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Ponte Academic Journal
Apr 2017, Volume 73, Issue 4

INTERNATIONAL RESERVES OF THE RUSSIAN FEDERATION AS POLITICAL AND ECONOMIC INSTRUMENT OF MACROREGULATION IN THE SYSTEM OF BALANCE OF PAYMENTS

Author(s): Artamonova Iuliia ,Petrikova Elena Mikhailovna, Osipov Daniil Vladimirovich

J. Ponte - Apr 2017 - Volume 73 - Issue 4
doi: 10.21506/j.ponte.2017.4.18



Abstract:
This article presents the movement of international reserves and balance of payments before and after the latest global financial crisis of 2008 and before and after the financial sanctions of foreign countries against the Russian Federation. It discusses that foreign investments were reduced due to financial sanctions of 2014-2016, and as the result, the international reserves were decreased significantly. To start the economic growth and to develop Russian economy, the investment potential of Russian economy should be increased by force of the activities with the other countries. These activities are based on credit transactions of Russian companies into foreign fixed assets and stimulation of import of fixed assets from other countries. One of the main options is to support the decision to fund in foreign Asian markets and to secure the assets together with foreign companies and investors. The key part of this article is based on the macroeconomic methodology of balance of payments and international reserves in the system of monetary and budget statistics, as these statistical indicators allow to analyze the relationship between the macro and micro levels and financial tools of macro regulation of the economy. The article focuses on how to manage the macroeconomic performance of the country�s activities with the help of social and economic tools; these tools are in conflict with the political tools, which often have a greater impact on the results of the country's macroeconomic performance. Based on Russian macroeconomic statistics of 2007-2016, it analyzes the main results of country�s transactions, and concludes that the political decision to limit the financial capital of the country adversely affected the results of foreign trade activities of Russia since the moment this decision was made. However, the article proves that these financial restrictions on the capital movements have a short-term impact on the economy, they are more of a political focus and these restrictions do not seriously affect the Russian economy in the long-term (these conclusions are based on an analysis of the Russian economy's performance in 2016). Moreover, the amount of official gold and foreign currency reserves is not sufficient to ensure the country's external financial solvency.
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