The impact of monetary policy regimes on economic development: results of an in-house economic experiment
- Pages
- 55-65
Abstract
The article analyzes the approaches to understanding the term “economic policies”. The author proceeds from the fact that the state acts as a specific economic agent and, as such, on the one, is eligible to develop formal institutions of the national economy, and on the other hand, it itself is one of the elements of this sector of the global socio-economics system. The author defines the economic policies regime as a set of rules, measures, norms to achieve the macro-goal of the country’s development through the development of its economic system. With this approach, it becomes possible to adjust the economic policies by changing the regimes if, for a predetermined period, the target indicators are not achieved for any reason. The author proposes to divide the external environment in which the state acts as an economic agent into two zones. The first is the part of the world economic area, the regulation of which has the authority of a particular state as an economic agent. The second is the part of the global economic area in which this state does not have the authority to directly establish formal institutions. As a basis for measuring the quality of economic policies, it is proposed to use the criterion of correlation of the state economic policy with the macro-development goals of the country.