MONETARY POLICY INSTRUMENTS (EXPERIENCE OF LEADING COUNTRIES)

In the context of the increasing volatility of the global economy and the increasing structural challenges facing national financial systems, the issues of regulating the money supply and interest rates are becoming key to ensuring macroeconomic stability and stimulating sustainable growth. A comprehensive analysis of the structure of the money supply and the dynamics of the key interest rate in the Russian Federation is presented, taking into account a comparative assessment of the relevant parameters in the economic systems of the United States and China in the period from 2018 to 2025. The interrelationships between the aggregates of the money supply and interest rates are revealed, as well as in determining the elements of foreign monetary regulation practice applicable to Russia. Based on comparative, structural analysis, functional quantities and dependencies, as well as elements of systemic and institutional approaches the analysis of changes in the M0, M1 and M2 aggregates in Russia under pandemic and sanctions pressure is carried out, and the trajectory of the key interest rate as a tool for adapting monetary policy to external shocks is studied. The specifics of the monetary strategies of the United States and China are considered, from a strict anti-inflationary policy to a model of controlled monetary expansion. Differences in institutional approaches to managing liquidity and money supply are identified, which makes it possible to substantiate practical recommendations for Russian monetary policy, taking into account current constraints and macroeconomic challenges. The work will be useful to those who deal with the transformation of monetary regulation, substantiating the directions for improving the effectiveness of Russia’s monetary policy in the face of external pressure and internal restructuring.

money supply, key rate, monetary policy, Central Bank, macroeconomic stability, inflation, interest rate regula- tion, financial system, monetary policy instruments, monetary policy models

Nikolaichuk O. A., Shevchenko А. V. Monetary policy instruments (experience of leading countries). Biznes. Obrazovanie. Pravo = Business. Education. Law. 2025;2(71):204—210. DOI: 10.25683/VOLBI.2025.71.1334.