voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2017-1-64-80voprecotest-269Research ArticleМАКРОЭКОНОМИЧЕСКИЕ ИССЛЕДОВАНИЯMACROECONOMIC RESEARCHОптимизация структуры золотовалютных резервовРоссии: теоретические подходы, практическая реализацияOptimization of Russia’s international reserves structure: Theoretical approaches, practical implementationИванченкоИ. С.IvanchenkoI.

д. э. н., проф. кафедры «Финансовый мониторинг и финансовые рынки» Ростовского государственного экономического университета (РИНХ) (Ростов-на-Дону)

ivanchenko_is@mail.ruРостовский государственный экономический университет (РИНХ)РоссияRostov State University of EconomicsRussian Federation201720012017016480Copyright © Voprosy Ekonomiki, NP, 20172017Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/269

В статье анализируется эволюция теоретических принципов формирования структуры золотовалютных резервов, сделан вывод о том, что эти принципы базируются на постулатах различных экономических школ, которые закрепляют неэквивалентный характер товарообмена в международной торговле, стимулируют экспорт сырья из развивающихся стран и накопление ими золотовалютных резервов, а также способствуют повышению уровня потребления в развитых странах. Представлены результаты расчетов по оптимизации структуры портфеля золотовалютных резервов РФ, выполненных по методике Г. Марковица. Реализация данного подхода позволит увеличить доходность российских резервов и снизить риск колебания их стоимости.

The article analyzes the transformation of theoretical principles that underlie the formation of the international reserves structure over the past few centuries. It is concluded that these principles are based on the postulates of different schools of economic thought that perpetuate unequal exchange of goods in international trade, stimulate export of raw materials from developing countries and accumulation of international reserves, and also contribute to improving the level of consumption in developed countries. In addition, the article presents the results of studying the structure of Russia’s international reserves portfolio using the method of H. Markowitz. The implementation of this approach would make it possible to increase the income generated by the Russian reserves, and reduce the risk of fluctuations in their value.

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The authors declare that there are no conflicts of interest present.