Template-Type: ReDIF-Article 1.0
Author-Name: Anton V. Navoy
Author-Email: Ant.navoy@yandex.ru
Author-Workplace-Name: Financial University under the Government of the Russian Federation, Moscow 125167, Russian Federation
Title: The Transformation of Russia’s Role in the Global Financial Architecture in the Context of Geopolitical Challenges
Abstract: The article focuses on the evolution of the global financial architecture in the context of geopolitical challenges. It introduces the conceptual apparatus of the global financial architecture (GFA) in conjunction with the structure of the global financial system. It then substantiates the thesis of GFA structure transformation towards establishing a parallel control circuit — informal institutions (forums) acting in close coordination with international financial institutions with broad international legal competence and implementing “soft” regulation of GFA on the basis of international standards and codes. The position of the Russian Federation in GFA is identified, and a conclusion about Russia’s secondary position in MFA institutions is made. The direction of transformations of Russia’s role in GFA are outlined: coordination of activities with other large developing economies; proactive position in the discussion of codes and standards, renewal of discussion on the formation of an international payment system independent of the reserve currency issuers.
Classification-JEL: F30, F33, F37
Keywords: globalization, global financial architecture, global financial system, IMF, UN
Journal: Finansovyj žhurnal — Financial Journal
Pages: 111-123
Issue:  6
Year: 2022
Month: December
DOI: 10.31107/2075-1990-2022-6-111-123
File-URL: https://www.finjournal-nifi.ru/images/FILES/Journal/Archive/2022/6/statii/07_6_2022_v14.pdf
File-Format: Application/pdf 
Handle: RePEc:fru:finjrn:220607:p:111-123