Scholarly record

MODERN ASPECTS OF FINANCIAL RELATIONS WITH THE INTERNATIONAL FINANCIAL INSTITUTIONS

O. Aseev, I. Aseeva, P. Sergeev, N. Serebryakova

Abstract

Russia's relations with the international financial institutions had a multi-faced character. In the transition period of the 90-ies foreign borrowings, especially from the IMF were not always well-grounded and effective. The obtained financial resources were mainly used to service the state debt and cover the budget deficit and were not aimed at financing technological renovation of Russia's economy, the development of infrastructure and creation of export-oriented high-tech industries. In the early 2000's the economic situation in Russia was favorable as a result of the rising energy prices. Russia had turned from a borrowing country in to a donor country and in 2012 the Bank of Russia provided the IMF with financial resources to overcome the financial crisis under the New Borrowing Agreements. The current economic situation in Russia after the crisis of 2014 Is a tense, but not critical. A qualitative analysis of the formation and regulation of relations between Russia and the international financial market is necessary to create a new mutually beneficial basis for building such a relationship. With the help of economic and statistical methods, comparative dynamics analysis of macroeconomic indicators the assessment of the effectiveness of the Russian Federation cooperation with international financial institutions has been made. Based on the obtained results and trends the basic positions on cooperation in the global financial markets and improvement of the effectiveness of the use of the existing reputation of Russia as a member of international financial organizations have been worked out.

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