Global Economic Imbalances in the Modern World

Authors

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

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

Alexandra Viktorovna Bozhechkova, Gaidar Institute for Economic Policy

Monetary Policy Laboratory - Senior Researcher

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

Monetary Policy Laboratory – Research Fellow, 
Faculty of Economics

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

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Published

2025-03-31

How to Cite

Bozhechkova, A. V., Kolesnik, S. I., & Trunin, P. V. (2025). 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

Issue

No. 3 (2025)

Section

World economy

License

Copyright (c) 2025 Russian Foreign Economic Journal

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