JOURNAL OF REGIONAL AND INTERNATIONAL COMPETITIVENESS JOURNAL OF REGIONAL AND INTERNATIONAL COMPETITIVENESS Журнал региональной и международной конкурентоспособности 2782-1927 84134 GLOBAL COMPETITIVENESS GLOBAL COMPETITIVENESS GLOBAL COMPETITIVENESS SECTORAL ANALYSIS OF THE POSSIBILITY OF STRENGTHENING THE POSITION OF DEVELOPING COUNTRIES IN THE GLOBAL FINANCIAL MARKET SECTORAL ANALYSIS OF THE POSSIBILITY OF STRENGTHENING THE POSITION OF DEVELOPING COUNTRIES IN THE GLOBAL FINANCIAL MARKET https://orcid.org/0000-0001-9380-8364 Бич Михаил Г. Bich Mihail Gennadievich a318@yandex.ru

кандидат технических наук;

candidate of technical sciences;

 https://orcid.org/0000-0002-2991-2877 Антропов Владислав В Antropov Vladislav V antropovvl@yandex.ru

доктор экономических наук;

doctor of economic sciences;

 https://orcid.org/0000-0001-7058-4257 Навой Антон В Navoy Anton V Ant.navoy@yandex.ru

доктор экономических наук;

doctor of economic sciences;

 https://orcid.org/0000-0002-5140-3008 Крылова Любовь В Krylova Lyubov V LVKrylova@fa.ru

доктор экономических наук;

doctor of economic sciences;

 https://orcid.org/0000-0003-2365-0754 Кузнецов Алексей В Kuznecov Aleksey Vladimirovich kuznetsov0572@mail.ru

доктор экономических наук;

doctor of economic sciences;

 Финансовый университет при Правительстве Российской Федерации Москва Россия Financial University under the Government of the Russian Federation Moscow Russian Federation Финансовый университет при Правительстве Российской Федерации Financial University under the Government of the Russian Federation 16 06 2024 16 06 2024 3 4 14 25 01 10 2022 01 11 2022 https://chemintech.ru/en/nauka/article/84134/view

The dollar-centric framework of the modern global monetary and financial system (GMFS) is the cause of increasing global imbalances. These imbalances formed both between individual actors of the world economy, and between groups of countries in the sphere of international monetary and financial relations and financial markets. The strengthening of the position of developing countries in the global economy raises the question of the need to strengthen the competitive position of their currencies. The aim of the research is to identify the key points, the impact on which can strengthen the position of developing countries in the global financial market. The authors’ hypothesis was to substantiate the possibilities of strengthening the positions of developing countries in the global financial market (GFM) within the trend of currency polycentricity through targeted influence of interested actors on certain parameters of GFM sectoral development. The study objectives are to analyze trends in these segments of the international financial market and build an econometric model of its sectoral development. We aimed the analysis of peculiarities and trends of development of the main segments of the GFM at identifying factors of sectoral development capable of ensuring the strengthening of the position of currencies of developing countries in the existing macroeconomic conditions. As a result of the study, we define the key factors, the impact on which is able to ensure the growth of the international financial market and the expansion of the use of currencies of developing countries. Testing of the model showed the expected growth of 8% GFM. We revealed that the global financial market is the most sensitive to changes in the share of non-dealer financial institutions in the foreign exchange market, foreign exchange market turnover, and the share of technological innovation. The results of the study became especially relevant in conditions of Russia’s isolation from the GMFS and may be in demand, given the need to develop the target sectors of regional and national financial markets.

The dollar-centric framework of the modern global monetary and financial system (GMFS) is the cause of increasing global imbalances. These imbalances formed both between individual actors of the world economy, and between groups of countries in the sphere of international monetary and financial relations and financial markets. The strengthening of the position of developing countries in the global economy raises the question of the need to strengthen the competitive position of their currencies. The aim of the research is to identify the key points, the impact on which can strengthen the position of developing countries in the global financial market. The authors’ hypothesis was to substantiate the possibilities of strengthening the positions of developing countries in the global financial market (GFM) within the trend of currency polycentricity through targeted influence of interested actors on certain parameters of GFM sectoral development. The study objectives are to analyze trends in these segments of the international financial market and build an econometric model of its sectoral development. We aimed the analysis of peculiarities and trends of development of the main segments of the GFM at identifying factors of sectoral development capable of ensuring the strengthening of the position of currencies of developing countries in the existing macroeconomic conditions. As a result of the study, we define the key factors, the impact on which is able to ensure the growth of the international financial market and the expansion of the use of currencies of developing countries. Testing of the model showed the expected growth of 8% GFM. We revealed that the global financial market is the most sensitive to changes in the share of non-dealer financial institutions in the foreign exchange market, foreign exchange market turnover, and the share of technological innovation. The results of the study became especially relevant in conditions of Russia’s isolation from the GMFS and may be in demand, given the need to develop the target sectors of regional and national financial markets.

 global financial market sectoral development developing countries currency polycentrism.

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