Reinvigorating Growth Potential: Priorities for the Central Bank of Russia

Think Thank 20: The G-20 and Central Banks in the New World of Unconventional Monetary Policy, 2013

4 Pages Posted: 27 Sep 2013

See all articles by Marina Larionova

Marina Larionova

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Center for Studies of International Institutions

Andrey Shelepov

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Center for Studies of International Institutions

Date Written: August 2013

Abstract

The pace of global recovery remains weak. More than twelve months since the G-20 summit in Los Cabos, G-20 members are laboring their way towards “Strong, Sustainable and Balanced Growth” in a clouded world economic outlook, with the eurozone in a state of recession, a combination of policy stalemate and across the board fiscal consolidation constraining growth in the U.S., and emerging markets and developing countries experiencing a clear slowdown compared to their rapid pre-crisis expansion. A durable recovery that creates good jobs, which G-20 leaders agreed to cooperate for in September 2009, proves to be an elusive objective. Fiscal consolidation acts as a drag on economic recovery and the G-20’s capacity to deliver on the growth and jobs agenda is questioned by its citizens. This calls for the G-20 members’ commitment to a balanced and coordinated mix of policies and instruments, reflective of the state of their economies, which would gradually strengthen economic growth and promote macroeconomic stability. Responding to global and domestic priorities, Russia has placed growth and jobs at the core of the G-20 agenda within the fundamental question of what should be the main macroeconomic and financial policy requirements for growth.

Keywords: Central Bank of Russia, unconventional monetary policy, financial sector reforms, financial regulation and supervision

JEL Classification: E5

Suggested Citation

Larionova, Marina and Shelepov, Andrey, Reinvigorating Growth Potential: Priorities for the Central Bank of Russia (August 2013). Think Thank 20: The G-20 and Central Banks in the New World of Unconventional Monetary Policy, 2013. Available at SSRN: https://ssrn.com/abstract=2328046

Marina Larionova (Contact Author)

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Center for Studies of International Institutions ( email )

Andrey Shelepov

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Center for Studies of International Institutions ( email )

Moscow
Russia

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