ОБЕСПЕЧЕНИЕ УРОВНЯ ДОСТАТОЧНОСТИ МЕЖДУНАРОДНЫХ РЕЗЕРВОВ КАК ФАКТОР,СНИЖАЮЩИЙ УЯЗВИМОСТЬ ЭКОНОМИКИ Текст научной статьи по специальности «Экономика и бизнес»

ЭКОНОМИКА

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garik.petrosyan@hotmail.com

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Обеспечение уровня достаточности международных резервов как фактор,

снижающий уязвимость экономики

Варданян К.Дж., Авагян Г. А. Кафедра макроэкономики АГЭУ (Армения, Ереван),

Петросян Г. А.

Кафедра экономической теории и проблем экономики переходного периода Российско-Армянского (Славянского) Государственного Университета (Армения, Ереван)

garik.petrosyan@hotmail.com

Резюме: Дальнейшее развитие и углубление экономических событий в результате глобализации приводит к тому, что экономические процессы микро и макро регулирования, а так же саморегулирования национальной экономики подвержены внешней экономической неопределенности и внешним шокам. В результате возможности эффективного взаимодействие между реальным и финансовым секторами экономики нейтрализуются, а существующая разрыв между этими секторами углубляется. Подчеркнув роль международных резервов в плане эффективного взаимодействия между реальным и финансовым секторами экономики, в статье оценивался уровень достаточности международных резервов Центрального банка Армении. Ключевые слова: международные резервы, внешние шоки, реальный сектор, финансовый сектор, взаимодействие экономических секторов, обменный курс, валютный режим.

Ensuring Adequate Level of International Reserves as a Factor Decreasing External

Vulnerability of the Economy

Vardanyan K.J., Avagyan G.A., Chair of Macroeconomics of ASUE (Armenia, Yerevan)

Petrosyan G.A.

Department of Economic Theory and Issues of Transition Period Economies,

Russian-Armenian University (Armenia, Yerevan) garik.petrosyan@hotmail.com

Abstract: Further development and deepening of economic events as a result of globalization leads to the fact that the economic processes of micro and macro regulation, as well as self-regulation of the national economy are exposed to external economic uncertainties and external shocks. As a result, the opportunities of effective cooperation between real and financial sectors of the economy are neutralized, and the existing gap between those sectors is being deepened. Highlighting the role of international reserves in terms of the effective interaction between the real and financial sectors of the economy, the article assessed the level of adequacy of international reserves of the Central Bank of Armenia.

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Регион и мир, 2018, № 4

Keywords: International reserves, external shocks, real sector, financial sector, interaction of economic sectors, exchange rate, currency regime.

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8 "Annual Report on Exchange Arrangements and Exchange Restrictions 2014", International Monetary Fund Washington

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2015, p. 6, available at: https://www.imf.org/en/Publications/ Annual-Report-on-Exchange-Arrangements-and-Exchange-Restrictions/Issues/2017/01/25/Annual-Report-on-Exchange-Arrangements-and-Exchange-Restrictions-2015-42751

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9 Hausmann R., Panizza U., Stein E., " Why Do Countries Float the Way they Float? ", Inter-American Dvelopment bank, May 2000, Working Paper 418, p. 4-5

10 Barajas A., Erickson A., Steiner R., "Fear of Declaring: Do Markets Care What Countries Say About Their Exchange Rate Policies?", IMF Staff Papers, Vol. 55, No. 3

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15Guidance Note on The Assessment of Reserve Adequacy and Related Considerations, The IMF staff report, June 2016, p. 25

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