<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">eclasoc</journal-id><journal-title-group><journal-title xml:lang="ru">ЭКОНОМИКА. ПРАВО. ОБЩЕСТВО</journal-title><trans-title-group xml:lang="en"><trans-title>ECONOMICS. LAW. SOCIETY</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2411-118X</issn><publisher><publisher-name>ФГБОУ ВО «РЭУ им. Г.В. Плеханова»</publisher-name></publisher></journal-meta><article-meta><article-id custom-type="elpub" pub-id-type="custom">eclasoc-126</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ПРАВО И ЭКОНОМИЧЕСКАЯ ДЕЯТЕЛЬНОСТЬ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>LAW AND ECONOMIC ACTIVITY</subject></subj-group></article-categories><title-group><article-title>Международная денежно-кредитная система, основанная на правилах разумной политики</article-title><trans-title-group xml:lang="en"><trans-title>International Monetary System Based on the Rules of Reasonable Policy</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Мехтиев</surname><given-names>М. Г.</given-names></name><name name-style="western" xml:lang="en"><surname>Mekhtiyev</surname><given-names>M. G.</given-names></name></name-alternatives><bio xml:lang="ru"><p>аспирант, научный сотрудник отдела научного обеспечения деятельности секретариата делегации Российской Федерации в Европейской комиссии за демократию через право (Венецианской комиссии)</p><p>107078, Москва, Большой Харитоньевский переулок, д. 22/24</p></bio><bio xml:lang="en"><p>Postgraduate Student, Researcher of the Department of Scientific Support for the Secretariat of the Russian Delegation to the European Commission for Democracy through Law (Venice Commission)</p><p>22/24 Bolshoy Kharitonyevskiy Lane, Moscow, 107078</p></bio><email xlink:type="simple">mekhtiev.mg@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Институт законодательства и сравнительного правоведения при Правительстве Российской Федерации</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Institute of Legislation and Comparative Law under the Government of the Russian Federation</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2019</year></pub-date><pub-date pub-type="epub"><day>20</day><month>05</month><year>2020</year></pub-date><volume>0</volume><issue>1</issue><fpage>88</fpage><lpage>94</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Мехтиев М.Г., 2020</copyright-statement><copyright-year>2020</copyright-year><copyright-holder xml:lang="ru">Мехтиев М.Г.</copyright-holder><copyright-holder xml:lang="en">Mekhtiyev M.G.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://epo.rea.ru/jour/article/view/126">https://epo.rea.ru/jour/article/view/126</self-uri><abstract><p>Данная статья посвящена анализу взаимозависимости деятельности центральных банков (ЦБ). Эта взаимозависимость обусловлена не только влиянием состояния международной финансовой системы на деятельность центральных банков, но также и влиянием действий ЦБ одних стран на ведение денежно-кредитной политики других стран. Соответственно, есть необходимость исследовать новое направление в международном валютном праве – ведение международной денежно-кредитной политики. Данное направление требует также принятия практических мер международным сообществом, а точнее – создания как общих правил ведения денежно-кредитной политики ЦБ государств, так и правил их взаимодействия на межправительственном уровне. Ввиду этого в статье используется дедуктивный метод исследования. Существование международной денежно-кредитной политики и отсутствие ее осмысления, а также формирования правовой базы требует разработки концепции регулирования указанной сферы. Автор статьи приходит к заключению, что правила осуществления международной денежно-кредитной политики способны найти баланс между независимостью ЦБ в ведении монетарной политики, с одной стороны, и созданием условий для предотвращения дестабилизации мировой финансовой системы, с другой, через гармонизацию правовых и валютных режимов в рамках национальной юрисдикции.</p></abstract><trans-abstract xml:lang="en"><p>This article is devoted to the analysis of central bank (CB) activities’ interdependence. This interdependence is caused not only by the influence of the international financial system’s conditions on CB activities, but also by some CBs actions’ influence on the monetary policy conduct in other countries. Accordingly, there is a need to explore a new legal field in international monetary law – international monetary policy conducts. This field also requires the adoption of practical measures by the international community, or rather, the creation of both general rules for the conduct of monetary policy by central banks and rules of their interaction at the intergovernmental level. In view of this, the article uses the deductive method for the research. The existence of an international monetary policy and the absence of its comprehension, as well as the formation of a legal framework, requires the development of a concept for regulating this sphere. The author concludes that the rules for the implementation of international monetary policy can find a balance between the independence of the CB in the conduct of monetary policy on the one hand, and creating conditions for preventing destabilization of the global financial system on the other, through the harmonization of legal and monetary regimes within national jurisdiction.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>международная денежно-кредитная политика</kwd><kwd>глобальная сеть финансовой безопасности</kwd><kwd>центральный банк</kwd><kwd>международное валютное право</kwd><kwd>международные финансовые механизмы</kwd></kwd-group><kwd-group xml:lang="en"><kwd>international monetary policy</kwd><kwd>global financial safety net</kwd><kwd>central bank</kwd><kwd>international monetary law</kwd><kwd>international financial mechanisms</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Ahrend R. Monetary Ease: A Factor Behind Financial Crises? Some Evidence from OECD Countries // Economics. – 2010. – N 4 – Р. 1–30.</mixed-citation><mixed-citation xml:lang="en">Ahrend R. Monetary Ease: A Factor Behind Financial Crises? Some Evidence from OECD Countries // Economics. – 2010. – N 4 – Р. 1–30.</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Beckworth D., Hendrickson J. Nominal GDP Targeting and the Taylor Rule on an Even Playing Field // AIER Sound Money Project Working Paper. – 2016. – N 2018-10.</mixed-citation><mixed-citation xml:lang="en">Beckworth D., Hendrickson J. Nominal GDP Targeting and the Taylor Rule on an Even Playing Field // AIER Sound Money Project Working Paper. – 2016. – N 2018-10.</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Carlozzi N., Taylor J. International Capital Mobility and the Coordination of Monetary Rules // Bhandhari J. Exchange Rate Management. – MIT Press, 1985.</mixed-citation><mixed-citation xml:lang="en">Carlozzi N., Taylor J. International Capital Mobility and the Coordination of Monetary Rules // Bhandhari J. Exchange Rate Management. – MIT Press, 1985.</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Carstens A. Challenges for Emerging Economies in the Face of Unconventional Monetary Policies in Advanced Economies. – Washington : Peterson Institute for International Economics, 2015.</mixed-citation><mixed-citation xml:lang="en">Carstens A. Challenges for Emerging Economies in the Face of Unconventional Monetary Policies in Advanced Economies. – Washington : Peterson Institute for International Economics, 2015.</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Communique of the Interim Committee. – International Monetary Fund, 1997.</mixed-citation><mixed-citation xml:lang="en">Communique of the Interim Committee. – International Monetary Fund, 1997.</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Coulibaly D., Kempf Н. Does Inflation Targeting Decrease Exchange Rate Pass-through in Emerging Countries? – Documents de Travail du Centre d’Economie de la Sorbonne. – 2010. – N 49.</mixed-citation><mixed-citation xml:lang="en">Coulibaly D., Kempf Н. Does Inflation Targeting Decrease Exchange Rate Pass-through in Emerging Countries? – Documents de Travail du Centre d’Economie de la Sorbonne. – 2010. – N 49.</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Edwards S. Monetary Policy Independence under Flexible Exchange Rates: An Illusion? // NBER Working Paper. – 2015. – N 20893.</mixed-citation><mixed-citation xml:lang="en">Edwards S. Monetary Policy Independence under Flexible Exchange Rates: An Illusion? // NBER Working Paper. – 2015. – N 20893.</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Edwards S. The Illusion of Monetary Policy Independence under Flexible Exchange Rates // VOX, CEPR's Policy Portal. – 2015.</mixed-citation><mixed-citation xml:lang="en">Edwards S. The Illusion of Monetary Policy Independence under Flexible Exchange Rates // VOX, CEPR's Policy Portal. – 2015.</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Eichengreen B., Taylor A. The Monetary Consequences of a Free Trade Area of the Americas // NBER Working Paper. – 2003. – N 9666.</mixed-citation><mixed-citation xml:lang="en">Eichengreen B., Taylor A. The Monetary Consequences of a Free Trade Area of the Americas // NBER Working Paper. – 2003. – N 9666.</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">European Central Bank. Account of the Monetary Policy Meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 12–13 December 2018.</mixed-citation><mixed-citation xml:lang="en">European Central Bank. Account of the Monetary Policy Meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 12–13 December 2018.</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Fagan G., Lothian J., McNelis P. Was the Gold Standard Really Destabilizing? // Journal of Applied Econometrics. – 2013. – N 8. – Р. 131–249.</mixed-citation><mixed-citation xml:lang="en">Fagan G., Lothian J., McNelis P. Was the Gold Standard Really Destabilizing? // Journal of Applied Econometrics. – 2013. – N 8. – Р. 131–249.</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Fernández A., Klein M. W., Rebucci A., Schindler M., Uribe М. Capital Control Measures: A New Dataset // IMF Working Paper. – 2015.</mixed-citation><mixed-citation xml:lang="en">Fernández A., Klein M. W., Rebucci A., Schindler M., Uribe М. Capital Control Measures: A New Dataset // IMF Working Paper. – 2015.</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Friedman M. The Case for Flexible Exchange Rates // Essays in Positive Economics. – University of Chicago Press, 1953.</mixed-citation><mixed-citation xml:lang="en">Friedman M. The Case for Flexible Exchange Rates // Essays in Positive Economics. – University of Chicago Press, 1953.</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">Gray C. Responding to a Monetary Superpower: Investigating the Behavioral Spillovers of U.S. Monetary Policy // Atlantic Economic Journal. – 2013. – Vol. 21 (2).</mixed-citation><mixed-citation xml:lang="en">Gray C. Responding to a Monetary Superpower: Investigating the Behavioral Spillovers of U.S. Monetary Policy // Atlantic Economic Journal. – 2013. – Vol. 21 (2).</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Hofmann B., Bogdanova В. Taylor Rules and Monetary Policy: A Global Great Deviation? BIS Quarterly Review, 2012.</mixed-citation><mixed-citation xml:lang="en">Hofmann B., Bogdanova В. Taylor Rules and Monetary Policy: A Global Great Deviation? BIS Quarterly Review, 2012.</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">International Monetary Fund. The Liberalization and Management of Capital Flows. An Institutional View. – 2012.</mixed-citation><mixed-citation xml:lang="en">International Monetary Fund. The Liberalization and Management of Capital Flows. An Institutional View. – 2012.</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">Kahn G. A. Taylor Rule Deviations and Financial Imbalances : Economic Review, Second Quarter. – Federal Reserve Bank of Kansas City, 2010.</mixed-citation><mixed-citation xml:lang="en">Kahn G. A. Taylor Rule Deviations and Financial Imbalances : Economic Review, Second Quarter. – Federal Reserve Bank of Kansas City, 2010.</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Orphanides A. (2003), Monetary Policy Evaluation with Noisy Information // Journal of Monetary Economics. – 2003. – Vol. 50 (3). – Р. 605–631.</mixed-citation><mixed-citation xml:lang="en">Orphanides A. (2003), Monetary Policy Evaluation with Noisy Information // Journal of Monetary Economics. – 2003. – Vol. 50 (3). – Р. 605–631.</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Rey H. Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence // Global Dimensions of Unconventional Monetary Policy A Symposium Sponsored by the Federal Reserve Bank of Kansas City. – Jackson Hole, 2013.</mixed-citation><mixed-citation xml:lang="en">Rey H. Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence // Global Dimensions of Unconventional Monetary Policy A Symposium Sponsored by the Federal Reserve Bank of Kansas City. – Jackson Hole, 2013.</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Selgin G., Beckworth D., Bahadir B. The Productivity Gap: Monetary Policy, the Subprime Boom, and the Post-2001 Productivity Surge // Journal of Policy Modeling. – 2015. – Vol. 37. – Issue 2.</mixed-citation><mixed-citation xml:lang="en">Selgin G., Beckworth D., Bahadir B. The Productivity Gap: Monetary Policy, the Subprime Boom, and the Post-2001 Productivity Surge // Journal of Policy Modeling. – 2015. – Vol. 37. – Issue 2.</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">Sumner S. Nominal GDP Targeting: A Simple Rule to Improve Fed Performance // Cato Journal. – 2014. – Vol. 34. – N 2.</mixed-citation><mixed-citation xml:lang="en">Sumner S. Nominal GDP Targeting: A Simple Rule to Improve Fed Performance // Cato Journal. – 2014. – Vol. 34. – N 2.</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Taylor J. A Rules-Based International Monetary System for the Future // Bergsten F., Green R. International Monetary Cooperation: Lessons from the Plaza Accord after Thirty Years. – Washington. D.C. : Peterson Institute for International Economics, 2016.</mixed-citation><mixed-citation xml:lang="en">Taylor J. A Rules-Based International Monetary System for the Future // Bergsten F., Green R. International Monetary Cooperation: Lessons from the Plaza Accord after Thirty Years. – Washington. D.C. : Peterson Institute for International Economics, 2016.</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Taylor J. An International Monetary System Built on Sound Policy Rules // International Conference on Macroeconomic Analysis and International Finance. – University of Crete, Rethymno, 2016.</mixed-citation><mixed-citation xml:lang="en">Taylor J. An International Monetary System Built on Sound Policy Rules // International Conference on Macroeconomic Analysis and International Finance. – University of Crete, Rethymno, 2016.</mixed-citation></citation-alternatives></ref><ref id="cit24"><label>24</label><citation-alternatives><mixed-citation xml:lang="ru">Taylor J. Globalization and Monetary Policy: Missions Impossible // Gertler M., Gali J. The International Dimensions of Monetary Policy. University of Chicago Press, 2009. – Р. 609–624.</mixed-citation><mixed-citation xml:lang="en">Taylor J. Globalization and Monetary Policy: Missions Impossible // Gertler M., Gali J. The International Dimensions of Monetary Policy. University of Chicago Press, 2009. – Р. 609–624.</mixed-citation></citation-alternatives></ref><ref id="cit25"><label>25</label><citation-alternatives><mixed-citation xml:lang="ru">Taylor J. Housing and Monetary Policy // Housing, Housing Finance and Monetary Policy. – 2007. – Р. 463–476.</mixed-citation><mixed-citation xml:lang="en">Taylor J. Housing and Monetary Policy // Housing, Housing Finance and Monetary Policy. – 2007. – Р. 463–476.</mixed-citation></citation-alternatives></ref><ref id="cit26"><label>26</label><citation-alternatives><mixed-citation xml:lang="ru">Taylor J. International Coordination in the Design of Macroeconomic Policy Rules // European Economic Review. – 19985. – N 28. – Р. 53–81.</mixed-citation><mixed-citation xml:lang="en">Taylor J. International Coordination in the Design of Macroeconomic Policy Rules // European Economic Review. – 19985. – N 28. – Р. 53–81.</mixed-citation></citation-alternatives></ref><ref id="cit27"><label>27</label><citation-alternatives><mixed-citation xml:lang="ru">Taylor J. International Monetary Coordination and the Great Deviation // Journal of Policy Modeling. – 2013. – N 35 (3). – Р. 463–472.</mixed-citation><mixed-citation xml:lang="en">Taylor J. International Monetary Coordination and the Great Deviation // Journal of Policy Modeling. – 2013. – N 35 (3). – Р. 463–472.</mixed-citation></citation-alternatives></ref><ref id="cit28"><label>28</label><citation-alternatives><mixed-citation xml:lang="ru">Taylor John B. Rethinking the International Monetary System,” The Cato Journal, Vol. 36, No. 2 (Spring/Summer); (2016),</mixed-citation><mixed-citation xml:lang="en">Taylor John B. Rethinking the International Monetary System,” The Cato Journal, Vol. 36, No. 2 (Spring/Summer); (2016),</mixed-citation></citation-alternatives></ref><ref id="cit29"><label>29</label><citation-alternatives><mixed-citation xml:lang="ru">Taylor J. The Federal Reserve in a Globalized World Economy // The Federal Reserve’s Role in the Global Economy. – Cambridge University Press, 2016.</mixed-citation><mixed-citation xml:lang="en">Taylor J. The Federal Reserve in a Globalized World Economy // The Federal Reserve’s Role in the Global Economy. – Cambridge University Press, 2016.</mixed-citation></citation-alternatives></ref><ref id="cit30"><label>30</label><citation-alternatives><mixed-citation xml:lang="ru">Vegh C., Vuletin G. Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets // NBER Working Paper. – 2012. – N 18175.</mixed-citation><mixed-citation xml:lang="en">Vegh C., Vuletin G. Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets // NBER Working Paper. – 2012. – N 18175.</mixed-citation></citation-alternatives></ref><ref id="cit31"><label>31</label><citation-alternatives><mixed-citation xml:lang="ru">Volcke P. Remarks. Bretton Woods Committee Annual Meeting. – 2014.</mixed-citation><mixed-citation xml:lang="en">Volcke P. Remarks. Bretton Woods Committee Annual Meeting. – 2014.</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
