ПОДХОД К РАЗВИТИЮ МЕЖДУНАРОДНОЙ ТОРГОВЛИ РОССИЙСКОЙ ФЕДЕРАЦИИ СО СТРАНАМИ-ПАРТНЕРАМИ ЧЕРЕЗ МЕХАНИЗМ МНОГОСТОРОННЕГО КЛИРИНГА (Часть I)

Abstract

This article considers the possibility of implementing clearing mechanism in international settlements with partner states of the Russian Federation aimed at developing external trade under toughened anti-Russian sanctions. We propose a method of defining the unit of account (clearing currency) based on the equation of exchange within the quantity theory of money using universally acknowledged indicators provided by the International Monetary Fund, the World Bank, and the International Trade Centre. In the first part of the article, we analyze the progress in the theoretical thought on the equation of exchange and contributions of K. Marx, S. Newcomb, I. Fisher and M. Friedman to unveiling (inter)dependencies between quantity of money and prices in an economy. In the second part of the article, we describe the method of caclulating the clearing currency values and exchange rates of national currencies to the unit of account and to each other using national shares in mutual trade turnover as the weights. Calculations for five groups of 25 partner countries of the Russian Federation are presented as examples, including member states of the Eurasian Economic Union (EAEU), Commonwealth of Independent States (CIS), BRICS, Shanghai Cooperation Organisation (SCO) as well as BRICS candidates and SCO observer states and dialogue partners.