This article explores the central banks' awareness of the potential and application of reserve requirements for stimulating economic growth. The authors examined the differences in the impact of reserve requirements of central banks on the economic indicators in five countries, namely: Japan, Norway, South Africa, Brazil, and China. These countries have different levels of economic development and different banking systems and required reserve systems, which determined their inclusion in the study. The article assesses the possible impact of central banks on GDP and GNI through changes in reserve ratios. Thus, this research contributed to the discussion about the role of reserve requirements of central banks in the development of a country's economy and industry. The results were obtained with a new mathematical apparatus that analyzed and assessed various aspects of the impact of monetary policy tools on macroeconomic indicators that are not considered in classical econometric models. The authors made an assumption that the reserve requirements of the central banks should not be considered as the controlling factor in the changes in the economic indicators of the countries under study or as a tool that can operate independently of other instruments.
Subject. The article analyzes the influence of the money supply as an instrument of monetary policy impact on stimulating the economic growth, namely, the impact of instrumental indicators on the target economic indicator of GDP. Objectives. The paper makes an attempt to contribute to the discussion on the role of money supply as an instrument of monetary policy in achieving the economic growth. Methods. The study uses a new mathematical tool that takes into account the direct control effect of the instrument of monetary policy on the achievement of the target economic indicator. Results. I suggest three management scenarios in the impact of money supply on GDP: a change in the money supply with violations of the response to management in certain periods that determined the growth of GDP; the lack of response to control action; and a transition scenario, when a short-term positive impact is recorded from time to time, which, in fact, is close to the second scenario. Conclusions. The first scenario includes Russia, the United States and Brazil, in which the instrument of monetary policy (the money supply) determined the growth of GDP with individual periods of disruption of management; the second scenario includes Germany, Denmark, and Japan, with no response to the management impact; the third scenario is observed in China, Norway, and India. This conclusion enables to identify the specifics of the impact of the set of monetary policy instruments on economic growth, considering the J. Tinbergen’s theory of economic policy.
The subject of the study is the impact of monetary and fiscal policy instruments on the functioning of the structural elements of the economy, represented by sectors and technological structures. The purpose of the paper is to establish how the monetary and individual fiscal policy instruments influenced the structure of the Russian economy. The methodology consists of the “distributed control” doctrine, which modifies Tinbergen’s principle of “goals-instruments” of macroeconomic policy, since it allows to reveal the unequal power of the instrument by objects of economy, structural and empirical analysis, correlation-regression analysis, with which it is possible to show a picture of the distributed influence of monetary and fiscal policy instruments. A general algorithm of research and application of the doctrine of “distributed management” at the macroeconomic level are developed — by technological structures and economic sectors, which made it possible to obtain a picture of the distribution of the influence of monetary policy on economic objects, to identify the significance of individual fiscal policy instruments. The general result of the research is that the doctrine of “distributed management” used not only modifies the classical theory of economic policy, but also confirms that, in addition to the economic structure, the impact structure of standard monetary and fiscal policy instruments arises. The distribution of the most significant instruments of monetary and fiscal policy by technology and three sectors of the Russian economy to ensure its growth in the period 2011–2021 are obtained. It was found that the development of high-level processing and technological modes were more influenced by monetary than budgetary instruments, and the transfer of resources to the national welfare fund hindered their development. Fiscal policy measures — revenues, expenditures, budget deficit/surplus — did not have an equal impact on the development of the considered sectors of the economy. The prospect of further research is to develop a software module that includes ongoing analysis and automates calculations based on available statistics to change of monetary and fiscal policy measures in Russia aimed at developing the manufacturing sector and high-tech.
Subject. This article simulates the impact of commercial banks as conduits of impetus transmitted by monetary policy to the economy, on economic growth in various countries in 2000–2020. The key task of modeling is to identify the impact of variability in the volume of bank loans provided to non-financial organizations on GDP. Objectives. The article aims to contribute to the discussion on the role of commercial banks and bank loans to non-financial organizations in the implementation of monetary policy and the achievement of the goal of economic growth. Methods. For the study, I used a new mathematical apparatus that differs from the classical econometric approach. Results. The article proposes a model of the impact of bank loans to non-financial organizations on GDP, which helps determine two management scenarios: sustainable unidirectional (positive) impact of growth in indicators of bank lending to non-financial organizations on GDP for a certain period or periods; complete absence of control actions. Conclusions. The article concludes that different countries implement either the first management scenario or the second one to achieve the goals of economic growth.
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