Trends in the Development of the Balance of Payments and the International Investment Position of Russia

The article deals with the economic and statistical analysis of trends in the development of statistical data on the balance of payments and the international investment position of Russia over the past 15 years, indicating the sustainable development of the foreign economic sector of the Russian economy.

The article begins with addressing the scope and subject matter of the study of the balance of payments and the international investment position of the country. Then the author examines external economic activities for each of the three periods depicting the influence of the crisis phenomena in the global economy in 1998, 2008 and 2014. Within these periods the author considers the interaction of the world and Russian economies, serious reduction of the external sector of the Russian economy in these periods of crisis and generally the deterioration of the results of foreign economic activity of the country. Comparing the balance of payments and international investment position before and after crisis periods it is possible to note the good state government management of the external sector of the Russian economy, which helped to restore the balance of payments of the country and to increase its net international investment position after the crisis.

On a final note, it is concluded that the most effective and efficient for external regulation in a crisis is the so called profitable method when the expense of centralized redistribution of income and cash management of financial flows, is formed in the margin in the markets, determines the scale and direction of cash flows, are governed by incorporated in the cost of exported products yield. The market method with the help of tariff pricing and regulation does not allow to fully control and predict the vector of cash flows in a crisis, redistribute profitability between sectors of the economy and even “save” borrowers in crisis situation.

1. International Investment Position: A Guide to Data Sources. Washington, 2004.

2. Balance of Payments and International Investment Position Manual. Washington D.C.: International Monetary Fund; 2009.

3. Ivanova S.S. About Forecasting of Import of Goods in Balance of Payments. Money and Credit. 2005;(3):59-67. (In Russ.)

4. Petrikova E.M. Regulation of Russia’s Balance of Payments and International Investment Position. Мoscow: REA Publishing; 2013. 107 p. (In Russ.)

5. Borisov S.M. Under the Sign of Expensive Oil (Notes on the Balance of Payments of Russia). Money and Credit. 2007;(4):26-39. (In Russ.)

6. Kravchenko P.P. Systemic Risks of the Russian Economy. Management in Russia and Abroad. 2009;(4):119-134. (In Russ.)

7. Borisov S.M. Russia’s Balance of Payments. Moscow: Magistr Publ.; 2008. 398 p. (In Russ.)

8. Onaltaev D.O. Global Financial Crisis and Balance of Payments Crisis. Voprosy Ekonomicheskoj Nauki. 2010;2(41);149-153. (In Russ.)

9. Petrikova Е.М. Balance of Payments of BRICS Countries. Voprosy Statistiki. 2012;(1):69-79. (In Russ.)

10. Gurvich E.T., Prilepskiy I.V. How to Secure External Sustainability of the Russian Economy. Voprosy Ekonomiki. 2013;(9):4-39. (In Russ.)

11. Gurvich E.T., Prilepskiy I.V. The Impact of Financial Sanctions on the Russian Economy. Voprosy Ekonomiki. 2016;(1):5-35. (In Russ.)

12. Zvonova E. A., Kuznetsov A.V. Fundamental Balances in the World Financial Architecture. Rossijskij Ekonomicheskij Zhurnal. 2016;(4):19-31. (In Russ.)