Positioning of the Central Bank within the Monetary System and Imperatives of its Transformation
https://doi.org/10.26794/1999-849X-2023-16-1-58-66
Abstract
The relevance of the topic of the article is due to the inadequacy of the current status of the central bank (CB) within the modern monetary system as an issuing authority and the need for its transformation.
Most of the papers devoted to the analysis of the Central Bank’s policy focus mainly on issues of an applied nature. And at the same time, the provision that any seemingly logical recommendations for improving the regulatory activities of the Central Bank cannot be effective without addressing fundamental issues is ignored. One of these is the adequate positioning of the Central Bank within the monetary system. The subject of the study is the status of the Central Bank institution, determined by the nature of the monetary system within which it is located. The purpose of the work is to establish the need to bring into organic conformity the essence of the modern monetary system and the status of the Central Bank, i. e. the whole and part. It is concluded that the national-market nature of the modern monetary system necessitates the transformation of the institution of the Central Bank from the banking institution itself into a special state body for monetary regulation of the market.
About the Author
Yu. A. Kropin
Financial University
Russian Federation
Russian Federation
Yuriy A. Kropin — Dr. Sci. (Econ.), Prof., Department of Banking and Monetary Regulation,
Moscow.
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Review
For citations:
Kropin Yu.A. Positioning of the Central Bank within the Monetary System and Imperatives of its Transformation. Economics, taxes & law. 2023;16(1):58-66. (In Russ.) https://doi.org/10.26794/1999-849X-2023-16-1-58-66
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