Manevich
V.E., Yerokhin Yu.V. External Monetary Factors of Macroeconomic
Processes in
Russia. //
Economics of contemporary Russia 2008.
¹3 (39) Ñ.1-7.
Authors
research the demand and supply of foreign currency influence for the
GNP
distribution, saving and investment. Demand and supply of foreign
currency
represented as function on exchange rate. Efficiency of currency market
regulation depends on elasticity demand and supply curve, which may
varied from
zero to indefinitely. Strong elasticity of supply curve involve
inefficient the
traditional ways of currency market regulation (such as change in
official
reserves and stabilization fund) and lead to sharp growth of import of
capital.
Import of capital in the form of foreign currency inevitably related
with
redistribution of GDP in favor of recipients of foreign loans.
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