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Scientific journal “Vestnik NSUEM”

2017 year, number 1


V.Z. Balikoev
Novosibirsk State University of Architecture, Design and Arts, Krasniy Ave, 38, Novosibirsk, 630099, Russia
Keywords: монетаризм, коэффициент монетизации, денежный агрегат, ключевая ставка, дорогие и дешевые деньги, инфляция монетарная и немонетарная, оптимум монетизации, monetarism, the coefficient of monetization, the money supply, the key rate, dear and cheap money, inflation monetary and non-monetary, optimum monetization


The problems of the deficit of investment potential of Russian economy are analyzed, although the assets of the bank sector of Russian economy alone amount to more than 80 trillion roubles. It is quite sufficient for service of the 2016 Russian real gross domestic product in the amount of 42 trillion roubles. However, the actually produced gross domestic product is serviced by М2 money supply, which amounted to 7,723 trillion roubles and is clearly insufficient. Considering that economy is in critical need for investment, the stated stock of money is extremely low. Emission of currency is the only solution. However, Central Bank raises absolute objections because of the accelerating inflation danger. Central Bank pursues the policy of dear money, by setting the highest key rate in the world at 17 % in 2014 and reducing it to 10,5 % in 2016. And all of that happened under conditions of the economic crisis. Such a key rate is manifested in the cred-it rate of 25-30 % for entrepreneurs, which slows down the growth. At the same time, the monetization factor of the Russian gross domestic product is 0,47. Meanwhile, the monetization factor in all OECD countries and other developed countries is above 1,0. It is also well known from the world business practices that no country in the world has ever made economic spurt with monetization factor of gross domestic product below 1,0. The author is trying to find all possible relations between the stated problems and define optimal level of monetization of the gross domestic product for Russia.