The Central Bank of Russia fighting the “Dutch disease”: the effectiveness of the policy chosen is questionnable

 
PIIS020736760021863-8-1
DOI10.31857/S020736760021863-8
Publication type Article
Status Published
Authors
Occupation: Head of the Department of Economics of Ulyanovsk State University
Affiliation: Ulyanovsk State University
Address: Russian Federation, Moscow
Journal nameObshchestvo i ekonomika
EditionIssue 9
Pages79-96
Abstract

The article questions the effectiveness of the mechanism traditionally used by Russia’s Central Bank to counteract the "Dutch disease" through the purchase of foreign currency from Russian exporters to prevent excessive strengthening of the ruble in an environment of high world oil prices. Revealing the strategic weaknesses of the currency channel of money emission that dominates in Russia, the author substantiates the need for a decisive transition to the stock and credit channels of money emission in order to ensure a reasonable diversification of the domestic economy.

Keywordsreal effective exchange rate of the ruble, exchange rate protectionism, "Dutch dis-ease", Bank of Russia, devaluation, currency, stock and credit channels of money emission, gold and foreign exchange reserves, structural policy
Publication date20.09.2022
Number of characters43725
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