Balance of payments as a mechanism to determine trends in foreign economic relations development and an indicator of macroeconomic equilibrium of the Russian economy
Subject The article deals with the assessment of the balance of payments as a mechanism for determining development trends in foreign economic relations and an indicator of macroeconomic equilibrium of the Russian economy. Objectives The aim is to study and analyze the balance of payments of Russia as a mechanism to assess real trends in foreign economic relations of Russia and an indicator of macroeconomic equilibrium of the national economy. Methods We employ methods of analysis and synthesis, comparative analysis, systems analysis, abstract-logical method, generalization method, statistical analysis, correlation and regression analysis, graphic and tabular method, etc. Results The comparative analysis enables to highlight Russia's positions among the BRICS member countries by the main components of the balance of payments for 2017. With the help of statistical analysis, we analyzed the main items of the current account of the balance of payments of the Russian Federation for 2013–2017. Based on the results of the correlation and regression analysis, we summarized factors affecting the changes in the export of goods and services of Russia for 2008–2017. The paper accentuates the role of the balance of payments as a macroeconomic model, which is essential for designing the programs for macroeconomic stabilization of the national economy. Conclusions To secure financial stability and economic development of the country, it is necessary to maintain the current account equilibrium through simultaneous adjustments of GDP growth rates, inflation rate, interest rates, and currency rate of exchange.
Keywords: balance of payments, current account, trade balance, services balance, macroeconomic equilibrium
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