МЕТОДИКА ОПРЕДЕЛЕНИЯ ЧЕРЕЗ УРАВНЕНИЕ ОБМЕНА НОВОЙ РАСЧЕТНОЙ ЕДИНИЦЫ UNICLEAR ДЛЯ МЕЖДУНАРОДНОЙ ТОРГОВЛИ РОССИЙСКОЙ ФЕДЕРАЦИИ ПО ВАЛЮТНОМУ КЛИРИНГУ (ЧАСТЬ II)

Abstract

One of the systemic solutions for the Russian Federation’s foreign trade development under toughened sanctions of the Western states could be the introduction of clearing in international settlements with its counterparties. One of the main prerequisites, however, is how to determine a clearing unit of account and “fair” exchange rates of national currencies to ensure commensurability in export / import operations. This article proposes a new method of defining a clearing currency the author called the “uniclear” based on the equation of exchange within the quantity theory of money (QTM). In part I of this article, we identify five stages in the evolution of theoretical and applied studies of various schools of research on the issue of the equation of exchange and monetary circulation as well as outline four main current strands of scholarly literature that discuss the QTM and ways to compose monetary aggregates. Subsequently, we present the author’s method of defining the uniclear as a unit of account. Part II of the article describes in detail the calculation procedure with countries’ GDP shares as weights, the results of computing exchange rates of national currencies of 148 countries for the period from 2010 to 2021 as well as advantages and drawbacks of the proposed method.