guuvestВестник университетаVestnik Universiteta1816-42772686-8415State University of Management10.26425/1816-4277-2025-7-131-144guuvest-6334Research ArticleЭКОНОМИКА: ПРОБЛЕМЫ, РЕШЕНИЯ И ПЕРСПЕКТИВЫECONOMICS: PROBLEMS, SOLUTIONS AND PROSPECTSТраектории экономической политики в условиях новых глобальных вызовов развития мировой экономикиTrajectories of economic policy in the context of new global challenges of development of the world economyhttps://orcid.org/0000-0002-9325-7504СмирновЕ. Н.SmirnovE. N.

Смирнов Евгений Николаевич - Д-р экон. наук, зав. каф. мировой экономики и международных экономических отношений

Москва 

Evgenii N. Smirnov - Dr. Sci. (Econ.), Head of the World Economy and International Economic Relations Department 

Moscow 

Smirnov_en@mail.ruhttps://orcid.org/0000-0001-8815-9080ЛеоноваТ. Н.LeonovaT. N.

Леонова Татьяна Николаевна - Д-р экон. наук, проф. каф. мировой экономики и международных экономических отношений

Москва 

Tatyana N. Leonova - Dr. Sci. (Econ.), Prof. at the World Economy and International Economic Relations Department 

Moscow 

Leonova.tati@gmail.comГосударственный университет управленияРоссияState University of ManagementRussian Federation20250809202517131144Copyright © Смирнов Е.Н., Леонова Т.Н., 20252025Смирнов Е.Н., Леонова Т.Н.Smirnov E.N., Leonova T.N.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.guu.ru/jour/article/view/6334

Работа посвящена анализу механизмов корректировки экономической политики стран мира под влиянием новых глобальных вызовов в развитии мировой экономики, при этом, с одной стороны, проанализированы изменения, наблюдающиеся во внутренней макроэкономической политике, а с другой – сделан акцент на реализации возможностей улучшения внешнеэкономической сферы развивающихся стран. Был сделан вывод о том, что в силу замедления глобального экономического роста необходимо выделение тех ключевых направлений политики, которые будут противодействовать данному тренду, а также обеспечат бóльшую долговую устойчивость стран и преодоление экономической рецессии. Кроме того, в работе определение приоритетов экономической политики сделано с учетом необычного характера современной инфляции и ее нового понимания, а также с учетом новых аспектов бюджетной и монетарной политики ключевых государств и ее международной трансмиссии. Дополнительно было обосновано, что в настоящее время требуется использование иных адаптационных механизмов, чтобы повысить устойчивость экономик развивающихся стран, учитывая их взаимосвязанность в сложных конфигурациях развития современного мирового хозяйства. Устаревание глобальной финансовой архитектуры и несоответствие ее современным потребностям мировой экономики существенно ограничивает возможности структурной трансформации и диверсификации экономик многих развивающихся стран, включая наименее развитые страны. Новая концепция многосторонности также в большей степени будет учитывать интересы экономик развивающихся стран.

The article is devoted to analysis of mechanisms for adjusting economic policy of countries of the world under influence of new global challenges in development of the world economy, while, on the one hand, the changes observed in domestic macroeconomic policy are analysed, and, on the other hand, the emphasis is placed on implementation of opportunities for improvement of foreign economic sphere of developing countries. It is concluded that due to slowdown in global economic growth, it is necessary to identify those key policy areas that will counteract this trend as well as ensure greater debt sustainability of countries and overcome economic recession. In addition, the article defines priorities of the economic policy, taking into account unusual nature of modern inflation and its new understanding as well as new aspects of budget and monetary policy of key states and its international transmission. Besides, it has been substantiated that at present it is necessary to use other adaptation mechanisms to increase sustainability of economies of developing countries, taking into account their interconnectedness in complex configurations of development of modern world economy. Obsolescence of global financial architecture and its inconsistency with modern needs of the world economy significantly limits possibilities for structural transformation and diversification of economies of many developing countries, including the least developed countries. The new concept of multilateralism will also take into account interests of the economies of developing countries to a greater extent.

Экономическая политикаэкономический ростмеждународная торговляинфляциямонетарная политикафискальная политикаглобальное неравенствоустойчивое развитиеEconomic policyeconomic growthinternational tradeinflationmonetary policyfiscal policyglobal inequalitysustainable developmentReferencesСмирнов Е.Н., Смагулова С.М., Васильева Т.Н., Сероштан Е.С., Фетисова Л.Ю. Глобальные вызовы развития внешней торговли Российской Федерации. Новосибирск: СибАК; 2023. 180 с.Smirnov E.N., Smagulova S.M., Vasilyeva T.N., Seroshtan E.S., Fetisova L.Yu. Global challenges to the development of foreign trade of the Russian Federation. Novosibirsk: SibAC; 2023. 180 p. (In Russian).Blanchard O. Fiscal policy under low interest rates. Cambridge: MIT Press; 2022. 176 p.Blanchard O. Fiscal policy under low interest rates. Cambridge: MIT Press; 2022. 176 p.Budina N., Ebeke Ch.H., Jaumotte F., Medici A., Panton Au.J., Tavares M.M. et al. Structural reforms to accelerate growth, ease policy trade-offs, and support the green transition in Emerging Market and Developing Economies. Washington: International Monetary Fund; 2023. 48 p.Budina N., Ebeke Ch.H., Jaumotte F., Medici A., Panton Au.J., Tavares M.M. et al. Structural reforms to accelerate growth, ease policy trade-offs, and support the green transition in Emerging Market and Developing Economies. Washington: International Monetary Fund; 2023. 48 p.Weber I.M., Wasner E. Sellers’ inflation profits and conflict: why can large firms hike prices in an emergency? Review of Keynesian Economics. 2023;2(11):183–213. http://dx.doi.org/10.4337/roke.2023.02.10Weber I.M., Wasner E. Sellers’ inflation profits and conflict: why can large firms hike prices in an emergency? Review of Keynesian Economics. 2023;2(11):183–213. http://dx.doi.org/10.4337/roke.2023.02.10Смирнов Е.Н. Глобальная инфляция: современный детерминизм и вызовы для политики. Управление. 2024;2(12):40–50. https://doi.org/10.26425/2309-3633-2024-12-2-40-50Smirnov Ye.N. Global inflation: modern determinism and challenges for policy. Management. 2024;2(12):40–50. https://doi.org/10.26425/2309-3633-2024-12-2-40-50Epstein G.A. Alternatives to inflation targeting monetary policy for stable and egalitarian growth: a brief research summary: working paper. No. 62. Amherst: Political Economy Research; 2003. 12 p.Epstein G.A. Alternatives to inflation targeting monetary policy for stable and egalitarian growth: a brief research summary: working paper. No. 62. Amherst: Political Economy Research; 2003. 12 p.Ball L.M., Sheridan N. Does inflation targeting matter? In: The inflation-targeting debate. Chicago: University of Chicago Press; 2004. Pp. 249–282.Ball L.M., Sheridan N. Does inflation targeting matter? In: The inflation-targeting debate. Chicago: University of Chicago Press; 2004. Pp. 249–282.Ball L.M., Leigh D., Mishra P. Understanding U.S. inflation during the COVID era: cоnference drafts. Brookings Papers on Economic Activity. 2022;2.Ball L.M., Leigh D., Mishra P. Understanding U.S. inflation during the COVID era: cоnference drafts. Brookings Papers on Economic Activity. 2022;2.Blanchard O., Bernanke B.S. What caused the US pandemic-era inflation: working paper. No. 31417. Cambridge: National Bureau of Economic Research; 2023. 49 p.Blanchard O., Bernanke B.S. What caused the US pandemic-era inflation: working paper. No. 31417. Cambridge: National Bureau of Economic Research; 2023. 49 p.Breitenlechner M., Georgiadis G., Schumann B. What goes around comes around: how large are spillbacks from US monetary policy? Journal of Monetary Economics. 2022;131:45–60.Breitenlechner M., Georgiadis G., Schumann B. What goes around comes around: how large are spillbacks from US monetary policy? Journal of Monetary Economics. 2022;131:45–60.Ider G., Kriwoluzky A., Kurcz F., Schumann B. The energy-price channel of (European) monetary policy: discussion paper. No. 2033. Berlin: German Institute for Economic Research; 2023. 43 p.Ider G., Kriwoluzky A., Kurcz F., Schumann B. The energy-price channel of (European) monetary policy: discussion paper. No. 2033. Berlin: German Institute for Economic Research; 2023. 43 p.Dées S., Galesi A. The global financial cycle and US monetary policy in an interconnected world. Journal of International Money and Finance. 2021;115. https://doi.org/10.1016/j.jimonfin.2021.102395Dées S., Galesi A. The global financial cycle and US monetary policy in an interconnected world. Journal of International Money and Finance. 2021;115. https://doi.org/10.1016/j.jimonfin.2021.102395Gourinchas P.-O. The dollar hegemon? Evidence and implications for policymakers. In: The Asian monetary policy forum: insights for central banking. Singapore: World Scientific Books; 2021. Рp. 264–300.Gourinchas P.-O. The dollar hegemon? Evidence and implications for policymakers. In: The Asian monetary policy forum: insights for central banking. Singapore: World Scientific Books; 2021. Рp. 264–300.Bruno V., Shin H.S. Capital flows and the risk-taking channel of monetary policy. Journal of Monetary Economics. 2015;71:119–132. https://doi.org/10.1016/j.jmoneco.2014.11.011Bruno V., Shin H.S. Capital flows and the risk-taking channel of monetary policy. Journal of Monetary Economics. 2015;71:119–132. https://doi.org/10.1016/j.jmoneco.2014.11.011Miao Yа., Wu W., Funke N. Reviving the competitive storage model: a holistic approach to food commodity prices: working paper. No. 11/64. Washington: International Monetary Fund; 2011. 47 p.Miao Yа., Wu W., Funke N. Reviving the competitive storage model: a holistic approach to food commodity prices: working paper. No. 11/64. Washington: International Monetary Fund; 2011. 47 p.Tang K., Xiong W. Index investment and the financialization of commodities. Financial Analysts Journal. 2012;6(68):54–74. https://doi.org/10.2469/faj.v68.n6.5Tang K., Xiong W. Index investment and the financialization of commodities. Financial Analysts Journal. 2012;6(68):54–74. https://doi.org/10.2469/faj.v68.n6.5Bernanke B.S., Gertler M., Watson M. Systematic monetary policy and the effects of oil price shocks. Brookings Papers on Economic Activity. 1997;1:91–157.Bernanke B.S., Gertler M., Watson M. Systematic monetary policy and the effects of oil price shocks. Brookings Papers on Economic Activity. 1997;1:91–157.Bernanke B.S., Laubach Th., Mishkin F.S., Posen A.S. Inflation targeting. Lessons from the international experience. Princeton: Princeton University Press; 1999. 392 p.Bernanke B.S., Laubach Th., Mishkin F.S., Posen A.S. Inflation targeting. Lessons from the international experience. Princeton: Princeton University Press; 1999. 392 p.Смагулова С.М., Пасько А.В. Дифференциация в масштабах современной мировой экономики: рост неравенства и глобальной бедности. Экономика и предпринимательство. 2023;2(151):431–436. https://doi.org/10.34925/EIP.2023.151.2.084Smagulova S.M., Pasko A.V. Differentiation across the modern world economy: rising inequality and global poverty. Journal of Economy and Entrepreneurship. 2023;2(151):431–436. (In Russian). https://doi.org/10.34925/EIP.2023.151.2.084Щенин Р.К., Поляков В.В., Аникин О.Б., Антонов В.А. Мировая экономика и международные экономические отношения: yчебник. М.: Юрайт; 2016. 346 с.Shchenin R.K., Polyakov V.V., Anikin O.B., Antonov V.A. Global economy and international economic relations: textbook. Moscow: Urait; 2016. 346 p. (In Russian).Cмирнов Е.Н. (ред.) Развитие внешнеэкономических связей агропромышленного комплекса Российской Федерации. М.: Государственный университет управления; 2024. 216 с.Smirnov E.N. (ed.) Development of foreign economic relations of the agro-industrial complex of the Russian Federation. Moscow: State University of Management; 2024. 216 p. (In Russian).Мога И.С., Горбунова Л.П., Денисова А.В., Пижурина Е.Н., Преснова И.С. Сдерживающие и подталкивающие факторы интеграции Евразийского экономического союза в условиях новейших вызовов глобальной экономики. Вестник евразийской науки. 2023;2(15). https://doi.org/10.15862/41ECVN223Moga I.S., Gorbunova L.P., Denisova A.V., Pizhurina E.N., Presnova I.S. Constraining and pushing factors of integration of the Eurasian Economic Union in the context of the latest challenges of the global economy. The Eurasian Scientific Journal. 2023;2(15). (In Russian). https://doi.org/10.15862/41ECVN223

The authors declare that there are no conflicts of interest present.