UDC 339.9
Authors
E. A. Starikova,
Candidate of Economic Sciences, Senior
Lecturer of the Department of Economic
Policy and Public-Private Partnership of
the MGIMO University of the
Ministry of Foreign Affairs of Russia
Moscow, Russia
D. A. Vlasov,
Bachelor, School of International
Economic Relations, Moscow State Institut of International Relations of the
MGIMO University of the Ministry
of Foreign Affairs of Russia,
Moscow, Russia
Abstract
The article examines Russia’s balance of payments. The country’s economic relations with other countries
are an important aspect of its economic policy. Studying economic relations in most countries is carried out by
the use of the balance of payments.
The relevance of the study lies in the fact that the balance of payments, being an important instrument of
macroeconomic analysis, reflects the features of foreign economic relations of Russia, allows to give them
quantitative estimates, and therefore to appraise their significance. Its dynamic shows the trends in the development
of foreign trade, the current state and prospects of economic development, allows one to track FDI
and capital outflows, changes in external debt and international reserves.
The article examines the concept and general principles of compiling the balance of payments, examines
the features of Russia’s balance, the latest available data as for the year 2019. In the analytical part of the article,
there are debated three ways possible for the Central Bank to regulate the balance, and the influence of
this regulation on the development of the national economy.
It is concluded that the greatest benefit to the domestic economy is achieved by means of growing imports
and prioritizing their structure toward investment and intermediate goods, because of the economy’s crucial
dependence on importing investment goods, as well as due to their insufficient number.
It is pointed out that the undervalued exchange rate is beneficial to labor-intensive, resource-extracting industries
and the state budget, but not to high-tech industries, the development of which is now being emphasized.
Methodology. The study used such general scientific methods as induction, deduction, expert, statistical
and comparative analysis, as well as such applied methods as generalization, classification, and tools of macroeconomic
analysis.
The analysis of the balance of payments of the Russian Federation was carried out on the basis of statistical
data provided by Rosstat, the Central Bank of the Russian Federation, the Ministry of Economic Development
of the Russian Federation, as well as on the basis of data from international organizations and materials from
reputable Russian news agencies. The results of research presented in scientific articles and publications of
well-known Russian scientists were also used.
Keywords
balance of payments, current account, financial account, international reserves, exchange rate, investments in fixed assets
