Journal of Siberian Federal University. Humanities & Social Sciences / Consolidation of Monetary Policy Objectives with the Goals of Financial and Economic Development

Full text (.pdf)
Issue
Journal of Siberian Federal University. Humanities & Social Sciences. 2025 18 (6)
Authors
Gospodarchuk, Galina G.; Zeleneva, Elena S.
Contact information
Gospodarchuk, Galina G.: National Research N. I. Lobachevsky State University of Nizhny Novgorod Nizhny Novgorod, Russian Federation; ; ORCID: 0000-0003-3660-6779; Zeleneva, Elena S. : Financial University under the Government of the Russian Federation Moscow, Russian Federation; ORCID: 0000-0003-0892-6070
Keywords
economic development; financial development; economic policy; financial policy; monetary policy; public administration; strategic management
Abstract

The effectiveness of monetary, financial, and economic policy formation and implementation by states is largely dependent on their consolidation. This study aims to identify the relationship between monetary, financial, and economic development of countries, facilitating the coordination of monetary policy goals with economic and financial development objectives. The study utilized correlation and regression analysis methods. The novel aspect of this research lies in developing a system of equations that aligns monetary policy goals with financial and economic development goals. Consequently, the study proposed indicators used in developing regression models and formulating monetary, financial, and economic development goals. Regression equations were constructed to reflect the relationship between the money supply, financial assets, and GDP. An algorithm for consolidating goals related to inflation, money supply growth, and the growth of real financial assets and real gross domestic product was developed. The created models were calibrated and tested for the UK, USA, and Russia. The obtained regression equations were used to identify the consolidated monetary, financial, and economic policy goals for the United Kingdom, the United States, and Russia for 2023–2025. The testing of the developed methodological tools confirmed their applicability and practical significance for consolidating monetary policy goals with financial and economic development goals. It also facilitated a cross-country analysis of these objectives

Pages
1091–1103
EDN
VIAPCG
Paper at repository of SibFU
https://elib.sfu-kras.ru/handle/2311/156191

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