On the Role of Monetary and Fiscal Policies in Russia at the Crisis and Post-crisis periods

Abstract

In the paper the author examines the monetary policy, which was carried out at the acute stage of the crisis and during the years 2009-2010, as well as the forecasts of monetary and fiscal policies for 2011-2013. The author comes to the conclusion that decreasing banking credit activity during the 2nd-4th quarters of 2009 and the 1st quarter of 2010 was due to reduced lending of commercial banks by the Central Bank and the reversion of its monetary policy to floppy following the situation on the exchange market. According to the authors calculations the budget deficit financed by domestic lending may grow to 6-7% of GDP provided that capital export be limited, and the money supply expand mainly on the basis of increases in the net domestic assets.