Global Economic Imbalances in the Modern World

Authors

  • Pavel Vyacheslavovich Trunin Gaidar Institute for Economic Policy; The Russian Presidential Academy of National Economy and Public Administration (RANEPA)
  • Sofya Igorevna Kolesnik Gaidar Institute for Economic Policy, Lomonosov Moscow State University
  • Alexandra Viktorovna Bozhechkova Gaidar Institute for Economic Policy

DOI:

https://doi.org/10.24412/2072-8042-2025-3-23-42

Keywords:

global imbalances, current account, reserve currencies, investment position, asset revaluation

Abstract

The article focuses on a comprehensive analysis of global economic imbalances. It examines their main causes and factors, including the impact of globalization, the COVID-19 pandemic and international crises, as well as the role of international investment position and asset revaluation. The study suggests that slower global growth and lower volatility in energy markets may slightly reduce the imbalances. However, the dominance the US dollar contributes to their persistence. The shift towards a multipolar monetary system could weaken these imbalances in the long term, although the United States are likely to preserve its monetary hegemony.

Author Biographies

Pavel Vyacheslavovich Trunin, Gaidar Institute for Economic Policy; The Russian Presidential Academy of National Economy and Public Administration (RANEPA)

Macroeconomics and Finance Division – Leading Research Fellow;
Head of the Center for Central Banks` Studies

Sofya Igorevna Kolesnik, Gaidar Institute for Economic Policy, Lomonosov Moscow State University

Monetary Policy Laboratory – Research Fellow, 
Faculty of Economics

Alexandra Viktorovna Bozhechkova, Gaidar Institute for Economic Policy

Monetary Policy Laboratory - Senior Researcher

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Published

2025-03-31 — Updated on 2026-04-20

Versions

How to Cite

Trunin, P. V., Kolesnik, S. I., & Bozhechkova, A. V. (2026). Global Economic Imbalances in the Modern World. Russian Foreign Economic Journal, (3), 23–42. https://doi.org/10.24412/2072-8042-2025-3-23-42 (Original work published March 31, 2025)

Issue

No. 3 (2025)

Section

World economy

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Copyright (c) 2025 Russian Foreign Economic Journal

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