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Advancing as a Global Financial Center: Russia's Macroeconomic Progress

Discover key conditions for international financial center status and Russia's macroeconomic policy advancements. Explore global backdrop, monetary and financial indicators, and implications for Russia's financial landscape.

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Advancing as a Global Financial Center: Russia's Macroeconomic Progress

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Presentation Transcript

  1. Overview of Remarks • Global backdrop • The current debate on the International Monetary System • Conditions for becoming an international financial center • The case of Russia: Strengthening macroeconomic policy frameworks

  2. Global Backdrop –The International Monetary System • Emerging market countries playing a larger role in the world economy • Large increases reserve holdings • The global crisis

  3. Macroeconomic Indicators

  4. Financial Indicators

  5. Conditions for Becoming a Global Financial Center • Convertibility of national currency • Wide use of national currency in international transactions • Well-developed and sound domestic financial markets • Track record of low and stable inflation (and macroeconomic stability more generally) • Sound macroeconomic policy frameworks

  6. Russia –Macroeconomic Policy Frameworks • Budget framework • Monetary policy framework • Financial supervision framework • “Investment environment”

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