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Global Economic Imbalances in the Modern World

Author

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  • Alexandra Viktorovna BOZHECHKOVA

    (Gaidar Institute for Economic Policy, Moscow, Russia)

  • Sofya Igorevna KOLESNIK

    (Gaidar Institute for Economic Policy, Moscow, Russia
    Lomonosov Moscow State University, Moscow, Russia)

  • Pavel Vyacheslavovich TRUNIN

    (Gaidar Institute for Economic Policy, Moscow, Russia
    The Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia)

Abstract

The article focuses on a comprehensive analysis of global economic imbalances. It examines their main causes and factors, including the impact of globalization, the COVID-19 pandemic and international crises, as well as the role of international investment position and asset revaluation. The study suggests that slower global growth and lower volatility in energy markets may slightly reduce the imbalances. However, the dominance the US dollar contributes to their persistence. The shift towards a multipolar monetary system could weaken these imbalances in the long term, although the United States are likely to preserve its monetary hegemony.

Suggested Citation

  • Alexandra Viktorovna BOZHECHKOVA & Sofya Igorevna KOLESNIK & Pavel Vyacheslavovich TRUNIN, 2025. "Global Economic Imbalances in the Modern World," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 3, pages 23-42, March.
    • Handle: RePEc:alq:rufejo:rfej_2025_03_23-42
    DOI: 10.24412/2072-8042-2025-3-23-42
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