Abstract
Research background: The coronavirus pandemic, which has affected all spheres of society and the economy, has formed new realities and conditions for modern world development. The governments of many countries have faced a choice of how to combine the security of citizens ’ lives and the need to resist the decline in production, employment, and income. Purpose of the article: The main purpose of the presented article is to study the instruments of stabilization policy during the pandemic and post-pandemic economy and to identify measures aimed at reorienting from ensuring monetary and budgetary stability to expanding effective demand and stimulating the economy. Methods: To conduct the study, we used official statistics data, the analysis of which allowed us to determine the degree of mutual influence of key parameters of economic development. Findings & Value added: The results show that in developed countries, support measures by monetary policy instruments are limited, so for the most part, fiscal mechanisms to support the population and business are implemented. In Russia, the opportunities to soften monetary policy with traditional monetary policy measures still retain some effectiveness. However, the current economic policy imposes a forced type of consumer behavior based on making financial decisions in the absence of choice, so such decisions form negative consequences — indebtedness and poverty. In this regard, recommendations are given for the implementation of stabilization policy instruments aimed at reorienting it from ensuring monetary and budgetary stability to stimulating the Russian economy and expanding the monetary base of demand.
Highlights
The 2020 coronavirus pandemic, which is a crisis in the global economy, has exacerbated existing contradictions and served as a catalyst for growing change
With an increase in the supply of money in the economy, low interest rates do not lead to an increase in investment, on the other hand, with an increase in liquidity in the economy, there has been no depreciation of the dollar and there is a record growth in the stock markets, which after an economic downturn can lead to further inflating of the "financial bubble"
The decline of the Russian economy in 2020 by 3.1% was less than in many other countries, the decline in the United States, Germany, France and Japan reached from -4 to 9%
Summary
The 2020 coronavirus pandemic, which is a crisis in the global economy, has exacerbated existing contradictions and served as a catalyst for growing change. With an increase in the supply of money in the economy, low interest rates do not lead to an increase in investment, on the other hand, with an increase in liquidity in the economy, there has been no depreciation of the dollar and there is a record growth in the stock markets, which after an economic downturn can lead to further inflating of the "financial bubble". Against this background, the gap between growing incomes from property and stagnant incomes from labor has widened. Soft monetary policy, in the conditions of dwindling demand and low propensity to invest, has exacerbated issues of social inequality
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