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Introduction. The article examines the anti-crisis orientation of the instruments used by the Central Bank of the Russian Federation in order to stabilize the national economy in 2023 and achieve the target inflation rate of 4% in 2024.Goal. The article is devoted to the study of the problems of the functioning of the financial system of the Russian Federation during the period of sanctions pressure from the United States and EU countries.Materials and methods. The study is based on the consideration of theoretical and applied aspects of monetary policy pursued by the Central Bank of the Russian Federation in the context of the economic crisis that began in February 2022. The methodology of the study of the problems of interaction between the Central Bank of the Russian Federation and financial institutions is characterized by an integrated approach to assessing its results, which change under the influence of the unfriendly behavior of these countries in monetary policy and other information sources.Results and discussion. The article proves that the increase in inflation in Russia was caused by the crisis that arose due to the economic sanctions of the EU and the United States applied to our country, as well as an imbalance in the supply and demand of funds in the domestic market of working capital. This state of affairs requires the timely use of effective monetary policy instruments of the Central Bank of Russia. The proposals for the implementation of the monetary policy of the Russian Federation in the situation of deviation of the inflation rate from its target value are presented.Conclusion. The conclusions and generalizations of the study can be used to develop strategies that help offset the negative consequences of the global crisis and return the Russian economy to the basic scenario of its development, taking into account the target inflation rate of 4%. The scientific significance of the article lies in the theoretical understanding of the anti-crisis orientation of the monetary policy instruments pursued by the Central Bank of the Russian Federation in the sanctions environment. The practical significance of the study lies in the fact that its provisions can be used in the process of developing programs for the development of the financial system of the Russian Federation.

The Central Bank of Turkey’s policy to decrease the nominal interest rate has caused episodes of severe fluctuations in Turkish lira exchange rates during 2022. According to these conditions, the daily return of the USD/TRY have attracted the risk-taker investors’ attention. Therefore, the uncertainty about the rates has pushed algorithmic traders toward finding the best forecasting model. While there is a growing tendency to employ sophisticated models to forecast financial time series, in most cases, simple models can provide more precise forecasts. To examine that claim, present study has utilized several models to predict daily exchange rates for a short horizon. Interestingly, the simple exponential smoothing model outperformed all other alternatives. Besides, in contrast to the initial inferences, the time series neither had structural break nor exhibited signs of the ARCH and leverage effects. Despite that behavior, there was undeniable evidence of a long-memory trend. That means the series tends to keep a movement, at least for a short period. Finally, the study concluded the simple models provide better forecasts for exchange rates than the complicated approaches.

This paper investigates the transmission of financial contagion from the European to the Russian stock market during the COVID-19 pandemic. Financial contagion refers to the spread of instability and shocks across individual countries, sectors, or markets during a crisis, where the relationship between returns and volatility of different assets goes beyond normal interactions. Using the construction of extended autoregressive models, we test the contagion of the RTSI composite index from the EURO STOXX 50 index, with the US dollar exchange rate and the spot price of Urals crude oil serving as control variables. The calculation of the moving coefficient of variation in assets prices allows us to distinguish the pre-crisis, crisis and post-crisis periods, for which three separate autoregressive models are built. The contagion of the Russian stock market from the European stock market in these models is identified in two ways: 1) based on the growth and significance of estimated coefficient for the tested variable (STOXX 50 index return) during the crisis; 2) through an increase in the contribution of the tested variable to the explained variance of the dependent variable (RTSI return). In addition, we tested contagion based on the method of central co-moments of the distribution of returns, skewness and volatility of the tested and dependent variable. The analysis has convincingly demonstrated the existence of a financial contagion effect from the European stock market to the Russian stock market in the short term — strengthening of the impact of the European STOXX 50 index on the Russian RTSI index in the acute phase of the pandemic. Understanding the factors contributing to the spread of market shocks in the context of financial globalization can help policymakers to implement effective financial regulatory measures and maintain long-term financial stability in line with national interests. For investors, it helps to identify potential risks and opportunities, enabling optimal hedging and diversification response strategies.

The consumer price index (CPI) is a crucial economic indicator of consumer price inflation, which has an attendance effect on the extent of savings and, hence, on investment capacity. The literature contains different opinions on the relationship between exchange rate and consumer price index; however, given the uniqueness of each country’s economic environment, it became apposite to focus the bearing of this paper on the South African economic context. Thus, this paper evaluates the effect of currency exchange rates on the consumer price index in South Africa. Time series data on CPI and exchange rates were drawn from the Fusion Media investment database and were analysed using the OLS regression. For the independent variables exchange rate, which is the Rand price against the Dollar, the authors applied lagg-2 given the assumption that exchange rate differences might take up to two months to affect the consumer price index. The authors’ assumption draws from the findings of eminent scholars, which indicate that, given sufficient time, changes in domestic prices would fully compensate for exchange rate adjustments. The analysis showed that exchange rate changes significantly and positively affect CPI within the data’s boundaries. The findings offer academic and practical implications for understanding the theoretical short-term period effect of the exchange rate on the consumer price index within the South African setting and for practical economic policy application for advanced policies to cushion potential negative effects on savings and investment. The paper provides an agenda for further study of the application of expanded time series to evaluate the effect of currency exchange rates on CPI over a longer period to unravel a theoretical difference between the short-term and long-term implications of exchange rates on CPI.

The realism of the scenario indicators used in the formation of the federal budget of the Russian Federation in the context of the special significance of the budgetary mechanism for the adaptation of the national economy to global challenges becomes of particular importance while maintaining internal and external sanctions risks. The purpose of this study is to assess the validity of the forecast values of scenario macroeconomic indicators that determine the key characteristics of the Russian federal budget in the current budget cycle, and to develop proposals for clarifying the composition and concretizing approaches to their forecasting for the medium term in conditions of increased uncertainty. The study is based on an abstract-logical method, including a critical analysis of the predictive values of macro-indicators adopted as the basis for the parameters of the federal budget of the Russian Federation in 2023 and the planned period of 2024 and 2025 (using the level of consumer prices and the exchange rate of the ruble as an example), establishing causal relationships between the reliability of projected budget parameters at the federal level and the state of the Russian economy, identifying possible directions for the development of approaches to forecasting initial indicators for the preparation of the federal budget. In particular, the article suggests that in the forecasting of basic scenario parameters to detail the accounting for the dynamics of world prices, the real effective exchange rate of the ruble, to optimize the selection of exchange rate factors, and to take into account the variability of exchange rate volatility. The author’s developments presented in the article contribute to the efficiency of the execution of the federal budget in terms of the use of its resources, and therefore can be used in the activities of state authorities in the development of budget policy.

The gravity model approach was used to examine intra-trade flows and exchange rate volatility among BRICS countries. The study discovered that GDP has a significant impact on intra-trade flows, whereas geographical distance and exchange rate volatility have a negative impact on intra-BRICS trade flows. According to the results of the gravity model, special attention should be paid to improving the exchange rate stability of each BRICS country's real GDP. The study recommended that policymakers in the BRICS countries craft macroeconomic policies that reduce exchange rate volatility while maintaining the level and pattern of trade openness. The BRICS economies should generally strengthen and restructure their domestic foreign exchange markets, as their absence acts as a roadblock in mitigating exchange rate risk.

The purpose of the study is to determine of the influence of the Russian money supply provision with gold and foreign exchange reserves (GFR) on the exchange rate of the Russian ruble in dynamics and to form of approaches to the practical application of the results. The objectives of the study are: theoretical substantiation of the form of connection between the money supply of GFR and the national currency exchange rate; analysis of the relationship of these indicators according to the data of the Russian economy for 27 years at the 1994–2022; reinforcement of theoretical claims with data from empirical analysis; formation of methodological foundations and determination of directions for the practical application of the results obtained. The research methodology is based on graphical data analysis. The results of this analysis identified the presence of time lags in the reaction of the ruble exchange rate to the dynamics of the provision the Russian money supply with GFR; determine the specific value of the ratio of the volume of GFR and the money supply as a boundary, at which the national currency trend will be observed. Based on the results obtained, it was concluded that it is possible and necessary to use the relationship of the analyzed indicators not only as a leading indicator of the dynamics of the ruble exchange rate, but also as an active tool to manage the exchange rate of the national currency in a way that normalizes economic activity.

This paper examined the import demand function for two panels, namely, BRICS and G7 countries, from 1992 to 2021. The study used panel time series data from the World Development Index (WDI). Choi test (Choi, 2006), Im, Peasaran, and Shin test (2003 unit root test) were used to test for stationarity. The tests indicated that variables became stationary at the first difference, I (0) and I (1). The Pedroni Cointegration Test exhibited a long-run relationship in G7 countries among the variables in question. However, for BRICS countries, the test indicated no long-run relationship between the variables in question. The dynamic ordinary least squares technique assessed the short- and long-run results. The results showed that real GDP influences import demand for both BRICS and G7 countries. Similarly, the real effective exchange rate antagonistically influences import demand capacity for G7 and BRICS countries. Pairwise Granger causality exhibited that there is bidirectional causality between real income (a real GDP proxy) and import demand in both trading blocs (BRICS and G7 countries). Even more along these lines, unidirectional causality runs from import price to import demand; however, in G7 countries, there is bidirectional causality between import price and import demand. Consequently, the policymakers for BRICS and G7 countries should monitor the movement of the authentic trading scale, real GDP, local prices, and import prices to stay aware of solidarity not yet settled in trade.

The purpose of this study is to explain the impact of fluctuations in the exchange rate of the Russian currency on the inflow of FDI from the European Union to the Russian Federation in the period 2014–2020 in order to provide practical recommendations for the development of investment policy and FDI attraction. The author used a threestage methodology, including theoretical, statistical and empirical analyses. The theoretical positions of the influence of the value of the currency on the inflow of various types of FDI into the national economy are determined. It has been established that the increase in the value of the currency has a positive effect on the inflow of FDI and on industries focused on the domestic market of the country. The weakening of the real exchange rate of the ruble generally had a negative impact on FDI inflows into the Russian market. With the fall in the exchange rate, foreign firms targeting the Russian market have reduced their investments. At the same time, export-oriented firms have increased their presence in the form of fixed investment in Russia. Empirical confirmation of theoretical provisions allows using the obtained results when making decisions regarding investment policy and attracting FDI to the national economy.

The problems of transforming the elements of the global monetary and financial system in the direction of regionalization are discussed. The issues of prospects for de-dollarization and possible scenarios for switching to alternative means of payment in regional trade are discussed, five main scenarios for the development of the de-dollarization course are identified. The vulnerabilities of the Jamaican system in the context of global risks are identified. The analysis of the actual conditions for the formation of exchange rates is carried out. The main factors of the US dollar exchange rate formation are considered. A comparative analysis of the euro as a tool for replacing the world reserve currency is carried out, the weak position of the euro as a promising ‘donor’ of the US dollar has been revealed. The main threats to the economies of developing countries with weak national monetary institutions are formulated. An assessment of the structure of the distribution of investment gold among the national banks of the largest holders of reserves in precious metals is given, the dynamics of gold production and the dynamics of increment of reserves by national banks of the largest countries are considered, the prospects of gold mining and its distribution in the system of international finance are assessed. The applicability of futures of the main commodity markets as investment reserves is considered, the volatility of oil futures in terms of gold has been assessed. The prospects of the cryptocurrency market instruments as instruments for replacing the world reserve currency are assessed, the strengths and weaknesses of the processes of formation of crypto-tools markets are revealed

The research aims to examine the unexpected changes in stock prices due to external shocks given to the macroeconomic variables to forecast future stock market returns. The study applies two econometric models such as «Variance Decomposition» (VDC) and «Impulse Response Function» (IRF) for examining the exogenous shocks in macroeconomic variables respond to changes in stock prices. Monthly time series data of five significant macroeconomic variables Real Exchange Rate, Interest Rate, Consumer Price Index (CPI), Crude Oil Prices, and Trade Openness, taken as independent variables and BSE SENSEX as a dependent variable. The research period is from Jan 2009 to Dec 2019. The study has taken the responsibility to reveal a few strong evidences for changes in stock prices due to exogenous shocks in Exchange Rate, Trade Openness, Inflation, and Interest rate along with crude oil prices. According to the results, changes in the stock market are due to external factors like changes in dividend policy or capital loss, and some changes in the stock market are due to its own innovative shocks. This study suggests to reduce unexpected changes in stock prices frequently, companies should control capital loss and focus on stable return/dividend policies. There are divergent views in the literature review in the context of measures of these variables, however no research has been done on exogenous shocks in macroeconomic variables to BSE SENSEX for the Indian stock market with this particular data set and duration.

A strong economical link has arisen between stock markets and exchange rates as a consequence of increased capital flows between international financial markets. This correlation between stock returns and exchange rates is particularly intriguing for developing countries such as Kazakhstan, whose economies are quite sensitive to capital flows. In the evolving global financial system, comprehension of the correlation between exchange rates and stock prices is vital for policymakers and investors. Knowing this relationship enables the manager to manage risk effectively, contrariwise, it is applied by investors to predict future trends. However, economic and financial policymakers and regulators need to know the interrelation between conversion rate and asset prices, such as stock markets, in order to articulate respective policies. Nevertheless, there are plenty of empirical studies on the interrelation between exchange rates and the stock market in developed and developing countries. This correlation has not been explored in Kazakhstan. The purpose of this study is to explore the correlation between stock prices and exchange rates in Kazakhstan. The relationship between the variables was analyzed via Johansen Cointegration Test and the VECM model. Upon the results of the analysis, the presence of a long-term correlation between the variables is proved. According to the results of the causality test, the Granger exchange rate is the reason for stock prices in Kazakhstan. There is no causality from stock prices to exchange rates. The results of the study also have a guiding quality in guiding investment decisions for both equity market and foreign money exchange market investors.The null hypothesis that there is nocointegration connection between the variablesis rejected, according to the Trace and MaximumEigenvalue test data in Table 4. In other words,it has been established that the variables have along-term connection. Granger causality test basedon VAR model cannot be used when there is acointegration connection. The VECM (6) modelwill be estimated first, followed by the causalitytest. The results of the causality test predicted usingthe error correction model are presented in Table 5.The exchange rate is the Granger cause of stockprices in Kazakhstan, according to the findings ofthe causality test. There is no relationship betweenstock prices and currency rates.

In the article the questions of creation of adequate models that predict the dependence of the exchange rate of the national currency on the price of oil for use in operational planning and forecasting offinancial and economic activity of enterprises and organizations. Specifies requirements for the methodical-instrumental unit of research in this area, and proposes an improved method of developing a mathematical model for operational forecasting of the complex «oil price-exchange rate of the ruble». It is recommended that the author's algorithm of calculation of the sustainability and adequacy of the obtained characteristics.

Theoretical and practical aspects of the problem of functioning of the world’s means of payment and accumulation are discussed. It is shown that the US dollar is one of the specific forms of world money along with other ‘dominant’ currencies due to its function as a reliable asset for other countries, requiring for the issuing country exceptionally strong national institutions and confidence in this national currency, the American currency is also the universal equivalent in international settlements and the world’s means of payment, accumulation and medium of circulation. It is determined that the Russian ruble is ‘commodity’ currency but not the ‘dominant’ currency, and its share in international settlements is almost imperceptible. It is shown that, other things being equal, the American currency will continue to flow into Russia, since the export of Russian raw materials is traded on the world market mainly in dollars. It was revealed that the strategy for de-dollarization of the Russian economy did not contribute to the displacement of the dollar from payments for exports from Russia, with a noticeable increase in the share of the euro in payments. It was found that the transition in Russia’s settlements from China to national currencies was not carried out, and the EAEU countries remained the only ruble zone in settlements for Russia. It is shown that Russia’s attempt to switch to settlements exclusively in rubles is tantamount to creating an exclusive money circulation system for a small country, which, within the framework of the ‘dominant’ currencies paradigm, shows its limitations. The risks for the Russian economy as a result of its isolation from the system of international settlements in dollars and euros are formulated as part of the current sanctions by developed countries

For the world economy, the integration process is one of the most widespread and global. The Eurasian Economic Union is a typical example of bringing countries together to achieve shared goals and to face diverse challenges successfully by implementing coordinated policies and harmonizing the regulatory framework. The formation of a monetary union will be the next stage of integration. The EAEU member States need to achieve a certain level of economic convergence for that purpose. Thus, the main aim of this research article is to analyze some of the economic indicators of the EAEU in order to identify common problems, the solution of which will be necessary for the successful formation and functioning of the monetary union. The authors have studied such indicators as GDP volumes and inflation levels, as well as the dynamics of changes in exchange rates and the level of mutual direct investment in terms of sigma convergence. The authors have also used methods of graphical representation of the scientific results. The reports of the Eurasian Economic Commission and the Central Banks of the EAEU Member States were used as the main sources of statistical data.

There is an increasing need for in-depth theoretical and applied studies of the essence, structure and features of the formation of the exchange rate, the development of the mechanism of currency regulation in the Russian Federation, determining the degree of state regulation of currency relations, including due to the introduction of currency restrictions, clarifying the main criteria for the effectiveness of their application, as well as developing directions for improving the mechanism of currency regulation in the conditions of post-crisis economic development. The main purpose of this article was to consider the peculiarities of the formation of the exchange rate in a resource-oriented economy, which includes the Russian economy. The article uses general scientific methods, in particular, analysis, synthesis, comparison, as well as a systematic approach to the study of information. The value of the exchange rate for the economy is indicated. The main indicators of exchange rates and the main groups of factors affecting the exchange rate of the national currency are described.

The article provides a comparative analysis of the financial sector of Russia and other countries in the structure of the global economy; international comparisons are made over 30 years in terms of financial depth, including monetization, “saturation” with loans and securities, inflation, and interest rate. The inadequacy of the size of the financial sector to the size of the Russian economy is shown, the extremely high volatility of financial variables is analyzed (using the example of the exchange rate and changes in the institutional network (banks and non-bank financial institutions)). The model of the financial sector is revealed (excessive role of the state, overconcentration in the markets and among financial institutions, oligopolization, “monetary desertification” of regions, excessive administrative costs, focus on capital export). Shown is the “pro-crisis” nature of the financial sector in Russia (1– 2 crises in 10–15 years). The complete correspondence of the parameters of the financial sector of Russia to other developing economies is demonstrated (the fourth – seventh dozen countries in terms of financial depth). It is shown that the parameters of financial development, as a rule, are worse than the groups of countries with lower middle income (according to the international classification). The analysis of the Russian economic model made it possible to show the cause-and-effect relationships between it and the financial sector model, their interdependence. Four scenarios of the economic future (“besieged fortress”, “frozen economy”, “Spanish”, “growth economy”) are given, with estimates of their probability, and on this basis the corresponding scenarios for the future development of the Russian financial sector. The scenario of the “growth economy” based on the change in the model of the economy in Russia, the policy of “financial afterburner” and the formation of a new model of the financial sector in Russia is more fully disclosed.

The exchange rate and inflation indicators reflect how expensive or cheap this monetary resource will be for society or business entities. Given Georgia’s transitional and open economy, which is also dependent on imports and the national currency is pegged to the US dollar with a floating exchange rate, the price of these resources is volatile over time. The given dynamics in the last 30 years are typical for both standard and crisis periods. To define economic stability, we will use the following indicators within the scope of this work – Gross Domestic Product (GDP), inflation and national currency exchange rate. We need to focus on the last two indicators for the sake of this research. For individuals and legal entities, these data are essential for their short, medium and long-term activities – accumulation and spending of monetary resources, purchases, sales, demand allocations, etc. The study considers two major crises, which Georgia went through in the form of a typical crisis with the 2008 Russia- Georgia war. It continues as an atypical crisis due to the COVID-19 pandemic and the Russia-Ukraine war. Both events significantly impacted on our country’s inflation rate and the national currency exchange rate. Accordingly, it will be interesting to determine what kind of correlation was revealed in the first crisis and what new correlation was formed within the second indefinite crisis. As a result of regression and correlation analysis, it has been determined what contribution the monetary policy rate had in managing the mentioned crises and how much it helped Georgia’s economy. In particular, the influence of the monetary policy rate on the exchange and inflation rates has been studied.

The article analyzes such public functions of the Bank of Russia as currency regulation, currency control and the right to set standards in the relevant area. The peculiarity of the status held by the Central Bank of the Russian Federation in the sphere of currency relations is determined by the fact that it is both the body of currency regulation and a body of currency control. The activity of the Central Bank of Russia in the currency sphere is closely connected with its main objectives, in particular, protection and ensuring the stability of the ruble, ensuring the stability and development of the national payment system, ensuring the stability of the financial market of the Russian Federation. The author provides the definitions of such concepts as currency intervention, exchange rate, currency restrictions. The powers of the CBR as a currency control body are considered. The question of the legal nature of regulatory acts of the Central Bank of the Russian Federation in the field of currency relations is raised. The article concludes that in the activity of the Bank of Russia combines the functions of both organizational-legal and law-establishing and law-enforcement character that can lead to problems connected with the conflict of norms, powers and interests.

Based on the analysis of national and foreign scientific literature, the paper determines the main parameters of financial stability at the macro level, taking into account the characteristics of the economy of the Republic of Belarus. These parameters include the level of inflation, exchange rates, the level of dollarization of the economy, interest rate, the balance of external trade, the state of the economic entities' finances, as well as financial soundness indicators developed by the International Monetary Fund. The quantitative assessment of the inter-linkages between these parameters was carried out: a correlation matrix and regression models are constructed. The study used official statistical information published by the National Bank and the National Statistical Committee of the Republic of Belarus on a monthly, quarterly and annual basis for 2000-2019.

Currently, sanctions are considered an important tool of international policy for maintaining security and collective response to violations of international order. At the same time, they are a factor of negative impact on the economic situation of the country, growth and production in the target country. Russia and Iran have been under sanctions from Western countries and their allies for many years and are experiencing economic problems in this regard. The article provides a characteristics and comparative analysis of economic sanctions against Russia and Iran, reveals their differences, assesses the impact of sanctions on their economic structure and financial sector. The paper shows that sanctions directly or indirectly affect the country's macroeconomic indicators and cause their decline. The authors give the substantiations for the negative impact of sanctions on the financial markets of Iran and Russia, including the banking and stock markets.

The article examines inflationary processes in Russia and the impact of the coronavirus recession on them. The need for this study is due to the fact that the existing factors of inflation in modern conditions "overgrown" with new causes due to changes in the world economy. Using the methods of positive and normative analysis, tabular and graphical analysis, factors that have a particular impact on inflation are considered, taking into account the events taking place in the world economy. As a result, the study showed that the exchange rate, the situation on the food market and budget financing are the factors that had the most significant impact on inflation in Russia. The conclusion is made about the significant role of the dynamics of the ruble exchange rate in the deployment of inflation, the contribution of agflation and price disparity to the consumer price index. The directions of struggle against price disparity and their use in anti-inflationary strategy are considered. The duality of the nature of public debt and inflation is revealed, a conclusion is made about the possibility of increasing public debt, and possible inflationary scenarios for the economy are given. Based on the results of the study, it is proposed to use an anti-inflationary strategy that would fully take into account inflation factors and adequate anti-inflationary policy instruments. The growth of public debt, according to the authors, will have a delayed inflationary effect; tightening of monetary policy is in conflict with the achievement of sustainable rates of economic growth. Anti-inflationary policy should be aimed at leveling external shocks while maintaining the guidelines for a stimulating monetary policy.

It is time for Nigeria to feed Nigerians with the aim of actualizing the United Nation's Sustainable Development Goals in the area of zero hunger (food security). Recent statistics show increasing food insecurity issues; the global COVID 19 pandemic has further worsened the country's food (in)security situation. This study econometrically assessed the nexus of agricultural credit and sustainable food production in Nigeria. Secondary data on variables of interest were gotten from World Development Indicators (WDI) of the World Bank and other relevant bodies. The data were analyzed using Unit Root Test (URT) and the Fully Modified Ordinary Least Square (FMOLS). The study revealed that Agricultural Credit Guarantee Scheme Fund (ACGSF) and loan to agriculture from the commercial banks statistically and positively influenced food security within the study period. Lending interest rate and official exchange rate inversely influenced food security. The study concluded that credit is key to achieving self-sufficiency in food production. The post estimation tests on the models confirmed that policy implications from this study are applicable to improving food security. Proper and efficient policy mix to support agricultural production including provision of credit was recommended. [ABSTRACT FROM AUTHOR]

One of the important factors for improving the economic situation in the Russian Federation is the optimization of the mechanism of currency regulation. Its role as the main means of implementing monetary policy is of particular importance in countries where the national currency has limited convertibility, since it is not in stable demand in the global financial markets. The purpose of this article is to summarize existing theoretical approaches to the problem of formation and regulation of the exchange rate based on the study of the evolution of relevant theories and concepts, as well as the definition of their scope of application and the conditions of validity. The article systematizes the theoretical aspects of the formation and regulation of the exchange rate. The paper highlights the instruments that affect the exchange rate. The authors study the main approaches to the relationship between the balance of payments and the exchange rate. The obtained theoretical results can be used in the formation and adjustment of monetary policy.

Currency regulation plays a significant role in the state economic policy. Depending on the goal, currency regulation can stimulate or constrain economic development in the country and, accordingly, affect the state of individual sectors, industries and enterprises, as well as the place of the state in the world market. In modern conditions of economic globalization, the exchange rate is becoming one of the main integrated macroeconomic indicators, which affects not only the foreign economic activity of the state, but also, in general, the socio-economic development of our country. The imbalance of the foreign exchange market, the negative trade balance, high inflation rates indicate that the problem of conducting an effective exchange rate policy and establishing the optimal level of the exchange rate remains unresolved. It is necessary to choose the optimal system for regulating the rate of currency quo-tations to solve these problems. The paper discusses theoretical approaches to the system of regulation of exchange rate regimes. Systematized and classified methods of currency regulation. The proposed application of a systematic approach to the stabilization of the exchange rate, which promotes the integ-rity, hierarchy, structuring of currency systems. And this paper also discusses the problems of currency regulation and ways to overcome them.

Relevance of research topic. In conditions of the high-level export-oriented national economy of Ukraine, the importance of foreign trade and monetary policy research including the development of currency regulation becomes especially relevant. The need for a system of currency regulation based on the principles of liberalization, which corresponds to both the general economic situation in Ukraine and global trends, requires special attention to studying the instruments of currency regulation. Analysis of recent research and publications. Among the most studied aspects of regulating currency relations should be noted: the theoretical fundamentals of international monetary and financial relations, state regulation of the economy, international regulation of monetary relations, liberalization of international monetary relations, the current state and prospects of development of currency regulation in Ukraine and the monetary and financial mechanism of foreign economic activity. Selection of unexplored parts of the general problem. Due to the global challenges and the constant evolution of monetary and financial relations, as well as the modernization of the system of currency regulation in Ukraine, the peculiarities of formation and application of the instruments of currency regulation of foreign economic activity require a more detailed study. Setting the task, the purpose of the study. To analyze the modern instruments of currency regulation of foreign economic activity and the peculiarities of their use in Ukraine. Method or methodology for conducting research. System and structural approach, method of logical analysis, statistical method, method of graphic analysis, method of comparison, method of structuring. Presentation of the main material (results of work). The paper describes approaches to the definition of currency regulation of foreign economic activity. Its place in the economic system of the state is considered. The system of instruments and levers of currency regulation of foreign economic activity is proposed based on direct and indirect regulation. The use of instruments of currency regulation of foreign economic activity in Ukraine in the modern conditions of currency regulation system liberalization is characterized. The field of application of results. Educational process (in the preparation of the relevant sections of textbooks and tutorials for courses “International Economics”, “Global Economics”, “Finance”). Conclusions according to the article. Analysis of the essence and approaches to the definition of currency regulation of foreign economic activity allows considering it as an instrument of currency policy and an integral part of foreign economic policy, state regulation of the economy, financial regulation of foreign economic activity. Indirect and direct currency regulations define its regulatory and control functions. Thereafter the exchange rate and currency transactions should be considered as the main instruments of currency regulation of foreign economic activity. The corresponding regulation levers are triggering the instruments of currency regulation of foreign economic activity. The levers of currency transactions instrument are rules of trade in currency values, currency restrictions, rules of administrating the foreign exchange proceeds of business entities. The levers of the exchange rate instrument are exchange rate regimes, devaluation/revaluation, foreign exchange interventions, foreign exchange reserves diversification. A new currency regulation system that provides the significant liberalization of currency transactions and capital movements was launched in Ukraine in 2019. According to it the concept of foreign exchange control as a repressive mechanism will be removed from the legislation, and a system of currency supervision will be introduced instead. The priority of less discriminatory instruments of currency regulation is also defined. Thus, it can be argued that the considered instruments of currency regulation of foreign economic activity reflect the trends of Ukraine's integration into the world financial and economic system.

The paper raises two main questions: the definition of a Central Bank’s responsibility and the need of the exchange rate regulation for the countries with developing, emerging and post-transformed national economies. We also investigate this issue for Russian practice within the period of 1990s till nowadays. The paper provides an overview of the Central bank history, highlighting the stages of its evolution and the corresponding changes in the goal-setting for its activities and tasks. The goals and policy of the Bank of Russia are considered and evaluated in the context of modern international practice and efficiency of achieving the necessary level of financial stability and national economy development, preserving and strengthening economic sovereignty. Generally we use the Bank for international settlements (BIS) survey data processing, the comparative cross-country analysis of BIS statistics and econometric analysis of the data provided by Bank of Russia including exchange rate and investments (FDI, portfolio and other). We alsoanalyzed the main directions of the unified state monetary policy in the Russian Federation and the consequences of its implementation. The authors concluded that the countries of the representative group are more vulnerable to the negative impact of external factors on their national economy under the conditions of free-float exchange rates. The policy of the Russian Central Bank focused mainly on inflation targeting with the freely floating exchange rate of the ruble, is recognized as ineffective for solving internal problems of the national economy and confronting external threats and challenges, including current sanctions regime against Russia.

Sharia shares are securities proof of equity participation in a company. On the base of this proof of participation shareholders are entitled to a share of income arisen from the company's business. This concept of equity participation with share rights of operating income does not conflict with Sharia principles. This study aimed to analyze the effect of exchange rate, foreign exchange reserves and consumer price index on the Sharia stock index of Asian countries, where the research object was the Islamic stock index of Indonesia, Malaysia, Japan and India. It is known that many factors influence on the stock index movements in a country, including domestic interest rates, foreign exchange rates, international economic conditions, a country's economic cycle, inflation rates, tax regulations, and the money supply. In this study, the authors examine the influence of only three factors – the exchange rate, foreign exchange reserves and consumer price index. The panel data regression method was used for the period of January to December 2019. The results of the regression analysis shown that the variables of exchange rates, foreign exchange reserves and the consumer price index together had a significant effect on the Islamic stock index of Asian countries. The R-squared value was 0.997762, meaning that 99% of the variation in the Islamic stock index of Asian countries could be explained by variations in the variable exchange rates, foreign exchange reserves and the consumer price index. The individual test results show that the exchange rate had a significant negative effect on the Islamic stock index of Asian countries. Meanwhile, foreign exchange reserves and the consumer price index had a significant positive effect on the Islamic stock index of Asian countries.

The degree of openness of the economy as the presence of ties with residents of other countries in the framework of export-import operations determines the potential impact of foreign trade on business development in the agricultural sector. Analysis of the indicators of economic openness in relation to Ukraine (the country's export quota, the country's import quota, foreign trade quota) for the period 2008–2019 allows us to state that the national economy falls into the category of open. At the same time, import quotas exceed export quotas by 7–15%, which indicates the predominance of imports in the structure of foreign trade. In order to develop a mechanism for effective management of foreign economic activity of the agricultural sector, groups of factors of external (supranational level) and internal (macro-economic level) environment are identified that have a direct impact on the nature of the flow and the volume of foreign trade. External factors included the following: liberalization of trade rules; the amount of duties in trading partner countries; non-tariff restrictions in trading partner countries; world prices; foreign market capacity; ecological situation; the domestic factors included: tariff restrictions; non-tariff restrictions; institutional component (level of corruption, level of bureaucratization); resource opportunities; level of technology development; domestic market capacity; state of transport and logistics infrastructure; exchange rate. Based on the identification of factors influencing foreign trade on business development in the agricultural sector, their expert assessment was conducted according to 3 criteria: weight of impact, the degree of impact and the probability of increasing the impact. According to the level of agreement of experts, assessed using the concordance coefficient, the results obtained should be considered statistically significant. Among external factors, world prices are considered the most favorable, and non-tariff restrictions in partner countries are considered the most threatening. Among the internal favorable factors, resource opportunities and the level of technology development are in the lead, among the unfavorable ones tariff and non-tariff restrictions, as well as the institutional component have been identified. The identified factors must be taken into account when developing strategies for starting a business in the agricultural sector.

Relevance of the research topic. In the context of financial globalization, it is important to determine the impact of monetary policy on budgetary balance, ensure sustainable economic development, and support macroeconomic equilibrium in the country. The study of the impact of monetary policy on a balanced budget is very relevant. Formulation of the problem. Under the conditions of transformational changes, the exchange rate and the peculiarities of its formation are an integral part of ensuring the development of the country's financial system. Of particular importance is the issue of ensuring the effective interaction of monetary and budgetary policies as one of the most important factors in the development of the economy through reindustrialization and modernization. Analysis of recent research and publications. The problem of the state’s monetary policy is today quite relevant for most countries of the world and widespread in the scientific works of famous foreign and domestic scientists: T. Bogolib, V. Heyets, I. Zapatrina, J. M. Keynes, N. Kornienko, A. Laffer, I. Lyutyi, A. Mazaraki, R. Masgrayev, V. Makogon, V. Oparin, M. Pasichnyi, A. Smith, J. Stiglitz, V. Fedosov, I. Chugunov, S. Yurii and others. Selection of unexplored parts of the general problem. However, there are a number of insufficiently disclosed issues regarding the impact of exchange rate fluctuations on significant macroeconomic indicators in the context of economic transformation. Setting the task, the purpose of the study. The objective of the study is to analyze the impact of the exchange rate on budgetary balance. The aim of the study is to determine the main objectives of the monetary policy of Ukraine. Method or methodology for conducting research. The article uses a set of scientific methods: the system approach, statistical analysis, structuring, analysis and synthesis. Presentation of the main material (results of work). The article analyzes the exchange rate and determines its effect on the formation of the budget deficit and public debt. The task of modern monetary and foreign exchange policy is delivered, directions of ensuring effective interaction of monetary and budget policies are considered. The field of application of results. The results of this study can be applied in the process of formation and implementation of the monetary policy of Ukraine. Conclusions according to the article. Maintaining balance and stability of budgets of various levels is a strategic objective of budget policy, especially in the context of transformational changes. Budget balance is characterized by the ratio of budget expenditures and revenues, their proportional change in economic uncertainty. It is important to ensure the effective interaction of monetary and budgetary policies as one of the most important factors in the development of the economy through reindustrialization and modernization. The solution of these issues involves an objective assessment of the situation in the domestic and world economies, taking into account the country's real capabilities in achieving the main strategic goals and ensuring economic development.

The features of the economic development of the Czech Republic after the global financial crisis, the role of the Czech National Bank in the formation of macroeconomic policies, as well as the peculiarities of monetary regulation in the study period have been defined in the article. The main goal of the paper is to assess the impact of interest rates used by the Czech National Bank in the process of monetary regulation on the dynamics of the main macroeconomic indicators, which is considered as one of the necessary conditions for the effectiveness of the inflation targeting regime. By the results of the correlation analysis and Fisher’s exact test, it has been determined that the Czech National Bank could affect the main macroeconomic indicators based on the percentage of monetary policy instruments used.

The impact of currency regulation on the country’s export potential has been the focus of scientific research and discussion among economists for years. Currency regulation is a backbone element to maintain the competitiveness of the country’s economy, macroeconomic stability, and to stimulate economic growth. The aim of this research is to analyse the impact of the exchange rate of the Armenian national currency (dram) on the country’s export potential, as well as the choice of a currency regulation policy stimulating export expansion and economic growth in Armenia. The study employed the methods of statistical and comparative analysis, as well as the construction of logistic assumptions. The authors conducted a statistical analysis of the dynamics and structure of Armenia’s exports by product groups and countries. They revealed that, with the exception of exports to Russia, Armenia’s exports to other countries has a high ratio of raw materials. As known, the exchange rate has the greatest impact on the price competitiveness of finished products in foreign markets. The authors evaluated the impact of currency regulation policy implemented in Armenia on the export potential and competitiveness of Armenian goods, especially in the EAEU markets. The results show that Armenia is not able to maximize its export opportunities due to the uncompetitive exchange rate of the national currency. The key conclusion of the research is the thesis that Armenia should abandon the non-market mechanisms for ensuring exchange rate stability, the Central Bank should immediately shift to a policy of free-floating national currency and non-intervention, which will significantly expand the presence of Armenian finished products in foreign markets, especially in the Russian Federation.

The article aims to calculate the separate elements of the financial strategy of the NKR energy system and to carry out a factor analysis. Using the Kaufmann-Calibardi method, the coefficients of flexibility of electricity consumption by GDP were estimated, showing the causes of the shadow economy in the Artsakh Republic depending on the volume of electricity. Based on the annual statistics of electricity consumption and real GDP in the period of 2000-2019, the years were emphasized, as a result of which the fact that it is a calculated value of 1 substantiates the fact that the higher the electricity consumption, the higher the GDP should be, but obtained the results are not equal to 1 (greater than or less than 1), so the size of the shadow was calculated in those years.

The research subject includes the theoretical basis and mechanisms of monetary policy formation and realization as an instrument of macroeconomic regulation. The aim of the study is to determine the features of domestic monetary policy and to systemize the policy’s stages under economic transformations. Methods. In order to achieve the appropriate tasks, we used a set of methods and approaches, that helped to ensure the conceptual unity of our investigation. The dialectical, systemic and structural approaches, methods of analysis and synthesis, comparison, generalization, scientific abstraction are applied. Results. The peculiarities of formation and realization of monetary policy of Ukraine under economic transformations are determined. The main stages of national monetary policy’s development are systemized. The dynamics of monetization, exchange rate and index of consumer price from 1992 to 2018 is investigated. Practical implications. Monetaryl policy and instruments of its implementation. Conclusions. Nowadays, the monetary policy has a formed institutional mechanism in order to reach the main goal and tasks. We identified the main phases of monetary policy of Ukraine. In the initial stage the main elements of monetary architectonics are established, also the powers and tasks of central bank are defined. The stage of functional improvement characterized by the restriction on central bank repayment of bonds on the primary market, decreasing the monetization of national economy, introducing the currency exchange corridor. At the steady development phase, we determined the exchange rate stability and gradual increasing of monetization level. Within the transitional stage of modification, the raising of monetization was continued, moreover, the combined using of methods on the currency market was carried out to stabilize it. Also, National bank defined the priority directions to enhance the bank system. The stage of institutional modernization is characterized by the monetary strategy formation, increasing the central bank institutional and financial independence, the adoption of inflation targeting regime, the improving of basic statements of currency transaction, the developing of macroprudential regulation to ensure financial stability.

Based on the analysis of the particularities of the monetary policy of the Bank of Russia in the period 2000-2018, an assessment of its effectiveness has been carried out and the main problems in the sphere of monetary regulation have been identified. It has been determined, that the Bank of Russia focuses solely on ensuring price stability, limits the availability of credit for enterprises in the real sector of the economy, which significantly reduces their development potential. It has been shown, that under the conditions of unjustified monetary policy rigidity, the efficiency of the banking system’s function of transforming savings into investments is reduced. Thus, the easing of the monetary policy by the Bank of Russia is considered as a necessary condition for the development of national production.

Despite the ASEAN Community Vision 2025 plans to deepen and develop monetary and financial cooperation within member states, regional markets differ significantly from each other in the level of development and overregulation. Among ASEAN-5 countries, Singapore has the most developed and large financial market with the least number of applied restrictions. The remaining countries (Malaysia, the Philippines, Indonesia and Thailand) control virtually all capital account transactions. The examined five countries practice soft peg exchange rate regimes: a stabilized arrangement and a floating. Indonesia and Singapore apply a stabilized arrangement, and Malaysia, Thailand and the Philippines apply a floating. The regression analysis results show that changing exchange rate regimes of ASEAN-5 countries to a hard peg (a single currency basket) will have a significant effect on the volume of issued bonds in four of the five studied countries (all except Thailand). Indonesia will have the greatest effect of the exchange rate regime change. Thus, revaluation of the value of the East Asian currencies basket against USD by 1% will reduce the volume of issued bonds in Indonesia by 3.79%, and devaluation, on the contrary, will increase by the same amount. Consequently, Indonesia and other countries under study will have to continue the competitive devaluation policy against USD in order to have a positive effect of changing exchange rate regime. But in this case it will be a coordinated devaluation of all East Asian currencies and not a currency war. It is worth noting that the correlation between the volumes of bonds issued in national and foreign currencies in all the studied countries and fluctuations of East Asian currencies against each other and to USD is much weaker than the effect of the single currency basket. And in the case of the Philippines this correlation is not at all

The article discloses provisions regarding the functioning of the main instruments and mechanisms of the State’s monetary policy, in particular the definition and regulation of the mandatory reservation norms, interest policy, refinancing, currency interventions, operations with securities in the open market, as well as the peculiarities of their application in the context of adaptation of inflation targeting. The theoretic-methodological bases of the use of monetary instruments in the context of institutional changes of the financial system are deepened. Goals are defined and the main indicators of Ukraine’s monetary policy for the period of 2001-2019, including the consumer price index, interest rate, monetization of the economy, official rate of the national currency to the US dollar, international foreign exchange reserves are analyzed. It is substantiated that the State represented by the central bank through the channels of monetary policy can stimulate economic development in accordance with the priorities of its financial-economic policy to support economic growth, maximum employment, price stability and external economic equilibrium. The transmission mechanism of monetary regulation and the main channels of its implementation are considered taking into account the cyclicality of the economy. The need to strengthen coordination of the monetary policy measures with other components of the State’s financial policy, in particular fiscal policy, is substantiated. The expediency of using both symmetrical and asymmetric monetary regulation in various macro-economic conditions is characterized. The basic principles of the central bank’s activities are defined, ensuring that the processes of endogenous economic growth can be effectively regulated by monetary means.

This study aims to analyze external factors, namely the influence of the Nikkei 225 index and the Dow Jones index on the IHSG and the exchange rate in Indonesia for the period 2006-2015; and analyze the influence of Indonesian and foreign government policies through the BI rate and the Fed Rate on the JCI and the exchange rate in Indonesia for the period 2006-2015. The data analysis technique used is path analysis. The results showed that the Nikkei 225 index (X1), the Dow Jones index (X2), the BI rate (X3) and the Fed rate (X4) had a significant effect on the IHSG (Y1) in Indonesia in 2006-2015 and the Nikkei 225 index (X1), Dow Jones index (X2), BI rate (X3), Fed rate (X4), and IHSG (Y1) have a significant effect on the exchange rate (Y2) in Indonesia in 2006-2015.

The article examines the impact of the policy of the uSA quantitative easing and the euro area on the nominal EuR/ uSD exchange rate. After the economic crisis of 2008–2009, the policy of quantitative easing gained popularity among the world’s largest economies. The largest programs were implemented by the uS Federal Reserve (uS Federal Reserve System) and the European Central Bank (ECB). However, the impact of the actual purchase volume of securities on the EuR/uSD exchange rate within these policies has been little studied in modern literature. The author collected the data from 1999 to 2018 on the exchange rate, macroeconomic and market indicators, and calculated the monthly actual purchase volumes of securities under the asset purchase program of the united States and the euro area. The behavioral equilibrium exchange rate model was used. The linear model specification and the error correction model identified no significant impact of the ECB quantitative easing policy expressed in the actual purchase volume of securities. However, for some specifications, it has been proven that the increase in purchases of securities by the uS Federal Reserve leads to a weakening of the dollar against the euro. The cointegration test revealed a long-term dependence of the EuR/uSD exchange rate on the accumulated volumes of acquired assets. Thus, an increase in the purchase volume of securities led to a weakening of the dollar against the euro. The insignificant impact of the European Central Bank quantitative easing policy could have been caused by market expectations formed prior to the actual purchase of ECB securities in the market.

The main objective of this study is to identify the characteristics of methods for regulating inflation processes in an open economy. In this regard, the article discusses in detail such issues as, features of inflationary processes in an open economy, the specifics of the impact of external factors on the level of inflation. On the example of the economy of the Republic of Tajikistan, the peculiarities of the influence of the dynamics of the exchange rate and foreign trade factor on the inflation rate are considered, the main factors influencing the dynamics of the national currency exchange rate are identified, the problem of regulating inflation tendencies in conditions of high import dependence is studied.The theoretical basis for this study was the work of foreign and domestic scientists on the problems of inflation in an open economy, the impact of the exchange rate on inflationary processes, and the anti-inflationary monetary policy under conditions of high import dependence. Statistical data of the National Bank of the Republic of Tajikistan website - www.nbt.tj and the Statistical Agency under the President of the Republic of Tajikistan - www.stat.tj for 2000-2019 were used as an information database.Results. The main factors of inflation in an open economy are identified. The mechanism of direct and indirect influence of foreign economic factors, in particular the exchange rate on inflationary processes, is investigated. The main factors of inflation and the mechanism of their influence on the example of the Republic of Tajikistan are investigated. The significant influence of external factors (imports, cash flow, exchange rate, dynamics of the Russian ruble) on inflationary processes and economic development of the Republic of Tajikistan has been revealed. The study shows that import is a factor that holds back inflationary trends in the country, external cash flows form domestic demand, influence the dynamics of the Somoni rate, and thereby affect the inflation rate. The significance of the Somoni exchange rate in regulating inflation processes has been determined. Significant influence of external factors on the formation of the Somoni exchange rate also was revealed. Based on the correlation and regression analysis, a close relationship is established between the dynamics of the Tajik Somoni and the Russian ruble. The article studies the peculiarity of the use of monetary policy in order to stimulate domestic production and export.The results of the study show that in the conditions of the Republic of Tajikistan, foreign economic factors, in particular the exchange rate, largely determine inflationary trends. On this basis, an objective need arises to maintain the stability of the national currency in order to curb inflation and ensure the stability of economic development. The study showed that the dynamics of the exchange rate of Somoni largely determined by external than internal factors. For this reason, the presence of a significant effect of the exchange rate on inflationary trends in the long term may lead to undesirable consequences that are associated with the problem of regulating the exchange rate.

In modern conditions of growing uncertainty, the transition from a fixed exchange rate to the rate of controlled navigation actualized the problem of stabilization of national currencies and inflation targeting. Today, the exchange rate of the national currency is one of the most important issues for all post-Soviet States. The article analyzes the experience of creating a national monetary system in Kazakhstan and Kyrgyzstan, discusses the measures of national banks and the government to stabilize the exchange rate of Kazakhstan tenge and Kyrgyz som, to ensure confidence in national currencies in the process of dollarization and the fall of economic growth. The article provides an expert assessment of the practice of managing the exchange rate of national currencies in Kazakhstan and Kyrgyzstan. External and internal factors that determine the exchange rate of national currencies, which should be taken into account when forecasting the situation in the foreign exchange market, are studied. Considering the devaluation of the national currency as a measure of stabilization of monetary circulation in the country, the authors note its positive and negative consequences and on this basis recommend the Government and the National Bank of the Republic of Kazakhstan to take into account the revealed signs of the devaluation process, optimally observing the positive and negative sides when carrying out the exchange rate policy. It is concluded that there is no alternative to the regime of free floating of tenge, as the fixed exchange rate with the volatility of external and internal economic processes will constantly lead to shocks, the accumulation of imbalances that have already caused a sharp devaluation of the tenge. In order for the exchange rate of tenge to find its equilibrium point in the conditions of free floating, it is necessary to stabilize and maintain the sustainable development of the real sector of the economy.

The article formulates a methodological principle for the analysis of the scale of economic damage caused to the Russian economy by international sanctions imposed in 2014. The proposed principle of qualitative transformation allows to fix the principal change in the situation, if the changes in economic indicators reach multiple (more than 2 times) differences. On the example of foreign trade, including with countries that supported international sanctions, it is shown that theRussiafor several years was in a completely different economic dimension. A similar situation occurred in the monetary sphere (on current exchange rate), domestic price formation (price of gasoline), attraction of direct investments. In addition, there are examples when the actions of foreign market participants involved in the sanctions war, blocked many positive Russian initiatives-integration into world science, the output of high-tech equipment to foreign markets, etc. It is shown that the gradual weakening of the country by means of international sanctions led, if not to the complete, then partial collapse of the model of the social state, which put a heavy burden on the population of the country. It is proved that in such conditions it is necessary to revise the economic policy in the direction of strengthening its creative beginning.

The paper analyzes inflation targeting which used in many countries as a tool for the monetary policy of central banks. The study of the experience of inflation targeting over the past quarter century shows a number of shortcomings. The important one is that inflation targeting is powerless in relation to import inflation. This problem is particularly acute for import-dependent countries. The authors summarize the failure of inflation targeting to influence the import of inflation regarding inflation caused by the increase in production costs. The problem is studied by the example of post-communist Georgia (that uses inflation targeting) and its major trading partners. The authors analyze various modifications of the inflation indicator, such as agflation, munflation, and imflation. It is shown that the first two reflect price fluctuations on the nutrition, medical care, medication and utilities. Imflation reflects the dynamics of import prices on the domestic market, in the formation of which the exchange rate of the national currency is of great importance. The indicators of agflation and munflation together with the traditional indicator of inflation should become one of the important macroeconomic indicators for governments that develop economic and social policies. The authors propose a new approach to monetary policy, called complex inflation targeting. In this case, monetary policy targets are not only inflation, but also imflation. As for the exchange rate of the national currency, it should be influenced by the actual level of the imflation indicator.

The article examines structural policy as a tool for developing a new economic growth model in Russia. The author considers the conditions of economic growth based on increased investment. The purpose of the article is to determine the current characteristics of the Russian economy structural dynamics by the components of GDP and basic sectors. The basic sectors of the current investment structure have been assessed — processing sector and transactional and raw materials sector — and the directions for further development have been specified. The research methodology consists of: structural analysis of GDP and sectoral dynamics; the received and applied “structural formula” of assessing the contribution of the system elements to economic growth; formulated simple optimization models and a numerical optimization method (gradient projection method). The method of empirical and statistical estimates has also been used. Optimization models have made it possible to demonstrate the solution to the problem of distributing investments between the sectors with a target function for maximum profit and minimum risk. The analysis of growth and the conditions for economic growth obtained by the model-analytical method — in terms of the rate of change in oil prices and the exchange rate — allowed us to empirically show periods of growth and recession in the economy. They depend on the growth rate of oil prices and the devaluation of the rouble. This approach, with further use of econometric models linking macroparameters, will make it possible to evaluate the effect of changes in structural parameters on economic growth. The overall result of the study is as follows: the intensification of investments is insufficient to organize the investment model of economic growth in Russia. The stimulation of gross consumption and a change in the structure of investments are required. It is necessary to reduce the gap between the sectors by risk mitigation. External factors affecting the economic growth in Russia (oil prices, currency inflows) must be eliminated by changing the structure, including the sensitivity increase of its elements to macroeconomic policy instruments, and differentiating sectoral policy measures considering the positive impact on the contribution of GDP components and sectors of money growth and inflation.

By the analysis of offi documents of the Bank of Russia, the features of modern monetary policy have been determined. It has been shown that in the context of a controversial decision on the Bank of Russia refusing to conduct currency interventions during the transition to the inflation targeting mode, as well as its focus on price stability, the monetary policy can`t be recognized as eff ctive because of its insubordination the goal to develop national production through increased lending to the real sector.

This article will consider the national currency of Kazakhstan for the last 5 years and what is the situation at the moment.The purpose of the study is to consider the currency policy of the National Bank of the Republic of Kazakhstan; theoretical and methodological substantiate the stability of the currency, as well as to analyze the factors affecting the fluctuations of the national currency.The methodological basis is the fundamental provisions of modern economic science. During the research works of foreign and domestic scientists and experts were analyzed. The laws of the Republic of Kazakhstan, resolutions of the National Bank of the Republic of Kazakhstan, official policy documents on currency regulation were used as a methodological basis. Originality / value-the Research findings are aimed at intensifying the search for new ways to further improve the system of state regulation in the field of monetary policy. Conclusions-the analysis of the current economic situation in the foreign exchange market, as factors affecting the exchange rate of the country, led to the conclusion of the study that the stability of the currency, which is a sign of the essence of money, is an adequate expression of their social work, which is expressed in value. The policy of free-floating exchange rate of the National Bank of Kazakhstan added credibility eased the pressure on tenge and allowed reducing interest rates. But the market process of identifying the equilibrium price is still not efficient enough, and the market price is able to deviate from the equilibrium price for a long time without any manifestation in the financial markets.

The author has conducted a comparative analysis of the contents of the Strategy of Spatial Development of the Russian Federation till 2025 and the theoretical concepts, on which such strategy has to be founded. The main concepts of spatial organization of the economy and society are: the concepts of placement of firms and industries, the models of spatial development and growth, the concept of spatial diversity and inequality, principles and forms of regional state policy, institutional dynamics. The article studies the relations of competitiveness between theoretical concepts and their reflection in the economic policy. The lack of adequate system describing the interaction of concept of spatial development is the main reason of conflicting results of theoretical and practical plans both in scientific study and in practical spatial policy. The conclusion is that there is a necessity of developing a balanced state policy, aimed at synchronization of effects from spatial concentration and distribution of effects of concentrated placements of resources, and also setting priorities and limitations on the development of certain territories

The economic and political sanctions had a significant impact on the behavior of foreign investors in the real sector of the Russian economy in the period 2014-2017. Despite a significant outflow of foreign direct investment (FDI) in 2015, in 2016-2017, there was an increase in investment activity associated with a steady inflow of FDI, which could be explained by the change in investment strategies of foreign business in Russia. The purpose of the study. The article assesses the impact of Western sanctions and Russian countersanctions on the influx of foreign direct investment into Russia. Methods. The work is based on methods of statistical analysis of the behavior of foreign investors in Russia on the basis of macroeconomic data of the Central Bank of Russia and microeconomic data of the “Ruslana” database. Results. The author gives various assessments of sanctions and counter-sanctions impact on the Russian and European economies, and compares the effects of sanctions policies in Russia and Iran. The stylized facts, identified by the author at the micro level, allow to interpret the macro statistics provided by the Central Bank of Russia at a qualitative level. The conclusion . In conclusion, the author gives recommendations on the possibilities of using new mechanisms of interaction with international institutions to overcome the investment crisis as a consequence of the sanctions regime.

The article presents the study of the specific features of the Russian economic growth in 1998–2017. The study objective is to substantiate the growth and decline mechanism in business activity in the Russian economy. This mechanism is determined by the gap in the growth rates of wages and labor productivity in the open economy. Four hypotheses have been formulated: 1) significant cause and effect relationship between exchange rate and economic growth in Russia; 2) wage growth outrunning productivity has a depressing effect on the profitability of the commercial sector; 3) significant differences between the Russian economic growth in 1998–2009 and in 2009–2017, determined by the connection between the excess of the domestic interest rate over the world rate and investments; 4) substantial connection between the domestic interest rate and investment in 1998–2009 which disappeared in 2009–2017. The theoretical analysis and the hypotheses have been based on neoclassical synthesis models. Statistical testing of the hypotheses has been carried out by means of statistical and correlation analysis and methods of econometric analysis of time series. A problem related to wage growth outrunning labor productivity has been identified. Probable significant changes in the Russian growth model in 2018–2020 have been forecasted. They will be caused by the infrastructure development and housing construction. The major conclusion of the study is that there will be a positive effect of the ruble depreciation on labor productivity in the medium term. However, it will be over by the end of 2019 and beginning of 2020. Domestic currency strengthening and outrunning wage growth with the slowing labor productivity reduce the profitability of the commercial sector and put brakes on the economic growth.

Usually, it is diffcult for developing countries to choose a currency regulation policy because of institutional inadequacy, including a signifcant level of concentration in commodity markets, and a high degree of dependence of the national market and fnancial system on exogenous factors and a huge external debt. This article is dedicated to the analysis and evaluation of key factors affecting the formation of the Armenian national currency (dram) exchange rate, as well as to the choice of the currency regulation policy in Armenia. The authors carried out a statistical and econometric analysis of the factors of the foreign exchange rate formation, taking into account the specifcs of the transition economy as a whole, as well as the features of the Armenian economy, in particular. The authors have identifed the exogenous and endogenous factors of the foreign exchange rate formation of the dram, depending on the inflow and outflow of foreign currency. Further, the authors specifed the influence of dominant factors on the choice of the currency regulation policy in the country. The authors carried out an econometric analysis of the factors identifed at the frst stage of the study using the VAR model. The results obtained from this model proved the hypothesis of the non-market nature of the dram’s exchange rate formation. The authors concluded that the dram’s exchange rate formation has non-market nature because of signifcant intervention on the currency market by the “monetary authorities”. The key conclusion of this study is the thesis about the need to change the approaches to currency regulation in Armenia in favour of the transition to a free-floating exchange rate policy in order to stimulate sustainable rates of economic growth in the long term.