from 01.01.1983 to 01.01.1986
Moscow Academy of Entrepreneurs (Department of Economi, Associate Professor)
doctoral candidate from 01.01.2024 to 01.01.2025
Moscow, Moscow, Russian Federation
JEL E31 Price Level • Inflation • Deflation
JEL E58 Central Banks and Their Policies
JEL C10 General
VAK Russia 5.2.1
VAK Russia 5.2.5
This article analyzes the practice of inflation targeting in the Russian Federation, the world and in some countries (using the example of the republics of Central Asia – Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan) in terms of the theoretical validity of this method and compliance with the criteria of economic growth in these countries and the standard of living of the population. A comprehensive study of inflation targeting by increasing credit rates was conducted: comparative, theoretical and mathematical, which showed that an increase in the key rate makes loans difficult to access and leads to an increase in production costs. As a result of the tightening of monetary policy, the set goals were not achieved, inflation did not decrease, but grew, while the cooling of the economy led to its deceleration. Based on the conducted research, it is also concluded that inflation targeting in developed and developing countries has different results.
targeting, inflation, key rate, central bank, national bank, economic growth, correlation, Russia, Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan
1. Agentstvo po statistike pri Prezidente Respubliki Tadzhikistan. URL: https://www.stat.tj/wp-content/uploads/2024/02/00-tjk_gdds_dqaf_rls_nag00_russian3.pdf.
2. Bazovaya stavka. Central'nyy bank Uzbekistana. https://cbu.uz/en/monetary-policy/.
3. Bankovskiy statisticheskiy byulleten', №12, 2022, Dushanbe: Nacional'nyy bank Tadzhikistana, -103 s.
4. Byuro nacional'noy statistiki. Agentstva po strategicheskomu planirovaniyu i reformam Respubliki Kazahstan. https://stat.gov.kz/ru/industries/economy/
5. Vladimir Putin obsudil s pravitel'stvom proekt federal'nogo byudzheta.//Rossiyskaya gazeta.15 sentyabrya 2025.
6. Glaz'ev S. O targetirovanii inflyacii.//Voprosy ekonomiki. 2015. № 9. s.1-12.
7. Dmitrieva O. «Den'gi iz byudzheta peretekayut v bankovskuyu sistemu». Komu podygryvaet Minfin. https://dmitrieva.org/news/bjudzhetnaja-politika/dengi-iz-bjudzheta-peretekajut-v-bankovskuju-sistemu-komu-podygryvaet-minfin/.
8. Zaklyuchitel'noe zayavlenie dlya vizita personala v sentyabre 2014 goda; 1 oktyabrya 2014 goda. https://www.imf.org/en/News/Articles/2015/09/28/04/52/mcs100114.
9. Nacional'nyy komitet Respubliki Uzbekistan po statistike. URL: https://stat.uz/ru/
10. Nacional'nyy Statisticheskiy Komitet Kyrgyzskoy Respubliki. URL: https://stat.gov.kg/ru/statistics/trud-i-zarabotnaya-plata/.
11. Skoblikov E.A. K voprosu teoreticheskoy obosnovannosti targetirovaniya inflyacii // Teoreticheskaya ekonomika. – 2023. – № 5. – c. 21-30. EDN: https://elibrary.ru/UPTZJM
12. Skoblikov E.A. Novaya teoriya deneg: zakony, principy, praktika: monografiya. Moskva: INFRA-M. 2023. 436 s. DOI: https://doi.org/10.12737/1907068; EDN: https://elibrary.ru/LFXVGT
13. Statisticheskiy ezhegodnik Respubliki Tadzhikistan – 2024: Agentstvo po statistike pri Prezidente Respubliki Tadzhikistan, Dushanbe. 2024. 429 s.
14. Suharev O.S. «Target konserviruet ekonomiku, a nam nuzhny izmeneniya».//Monokl'. №23, 2 iyunya 2025 goda.
15. Yudaeva K. O vozmozhnostyah, celyah i mehanizmah denezhno-kreditnoy politiki v tekuschey situacii // Voprosy ekonomiki. № 9. S. 4 — 12.
16. IMF / FRED series «Consumer Price Inflation for Kyrgyz Republic» (annual % changes). unstats.un.org+1
