Équilibre macroéconomique en économie ouverte et efficacité des politiques monétaire et budgétaire dans les économies émergentes

Anna Kamyshova; Marina Bochenina; Yulia Neradovskaya; Natalia Sushcheva

doi:10.23854/autoc.v10iespecial.886

Anna Kamyshova Saint Petersburg State University of Economics, Russia https://orcid.org/0000-0003-4801-4754
Marina Bochenina Saint Petersburg State University of Economics, Russia https://orcid.org/0000-0002-5214-8918
Yulia Neradovskaya Saint Petersburg State University of Economics, Russia https://orcid.org/0000-0002-8112-6849
Natalia Sushcheva Saint Petersburg State University of Economics, Russia https://orcid.org/0000-0001-8640-2817

DOI: https://doi.org/10.23854/autoc.v10iespecial.886

Keywords: open economy, monetary policy, fiscal policy, emerging economies, mundell-fleming model

Abstract

This article analyzes the comparative effectiveness of monetary and fiscal policies in a small open economy characterized by high capital mobility and incomplete price flexibility. The objective is to propose an extension of the general macroeconomic equilibrium model by combining the Mundell-Fleming framework with an expanded Keynesian approach that explicitly incorporates labor and foreign exchange markets. The methodology is based on an econometric-mathematical model applied to the Russian Federation for the period 2020–2022, using official data and the simultaneous resolution of equilibrium conditions in goods, financial assets, labor, and foreign exchange markets. The results show that both instruments achieve a 3.5% real GDP growth target, although with differentiated effects. Fiscal policy stimulates growth and employment but increases inflation, interest rates, and external imbalances. Monetary policy promotes investment, lowers interest rates, and improves net exports. The study concludes that an integrated assessment of macroeconomic equilibria is essential to evaluate the effectiveness of stabilization policies in open economies.

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Macroeconomic Equilibrium in Open Economies and the Effectiveness of Monetary and Fiscal Policies in Emerging Economies

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