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the Conclusion

is traditionally formed

The analysis of such difficult phenomenon as inflation, has shown, that the economic theory has faced a dilemma between accuracy and realness of the analysis, chi є ї stand also completeness of the theory.

As a rule, comprehension of this dilemma z іі ачпіельхо advances an economic theory forward (requires search of a new paradigm), and confirms, chju to recommendations zgoj go other school it is necessary to approach enough ostrozhno, and at least to consider opposite concepts.

Restriction of a theme of research by frameworks of interrelation of nominal and real streams allows следаіь following conclusions and recommendations.

♦ Inflation a consequence neravnovesija between a money supply and the commodity offer, a consequence of discrepancy of nominal and real streams in vosproizvodstvennyh processes. Inflation finds the display or in excess of a nominal stream over real, or in insufficiency of the offer of the goods and services of final appointment in relation to incomes of physical persons.

♦ From argument MFridmenom of stability of function of demand for money the conclusion arises, that on the party of demand for nanosecond money it is necessary to search for the inflation reasons. This conclusion is true only at special (fridmenovskoj) to treatment of riches: it is supposed, that subjects market хозяйсіва should have real possibility of a free choice between various forms of riches, and the riches should bring in the income supplying a standard of living, considered by individuals as worthy. The similar treatment is hardly applicable to modern Russian realities.

♦ Function of demand for money in transitive economy of Russia is not stable about what speak practice of use a hook of named substitute money, preservation of a situation of defaults of payment of all kinds, public debt expansion, long underfinancing of the major systems of the state and social life-support. Simultaneously the facts of a similar sort give the bases not only for doubt in durability of the reached finance results, but also for a conclusion about occurrence of a new kind of a suppressed inflation.

♦ the Monetarism expresses the inflation nature quite definitely, it remains within the limits of a quantitative monetary theory, according to which inflation - result of the redundant offer of money. The treatment of inflation as purely monetary phenomenon assumes a special role of a demand pull and makes recommendations obvious enough (money supply compression), but not necessarily productive for concrete ї! An economic situation. In the conditions of not monetary nature of inflation similar measures aggravate an economy depression.

♦ Despite wide recognition in the world mejudov struggle against inflation in monetaristskom a variant, as a whole this doctrine remains vulnerable in the opinion of opponents. In a context іех frameworks by which the research theme is limited, in work the special attention is paid on preservation by principle monetarism ekzogennoj set ™ offers of money and a principle of a classical dichotomy for the long-term period (from here an active and causal role of money in price level definition).

The desire to address to model where these restrictions are absent is quite natural.

♦ Comparison of model of K.Marksa with models of macroeconomic balance in tradition "economy" has shown: first, balance in K.Marksa's model is under construction on the same macroeconomic request, as model in "economy": Pi h Qi = Yj * Vj, but K.Marksa's model is more complete: secondly, inflation is a consequence of infringement of this identity. As it is not generated by monetary issue, this case of an origin of inflation can be carried to nedenezhnym: thirdly, K.Marksa's model is interesting internal всі roen носі ju in it by inconsistent interrelation of nominal and real streams generating economic instability in the form of inflation or crisis.

♦ All experience of the Russian reforms and theoretical reasons povodjat to

To conclusion: monetaristskie and kejnsianskie tools, being suitable means of "adjustment" of mature market relations, are badly interfaced to a reality of transitive Russian economy. With the person evident gju defect, obshy for monetaristskoj lines on restriction of an aggregate demand and for kejnsianskoj installations on it expansion is shown: separate components of this demand, an unequal macroeconomic role of components of this demand are not considered. Specificity

reformatsnonnoj strategy in Russia require realisation selective, or "dot" investment stimulation of priority branches, including branches of final appointment of a product. Such policy can vkljucha in itself direct state financing on a competitive basis, preferential crediting and the taxation. Administration of guarantees under external investments, etc.

♦ Overcoming of high inflation in the conditions of transitive economy is for Russia criterion economic the stability, the natural precondition of economic growth. But inflation decrease, an event in poreformennyj the period, does not allow to hope for automatically supplied economic growth for inflation has decreased thanks to deficiency of money for industrial sphere, that in itself is incompatible about a broad gull of icons of normal market relations. Besides, if as a material basis of economic growth to consider investments long preservation of a situation of the investment crisis, continuing and in 1998, does not give hopes of maintenance of economic growth in short-term prospect.

♦ the Analysis of anti-inflationary measures. Carried out r Russia in

poreformennyj the period, create g about іом. That all of them are carried out to within "on the contrary", that is internal discrepancy was not traced, return effect of anti-inflationary measures did not miscalculate. A hook, liberalisation of the prices has really turned back stabilisation, but at the expense of blasting of export possibilities and at preservation of practice of defaults of payment.

♦ In research предлагаюіея two constructive variants for overcoming of a classical dichotomy: approach of a real stream to nominal by growth of that component of GNP which supplies observance of equality of the sum of the prices of the goods and will leave - final appointment and the sum of incomes of physical persons, (increases production of the goods of final appointment); 6) restoration of process of a turn-over of production assets in financial aspect. Formation productive kaptala in financial aspect plays a special role in an anti-inflationary policy, in interrelation maintenance macro-and micro-economics.

Private recommendations of an anti-inflationary policy follow from named above substantive provisions. In particular, these recommendations can concern mismatches of nominal and real streams at public finance level (through state credit obligations credit resources of a banking system distract). І Іротивостоят to requests of interrelation of nominal and real streams present mechanisms of formation amortizatsionnoju fund, the Russian equity market - formation of the productive capital in financial nanosecond it is supplied properly.

♦ the Anti-inflationary policy which has become by a component refor.chatsionnogo of process of transitive economy, requires direct sharing of the state in ejum process Historically and logically essential factor of reforming of its Russian economy federalizatsija. Coordination of efforts of the economic centres federal and regional urovnen - the major condition of an effective anti-inflationary policy. Republic

Bashkortostan has all complex of the problems peculiar to economy which part can be decided at regional level.

The Russian

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A source: HAFIZOVA GULPUR BADRETDIIOVNA. INFLATIONARY PROCESSES In the conditions of TRANSITIVE ECONOMY. The DISSERTATION on competition of a scientific degree of a Cand.Econ.Sci.. 1998

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