СБАЛАНСИРОВАННАЯ ДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКА В РОССИИ: МИФЫ И РЕАЛЬНОСТЬ

The article highlights the monetary policy’s role in creating conditions conducive to economic growth recovery and modernisation of the Russian economy. A review of different opinions shows what a balanced monetary policyshould be like in Russia. Russian scientific and business communities often express the following views on theBank of Russia’s role in the aforementioned processes: to switch to ‘quantitative easing’ policy, Russian style; to come back to a managed floating or pegged exchange rate of the ruble; to abandon ‘discretionary’ policy. The article emphasises that the central bank can influence the money supply dynamics only implicitly. That is why a considerable key rate reduction and excess money supply build up inflationary pressure, increase financial risks and destabilise the economic situation as a whole. Inflation may significantly lessen the impact of money supplyincrease on the economy’s monetisation. The article is sharply critical of the proposals to return to the policy of a pegged exchange rate of the ruble. Many countries’ experience suggests that given severe external shocks in the economy, which is largely dependent on the external economic environment, the support of the national currency exchange rate for a long period of time requires a sizeable amount of international reserves to be spent witheconomic imbalances keep rising. As a result, central banks will have to lower the exchange rate or release it. Thefloating exchange rate is an embedded economic stabiliser and makes it possible to offset an adverse impact ofexternal shocks. The Bank of Russia believes that its main contribution to the economic development is to reduce inflation and maintain it at a low level. The Bank of Russia seeks to pursue balanced monetary policy rather than ‘discretionary’ one, i. e. the policy, which implies only one goal for the central bank - low and stable inflation.However, this goal should be reached not in any way but taking into account Russian economic potential and the need to ensure financial stability.В статье рассматривается роль денежно-кредитной политики в создании условий для возобновления экономического роста и модернизации российской экономики. На основе критического анализа различных точек зрения показано, какой должна быть сбалансированная денежно-кредитная политика в России. Отмечается, что Центральный банк способен только косвенно повлиять на динамику денежной массы. Поэтому значительное снижение ключевой ставки и избыточное увеличение денежного предложения приводят к нарастанию инфляционного давления, повышению рисков в финансовой сфере и дестабилизации ситуации в экономике в целом. Инфляция может существенно обесценить влияние увеличения денежной массы на уровень монетизации экономики. Дана критическая оценка предложений о возврате к политике фиксации курса рубля в той или иной степени. Опыт многих стран показывает, что при значительных внешних шоках в экономике, существенно зависящей от внешнеэкономической конъюнктуры, поддержка курса национальной валюты продолжительное время требует расходования значительного объема золотовалютных резервов, при этом дисбалансы в экономике нарастают. В конечном итоге центральные банки вынуждены снижать или отпускать курс. Плавающий курс является встроенным стабилизатором экономики и позволяет компенсировать негативное влияние внешних шоков

Radio broadcasting experience and development prospects (European scientific dialogue)

The paper presents an analysis of various opinions concerning radio-industry development issues, given new IT processes implemented in mass media. The authors study the technological evolution of radio broadcasting in terms of analyzing its main development stages. They provide an assessment of listeners’ high confidence in radio broadcasts as compared to other mass media sources. Focus is placed on promoting sonic brands in the sphere of mediacommunication. The researchers also pay special attention to podcasting as a new way to listen to audio-content. The advantages and possible consequences of podcasting influence on radio-industry are assesse

Evidence of a dibaryon spectrum in coherent π0π0d photoproduction at forward deuteron angles

The coherent reaction, was studied with the BGOOD experiment at ELSA from threshold to a centre-of-mass energy of 2850 MeV. A full kinematic reconstruction was made, with final state deuterons identified in the forward spectrometer and decays in the central BGO Rugby Ball. The strength of the differential cross section exceeds what can be described by models of coherent photoproduction and instead supports the three isoscalar dibaryon candidates reported by the ELPH collaboration at 2.38, 2.47 and 2.63 GeV/c2. A low mass enhancement in the invariant mass is also observed at the ⁎ centre-of-mass energy which is consistent with the ABC effect. At higher centre-of-mass energies, a narrow peak in the invariant mass at 2114 MeV/c2 with a width of 20 MeV/c2 supports a sequential two-dibaryon decay mechanism

Measurement of the γ n → K0 0 differential cross section over the K∗ threshold

The differential cross section for the quasi-free photoproduction reaction gamma(n)-> K-0 Sigma(0) was measured at BGOOD at ELSA from threshold to a centre-of-mass energy of 2400 MeV. Close to threshold the results are consistent with existing data and are in agreement with partial wave analysis solutions over the full measured energy range, with a large coupling to the Delta(1900)1/2(-) evident. This is the first dataset covering the K* threshold region, where there are model predictions of dynamically generated vector meson-baryon resonance contributions

Photoproduction of K+ Δ(1405) → K+ π0 Σ0 extending to forward angles and low momentum transfer

K+ Lambda (1405) photoproduction has been studied at the BGOOD experiment via the all neutral decay, Lambda(1405)-> Sigma0 Pi0. The unique BGOOD experimental setup allows both the cross section and invariant mass Lamba(1405) distribution (line shape) to be measured over a broad K+ polar angle range, extending to extreme forward K+ angles unattainable at previous experiments. Evidence is provided for the role of a triangle singularity driven by the N*(2030)⁎ resonance, which appears to contribute significantly to K+Lambda(1405) photoproduction. This is observed in the integrated cross section which was determined with unprecedented energy resolution and supported by the angular distributions. The measured line shape is also in agreement with the previous results of CLAS and ANKE, and is consistent with two poles derived in χPT based models

Observation of a cusp-like structure in the γp → K+Σ0 cross section at forward angles and low momentum transfer

The gamma+p->K+ + Sigma0 differential cross section at extremely forward angles was measured at the BGOOD experiment. A three-quarter drop in strength over a narrow range in energy and a strong dependence on the polar angle of the in the centre-of-mass of the reaction is observed at a centre-of-mass energy of 1900 MeV. Residing close to multiple open and hidden strangeness thresholds, the structure appears consistent with meson-baryon threshold effects which may contribute to the reaction mechanism

BALANCED MONETARY POLICY IN RUSSIA: MYTHS AND REALITY

The article highlights the monetary policy’s role in creating conditions conducive to economic growth recovery and modernisation of the Russian economy. A review of different opinions shows what a balanced monetary policyshould be like in Russia. Russian scientific and business communities often express the following views on theBank of Russia’s role in the aforementioned processes: to switch to ‘quantitative easing’ policy, Russian style; to come back to a managed floating or pegged exchange rate of the ruble; to abandon ‘discretionary’ policy. The article emphasises that the central bank can influence the money supply dynamics only implicitly. That is why a considerable key rate reduction and excess money supply build up inflationary pressure, increase financial risks and destabilise the economic situation as a whole. Inflation may significantly lessen the impact of money supplyincrease on the economy’s monetisation. The article is sharply critical of the proposals to return to the policy of a pegged exchange rate of the ruble. Many countries’ experience suggests that given severe external shocks in the economy, which is largely dependent on the external economic environment, the support of the national currency exchange rate for a long period of time requires a sizeable amount of international reserves to be spent witheconomic imbalances keep rising. As a result, central banks will have to lower the exchange rate or release it. Thefloating exchange rate is an embedded economic stabiliser and makes it possible to offset an adverse impact ofexternal shocks. The Bank of Russia believes that its main contribution to the economic development is to reduce inflation and maintain it at a low level. The Bank of Russia seeks to pursue balanced monetary policy rather than ‘discretionary’ one, i. e. the policy, which implies only one goal for the central bank - low and stable inflation.However, this goal should be reached not in any way but taking into account Russian economic potential and the need to ensure financial stability

Placing the man in media studies: theoretical representations of man media relations

This study deals with the types of theoretical representations of the man in philosophical and sociological interpretations of the man and mass media co-existence. The aim of this study is to reveal and compare the general representations of the man media relations in various theoretical approaches in media studi