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TO THE ISSUE ABOUT THE ALTERNATIVE MODES OF THE EXCHANGE RATE AND THEIR INFLUENCE ON THE BANKING SYSTEM OF THE COUNTRY
All world economy reeled from world crisis of 2008-2009. It was in the form of the strong decrease in the key economic indicators in the majority of the countries with developed economy which subsequently developed into global recession of economy. The majority of the countries began to devaluate national monetary units, however it led to adverse effects. Many chose as the important tool for the solution of the economic problems an exchange rate. As a result the discussion about efficiency of functioning of the world currency system (WCS) began. The concept of «impossible Trinity» based on conclusions of Mundell-Fleming’s model traditionally serves as key element of a discussion on the alternative modes of an exchange rate. According to it in the conditions of an open economy only two of three purposes at the same time can successfully be: carrying out autonomous monetary policy, maintenance of the mode of the fixed exchange rate, ensuring the international mobility of the capital. In this article authors considered the P. Bofinger's research in which the author claimed that the choice of the adequate mode of an exchange rate has to become the central element of reforming of MVS. As a result his research proves that use of the mode of the operated swimming allows to provide compatibility of all three elements of «impossible Trinity», but it is feasible only at observance of some conditions. In his research Bofinger convincingly demonstrated that simultaneous use of two operational purposes of economic policy of the country - an internal interest rate and an exchange rate can be effective for the solution of Mundell-Fleming’s trilemma in the conditions of revaluation of national monetary unit. It becomes relevant for the Russian monetary authorities exactly today when held down, on the one hand, by high interest rates, and on the other - the becoming stronger ruble exchange rate the domestic economy cannot get out of recession in any way.
devaluation; economy; world currency system; floating exchange rate; inflation targeting; currency and credit relations; interest rates
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