MONETARY AND CREDIT REGULATION OF THE BANK OF RUSSIA AND ITS INFLUENCE ON THE MARKET OF THE LOAN CAPITAL

The article reveals peculiarities of development and functioning of the market of loan capital under the influence of the policy of expensive money, which is conducted by the Bank of Russia within the monetary and credit regulation. Results of stabilization policy of the Central bank, including inflation growth slowdown, increase in money supply, and growth of monetization of economics are examined. Consequences of the policy of expensive money and their influence on increasing dynamics of the volume of bank deposits, increase in the offer of credits, low demand for them, as well as on slowdown of capital outflow are analyzed. Problems of outflow of capitals against devaluation of national currency, excessive liquidity, especially during financial crises, GDP growth slowdown are identified. The conclusion about low efficiency of policy of expensive money and expediency of diversification of the national market of the loan capital of non-speculative orientation is made.

loan capital, monetary and credit regulation, volume of money supply, demand for credit, monetary offer, interest rate, liquidity, policy of expensive money, devaluation of national currency, bank deposits, financial crisis, outflow of capital