Analyzing trade and financial relations in Russia today

Subject. The article discusses trading and financial relations of today’s Russia. Objectives. The article is to determine requirements for trading and financial relations to progress in Russia today and evaluate how they influence the economic growth. Methods. The study is based on the systems approach and the statistical analysis. Results. Having analyzed trading and financial relations, I found what can give an impetus to the contemporary economy in Russia, i.e. oil prices, related risks. The article demonstrates that government bonds (federal loan bonds) cushion and set off an increase in the foreign exchange rate. The dynamics of the oil price and the issue of federal loan bonds shape the environment where trading and financial relations evolve in Russia today, i.e. export prices for natural resources outgrowing prices for some commodities; a stalling growth in the acquisition of financial assets, debt instruments and a growth in liabilities, equity and shares of mutual funds; a growing pace of long positions of forward, futures, options contracts due to a slow down in short positions; rising pace of official reserve assets. As long as the international trade slows down and the global recession begins, the existing trading and financial relations resulted in a palpable economic growth. Conclusions and Relevance. Opportunities for the development of trade and financial relations in contemporary Russia are conditioned by the changing world order, which determines the dynamics of economic growth. The findings expand the knowledge and create new competencies of governmental authorities when making managerial decisions to ensure the effective design of the Russian economy in terms of the current trading and financial policy.

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Analyzing the current effectiveness of the Russian economy's design

National Interests Priorities and Security ◽

10.24891/ni.16.8.1476 ◽

2020 ◽

Vol 8 (8) ◽

pp. 1476-1496

Author(s):

V.V. Smirnov

Keyword(s):

Economic Growth ◽

Sustainable Development ◽

Growth Rates ◽

Systems Approach ◽

Mineral Resources ◽

Cash Flows ◽

Moscow Oblast ◽

Structural Balance ◽

Russian Economy ◽

The Stability

Subject. The article discusses Russia’s economy and analyzes its effectiveness. Objectives. The study attempts to determine to what extent Russia’s economy is effective. Methods. The study is based on the systems approach and the statistical analysis. Results. I discovered significant fluctuations of the structural balance due to changing growth rates of the total gross national debt denominated in the national currency, and the stability of growth rates of governmental revenue. Changes in the RUB exchange rate and an additional growth in GDP are the main stabilizers of the structural balance, as they depend on hydrocarbon export. As a result of the analysis of cash flows, I found that the exports slowed down. Financial resources are strongly centralized, since Moscow and the Moscow Oblast are incrementing their share in the export of mineral resources, oil and refining products and import of electrical machines and equipment. Conclusions and Relevance. The fact that the Russian economy has been effectively organized is proved with the centralization of the economic power and the limits through the cross-regional corporation, such as Moscow and the Moscow Oblast, which is resilient to any regional difficulties ensuring the economic growth and sustainable development. The findings would be valuable for the political and economic community to outline and substantiate actions to keep rates of the economic growth and sustainable development of the Russian economy.

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A Russian approach to ensuring economic growth

Economic Analysis Theory and Practice ◽

10.24891/ea.20.7.1234 ◽

2021 ◽

Vol 20 (7) ◽

pp. 1234-1255

Author(s):

Valerii V. SMIRNOV

Keyword(s):

Economic Growth ◽

Russian Federation ◽

Systems Approach ◽

Consumption Expenditures ◽

Goods And Services ◽

Russian Economy ◽

Public Consumption ◽

The Russian Federation ◽

The Government ◽

And Cluster Analysis

Subject. The article investigates a Russian approach to ensuring economic growth. Objectives. The aim is to identify the basis of the Russian approach to ensuring economic growth. Methods. The study rests on the systems approach, using the methods of statistical, neural network, and cluster analysis. Results. The paper defines the structural importance of exports of goods and services, and changes in inventories. It highlights significant links with public consumption expenditures. The Russian approach to ensuring economic growth comes down to devaluation of the national currencyб resulting from the loss of the real inflationary potential of economic growth to maintain the volume of exports of goods and services in the context of maintaining public consumption expenditures. The increase in M2 forces the Central Bank of the Russian Federation to increase its foreign exchange reserves. This has a restraining effect on the growth of Russian Ruble’s monetary exchange rate. This phenomenon causes a drop in the Russian federal loan bond (OFZ) index and a replacement of strategic priorities with tactical ones. Conclusions. The basis of the Russian approach to ensuring economic growth is a reflection of the limits of the Russian economy development and the effectiveness of the Government of the Russian Federation.

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To the adequacy of the financial system to the modern economy of Russia

Finance and Credit ◽

10.24891/fc.26.7.1534 ◽

2020 ◽

Vol 26 (7) ◽

pp. 1534-1554

Author(s):

V.V. Smirnov

Keyword(s):

Economic System ◽

Financial System ◽

Cash Flows ◽

Financial Policy ◽

Economic Activities ◽

Structure Form ◽

Associated Gas ◽

Managerial Decisions ◽

Russian Economy ◽

Modern Economy

Subject. The article examines the adequacy of the financial system to the Russian economy as is. Objectives. I evaluate whether the financial system meets requirements of the modern economy of Russia, and model the scope of compliance. Methods. The study relies upon the statistical analysis and mathematical modeling of developments in the correlation of cash flows and economic activities. Results. The focuses on the adequacy of the financial system to requirements of the modern economy of Russia. I analyze the structure, form and content of the economic system during the generation and utilization of cash flows. The financial system is deemed inadequate if there are some controversies between cash flows and economic activities, which can be eliminated with specific financial and economic remedies that are typical of the Russian economy. Financial remedies include an increment in gold reserves and money supply. Economic ones require to increase the production of crude oil, natural gas, associated gas, extraction and enrichment of iron ore. Modeling the dynamics of the financial and economic systems and applying the Cobb–Douglas production function, I marked the compliance boundary of the financial system from perspectives of the modern economic system. Conclusions and Relevance. Seeing the current situation in Russia, we can guess the financial system is adequate to the economic situation. I should also point out a variety of opportunities to preserve the structure, form and content of the economy, using financing mechanisms within the adequacy requirements. The findings enrich relevant knowledge and create new competencies of governmental authorities for making effective managerial decisions to ensure the sustainability of the Russian economy in accordance with the financial policy.

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The analysis of the substance of economic growth in Russia

National Interests Priorities and Security ◽

10.24891/ni.17.9.1737 ◽

2021 ◽

Vol 17 (9) ◽

pp. 1737-1761

Author(s):

Valerii V. SMIRNOV

Keyword(s):

Economic Growth ◽

Socioeconomic Development ◽

Systems Approach ◽

Financial Assets ◽

Russian Government ◽

Internal Resources ◽

Russian Economy ◽

Ministry Of Finance ◽

And Cluster Analysis ◽

Sustainable Economic Growth

Subject. The article investigates the substance of Russia’s economic growth. Objectives. I determine what circumstances influence the substance of the economic growth in Russia. Methods. The study relies upon the systems approach, methods of statistical, neural network and cluster analysis. Results. It is important to analyze the substance of the economic growth in Russia. The Russian resources were found to be actively provided to other countries via capital and current transfers. Growth rates in the consolidated account gets less variable since the statistical variance was significantly adjusted with respect to capital translations, and product subsidies were limited, including products for State-owned enterprises, exports and imports. As a priority of the Russian economic economic growth, it focuses on the generation of income. I also discovered considerable links to the consolidated account. The Russian economy is oriented at the reallocation of available income among sectors so that savings and capital transfers could be made. Doing so, the country will subsequently acquire non-financial assets on the free-hold basis and interest in the production process. Internal resources of the sustainable economic growth were found to deplete under the current monetary policy of the Central Bank of Russia and Russia’s Ministry of Finance. Conclusions and Relevance. Shaping the substance of the economic growth in Russia, such circumstance demonstrate to governmental authorities that the goal of the socioeconomic development should be achieved with different methods. The findings contribute to the knowledge and competence of the Russian government for purposes of economic growth.

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Economic Stability and (or) Economic Growth

Administrative Consulting ◽

10.22394/1726-1139-2020-11-93-98 ◽

2021 ◽

pp. 93-98

Author(s):

A. Ya. Zaporozhan

Keyword(s):

Economic Growth ◽

Growth Potential ◽

Financial Policy ◽

Stabilization Policy ◽

Economic Stability ◽

Previous Period ◽

Russian Economy ◽

Growth Stability ◽

Before And After ◽

Macroeconomic Stability

The article is devoted to consideration of two directions of state economic policy — maintaining economic stability and ensuring economic growth. The coronavirus pandemic has divided the world into “before and after”. In the previous period, the financial policy in Russia was based on the principle of macroeconomic stability. It would seem that the macroeconomic stability that has existed for several years has created the basis for economic growth in the country, but it has not been possible to realize the growth potential of the Russian economy. Economic stability is an important criterion for the economy. Only economic stability can be different.The economic stability of the Russian economy in the previous period is the economic stability of stagnation, because the cornerstone of the economic stabilization policy was maintaining a low inflation rate by artificially slowing down demand. N ow this economic stability of stagnation was overturned by the coronavirus epidemic due to a decrease in budget revenues and an increase in budget spending, which results in the threat of inflation.The purpose of the article is to substantiate the necessity and possibility of transition to a new form of economic stability — economic growth stability

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Position of Russia in economic globalization

Economic Analysis Theory and Practice ◽

10.24891/ea.19.9.1646 ◽

2020 ◽

Vol 19 (9) ◽

pp. 1646-1670

Author(s):

V.V. Smirnov

Keyword(s):

Systems Approach ◽

World Order ◽

Economic Globalization ◽

Developed Countries ◽

Economic Relations ◽

Stable Position ◽

Managerial Decisions ◽

The Us ◽

World Economic

Subject. The article considers the position of Russia in economic globalization. Objectives. I focus on determining the position of Russia in economic globalization. Methods. The study rests on the systems approach, using the methods of statistical, cluster, and neural network analysis. Results. A slowdown in globalization has caused changes in the existing world economic relations. Russia has taken an active position among developed countries, amid a decline in the role of Chinese exports in the world. I revealed that in the context of the US trade war with China and the strengthening of protectionism, developing countries assumed the risks of loss of capital and recession. The position of Russia in economic globalization is connected with the place of BRICS in the new world order. The new conditions of globalization made it necessary for Russia to initiate the creation of new geopolitical communities, in addition to BRICS, which should include Denmark, Singapore and Slovenia. The findings form new competencies of State authorities for making managerial decisions to maintain a stable position and image of Russia in the process of economic globalization. Conclusions. To maintain a stable position and image of Russia in the context of economic globalization, the modern objective reality requires both Russia’s participation in and initiation of various geopolitical communities. The said participation will ensure that Russia’s certain position and image is maintained in the economic globalization.

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Macroeconomic Analysis of Russian Economy in 2018

10.35853/ufh-rmp-2019-e01 ◽

2019 ◽

pp. 121-128

Author(s):

Sergey Mitsek ◽

Elena Mitsek

Keyword(s):

Economic Growth ◽

Developed Countries ◽

Digital Economy ◽

Export Prices ◽

Macroeconomic Analysis ◽

Russian Economy ◽

Investment Volume ◽

Positive Balance ◽

Export Volume ◽

Main Driver

The paper provides a macroeconomic analysis of the Russian economy in 2018 based on standard macroeconomic analysis methods and relying on the results of authors’ own econometric model. It is demonstrated that the main driver of the country’s economic growth was the growing export volume primarily caused by increased export prices, as well as ruble depreciation. However, the rates of Russian economic growth stayed lower than the global economic rates. Production growth, macroeconomic stability, easing monetary policy and country’s conservative fiscal policy enhanced the positive balance of payments and achieved budget surplus. Nevertheless, growth rates stay quite low due to insufficient investment volume and total productivity stagnation. The latter is caused, among other reasons, by lack of foreign investment and poor funding of research and development. Development of the Russian digital economy along with economic reforms could solve these problems. Recent years saw quick growth of Russia’s digital economy, including growing export of ICT products. However, the share of digital economy in Russian GDP is still lower than that of developed countries.

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Analyzing the supranational organization of the Russian economy and emerging economies

National Interests Priorities and Security ◽

10.24891/ni.16.5.950 ◽

2020 ◽

Vol 16 (5) ◽

pp. 950-965

Author(s):

V.V. Smirnov ◽

A.V. Mulendeeva

Keyword(s):

Statistical Analysis ◽

International Cooperation ◽

Emerging Economies ◽

Global Economy ◽

Systems Approach ◽

World Order ◽

Russian Economy ◽

The Stability ◽

Structure And Functions

Subject. The article discusses the supranational organization of economies and analyzes the potential of the supranational organization of Russia and emerging economies. Objectives. The study explores an optimal format for the supranational organization of the Russian economy and emerging economies in the multipolar world. Methods. Research is based on the systems approach and methods of cluster and statistical analysis. Results. The article unveils the phenomenon of supranational organization as a result of the transformed world order and transition to the multipolar world. The multipolar world engenders entropy, which can be tackled through the supranational organization. We determined priority countries, functional purposes and efficiency of the supranational organization of the Russian economy and priority economies. BRICS seems to be the most appropriate form of supranational organization for the Russian economy and emerging economies, being led by China and Brazil. China should actively invest in the Russian economy. Russia continues to observe functional priorities with respect to China and Brazil and protects the sovereignty of the national structure and functions. Conclusions and Relevance. The multipolar world engenders entropy, which undermines the stability of the global economy. Supranational organization helps overcome entropy. BRICS is the most appropriate vehicle of supranational organization for the Russian economy and emerging economies, being led by China and Brazil. The findings can be used to discover supranational organizations of the Russian economy and spotlight lines of international cooperation.

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National Currency Appreciation and Growth of the Russian Economy

Voprosy Ekonomiki ◽

10.32609/0042-8736-2004-6-95-111 ◽

2004 ◽

pp. 95-111

Author(s):

T. Zolotoukhina

Keyword(s):

Economic Growth ◽

Exchange Rate ◽

Money Supply ◽

Capital Flows ◽

National Currency ◽

Economic Factors ◽

Exchange Market ◽

Russian Economy ◽

Macroeconomic Indicators

The problem of interaction between Russian currency appreciation and positive dynamics of macroeconomic indicators is studied. Main economic factors of ruble appreciation are analyzed. Consequences of the Russian Central Bank's policy directed to oppose ruble appreciation and problems in financial area due to the increase of money supply through the exchange market are considered. Influence of exchange rate appreciation on economic growth, inflation, export, import, capital flows are discussed. It is concluded that Russian ruble appreciation stimulates an increase in efficiency of the Russian economy.

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