizing its interests in relations with other States, supranational and sub-national government and municipalities, legal entities and natural persons [2].
Among the main goals of the monetary policy in developed countries are not only maintaining the stability of the exchange rate and the overall price level (i.e. avoiding high inflation), but also stimulate economic development, growth of employment and incomes. The goal of the monetary policy of the Russian Federation implemented by the state program and setting targets for socio-economic development in specific periods and taking a complex of measures for achieving them linked to time and provided material and financial resources.

Based on the data of annual indexes of growth of consumer prices, the actual rate of inflation systematically exceed the upper bounds of predicted rates, causing an increase in the balance of payments. This leads to the strengthening of the national currency, the ruin of the manufacturing industry and the shift in employment in the service sector, which is an obvious sign of "Dutch disease". This effect is received its name after the opening of the Netherlands natural gas fields in 1959, the Growth of export of gas has led to increased inflation and unemployment, decline in exports of manufacturing industry and the growth rate of income in the 70's the Growth of oil prices in the mid 70's and early 80's caused a similar effect in Saudi Arabia, Nigeria, Mexico. The sharp increase of export revenues from extractive sectors of the economy leads to additional inflow of foreign currency into the country. In the end, the nominal rate of the national currency is growing, and foreign - falls. To solve this problem, the state may use the exchange rate by buying foreign currency, but this leads to growth of money supply and inflation [3].
The most effective treatment of "Dutch disease" is to provide the government and the Central Bank to enterprises loans; substitute attracted the recent foreign loans. The implementation of this operation opposed to one of the rules of monetary policy, according to which the funds of the Stabilization Fund can only be used for repayment of external debt. However, from a macroeconomic point of view, the replacement of foreign loans to Russian companies financing is similar to repayment of external debt. In the project of the Central Bank of the Russian Federation from September 25, 2013 it is noted that "the Bank of Russia intends to continue to increase the flexibility of the exchange rate and by 2015 to complete the transition to a floating exchange rate regime, which will allow avoiding possible conflict objectives of monetary policy".
The main factors that can change the conditions of functioning of the exchange rate channel of the transmission mechanism is to further liberalization of currency regulation, internal and external convertibility of the national currency while maintaining the free float, more substantial integration into the world system of economy, the increase in the share of exports in GDP due to the increase of export not only natural resources but also competitive end products of processing of high-tech goods.

In the project of the Central Bank of the Russian Federation "Basic trends of the unified state monetary policy for 2014 and the period to 2015 and 2016 years", approved by the Board of Directors of the Bank of Russia, says that by 2015 the Bank of Russia plans to complete the transition to inflation targeting regime, under which the price stability is recognized as a priority objective of monetary policy. In addition, the inherent characteristics of the new regime are ad quantitative targets on inflation, the decisions primarily on the basis of the forecast of economic development and the dynamics of inflation".

If there developed working channels of the transmission mechanism becomes possible to use more flexible inflation targeting regime, implying the use of operational tools of the Central Bank in order to achieve quantitative benchmark inflation. The attractiveness of this method is as follows:

1) enter the nominal anchor of the monetary system, the most adequate obtaining price stability, if the latest achievement is recognized as the ultimate goal of monetary policy;
2) set clear to the public the criteria of activity of the monetary authorities, transparency of political processes and the stabilization of inflation expectations;
3) there is flexibility in the choice of monetary policy instruments that allow the bodies of monetary regulation to use the ways of achievement of targets that may be better adapted to the specific situation in the macroeconomic environment.

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1. Ershov M.V. The formation of the industrial policy priorities and mechanisms for their implementation. //Russian economic journal. 2006. №1

2. Fetisov G.G. Monetary policy and development of the monetary system of Russia in conditions of globalization: national and regional aspects.//M: Economy. 2010. 492 p.

3. Davydova L.V. Development trends of the national monetary system: theory and practice/ / L.V. Davydova, N.V. Tulikov ; Acad. state service. - Orel, 2010. - 194 p.