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
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.
balance of payments, current account, financial account, international reserves, exchange rate, investments in fixed assets