The Transformation of Russia’s Role in the Global Financial Architecture in the Context of Geopolitical Challenges

Anton V. Navoy ()
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Anton V. Navoy: Financial University under the Government of the Russian Federation, Moscow 125167, Russian Federation

Finansovyj žhurnal — Financial Journal, 2022, issue 6, 111-123

Abstract: The article focuses on the evolution of the global financial architecture in the context of geopolitical challenges. It introduces the conceptual apparatus of the global financial architecture (GFA) in conjunction with the structure of the global financial system. It then substantiates the thesis of GFA structure transformation towards establishing a parallel control circuit — informal institutions (forums) acting in close coordination with international financial institutions with broad international legal competence and implementing “soft” regulation of GFA on the basis of international standards and codes. The position of the Russian Federation in GFA is identified, and a conclusion about Russia’s secondary position in MFA institutions is made. The direction of transformations of Russia’s role in GFA are outlined: coordination of activities with other large developing economies; proactive position in the discussion of codes and standards, renewal of discussion on the formation of an international payment system independent of the reserve currency issuers.

Keywords: globalization; global financial architecture; global financial system; IMF; UN (search for similar items in EconPapers)
JEL-codes: F30 F33 F37 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:220607:p:111-123

DOI: 10.31107/2075-1990-2022-6-111-123

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