Financial University under the government and Institute of economic forecasting (IEF) RAS sent to the Cabinet of Ministers proposals for the restoration of GDP growth within one to two years, writes “Kommersant”. The publication familiarized with the essence of these proposals.
The report was signed by academicians Mikhail Eskindarov and Victor Ivanter in the government, he was sent, as the newspaper notes, “the initiative” on July 20. It consists of a report of INP growth — General direction of anti-crisis policy and a working document of the financial University “On measures in the area of monetary, exchange rate and fiscal policies for sustainable economic development.”
The main point of the proposed strategies is a “managed float of the ruble,” in contrast to inflation targeting, which uses the Central Bank. The publication notes that in General “the ideas of alternative financial University, emphasized the current rate of Ministry of Finance and the financial-economic block of the government”. In particular, the growth of GDP is direct monetary financing of the Central Bank the budget deficit. This model was used by the Central Bank since autumn 1992 and summer 1994, and, as the newspaper describes it, has demonstrated “outstanding ability in the organization of hyperinflation”.
The program of the financial University implies the undervaluation of the ruble to the dollar from the equilibrium, which is the recommended rate of 75 rubles per dollar. At the same time as a tool for economic growth proposed unsecured issuance in the $ 3.6 trillion per year, which should provide and undervaluation, and reallocation of investments in the economy in favor of the “real sector”.
The proposed strategy, according to “Kommersant”, in much the same proinflationary program of the Stolypin club.
Earlier on July 25, “Vedomosti” wrote that the President Vladimir Putin with a proposal to revise the report of the Stolypin club, the members of which advocate the development of public investment, the growth program, an alternative program that is being developed under the guidance of former Finance Minister Alexei Kudrin. Later, the Minister of economic development Alexei Ulyukayev said that the proposals of experts, United on the platform of the Stolypin club, are not an alternative to the ideas of Kudrin and his supporters.