Published: March 30th, 2017

On March 30, within the framework of the Moscow Economic Forum (MEF), the conference "World Financial Space: Vectors of Movement and Participation of the Russian Federation" was held. The moderators of the discussion were the head of the department. Department of World Economics and Management of Foreign Economic Affairs, Faculty of Public Administration, Moscow State University. M.V. Lomonosova, Doctor of Economics, Professor Natalia Schegoleva and Head of the World Economy and World Finance Department at the Finance University under the Government of the Russian Federation, Doctor of Economics, Professor Elena Zvonova.

Opening the conference, Zvonova noted the fundamental change in the world financial architecture in the last 8-9 years. According to her, almost every country actively participating in the world economy is forced to look for new ways of development today.

Doctor of Economic Sciences Alexey Kuznetsov continued the theme of global economic trends, touching the phenomenon of transnational corporations. According to the speaker, TNCs are the main competitors of sovereign states and cause a disproportionate redistribution of wealth. For Russia this is especially damaging, especially taking into account the institutional monopolies that belong to other countries (such as rating agencies, the foreign exchange market Forex, offshore jurisdictions and much more). Moreover, TNCs are imposing their own rules on emerging economies, such as China.

The economist is convinced that in this situation it is necessary to move towards multipolarity, which implies the strengthening of state regulation and control in order to ensure the national interests of the country.

A colleague of Kuznetsov, Doctor of Economic Sciences Victor Pischik pointed out that the current model of globalization has exhausted itself. And the measures taken by Russian economic regulators do not justify themselves in the current situation. The economist believes that the orthodox desire to hold prices and not allow inflation to rise is unlikely to have a positive impact on the Russian economy. Many market experts need a softer regulation, setting a range of inflation targets that would be accompanied by a decrease in interest rates.

Two problems were at the center of the discussion: the analysis of the "new strategy of Russia" from the point of view of its participation in the world financial architecture and the "new strategy" in the sphere of state regulation of foreign economic activity under the conditions of economic sanctions and the functioning of the Eurasian Economic Union.

Doctor of Economic Sciences, Professor of the Higher School of Economics Boris Rubtsov drew attention to the state of the Russian stock market: the number of companies is declining year by year, capitalization has not yet returned to the level of 2008. At the same time, the role of this market in Russia is still very low. However, the favorable position of our country in the issue of state debt relative to other developed countries, the existing difference in interest rates and the relative stability of the ruble exchange rate, debt instruments on the Russian market are becoming attractive to foreign investors. They do buy bonds. Summing up his speech, Rubtsov noted that political structures still remain the main obstacle for Russia's integration into the world economy. Economic bodies and financial organizations of their cooperation with foreign counterparts did not stop.

In the framework of the discussion, issues such as the formation of a multipolar financial space in the context of globalization, the global imbalances of the modern reproduction model and the peculiarities of national strategies of financial and economic policy, the role of the state in ensuring the stability of banking systems during the world financial crises, modern alternatives to traditional financial and credit Instruments, management of the state gold reserve, new mechanisms for the rehabilitation of credit institutions, transformation of foreign policy of Russia in the conditions of the embargo.

According to the moderator of the discussion, Natalia Schegoleva, at the moment the losses of the Russian economy are significant, but not critical. Gradually, there is an adaptation to external challenges, structural changes in the economy are being implemented, an import substitution strategy is being implemented, capital outflow has decreased, economic relations are developing, both with traditional and new partners, foreign economic vectors are being transformed.