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The purpose of the study. To characterize the level and dynamics of the country’s economic development, its sovereignty and, accordingly, the adoption of effective management decisions, quantitative information is needed on economic assets, in particular financial ones, their presentation in national accounts, monetary statistics and indexes of the external sector.The aim of the paper is to systematize theoretical and practical developments on the definition and presentation of data on financial assets in modern statistics of Russia’s foreign economic relations, to identify areas for improving methods for assessing and analysis of financial assets, a system of indexes characterizing their presence, structure and dynamics.Materials and methods. In the paper, the authors considered the definitions, specifics, classifications and categories of financial assets and liabilities, applied structural and dynamic data analysis, as well as methods of theoretical research in the form of generalization, comparison and special analytical procedures based on official statistics from Rosstat, the Bank of Russia, the Ministry of Finance and international statistical organizations.Results. The paper identifies the main directions for the statisticalstudy of financial assets, based on current international standards, taking into account national practice. Topical issues of theory and practice of observations and presentation of data on financial assets in foreign economic statistics, application of definitions and classifications of international standards to Russian official statistical activities are considered. The features of the data presentation on financial assets in macrostatistics, in the system of indexes of statistics of foreign economic relations, are formulated. The authors conducted a study of the structure and dynamics of indexes of Russia’s foreign economic statistics that characterize the state and movement of financial assets and liabilities representing them.Conclusion. Statistical analysis of foreign economic transactions with financial assets allow us to identify not only the main trends in the development of these processes, but also makes it possible to analyze the relationship between the subsectors of the Financial corporations’ sector, between this sector and other sectors, as well as a comprehensive change in the volume and composition of stocks and flows of financial assets as a result of the exchange between residents and non-residents.The authors comprehensively reviewed the methodological framework for constructing the financial account of the Balance of payments, International investment position, including in the context of financial instruments. The Balance of payments and International investment position, through their system of statistical indexes, reflect international economic relations and represent an important tool for the study of financial assets. The groupings of items of the financial account of the Balance of payments are based not only on the categories of financial instruments, but also on the functional categories of investments and classifications of institutional sectors, which serve the purposes of a comprehensive reflection of financial assets in foreign economic relations. Thus, it is obvious that the main task of such a presentation is to reflect financial assets in terms of the type of instruments, as well as to analyze the role of a particular sector in the implementation of relevant transactions.In the International investment position, financial assets are also fully reflected in that part of them that is involved in economic transactions between residents and non-residents. Groups of financial assets and liabilities are given in a classification similar to that used in the Balance of payments: by functional purpose, by financial instruments, by institutional sectors, by maturity. Together with the financial account, account figures for other changes in financial assets and liabilities explain the total amount of changes: increases or decreases in the value of financial assets / liabilities, their occurrence or disposal, resulting from transactions, revaluation and other changes in volume.The issues of theory and practice of presenting indexes of financial assets in the considered sections of macrostatistics and their analysis are a relevant and promising direction for improving national statistical accounting, incl. due to the spread of remote work, the collection of information via the Internet, the emergence of a large number of new financial instruments and operations.The authors of the article have repeatedly referred to the problems of macroeconomic financial statistics in their studies, which gave them the opportunity to comprehensively consider the topical issues of representing financial assets in the statistics of foreign economic relations.

The relevance of the study is due to the growing influence of external factors on the structure of cross-border capital flows associated with Russia. The aim of the study is to identify the main changes in the internal and geographical structure of international capital flows in Russia, trace their connection with the state economic policy and make practical proposals for improving their internal and geographical structure in Russia. The author uses statistical methods related to the calculation of individual indicators and the analysis of statistical data, the study of international experience. The analysis of the calculated structure of flows and stocks of foreign investment in 2007-2019 proves that the internal structure had an increase in the importance of direct investments in the composition of liabilities and a decrease in the role of reserve assets in the composition of assets. Offshore and related jurisdictions dominate in the geographic structure of direct investment, while the structure of reserve assets has shifted from the United States to Asian countries (China and Japan). International experience indicates the development of new approaches to the regulation of international capital flows, including measures of macroprudential policy. The author made a conclusion about the ineffectiveness of the current economic policy in regulating the internal and geographical structure of cross-border capital flows in Russia and about the prevailing influence of administrative measures by the external players. To improve the structure of international capital flows in Russia, the author suggests using separate currency restrictions, macroprudential policy measures, deoffshorization policy, as well as targeted insurance of external risks for Russian investors.

Döviz kuru seviyesi reel ve finansal piyasalar üzerinde etkili olurken, bazı reel ve finansal faktörler de döviz kurları üzerinde belirleyici olmaktadır. Birbirini etkileyen dinamik bir döngü içerisinde, döviz kurları ile ekonomik faktörler arasındaki ilişkileri açıklayabilmek, tüketicilerden yatırımcılara, özel sektörden kamu sektörüne, finans sektöründen dış ticaret sektörüne kadar her kesimin ilgisini çeken bir konudur. Bu kapsamda, seçilmiş bazı ekonomik faktörlerin reel efektif döviz kuru (REER) üzerindeki etkilerinin irdelenmesi amaçlanmaktadır. BRICS ülkelerinden Brezilya, Rusya, Çin, Güney Afrika ile Türkiye’ye yönelik bir panel veri analizi yapılarak söz konusu ilişkiler 2008-2018 yılları arasındaki dönem için araştırılmıştır. Rezerv varlıklar, tüketici fiyat endeksi ve petrol fiyatlarının bağımsız değişkenler olarak belirlendiği çalışmada, bulgular ülkeden ülkeye değişim göstermektedir. Genel olarak değerlendirildiğinde rezerv varlıklardaki artışın reel efektif döviz kurunu pozitif yönde etkilediği, fakat tüketici fiyat endeksi ile petrol fiyatlarındaki hareketlerin bazı ülkelerde pozitif yönde bazı ülkelerde negatif yönde etkiler yarattığı görülmektedir. Ekonomilerin itici güçlerinin farklı olması ülkeler bazında farklı sonuçlar elde edilmesine neden olmuştur. Her ülkenin kendi reel efektif döviz kurunu etkileyen faktörleri doğru değerlendirebilmesi, ekonomik birimlere ve politika yapıcılarına fayda sağlayacaktır.

The actuality of the given research is determined by the importance of establishing the adequatevolume of international reserves held by the Central Bank. The main purpose of the article is investigationof new methods of calculating the adequate level of international reserves for emerging economies,proposed by the IMF and those existing in international practice. The main research methods weresystemic analysis and logic synthesis. The main result obtained in this article, as a result of the research,is proposing a special approach in applying the IMF methodology in the Republic of Moldova,considering the dependence of the economy on the export of labor. The conducted calculations show asignificant decrease in the level of international reserves of NBM over the past two years and theirapproach to the critical value. To overcome internal imbalances, the international reserves managementshould suppose the accumulation of a higher volume than the average, which would partly compensate theshortcomings in implementing reforms of transforming the economy of the Republic of Moldova,improving their efficiency and quality of domestic policy.

The first Report of the Deputies of the Group of Ten and the parallel Report of the IMF from 1964 reached unanimous consensus on the basic deficiencies of the international monetary system and the general nature of the revolutionary reforms required for its satisfactory performance in the future. The three years that have elapsed since then have unfortunately failed to elicit any similar agreement on the concrete measures and commitments needed to implement the broad recommendations of the two reports. The present paper first summarises the already familiar considerations regarding the impact the existence of three types of reserve assets upon the growth of world reserves. It is then largely devoted to its equally important, but less generally perceived and understood, impact on the balance of payments adjustment process. In the concluding section the author offers answers to broader policy issues. JEL: E42, F31, F33

The author considers recent developments in international monetary system reform. He highlights this disagreements, especially on the side of France, with in the Group of Ten. He therefore foresees a general scarcity of reserve assets and proposes a plan for reserve creation to be activated under conditions of a better balance of payments equilibrium between members and a better working of the adjustment process. JEL: E42, F32, F33

The first Report of the Deputies of the Group of Ten and the parallel Report of the IMF from 1964 reached unanimous consensus on the basic deficiencies of the international monetary system and the general nature of the revolutionary reforms required for its satisfactory performance in the future. The three years that have elapsed since then have unfortunately failed to elicit any similar agreement on the concrete measures and commitments needed to implement the broad recommendations of the two reports. The present paper first summarises the already familiar considerations regarding the impact the existence of three types of reserve assets upon the growth of world reserves. It is then largely devoted to its equally important, but less generally perceived and understood, impact on the balance of payments adjustment process. In the concluding section the author offers answers to broader policy issues. JEL: E42, F31, F33

The author considers recent developments in international monetary system reform. He highlights this disagreements, especially on the side of France, with in the Group of Ten. He therefore foresees a general scarcity of reserve assets and proposes a plan for reserve creation to be activated under conditions of a better balance of payments equilibrium between members and a better working of the adjustment process. JEL: E42, F32, F33