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

Author

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  • Anton V. Navoy

    (Financial University under the Government of the Russian Federation, Moscow 125167, Russian Federation)

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.

Suggested Citation

  • Anton V. Navoy, 2022. "The Transformation of Russia’s Role in the Global Financial Architecture in the Context of Geopolitical Challenges," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 111-123, December.
    • Handle: RePEc:fru:finjrn:220607:p:111-123
    DOI: 10.31107/2075-1990-2022-6-111-123
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    More about this item

    Keywords

    globalization; global financial architecture; global financial system; IMF; UN;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications

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