International financial institutes and multipolarity challenges
The world is changing, moving towards multi-polarity. However, despite the explicit shifting of the center of economic gravity from the West to the East, the dominance of the West in establishing the rules of conduct in the global economy and global finance remain virtually immutable. The author arg...
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| Format: | Article |
| Language: | English |
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Peoples’ Friendship University of Russia (RUDN University)
2017-12-01
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| Series: | Vestnik RUDN. International Relations |
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| Online Access: | http://journals.rudn.ru/international-relations/article/view/15873 |
| _version_ | 1797936831609700352 |
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| author | Aleksei Vladimirovich Kuznetsov |
| author_facet | Aleksei Vladimirovich Kuznetsov |
| author_sort | Aleksei Vladimirovich Kuznetsov |
| collection | DOAJ |
| description | The world is changing, moving towards multi-polarity. However, despite the explicit shifting of the center of economic gravity from the West to the East, the dominance of the West in establishing the rules of conduct in the global economy and global finance remain virtually immutable. The author argues that the widely-discussed reform of the IMF quota and governance has not led to a significant strengthening of the role of the most dynamically developing emerging economies in the Fund’s decision-making. Regional economic players (such as the BRICS) have been actively involved in the international division of labor. However, the existence of institutional financial monopolies hinders the redistribution of global value added. Armed with the advanced information technologies and financial innovations, the leaders of financial globalization are redirecting scarce global resources in favor of the world-systemic core. The study is based on comparative methods and system analysis and aims to provide a comprehensive view on the way of involvement of global financial institutions in the control of the processes of financial globalization. US dominance in international financial institutions contribute to the further advancement of the global role of dollar as reserve currency of central banks, the currency of international settlements, deposits, loans and investments. It’s shown that the implementation of financial globalization is strongly correlated with the concept of the «center-periphery» model, on which the functioning of the global capital market is dependent. The features of the modern structure of the global currency market are summarized. The article reveals some legal aspects of global governance, in particular the role of the Anglo-American law in the global economy and global finance. It is concluded that for full participation of emerging markets, particularly the BRICS countries, in the processes of globalization, it is necessary to create a parallel financial system, aimed at the development of the real sector of the economy, which would be independent of the rules that have been established within existing system of international financial institutions. |
| first_indexed | 2024-04-10T18:36:23Z |
| format | Article |
| id | doaj.art-7a2fd75c96c64367a6151ae71b8f8f17 |
| institution | Directory Open Access Journal |
| issn | 2313-0660 2313-0679 |
| language | English |
| last_indexed | 2024-04-10T18:36:23Z |
| publishDate | 2017-12-01 |
| publisher | Peoples’ Friendship University of Russia (RUDN University) |
| record_format | Article |
| series | Vestnik RUDN. International Relations |
| spelling | doaj.art-7a2fd75c96c64367a6151ae71b8f8f172023-02-02T01:19:27ZengPeoples’ Friendship University of Russia (RUDN University)Vestnik RUDN. International Relations2313-06602313-06792017-12-0117192110.22363/2313-0660-2017-17-1-9-2115028International financial institutes and multipolarity challengesAleksei Vladimirovich Kuznetsov0<p>Финансовый университет при Правительстве Российской Федерации</p>The world is changing, moving towards multi-polarity. However, despite the explicit shifting of the center of economic gravity from the West to the East, the dominance of the West in establishing the rules of conduct in the global economy and global finance remain virtually immutable. The author argues that the widely-discussed reform of the IMF quota and governance has not led to a significant strengthening of the role of the most dynamically developing emerging economies in the Fund’s decision-making. Regional economic players (such as the BRICS) have been actively involved in the international division of labor. However, the existence of institutional financial monopolies hinders the redistribution of global value added. Armed with the advanced information technologies and financial innovations, the leaders of financial globalization are redirecting scarce global resources in favor of the world-systemic core. The study is based on comparative methods and system analysis and aims to provide a comprehensive view on the way of involvement of global financial institutions in the control of the processes of financial globalization. US dominance in international financial institutions contribute to the further advancement of the global role of dollar as reserve currency of central banks, the currency of international settlements, deposits, loans and investments. It’s shown that the implementation of financial globalization is strongly correlated with the concept of the «center-periphery» model, on which the functioning of the global capital market is dependent. The features of the modern structure of the global currency market are summarized. The article reveals some legal aspects of global governance, in particular the role of the Anglo-American law in the global economy and global finance. It is concluded that for full participation of emerging markets, particularly the BRICS countries, in the processes of globalization, it is necessary to create a parallel financial system, aimed at the development of the real sector of the economy, which would be independent of the rules that have been established within existing system of international financial institutions.http://journals.rudn.ru/international-relations/article/view/15873мировая финансовая системаМВФБРИКСфинансовая глобализацияцентр-периферийные отношениямировой валютный рыноканглийское общее право |
| spellingShingle | Aleksei Vladimirovich Kuznetsov International financial institutes and multipolarity challenges Vestnik RUDN. International Relations мировая финансовая система МВФ БРИКС финансовая глобализация центр-периферийные отношения мировой валютный рынок английское общее право |
| title | International financial institutes and multipolarity challenges |
| title_full | International financial institutes and multipolarity challenges |
| title_fullStr | International financial institutes and multipolarity challenges |
| title_full_unstemmed | International financial institutes and multipolarity challenges |
| title_short | International financial institutes and multipolarity challenges |
| title_sort | international financial institutes and multipolarity challenges |
| topic | мировая финансовая система МВФ БРИКС финансовая глобализация центр-периферийные отношения мировой валютный рынок английское общее право |
| url | http://journals.rudn.ru/international-relations/article/view/15873 |
| work_keys_str_mv | AT alekseivladimirovichkuznetsov internationalfinancialinstitutesandmultipolaritychallenges |