The Influence of the Geopolitical Situation on the Formation of a new Global Financial Architecture: Challenges and Opportunities for Russia
https://doi.org/10.26794/1999-849X-2022-15-4-17-29
Abstract
The increase in the scale of crisis phenomena occurring within the framework of the neoliberal paradigm of financial globalization hinders the provision of stable and sustainable development at the global level. The shift of the center of global reproduction processes from the West to the East leads to the transformation of the regulatory, institutional and supervisory framework for the functioning of the global monetary and financial system. The purpose of the article is to determine the possibilities of strengthening Russia’s financial sovereignty in the current geopolitical situation based on the analysis of the contradictions of the modern world financial architecture. The subject of the study is the institutional and functional foundations of the global financial architecture, which became the causes of the crisis of the unipolar world order. It is revealed that the modern concept of the world financial architecture causes the dysfunctionality of the world monetary and financial system, which leads to the monopolization of standards and rules that determine the access of subjects of the world economy to the resources of the world financial market. The role of informal supranational institutions providing unequal exchange in the global financial market is shown. It is concluded that in order to overcome institutional monopolism in the global financial system and enter the trajectory of sustainable development, Russia should step up its participation in the design and creation of the Eurasian financial architecture, independent of politicized global financial structures.
Keywords
world financial architecture,
Bretton Woods institutions,
world monetary and financial system,
world financial market
Supporting agencies: The article was written based on the results of the research carried out at the expense of budget funds, which were provided to the Financial University as part of the state contract in 2022 on the applied research topic: “The role and place of Russia in the emerging new global financial architecture”.
About the Author
A. V. Kuznetsov
Financial University
Russian Federation
Russian Federation
Aleksey V. Kuznetsov — Dr. Sci. (Econ.), Senior Researcher, Professor of the Department of World Finance
Moscow
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Review
For citations:
Kuznetsov A.V. The Influence of the Geopolitical Situation on the Formation of a new Global Financial Architecture: Challenges and Opportunities for Russia. Economics, taxes & law. 2022;15(4):17-29. (In Russ.) https://doi.org/10.26794/1999-849X-2022-15-4-17-29
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