The paper examines the economic linkages between the post-Soviet states from the point of view of the financial and economic crisis of 2008–2009. It aims to find out whether the interdependence between the countries of the former Soviet Union is still large enough that crises in individual countries affect the economic development in the neighboring states, and assesses the impact of the crisis itself on the linkages between the former Soviet republics. The evidence is mixed: while some channels of interdependence deteriorated over the last decade, others became more important, and some were even strengthened by the crisis itself.

Authors examine economic effects of regional integration in the emerging markets, impact of globalization on economic integration and existing models of economic integration in different regions of the world in order to distinguish key characteristics of efficient model of integration at the post-Soviet space. In particular, authors distinguish the significance of various static and dynamic effects of economic integration for emerging markets and make a conclusion on the rising importance of dynamic effects. It is proved that positive economic effects of integration could be more evident for the emerging markets than for the developed ones. On the basis of a detailed analysis of specific features of economic integration projects in different regions of the world, a conclusion is drawn on key importance for emerging markets of such formats of economic integration that directly contribute to economic development (infrastructure development projects, creation of growth poles, formation of scientific and technological potential, etc.). In the context of globalization the strengthening of cooperation in investment sphere, the implementation of integration projects on financial markets, the creation of common defensive mechanisms against external shocks are of particular significance for economic integration processes. Basing on the undertaken analysis, the main principles of efficient model of integration in the Eurasian Economic Union are outlined and the key terms of realization of this model are defined. First of all, an efficient model of integration in the Eurasian Economic Union should be formed in contest of interaction between this union, at the one hand, and European and Asian integration centers, at the other hand. Then, integration mechanisms should extend beyond traditional schemes of integration and include different types of agreements (on preferential investment, financial integration and cooperation), sectoral cooperation projects, common policies, etc. Formation of single humanitarian, scientific and innovation environment should become the key element of the integration model of the Eurasian Economic Union. Acknowledgements. The article has been supported by a grant of the Russian Fund for Humanities.Project No. 13-33-11120.

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The article provides a comparative assessment of the socio-economic development results of 12 post-Soviet countries (excluding the Baltic countries) in the period from 1992 to 2019. Based on the analysis of the dynamics of real GDP and GDP per capita, it is concluded that the most successful were some countries of Central Asia (Turkmenistan, Kazakhstan) and Armenia. It is noted that in terms of economic development, significant convergence with Russian indicators has been achieved by Kazakhstan and Belarus. The successful economic dynamics was due to the active role of the state, the regulation of exchange rate dynamics and the achievement of a relatively high rate of investments to GDP at certain stages of economic development. On the whole, the problem of high inflation, which was relevant in the 1990s, has been overcome. Social problems of poverty and inequality persist in individual countries, high dependence on external factors of economic dynamics, instability of the exchange rate dynamics and primitivization of the economy still remain as important problems in the region. It is emphasized that the factors of economic growth that operated in the post-Soviet countries during the period under review are coming to an end, which requires a search for a new economic model.

The article studies financial globalization’ influence on monetary policy. It considers quantitative indicators and qualitative tendencies of financial globalization. The paper outlines the main directions of financial globalization’ impact on national monetary policy and analyzes the developed and developing countries experience in searching answers to challenges of financial globalization. Special attention is paid to inflation targeting framework. Current problems of monetary policy in Russia due to increasing external openness of national economy and financial system and their possible solutions are put forward.

Over the past two decades of the 21st century, there has been an increase in the role of the currencies of emerging markets in the global foreign exchange market, but their positions in the international monetary system have not significantly changed. The article demonstrates the continuing gap between the role of the leading emerging market economies in the global economy and finance and the position of their currencies in the international monetary system. This gap is driven by lower liquidity premiums for the currencies of EME countries, relatively underdevelopment of their financial systems and greater financial instability, restrictions on the placement of securities denominated in national currencies on international financial markets, as well as geopolitical factors (including the risks of imposing sanctions regimes by the developed countries). It is shown that the internationalization of the EME currencies is facilitated by such factors as internal financial stability, the relative development of national financial markets and a significant role of issuing countries in world trade. On the example of China, the relative success of the policy of internationalization of the yuan is shown, on the example of Mexico and Russia, the role of participation in regional integration associations to expand the external circulation of national currencies. There is an increase in the role of geopolitical factors in determining the positions of individual EME currencies, especially since 2022. The scenario of fragmentation of the international monetary and financial system is considered, which implies a relative weakening of the positions of current leading world currencies with a relative strengthening of the positions of the individual EME currencies (primarily Chinese yuan). Measures are proposed to strengthen the positions of EME currencies in the new geopolitical conditions: activation of interaction processes in regional and mega-regional associations, formation of payment and settlement systems within them in national currencies using digital technologies, creation of regional markets for securities denominated in national currencies, the conclusion and activation of multilateral currency swap agreements between the central banks of EME countries.

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The international financial system faced the crisis of 2020 with a set of accumulated problems, a number of which were exacerbated by the impact of the crisis. Thus, the threat of the formation of "bubbles" has increased in certain segments of the international financial market (stock market, cryptocurrency market); the debt burden has increased. At the same time, the crisis of 2020 did not cause a "global sudden stop", gross cross-border capital flows have grown in all leading advanced economies. It is proposed to intensify the reform of the international financial system in the following main areas: strengthening the representation and influence of developing countries and emerging economies in international financial institutions; alignment of regulation in various segments of the international financial system; creation of protective collective mechanisms.