+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

Conditions and possibilities for symbiosis of Russia with developed countries

Vol. 26, Iss. 4, APRIL 2020

Received: 17 February 2020

Received in revised form: 11 March 2020

Accepted: 25 March 2020

Available online: 28 April 2020

Subject Heading: FINANCIAL CAPITAL

JEL Classification: F01, F15, F29, F36, F42

Pages: 815–834

https://doi.org/10.24891/fc.26.4.815

Smirnov V.V. I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
v2v3s4@mail.ru

https://orcid.org/0000-0002-6198-3157

Subject. The article considers the symbiosis of Russia with developed countries.
Objectives. The purpose is to identify conditions and possibilities for the symbiosis of Russia with advanced economies to establish a process of concentrated internationalization of financial capital for the market economy development completion, formation of full-fledged capitalism with stable dynamics of productive forces.
Methods. The study rests on the systems approach, using the methods of descriptive statistics, neural network, nonparametric and cluster analysis.
Results. The study reveals favorable conditions for the symbiosis of Russia with developed countries. They appear due to low requirements to the volume and connectivity of attracted high-tech capital. This enables to use the potential of small countries, motivating them to satisfy their ‘resource hunger’. Russia's transition to the said symbiosis is hindered by the policy of smooth devaluation of the national currency, which is used to increase the growth rate of total government expenditure and current GDP, and adversely affects the growth rate of gross national saving.
Conclusions. The grounds for emergence of conditions and opportunities for the symbiosis of Russia with developed countries include the high values of financial development and low economic growth in Russia against the declining growth rates of the world economy and weakening of globalization process. The basis of Russia's symbiosis with developed countries is the mutually agreed necessity to internationalize capital in the form of investment financial institutions, which increase its concentration in production for the development of productive forces in conditions of the increasing risk of global recession.

Keywords: devaluation, capitalism, socio-economic formation, productive forces, economic relations

References:

  1. Bayramov V., Rustamli N., Abbas G. Collateral damage: The Western Sanctions on Russia and the Evaluation of Implications for Russia's post-Communist Neighbourhood. International Economics, 2020. (In press). URL: Link
  2. Ülengin F., Kabak Ö., Önsel S. et al. The Competitiveness of Nations and Implications for Human Development. Socio-Economic Planning Sciences, 2011, vol. 45, iss. 1, pp. 16–27. URL: Link
  3. Ngan S.L., How B.S., Teng S.Y. et al. Prioritization of Sustainability Indicators for Promoting the Circular Economy: The Case of Developing Countries. Renewable and Sustainable Energy Reviews, 2019, vol. 111, pp. 314–331. URL: Link
  4. Park J., Ryu D., Lee K. What Determines the Economic Size of a Nation in the World: Determinants of a Nation's Share in World GDP vs. per capita GDP. Structural Change and Economic Dynamics, 2019, vol. 51, pp. 203–214. URL: Link
  5. Ghosh A. A Comparison of Exchange Rate Regime Choice in Emerging Markets with Advanced and Low Income Nations for 1999–2011. International Review of Economics & Finance, 2014, vol. 33, pp. 358–370. URL: Link
  6. Kelley J., Evans M.D.R. The New Income Inequality and Well-Being Paradigm: Inequality Has No Effect on Happiness in Rich Nations and Normal Times, Varied Effects in Extraordinary Circumstances, Increases Happiness in Poor Nations, and Interacts with Individuals' Perceptions, Attitudes, Politics, and Expectations for the Future. Social Science Research, 2017, vol. 62, pp. 39–74. URL: Link
  7. Zvonova E.A. [Specific aspects of Russia's external debt management in modern conditions]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2019, vol. 15, no. 4, pp. 695–709. (In Russ.) URL: Link
  8. Chu J. Quantifying Nation Equity with Sales Data: A Structural Approach. International Journal of Research in Marketing, 2013, vol. 30, iss. 1, pp. 19–35. URL: Link
  9. Schofield S. Impressive Statistical Analysis. Science and Public Policy, 1993, vol. 20, iss. 3, pp. 214–215. URL: Link
  10. Urlacher B.R. Complexity, Causality, and Control in Statistical Modeling. American Behavioral Scientist, 2019, vol. 64, iss. 1, pp. 55–73. URL: Link

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 3
March 2024

Archive