Pilipenko, I.V. (2022). Moscow: Publishing House “Scientific library”, 448. p. (in Russian).
ISBN 978-5-907672-17-8
Freely convertible currencies offer some unrivalled benefits in the process of international settlements. However, since the Western states have toughened sanctions against Russia throughout 2022, a question of how to conduct foreign trade under new conditions has been put on the agenda in the Russian Federation.
This book presents the method of implementing the clearing payment system as
one of systemic solutions for the Russian Federation’s foreign trade facilitation under
the restricted access of Russian economic entities to freely convertible currencies and
partial convertibility of the ruble. We consider the history of clearing trade and payment
implementation in the world during the 20 th century and lessons learnt from the Soviet
experience within socialist integration. Main goals, conditions for implementation and
settlement mechanisms under bilateral and multilateral clearing arrangements between
Russia and partner states are further articulated. Having analysed a broad spectrum of
fundamental and applied economic studies carried out by foreign and Russian scholars
from the mid-19 th century to the beginning of the 21 th century, we set out our technique of
defining a new unit of account (a clearing currency), which we called the “uniclear”, on the
basis of the equation of exchange within the quantity theory of money. The monograph
presents our calculations of the uniclear and exchange rates of national currencies against
this unit of account for the period of 2010–2021 for six groups of countries (152 economies
in total), including the member states of the Eurasian Economic Union, the Commonwealth
of Independent States, BRICS and the Shanghai Cooperation Organisation.
This book is for specialists in the international monetary system and the financial
sector, monetary circulation and foreign trade, employees of the Bank of Russia, federal
governmental officials and the banking sector’s employees that deal with international
payments; for scholars, academics and students specialising in finance and economics.
