A theoretical examination of the electrodynamical interaction between the ionosphere and the inner magnetosphere is presented. A self-consistent ring current (RC) model has been developed that couples the electron and ion magnetospheric dynamics with the calculation of the electric field. Two new features were taken into account in order to close the self-consistent magnetosphere-ionosphere coupling loop. First, in addition to the RC ions, we have solved an electron kinetic equation in our model. Second, using the relation of Galand and Richmond <2001>, we have calculated the height integrated ionospheric conductances as a function of the precipitated high energy magnetospheric electrons and ions that are produced by our model. To validate the results of our model we simulate the magnetic storm of May 2, 1986, a storm that has been comprehensively studied by Fok et al. <2001>, and have compared our results with different theoretical approaches. The self-consistent inclusion of the hot electrons and their effect on the conductance results in deeper penetration of the magnetospheric electric field. In addition, a slight westward rotation of the potential pattern (compared to previous self-consistent results) is evident in the inner magnetosphere. These effects change the hot plasma distribution, especially by allowing increased access of plasma sheet ions and electrons to low L shells. These results are consistent with recent observations from the IMAGE satellite.