Dr. Vladimir V. Martynenko
THE UNKNOWN POLICY OF THE BANK OF RUSSIAMoscow: ISPI RAN Publishers. 2004.352 pp. Illustrated.
G.V. Osipov, Dr. (Philosophy), full member of the Russian Academy of Sciences
N.A. Kormin, Dr. (Philosophy)
This book is a monographic research of the Bank of Russia's activity. It provides the first complex analysis of the methods used for the bank's monetary policy and exposes its officers' errors and abuses of power which provoked the inception and nonstop development of the banking, economic, social and political depressions in Russia.
It also shows the negative aftermath caused by the administrative manipulation with Russian banks' capital requirements, some stages for downgrading the Bank of Russia's independence to court irresponsibility and to the confusion of state and business interests in its activity. This book gives an ample explanation of how the Bank of Russia has by way of juggling the Central Bank's independence become a structure whose identity can be interpreted as an irresponsible subject of financial activity. Pride of place in this book is also assigned to a comparative analysis of the aims, basic instruments, monetary policy methods and to the responsibility level of the Central Bank of Russia and to the national banks of the world's leading countries.
This monograph gives some concrete recommendations on the alteration of role and position of the Bank of Russia in the national banking system and of the principles used for pursuing a monetary policy. These recommendations make it possible to develop some measures for the national currency to take a worthy place on the international monetary Olympus and duly meet the requirements for securing a social and economic development of this country.
«The Unknown Policy of the Bank of Russia» is recommended for politicians and officials of all branches of power, lawyers and barristers, state employees and banking officers, researchers and students majoring in political, sociological, legal and economic sciences. It is also addressed to all the readers who are keen on the Russian banking system and on Russian currency.