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Balance of payments as a mechanism to determine trends in foreign economic relations development and an indicator of macroeconomic equilibrium of the Russian economy

Vol. 25, Iss. 2, FEBRUARY 2019

Received: 4 December 2018

Received in revised form: 18 December 2018

Accepted: 9 January 2019

Available online: 28 February 2019

Subject Heading: INTERNATIONAL PAYMENT MECHANISMS

JEL Classification: F32, F47, O11

Pages: 375–391

https://doi.org/10.24891/fc.25.2.375

Nikitina M.G. Institute of Economics and Management of V.I. Vernadsky Crimean Federal University, Simferopol, Republic of Crimea, Russian Federation
inecondep@mail.ru

https://orcid.org/0000-0001-5777-2288

Butsenko I.N. Institute of Economics and Management of V.I. Vernadsky Crimean Federal University, Simferopol, Republic of Crimea, Russian Federation
butsenkoirina@rambler.ru

https://orcid.org/0000-0002-8672-2965

Selyunina V.S. Institute of Economics and Management of V.I. Vernadsky Crimean Federal University, Simferopol, Republic of Crimea, Russian Federation
selunina-valentina@mail.ru

https://orcid.org/0000-0002-3042-0693

Subject The article deals with the assessment of the balance of payments as a mechanism for determining development trends in foreign economic relations and an indicator of macroeconomic equilibrium of the Russian economy.
Objectives The aim is to study and analyze the balance of payments of Russia as a mechanism to assess real trends in foreign economic relations of Russia and an indicator of macroeconomic equilibrium of the national economy.
Methods We employ methods of analysis and synthesis, comparative analysis, systems analysis, abstract-logical method, generalization method, statistical analysis, correlation and regression analysis, graphic and tabular method, etc.
Results The comparative analysis enables to highlight Russia's positions among the BRICS member countries by the main components of the balance of payments for 2017. With the help of statistical analysis, we analyzed the main items of the current account of the balance of payments of the Russian Federation for 2013–2017. Based on the results of the correlation and regression analysis, we summarized factors affecting the changes in the export of goods and services of Russia for 2008–2017. The paper accentuates the role of the balance of payments as a macroeconomic model, which is essential for designing the programs for macroeconomic stabilization of the national economy.
Conclusions To secure financial stability and economic development of the country, it is necessary to maintain the current account equilibrium through simultaneous adjustments of GDP growth rates, inflation rate, interest rates, and currency rate of exchange.

Keywords: balance of payments, current account, trade balance, services balance, macroeconomic equilibrium

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