Anton V. NAVOIFinancial University under Government of Russian Federation, Moscow, Russian Federation Ant.navoy@yandex.ru ORCID id: not available
Subject. This article explores the evolution of the International Monetary Fund's role in the regulation of monetary and credit relations. Objectives. The article aims to analyze the approaches of the International Monetary Fund to the conducting lending transactions and to the formation of the funding base. Methods. For the study, I used general scientific research methods. Results. The article finds that the International Monetary Fund has changed its approach to the formation of the loan portfolio. Major developing countries get increasingly involved in the funding of financial transactions, still, they are not given any ancillary decision-making rights. Conclusions. Russia's participation in financial transactions of the International Monetary Fund does not meet the primary objectives of the country's economic development.
Keywords: world economy, globalization, polycentrism, developing countries, international financial organizations, international credit, cross-border capital flow, external reserves, IMF, UN
References:
Navoi A.V. Tsentral'nyi bank v global'nom khozyaistve [The Central Bank in the global economy]. Moscow, Plekhanov Russian University of Economics Publ., 2010, 528 p.
Zvonova E.A., Ershov M.V., Kuznetsov A.V. et al. Reformirovanie mirovoi finansovoi arkhitektury i rossiiskii finansovyi rynok: monografiya [Reforming the global financial architecture and the Russian financial market: a monograph]. Moscow, Rusains Publ., 2016, 430 p.
Balyuk I.A., Bich M.G., Zvonova E.A. et al. Vliyanie globalizatsii na formirovanie rossiiskogo finansovogo rynka: monografiya [The impact of globalization on the formation of the Russian financial market: a monograph]. Moscow, KnoRus Publ., 2021, 250 p.
Kuznetsov A.V. [The influence of the geopolitical situation on the formation of a new global financial architecture: challenges and opportunities for Russia]. Ekonomika. Nalogi. Pravo = Economics, Taxes & Law, 2022, vol. 15, iss. 4, pp. 17–29. (In Russ.) URL: Link
Alekseev P.V., Dzhagityan E.P., Karachev I.A. et al. Vneshneekonomicheskaya politika Rossii v usloviyakh global'nykh riskov: monografiya [Russia's foreign economic policy in the face of global risks: a monograph]. Moscow, KURS Publ., 2019, 320 p.
Kudryashov V.V. [SWIFT system of interbank financial communications: the legal status, legal capacity, sanctions potential]. Finansovoe pravo = Financial Law, 2022, no. 7, pp. 23–29. (In Russ.)
De Guttry A. The Institutional Configuration of the G7 in the New International Scenario. The International Spectator, 1994, vol. 29, iss. 2, pp. 67–80. URL: Link
Brummer C. Why Soft Law Dominates International Finance – and not Trade. Journal of International Economic Law, 2010, vol. 13, iss. 3, pp. 623–643. URL: Link