TRANSITION TO THE MOBILIZATION MODEL OF MONETARY AND FINANCIAL REGULATION IN RUSSIA IN THE CONTEXT OF GLOBAL RISKS

In the context of increased geopolitical risks, the systemic problems of existing model of integration of Russia into the international division of labor and cross-border capital fl ws dramatically aggravated. Changes in external conditions of functioning of the national economy make it necessary to radically revise approaches to setting up foreign economic relations of the country. It is obvious that in the current environment the economic development model based on the forced export of energy resources combined with increasing foreign assets and large-scale borrowing on the international capital market has become outdated. The paper describes a radically new mobilization model of monetary and fi regulation in Russia in order to meet external challenges. Three main areas of the model are discussed in detail. Firstly, aiming at preferential use of natural resources for the development of domestic industries and minimizing exports of hydrocarbon reserves; restrict import to a minimum set of goods whose production in the Russian Federation is complicated or impossible (model of economic autarchy). Secondly, the cancellation of expansion of the national capital abroad and rejection of the idea of creating value chains abroad; mobilization of investment resources placed overseas and redirecting them to repay existing foreign liabilities (fi autarchy model). Thirdly, the creation of institutional environment to ensure fi stability and national security (the model of long-term fi security).It is concluded that the optimization of model of monetary and financial regulation should eliminate the negative effects of global imbalances and the subordinate position of the country in the international division of labor.

balance of payments, international investment position, foreign trade operations, interest rate policy, external debt, refinancing, the central bank, Currency Exchange, international reserves, exchange rate

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