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National priorities of the Republic of Uzbekistan during the integration into global economic ties

Ziyadullaev N.S. Market Economy Institute of Russian Academy of Sciences (MEI RAS), Moscow, Russian Federation ( )

Ziyadullaev U.S. Tashkent State University of Economics (TDIU), Tashkent, Republic of Uzbekistan ( )

Journal: National Interests: Priorities and Security, #9, 2018

Importance The article examines imperatives of ensuring national interests developing countries pursue when attracting and using external financing. The research shows the importance of external financing to modernize and develop independent economies, including issues of luring foreign direct investment.
Objectives The research identifies the most important tools for international financial institutions to finance special-purpose projects in pursuit of the national security of the Republic of Uzbekistan. We attempt to find measures and form institutional principles for integrating the national economy into the global capital market under the Action Strategy for Five Priority Areas of the Republic of Uzbekistan in the nearest future.
Methods We carried out the content analysis of financial documents on special-purpose projects implemented by international financial institutions in pursuit of the national security of the Republic of Uzbekistan. Other available materials are also examined.
Results The article shows the process of introducing new market mechanisms for currency, fiscal and monetary regulation, raising the national export potential to improve the investment climate and business environment. We pinpoint what conditions should be in place for inflation targeting, including a reliable statistical framework and the slightest link of the national currency on the foreign exchange rate, existence of financial markets.
Conclusions and Relevance It is advisable to deepen the cooperation with the Russian and international financial institutions, leading foreign companies and banks. The article highlights possible ways to increase the effectiveness of foreign investment attracted into the country.

National priorities and prospects of the Eurasian Economic Union under integration and global instability

Ziyadullaev N.S. Market Economy Institute of Russian Academy of Sciences, Moscow, Russian Federation ( )

Journal: National Interests: Priorities and Security, #15, 2015

Importance Considering difficulties and tensions in foreign economic affairs due to the Ukrainian crisis and growing anti-Russian sentiment in the Western countries, Russia should especially secure the integration success in consolidating the closest neighboring countries provided that Russia, Kazakhstan and Belarus simultaneously ratify the Eurasian Economic Union Agreement (EEU), which Armenia and Kirghizia joined.
     Objectives The research focuses on social and economic transformations throughout the Post-Soviet countries. I also try to discover sources of the Eurasian integration and review the effectiveness of the Eurasian Economic Union. The article illustrates prospects and scenarios of expanding the EEU, its interaction with the European Union and other international alliances.
     Methods I rely upon official documents of the EEU founding member states on the Eurasian integration process, and those of the Eurasian Economic Commission, scientific analysis, systems approach, comparative analysis, statistical methods for data processing, expert assessment, works of national and foreign specialists, and materials on integration policy discussions at scientific conferences and in mass media.
     Results I reveal the historical role and significance of the Commonwealth of Independent States (CIS) and its integration associations. I analyze various aspects of the EEU, considering operations of the Customs Union (CU) and the Common Economic Space. The article discloses benefits and losses of the EEU member states and substantiates criteria for establishing the EEU. I outline paths for setting up identical mechanisms for economic regulation, consistent tax, monetary, currency, financial, trade and customs policy that would ensure free movement of goods, services, capital and human resources. I suggest considering why currently the EEU is a much less advanced integration project than it was intended, and the extent and level of conveying some sovereignty to supranational structures, including an acceptable restriction of economic sovereignty of joining States.
     Conclusions and Relevance I substantiate the timeliness and reasonableness of strengthening and expanding the EEU. Considering that Ukraine still has no plans to withdraw from the CIS, it is necessary to make a compromise. The global instability makes us to find ways for involving other CIS states into the EEU and interacting with the EU and other international integration associations.

The establishment of an international financial center in Moscow as a major component of the economic security of Russia

Ziyadullaev N.S. Institute of Market Problems, RAS, Moscow, Russian Federation ( )

Ivanova D.A. RE prozhekt development, Ltd., Moscow, Russian Federation ( )

Journal: National Interests: Priorities and Security, #33, 2014

The article analyzes the creation of an International Financial Center (IFC) in Moscow as an organic and integral part of the financial and economic security of Russia. The authors provide the objective prerequisites and the competitive advantages of the IFC in Moscow. The paper states that in order to achieve this objective Moscow must resolve three strategic objectives: enter as equal partner in the world banking community of the developed States; create an International Financial Center in Moscow; preserve an economic independence of the national banking system. Based on international rating, the article offers a factor analysis of Moscow with respect to the global financial centers. Moscow plays a dominant role in financial sector of the national economy: it accounts for over 80% of the financial flows of the country and more than 50% of the Russia's banking capital. In terms of the number of credit institutions, Moscow is an undisputed leader among the other Russian regions. The proportion of the Russian banks in the financial market of Russia constitutes about 90%, while the weight of foreign capital in the Russian bank capital exceeds 25%. This is an obvious advantage of Moscow as a candidate to become the IFC among other Russian cities. The capital megalopolis hosts more than one-third of all insurance organizations, at the same time, the amounts of insurance premiums and insurance payments account for about 2/3 of all-Russian operations. Almost 90% of the headquarters of foreign banks operating in Russia and international financial organizations, and almost all stock exchanges trading of the securities are concentrated in Moscow. The head offices of the majority of the foreign companies, which operate in the regional markets of Russia, are located in Moscow. The award to the city of the status of an international financial center may be subject to ensuring the following conditions: political stability of the home base country of the IFC; high levels of economic growth; sophistication of the financial sector; the clarity and comprehensiveness of the legislation; ease of doing business; low levels of corruption and crime; the minimum number of barriers in the economy for foreigners; favorable tax climate of the country; modern urban infrastructure. The paper reveals the mechanisms of the IMF formation as an essential instrument for ensuring the economic security of the country. The article points out that in today's Russia monetary policy differs from the global trend because of its rigidness: after the crisis the interest rate in the developed countries is near zero. The authors emphasize that in order to reorient this policy towards the modernization and development of the country's economy, the authorities must expand the opportunities of crediting of the real sector of national economy, provide financial support and implement measures, which are aimed at enhancing of authorized capital of the Russian banks.

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