CC BY
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МЕЖДУНАРОДНЫЙ НАУЧНЫЙ ЖУРНАЛ «ИННОВАЦИОННАЯ НАУКА» №7/2015 ISSN 2410-6070 Information system "Bank-Client" includes a combination of software and hardware installed in banks to ensure the preparation, protection, shipping, receiving, checking and processing documents electronically.
However, it should be noted that the complexity of the transition to the "Bank-Client" exists, which lies in that most of correspondent banks in practice don’t use this system or use it exclusively for corporate clients. At the same time, a number of foreign correspondent banks expressed their willingness to connect to the system.
Currently, a number of credit institution are verifying the “Bank-Client” system for any required modifications to internal procedures so that, if necessary, the channel may be put into operation.
The second channel of transmission of payment messages is the use of a Fax, representing telecommunications technology to transfer images to electrical signals. However, in practice, foreign correspondent banks, facsimile transmission of long messages is not used, since it is capable of transferring only small amounts of information. However, the use of Fax as a backup channel for the transmission of payment messages is possible and can be started after the conclusion of additional agreements with foreign correspondent banks with the condition of verification of the sender of the payment.
The third method of conducting a payment transaction may be Telex, which is based on the functioning of the network of international telegraphy. The speed and scale of data transfer by this way of interaction is close to the Fax, so also is not currently used in the international transmission of financial information. However, this system of payment is considered by the Bank of Russia as one of the backup options to convert domestic payments in foreign currency between Russian banks. In addition, for the transition to the use of telex also speak several Chinese correspondent banks.
Thus, currently all available correspondent relationships to ensure automatic export and import of payment documents in cross-border operations are being analyzed.
References:
1 Federal law of 05.05.2014 No. 112-FZ "On amending the Federal law "About national payment system" and certain legislative acts of the Russian Federation".
2 Central Bank of the Russian Federation. Payment and settlement systems. The international experience. Innovations in retail payments. - M., 2014. Edition 43.
3 S.V. Krivoruchko, V.A. Lopatin. National payment system: structure, technology, regulation M, KnoRus, 2013.
© A. N. Erykhailova, 2015
УДК336
I.V. Paskova
Student of Credit Faculty, Financial University under the Government of Russian Federation
Research Advisor: A.B. Bass, PhD in Economics, Associated Professor, Department of Monetary Relations & Monetary Policy Financial University under the Government of Russian Federation
Moscow, Russia
INFLATION TARGETING: POSSIBILITIES OF USING FOREIGN EXPERIENCE IN
THE RUSSIAN PRACTICE
Abstract
The article describes the main provisions of the policy of inflation targeting, used by central banks of many countries; also, it outlines the features and complexity of the application of inflation targeting in domestic practice.
Keywords
The policy of inflation targeting, Central Bank, inflation expectations, monetary policy, interest rates.
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In the past fifteen years, inflation targeting has become quite a common policy used by Central banks of many countries of the world. Such a policy means the public announcement of targets for inflation, for compliance with which the Central Bank is responsible. These goals and policies are announced by the Central Bank, and this means that monetary authorities are responsible for compliance with the objectives of its reputation.
To date, over 30 countries have moved to a policy of inflation targeting. Some of them use the inflation targets for more than 10 years. Specific mechanisms for the implementation of the inflation targeting policy in different countries are different. In addition, there are common characteristics that we can talk about - features of inflation targeting: [1]
• Low and stable inflation in the long term is defined as the most important task of monetary policy in the countries applying inflation targeting.
• The inflation targets are expressed quantitatively. The actual value, however, varies from country to country. In some countries such as New Zealand and Israel, the indicators are established as the target inflation range, and not as a target value. Other countries, such as Canada and Sweden, have the target value within the target range. Common to all countries applying inflation targeting, is the presence of symmetry: it is equally important to avoid inflation that is too low, and to avoid inflation that is too high. [2]
Inflation targeting should be the policy of increased transparency and accountability of the monetary authorities. As a result, the economy as a whole is protected from the unexpected actions of the Central Bank, reduced uncertainty, which contributes to development that is more balanced.
Although many advantages of the inflation targeting policy is obvious, for the success of targeting, one need to meet a number of conditions.
First, the Central Bank must have sufficient independence. This is important not so much in part of statutory independence, but the actual ability of the Central Bank to use monetary policy tools to achieve this goal.
Secondly, monetary authorities should refrain from targeting the level or trajectory of other nominal variables, such as nominal exchange rate.
The fulfillment of these two requirements is in principle sufficient for the country to carry out monetary policies consistent with the principle of inflation targeting. The implementation of monetary policy must contain the following elements:
• definition of the inflation target in the medium term;
• a clear indication of the fact that the achievement of the stated goals is a priority;
• use of specific methods for responding to emerging inflation or her expectations.
Along with this, there is a risk of providing too hasty transition to inflation targeting for countries which do not satisfy all the above conditions, which is that monetary authorities can quickly start to lose control over inflation. Exceeding the target level of inflation creates additional inflationary expectations in the future. These inflation expectations will have to meet in order not to allow the economy to go into recession, resulting in that inflation control may be lost completely.
However, there are arguments showing that the satisfaction of all these conditions, although it is desirable, however, is not strictly necessary. Almost no country in transition, switched to a policy of inflation targeting, did not meet all the required criteria. However, it was not seen a single failure of the policy of inflation targeting, all of these countries were able to reduce both the level and volatility of inflation and to support the stability of the economy. Compliance with the required conditions just helps to achieve the goal more accurately.
As for exchange rate, speculative fluctuations must be sterilized with inflation targeting, and the fluctuations caused by real shocks. Given the fact that Russia is exposed to fluctuations of the speculative nature, namely, the fluctuations in the size and direction of movement of foreign capital, we can expect a slight increase in the fluctuations in the nominal rate.
The Bank of Russia has set its target on inflation in 2015 at 4.5%, and, starting in 2016, has established a standing target at 4%; the range of deviations of inflation from the target level of 1.5 percentage points in both directions. [3]
Review of the experience of the introduction of inflation targeting in Sweden and New Zealand shows that now, annual inflation is around 2 %, which suggests that the method really works.
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Another example is Australia, where, thanks to an inflation targeting policy, external shocks did not affect the level of prices (70% of GDP - products of primary industries). After the Central Bank of the country began to control inflation, fluctuations in oil prices and the exchange rate of the national currency did not cause strong inflationary surges. Inflation for many years kept in the range of 0% - 4%.
However, we must bear in mind that inflation targeting in these countries was carried out during the period of stable economic growth, and now comes the recession, and it’s no fact that the effect will be positive. In addition, the funds of the Bank of Russia may be of need for avoiding bankruptcy of systemically important companies and maintaining their liquidity. It is important to note that a significant contribution to inflationary processes bring growing tariffs of natural monopolies, which are not amenable to regulation by the Bank of Russia.
The probability that inflation will remain high is in connection with the devaluation of the ruble (now more than 40%, and may further decline), sanctions in combination with counter sanctions (long-term measure), inflation expectations. Many experts believe that when the economy has entered a phase of stagnation, in order to achieve economic growth, we need a new monetary policy. In Russia now there are conflicting goals - to fight inflation and support the economy by increasing money supply. The Bank of Russia and the Russian Government have chosen inflation targeting.
Achieving the inflation target the Bank of Russia performs primarily by influencing the price of money in the economy - interest rates. Carrying out operations with credit institutions, the Bank of Russia directly affects only the most short-term rates of money market, seeking to bring them closer to the key rate. It is considered that this impact should be enough to change the key rate effect on interest rates on loans and deposits of banks, which affect decisions on consumption, saving and investment and, consequently, on economic activity and inflation.
The Bank of Russia sets the key rate in such a way to ensure the achievement of the inflation target in the medium term. This approach is explained by the fact that monetary policy affects the economy not immediately, but gradually, over time. In this regard, when making decisions about the level of the key rate the forecast of development of the economy is used. Unforeseen factors may cause significant fluctuations in inflation and deviations from the target level. [4]
Thus, given the characteristics of modern economic situation in Russia, the policy of targeting used by the Bank of Russia, may not be effective enough.
References:
1. World Bank: World. Development indicators. 2009, http:/devedata.
2. Hammad D. Center for the study of Central banking. Guide No. 29. The practice of inflation targeting - 2012.
3. Guidelines for the single state monetary policy for 2015 and the period 2016 and 2017. http://www.cbr.ru/.
4. Statement by the President of the Bank of Russia E. Nabibulinoj following the meeting of the Board of Directors on 13 March 2015. http://www.cbr.ru.
© I.V. Paskova, 2015
УДК 330
Ю.А. Аринушкина
Магистрант 2 курса ФГБОУ ВПО «МГУ им. Н.П. Огарева» Россия, г. Саранск
СТРАТЕГИЯ УПРАВЛЕНИЯ ИНТЕЛЛЕКТУАЛЬНЫМ КАПИТАЛОМ КАК ИНСТРУМЕНТ
РАЗВИТИЯ ОРГАНИЗАЦИЙ
Аннотация
Рассмотрены виды и особенности стратегий управления интеллектуальным капиталом в организациях, обоснована необходимость анализа факторов при выборе стратегии
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