The role of the monetary policy in tourism industry development

This article focuses on the influence of the current monetary policy on certain spheres of the Russian economy. It aims to identify the factors and conditions that contribute to the activation of the monetary policy's credit channel. This study is based on the use of systematic, evolutionary, and institutional approaches, as well as on econometric modeling methods. Therefore, it reveals how the economy is influenced by the transmission mechanism's credit channel involved in the current monetary policy proposed by the Bank of Russia. This article also provides suggestions that can assist in preventing the regulatory arbitrage by the Bank of Russia on the credit market in the context of the statement on stimulating the replacement of the loan with bonds.