Russia and Financial World: on the Threshold of System Transformations
The modern global financial system is based on unlimited dollar issuance, which is backed by a key reserve asset – US debt obligations. The concept of official foreign exchange reserves promoted by the IMF puts in a privileged position the countries with reserve currencies, primarily the United Stat...
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| Format: | Article |
| Language: | Russian |
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Centre of Regional Research
2020-06-01
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| Series: | Проблемы постсоветского пространства |
| Subjects: | |
| Online Access: | https://www.postsovietarea.com/jour/article/view/243 |
| _version_ | 1826565600942489600 |
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| author | A. V. Kuznetsov |
| author_facet | A. V. Kuznetsov |
| author_sort | A. V. Kuznetsov |
| collection | DOAJ |
| description | The modern global financial system is based on unlimited dollar issuance, which is backed by a key reserve asset – US debt obligations. The concept of official foreign exchange reserves promoted by the IMF puts in a privileged position the countries with reserve currencies, primarily the United State. This concept has exhausted the possibilities for productive investment of the savings of the rest of the world. As a result, the savings of the periphery of the global economy are directed to the consumption and speculative spheres. Global financial crises has proved – despite speculative activities banks have priority support from key central banks. Developing countries objectively claim a parity distribution of the benefits and costs of financial globalization, as they play an increasingly important role in global value chains. As a donor of the global financial system, Russia is practically not involved in the distribution of profits in the global financial market. As the largest supplier of raw materials, intellectual and financial resources, Russia requires new solutions in the field of international monetary circulation. |
| first_indexed | 2024-04-10T01:34:52Z |
| format | Article |
| id | doaj.art-75fde621abc24eaeb4efb2d6c6ea9353 |
| institution | Directory Open Access Journal |
| issn | 2313-8920 2587-8174 |
| language | Russian |
| last_indexed | 2025-03-14T10:38:20Z |
| publishDate | 2020-06-01 |
| publisher | Centre of Regional Research |
| record_format | Article |
| series | Проблемы постсоветского пространства |
| spelling | doaj.art-75fde621abc24eaeb4efb2d6c6ea93532025-03-02T10:58:22ZrusCentre of Regional ResearchПроблемы постсоветского пространства2313-89202587-81742020-06-017219020710.24975/2313-8920-2020-7-2-190-207228Russia and Financial World: on the Threshold of System TransformationsA. V. Kuznetsov0Financial University under the Government of the Russian Federation,The modern global financial system is based on unlimited dollar issuance, which is backed by a key reserve asset – US debt obligations. The concept of official foreign exchange reserves promoted by the IMF puts in a privileged position the countries with reserve currencies, primarily the United State. This concept has exhausted the possibilities for productive investment of the savings of the rest of the world. As a result, the savings of the periphery of the global economy are directed to the consumption and speculative spheres. Global financial crises has proved – despite speculative activities banks have priority support from key central banks. Developing countries objectively claim a parity distribution of the benefits and costs of financial globalization, as they play an increasingly important role in global value chains. As a donor of the global financial system, Russia is practically not involved in the distribution of profits in the global financial market. As the largest supplier of raw materials, intellectual and financial resources, Russia requires new solutions in the field of international monetary circulation.https://www.postsovietarea.com/jour/article/view/243financial crisisworld financial systemreserve currencyworld-system corefinancial capitalcenter-peripheral modelinternational investment positiongold remonetizationfinancial clustereurasia |
| spellingShingle | A. V. Kuznetsov Russia and Financial World: on the Threshold of System Transformations Проблемы постсоветского пространства financial crisis world financial system reserve currency world-system core financial capital center-peripheral model international investment position gold remonetization financial cluster eurasia |
| title | Russia and Financial World: on the Threshold of System Transformations |
| title_full | Russia and Financial World: on the Threshold of System Transformations |
| title_fullStr | Russia and Financial World: on the Threshold of System Transformations |
| title_full_unstemmed | Russia and Financial World: on the Threshold of System Transformations |
| title_short | Russia and Financial World: on the Threshold of System Transformations |
| title_sort | russia and financial world on the threshold of system transformations |
| topic | financial crisis world financial system reserve currency world-system core financial capital center-peripheral model international investment position gold remonetization financial cluster eurasia |
| url | https://www.postsovietarea.com/jour/article/view/243 |
| work_keys_str_mv | AT avkuznetsov russiaandfinancialworldonthethresholdofsystemtransformations |