Targeting as an Instrument of State Financial Policy in the Digital Economy

  • M. B. TershukovaEmail author
  • O. G. Savinov
  • N. G. Savinova
  • L. N. Milova
Conference paper
Part of the Advances in Intelligent Systems and Computing book series (AISC, volume 908)


The contribution considers the impact of targeting in the monetary and public sector on individual macroeconomic indicators of Russian economy. The authors analyzed the use of such financial instruments as targeting in the management of the most important financial and monetary indicators based on targets of economic and monetary policies, the statistics of the International Monetary Fund, the Bank of Russia, and the Treasury of Russia.


Currency targeting Digital economy Inflation targeting Instruments of monetary policy Monetary targeting Targeting budget balances on a single treasury account 


  1. 1.
    Bozhechkova A, Kiyutsevskaya A, Knobel A, Trunin P (2018) Russian Economy in 2017. Trends and Prospects. Section 2. Monetary and Budgetary Spheres: 37–45.
  2. 2.
    Zhantimirov PA (2018) Managing balances in a single federal budget account under liquidity surplus: theory and Practice of Social Development 6.
  3. 3.
    Kovaleva TM (2011) Financial and credit relations in the context of globalization: monograph. In: Kovaleva TM (ed) Publishing House of Samara State University of Economics, Samara p 22–42Google Scholar
  4. 4.
    Kartaev FS (2017) Is inflation targeting useful for economic growth? Econ Issues 2:63–65Google Scholar
  5. 5.
    Malkina MYu (2016) Inflationary processes and monetary regulation in Russia and abroad. M.: INFRA-M, pp 297–300Google Scholar
  6. 6.
    Materials of the extended board of the Ministry of Finance of the Russian Federation. Execution of the federal budget and budgets of the budget system of the Russian Federation for 2017 pp 109–117.
  7. 7.
    Moiseev SR (2011) Monetary policy: theory and practice. M.: Moscow Academy of Finance and Industry, pp 232–234Google Scholar
  8. 8.
    The official website of the Treasury of Russia Accessed 3 May 2018
  9. 9.
    The main directions of the unified state monetary policy of the Russian Federation for 2019 and the period 2020 and 2021. Official site of the Central Bank of the Russian Federation, pp 96–100.
  10. 10.
    Prokofiev SE (2010) On the main tasks of the Federal Treasury for 2010 to improve the efficiency of the cash management of the federal budget financial resources. Speech by the Deputy Head of the Federal Treasury at the extended meeting of the Russian Treasury Board. Accessed 3 May 2018
  11. 11.
    Savinov OG, Savinova NG (2016) Adaptation of bank lending to modern economic conditions. Bulletin of Samara State University of Economics, pp 88–91. Accessed 3 May 2018
  12. 12.
    Tershukova MB (2018) Independence of the Central Bank of the Russian Federation as a condition for inflation targeting. Interuniversity collection of scientific papers: Problems of improving the management of industrial enterprises, 347–351Google Scholar
  13. 13.
    Tolstolesova LA (2015) Inflation targeting: advantages and limitations of use. Int Res J 11(42) part 1:116–118Google Scholar
  14. 14.
    Eskindarov MA, Maslennikov VV, Abramova MA, Lavrushin OI, Goncharenko LI, Solyannikova SP, Morkovkin DE, Abdikeev NM (2017) Strategy of STA 2018–2024: claim, myths and reality (position of experts of Financial University). Finance: Theory and Practice 21(3):6–24.
  15. 15.
    Gadot G, Dalmia (2014) Liquidity management: best practices for banks. Improving Cash Forecasting to Enhance Liquidity Management, Information week: Bank systems & Technology: October 06. Reference date is 04 June 2018. Accessed 3 May 2018
  16. 16.
    Ibarra R, Trupkin DR (2016) Reexamining the relationship between inflation and growth: do institutions matter in developing countries? Econ Model 52(Part B):332–351CrossRefGoogle Scholar
  17. 17.
    Fouejieu A, Ebeke (2015) Inflation targeting and exchange rate modes in emerging markets. IMF Working Paper, p 228Google Scholar
  18. 18.
    Mavroeidis S, Plagborg-Møller M, Stock JH (2014) Empirical evidence on inflation expectations in the new Keynesian Phillips curve. J Econ Literat 52:124–188CrossRefGoogle Scholar
  19. 19.
    Demertzis M, Marcellino M, Viegi N (2009) Anchors for inflation expectations. European University Institute Economics Working Paper: 10. Accessed 12 May 2018
  20. 20.
    Rey H (2015) Dilemma not trilemma: The global financial cycle and monetary policy independence. NBER Working Paper: 21162 (May 2015). Accessed 12 May 2018

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • M. B. Tershukova
    • 1
    Email author
  • O. G. Savinov
    • 1
  • N. G. Savinova
    • 1
  • L. N. Milova
    • 1
  1. 1.Samara State University of EconomicsSamaraRussia

Personalised recommendations