The paper studies methods of support for Russian exports in modern conditions. The purpose of the research is to review the current system of financial support for Russian exports and determine ways for its further development. The study concluded that it is necessary to develop instruments of financial support for exports by introducing standardized financial products. The author highlights the importance of providing financial services to counterparties of Russian exporters from friendly countries as well as using the opportunities of the Russian financial market to support exports, including syndicated lending and the ruble bond market. This allows relating prospects for further research to the development of additional mechanisms for increasing Russian exports to friendly countries, as well as identifying ways to increase the export of services, including financial, information and telecommunications.
This research discusses various issues associated with central bank digital currency that is identified as a new form of money. This paper aims to identify the key prerequisites for the issuance of central bank digital currencies, to discuss the key characteristics of central bank digital currencies and analyze the possible impact of central bank digital currencies on the financial system. The author uses the methods of synthesis, analysis, logical method, comparison, induction, deduction. The research highlights the key principles that should be considered when making decisions on the issuance of central bank digital currency. The paper emphasizes that the issuance of central bank digital currency can be successful if it has competitive advantages over existing forms of fiat money. The research identifies the main characteristics of central bank digital currencies. The paper discusses whether central banks should pay interest on fiat digital currencies. The author notes that the impact of central bank digital currencies on the financial system is expected to vary in different periods of time depending on the phase of the economic cycle and the level of interest rates in the economy. The research shows that central bank digital currency will stimulate the digitalization of the financial system while at the same time it will not create additional risks to financial stability. Introducing central bank digital currency is primarily aimed at promoting the efficient payment system. Further research is needed into mechanisms for the technical implementation of digital currency issuance, taking into account the possible risks associated with introducing fiat digital money.
This research is devoted to the issues of reserve currency competition in the global financial system. The paper aims to investigate key sources of competitive advantages of reserve currencies in the context of the development of the global financial system towards currency multipolarity and assess how digital transformation can affect the drivers of reserve currencies’ competitive positions in the global financial system. The author uses the following methods of scientific research: analysis, synthesis, abstraction, deduction, induction, and logical method. The article notes that the financial market capacity is the key factor of reserve currency competitiveness. The author emphasizes that monetary policy instruments that provide funding for financial institutions play a key role in strengthening reserve currency competitiveness in the global financial market. The author highlights that during the COVID-19 crisis monetary policy of the central banks that issue reserve currencies stabilized the situation in the world financial system and strengthened the positions of the major reserve currencies in the global financial market. The author notes that the increase of monetary policy cooperation between central banks points to the evolution of the world financial system towards currency multipolarity. The research emphasized that the development of ecosystems driven by digital transformation can significantly affect the competitive positions of currencies in the global financial system. The author concludes that the global financial system is evolving towards currency multipolarity meaning that the US dollar will remain a leading reserve currency and at the same time other reserve currencies will likely play a bigger role. Further research of currency competition problems may investigate the impact of digital transformation on competitive positions of reserve currencies in the global financial system.
The subject of the study is the national payment system of Russia in the context of accelerating the processes of digitalization of the world economy. The purpose of the work is to identify the key areas of development of the national payment system. The article states the importance of expanding the capabilities of the Mir payment system in the direction of the development of P2P settlement mechanisms and Internet payments. The possibilities of using the payment system for the development of trade and economic cooperation with friendly countries have been identified, consisting in the formation of a single payment space of the EAEU, expanding the practice of connecting foreign banks to the payment system of the Bank of Russia, as well as increasing the volume of cooperation between state development institutions of the EAEU and SCO countries. The need to create favorable conditions for the work of Russian economic entities in the financial markets of friendly countries has been established. The prospects of issuing the digital ruble of the payment system are evaluated, its importance for increasing the innovative potential of the national payment system is emphasized. It is determined that the digitalization of payment systems can be considered as an additional factor in improving the quality of life, increasing consumer welfare and increasing human capital. The conclusion is made about the expediency of developing a system of fast payments by improving the settlements of economic entities with public authorities.
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