The problem of measure in the strategy of increasing attractiveness of the national currency
Keywords:
trust in the national currency, money, liquidity, liquidity preference, monetary policy, rational behavior, irrational behavior, national wealth, human capitalAbstract
The goal is to determine the factors and conditions for the attractiveness of the national currency.
Materials and methods. The theoretical basis of the study was the work of foreign and domestic economists devoted to the problem of trust in national currencies. The authors were also guided by the Strategy for increasing trust in the national currency until 2035, developed by the Council of Ministers of the Republic of Belarus and the National Bank. Methods of observation, analysis and synthesis, classification, analogy, abstraction, generalization are applied.
Results. It is shown that the strengthening of the national currency is not an end in itself, it is necessary to create conditions for the free floating of the national currency, which in turn will make it possible to implement a discretionary monetary policy. As an intermediate goal, the task of fixing the national currency as absolute liquidity through its convertibility and negotiability in three dimensions was set: in the economic past - to assess the previously accumulated national wealth, the main element of which is human capital; in the economic present - to measure flow indicators; in the economic future, which must be transparent and long-term. The classification of the typical behavior of business entities in the economy has been expanded. Through the prism of the «profitability – liquidity» dilemma, the conceptual nuances of rational and irrational behavior are revealed. It is shown that money has the nature of a liquid field and is not always associated with a specific monetary material. By means of various kinds of instruments, the property of liquidity can also be induced to those assets that in the legal sense are not money. It is proposed, by measuring the demand for liquid goods, to identify the phase of the business cycle in which the mass expectations of economic entities are.
Conclusion. It is possible to form confidence in the national currency and induce its properties of absolute liquidity only by giving domestic money the ability to be transparent and transparent both in the economic past (the ability to evaluate the accumulated national wealth) and in the economic future (the sphere of mass expectations and assessments).
References
Подходы Национального банка Республики Беларусь к повышению доверия к белорусскому рублю. Выступление заместителя Председателя Правления Национального банка Республики Беларусь С.В. Калечица на Международном форуме высокого уровня, посвященном вопросам повышения доверия к национальным валютам 1 ноября 2019 года, г. Минск / Национальный банк Республики Беларусь [Электронный ресурс]. – Режим доступа: https://www.nbrb.by/top/pdf/podhody-nbrb-k-povysheniyu-doveriya-k-rublyu-2019.pdf.
О Стратегии повышения доверия к национальной валюте до 2035 года. Постановление Совета Министров Республики Беларусь и Национального банка Республики Беларусь от 3 января 2020 г. № 1/1 [Электронный ресурс]. – Режим доступа. – https://www.nbrb.by/publications/povysheniya-doveriya-k-nacionalnym-valyutam/s_220.pdf.
Хэммонд, Дж. Практика инфляционного таргетирования / Дж. Хэммонд. – Банк Англии. Руководство ЦИДЦБ № 29 – Редакция от февраля 2012 г. – 48 с. [Электронный ресурс]. – Режим доступа. – https://docplayer.com/26500495-Centr-issledovaniy-deyatelnosti-centralnyh-bankov-rukovodstvo-29-praktika-inflyacionnogo-targetirovaniya.html
Кейнс, Дж. М. Избранные произведения ; пер. с англ. / Дж. М. Кейнс. – М.: Экономика, 1993. – С. 543.
References
Podhody Nacional'nogo banka Respubliki Belarus' k povysheniyu doveriya k belorusskomu rublyu. Vystuplenie zamestitelya Predsedatelya Pravleniya Nacional'nogo banka Respubliki Belarus' S.V. Kalechica na Mezhdunarodnom forume vysokogo urovnya, posvyashchennom voprosam povysheniya doveriya k nacional'nym valyutam 1 noyabrya 2019 goda, g. Minsk [Approaches of the National Bank of the Republic of Belarus to increasing confidence in the Belarusian ruble. Speech by the Deputy Chairman of the Board of the National Bank of the Republic of Belarus S.V. Kalechitsa at the High-Level International Forum on Building Confidence in National Currencies November 1, 2019, Minsk]. Nacional'nyj bank Respubliki Belarus' (In Russian). Available at: https://www.nbrb.by/top/pdf/podhody-nbrb-k-povysheniyu-doveriya-k-rublyu-2019.pdf
O Strategii povysheniya doveriya k nacional'noj valyute do 2035 goda. Postanovlenie Soveta Ministrov Respubliki Belarus' i Nacional'nogo banka Respubliki Belarus' ot 3 yanvarya 2020. № 1/1 [On the Strategy for increasing confidence in the national currency until 2035. Resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus dated January 3, 2020 No. 1/1]. (In Russian)Available at: https://www.nbrb.by/publications/povysheniya-doveriya-k-nacionalnym-valyutam/s_220.pdf/
Hemmond Dzh. Praktika inflyacionnogo targetirovaniya [The practice of inflation targeting]. Bank Anglii. Rukovodstvo CIDCB № 29 – Redakciya ot fevralya 2012, 48 p. (In Russian). Available at: https://docplayer.com/26500495-Centr-issledovaniy-deyatelnosti-centralnyh-bankov-rukovodstvo-29-praktika-inflyacionnogo-targetirovaniya.html.
Kejns Dzh. M. Izbrannye proizvedeniya [Selected works]. M.: Ekonomika, 1993, 543p. (In Russian)
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