| In the section | Surveys |
| Title of the article | Modern World Economy: Some Aspects of Systemic Changers |
| Pages | 145-169 |
| Author 1 | Mikhail Vladimirovich Ershov Doctor of Economics, Professor Financial University under the Government of the Russian Federation 49 Leningradskiy Av., Moscow, 125993, Russian Federation This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0000-0002-5811-9560 |
| Author 2 | Anna Stanislavovna Tanasova Candidate of Sciences (Economics), Leading Research Fellow Financial University under the Government of the Russian Federation 49 Leningradskiy Av., Moscow, 125993, Russian Federation This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0000-0001-9796-5762 |
| Abstract | Modern global economy is witnessing the creation of brand-new processes which were not seen before. Although the forecasts of economic growth in 2023 are being revised in the direction of improvement, nevertheless, a number of new problems require a lot of attention. Much of what is happening now is unprecedented – in particular, large-scale sanctions of the Western countries against Russia and China, changing processes in commodity markets, increased fragmentation of world economic relations, increased activity of regional associations of countries, etc. All this is complemented by high uncertainty in the geopolitical arena, which makes the problems much more acute and their solution even more difficult. Regulators and businesses in all countries are forced to shape their approaches taking into account the ongoing changes, largely changing the long-standing traditional algorithms for their solutions. The article shows a number of new problematic nodes that have been forming in the world in recent years. The sanctions policy of the Western countries against Russia, which has intensified since 2022, has directly or indirectly affected almost the entire world, increasing trends towards fragmentation. In Russia, under such conditions, significant changes are also required in domestic economic policy. The most important role in this could be played by monetary policy, changes in which may contribute to increasing the strength of the internal foundations of growth and transformation of the economy. At the same time, the changes may lead to a reduction in dependence on external financial markets and the external environment in general |
| Code | 330.3 |
| JEL | Е5, Е6, F00 |
| DOI | https://dx.doi.org/10.14530/se.2023.4.145-169 |
| Keywords | global economy, crisis, economic growth, international trade, stock markets, commodity markets, central banks, support measures |
| Download | SE.2023.4.145-169.Ershov.pdf |
| For citation | Ershov M.V., Tanasova A. S. Modern World Economy: Some Aspects of Systemic Changers. Prostranstvennaya Ekonomika = Spatial Economics, 2023, vol. 19, no. 4, pp. 145–169. https://dx.doi.org/10.14530/se.2023.4.145-169 (In Russian) |
| References | 1. A $379 Billion Hole Emerges in Developing Nations’ War Chests. Bloomberg, 2022, 17 August. Available at: (accessed August 2023). 2. Annual Economic Report. BIS, 2023. Available at: (accessed August 2023). 3. Arslanalp S., Eichengreen B. Living with High Public Debt, 2023. Available at: (accessed August 2023). 4. Arslanalp S., Eichengreen B., Simpson-Bell C. The Stealth Erosion of Dollar Dominance and the Rise of Nontraditional Reserve Currencies. Journal of International Economics, 2022, vol. 138/ 103656. 5. Bache I.W. Structural Changes in Energy Markets and Implications for Inflation and Monetary Policy. Norges Bank, 2023. Available at: (accessed October 2023). 6. Bertaut C., Beschwitz B., Curcuru S. ‘The International Role of the U.S. Dollar’ Post-COVID Edition. Board of Governors of the Federal Reserve System. Available at: (accessed August 2023). 7. Bodrunov S.D. Overcoming the Challenges of Global Transformation: STP, Knowledge, Noonomics. Problemy Prognozirovaniya = Studies on Russian Economic Development, 2023, no. 4, pp. 8–14. (In Russian). 8. Bodrunov S.D. The Future. The New Industrial Society: A Reboot. St. Petersburg: S.Y. Witte Institute for New Industrial Development, 2016, 328 p. (In Russian). 9. Borio C., Lombardi M., Yetman J., Zakrajsek E. The Two-Regime View of Inflation. BIS Papers, 2023, no. 133, 42 p. Available at: (accessed August 2023). 10. Cavallino P., Cornelli G., Hordahl P., Zakrajsek Е. Front-Loading’ Monetary Tightening: Pros and Cons. BIS Bulletin, no. 63, 2022, 7 p. Available at: (accessed August 2023). 11. Costly Climate Rules Are Turning Germans Away from the Greens. The Economist, 2023, 8 June. Available at: (accessed August 2023). 12. COVID-19, Crypto, and Climate: Navigating Challenging Transitions. Global Financial Stability Report. IMF, 2021, October. Available at: (accessed August 2023). 13. Degotkova I. McKinsey Estimated the Global Energy Transition at $275 Trillion. RBK [RBC], 2022, 25 January. Available at: (accessed July 2023). (In Russian). 14. Economic Report of the President. Transmitted to Congress, 2023, 508 p. Available at: (accessed August 2023). 15. Ershov М.V. Russian Economy in the Face of New Sanctions Challenges. Voprosy Ekonomiki [Economic Issues], 2022, no. 12, pp. 5–23. (In Russian). 16. Ershov М.V. World 2021: Pandemic and Economic Problems Remain Acute. Voprosy Ekonomiki [Economic Issues], 2021, no. 12, pp. 5–20. (In Russian). 17. Ershov М.V., Tanasova А.S. New Problems in the World Make Uncertainty Higher. Sovremennaya Evropa = Contemporary Europe, 2022, no. 7, pp. 120–134. (In Russian). 18. EU Trade in Goods with Russia, 2021–2023. Eurostat, 2023. Available at: (accessed September 2023). 19. Fedortsev V. German Automakers have Reached out to the United States, Tired of Waiting for Financial Proposals from the EU Leadership. Rossiyskaya Gazeta [Russian Newspaper], 2022, 22 March. Available at: (accessed August 2023). (In Russian). 20. Glaziev S.Yu. National Economy Structures in the Global Economic Development. Ekonomika i Matematicheskie Metody = Economics and Mathematical Methods, 2016, vol. 52, no. 2, pp. 3–29. (In Russian). 21. Global Economic Prospects. World Bank, 2023, June. Available at: (accessed September 2023). 22. Global Trade Outlook and Statistics. WTO, 2023, October. Available at: (accessed September 2023). 23. Global Trade Update. UNCTAD, 2023, June. Available at: (accessed September 2023) 24. Global Wealth Report 2022. Credit Suisse Research Institute, 2023, 72 p. 25. Hakobyan Sh., Meleshchuk S., Zymek R. Divided We Fall: Differential Exposure to Geopolitical Fragmentation in Trade. International Monetary Fund, Washington, DC, IMF, World Economic Outlook, A Rocky Recovery, April, 2023. 26. Macron Calls for a Green ‘Pause’. Wall Street Journal, 2023, 15 May. Available at: (accessed August 2023). 27. Macron’s Call for ‘Pause’ of EU Environmental Regulation Causes Controversy. Le Monde, 2023, 12 May. Available at: (accessed September 2023). 28. Mayevsky V.I., Malkov S.Y., Rubinstein A.A. Debt Monetization of the Russian Economy: Key Issues. Terra Economicus = Terra Economicus, 2021, vol. 19, no. 4, pp. 21–35. 10.18522/2073-6606-2021-19-4-21-35 (In Russian). 29. Mayevsky V.I., Malkov S.Y., Rubinstein A.A. Macroeconomic Conditions of Russia’s Transition to High Growth Rates: China’s Experience. Voprosy Ekonomiki [Economic Issues], 2023, no. 10, pp. 98–123. (In Russian). 30. Minakir P.А., Izotov D.А. World Money in Time and Space: A Blow to the Dollar or a Blow by the Dollar? Prostranstvennaya Ekonomika = Spatial Economics, 2022, vol. 18, no. 1, pp. 7–33. (In Russian). 31. Navigating Global Divergences. World Economic Outlook. IMF, 2023, October. Available at: (accessed August 2023). 32. Navigating the High-Inflation Environment. Global Financial Stability Report. IMF, 2022, October. Available at: (accessed August 2023). 33. Near-Term Resilience, Persistent Challenges. World Economic Outlook Update. IMF, 2023. July. Available at: (accessed August 2023). 34. Perskaya V.V. Radical Transformations in the US Economy or De Facto Rejection of the Neoliberal Model of Global Development. Ekonomika, Nalogi, Pravo = Econo-mics, Taxes & Law, 2022, vol. 15, no. 4, pp. 30–41. 2022-15-4-30-41 (In Russian). 35. Potential Growth Opportunities of the Russian Economy: Analysis and Forecast. Edited by A.A. Shirov. Moscow, 2022, 296 p. (In Russian). 36. Qiu H., Song Shin H., Si Ying Zhang L. Mapping the Realignment of Global Value Chains. BIS Bulletin No. 78, 2023. Available at: (accessed September 2023). 37. Quarterly Report. BIS, 2022. Available at: (accessed August 2023). 38. Sorokin D.Y. The Key Task of the State is to Ensure that Technological Progress and Social Justice are Development Priorities. Voprosy Politicheskoy Ekonomii [Issues of Political Economy], 2020, no. 1, pp. 120–129. (In Russian). 39. State of Commodity Dependence. UNCTAD, 2023. Available at: (accessed September 2023). 40. Talking Trends. Bank of Russia, 2023, no. 5 (64), 23 p. Available at: (accessed August 2023). (In Russian). 41. The Russian Stock Market Slowed Down in the Evening Due to Stalled Oil. Interfaks [Interfax], 2021, 25 February. Available at: (accessed July 2023). (In Russian). 42. Transitions and Tensions. World Economic Outlook. IMF, 2013, October. Available at: (accessed August 2023). 43. U.S. International Trade in Goods and Services December and Annual 2022. BEA, 2023, 58 p. Available at: (accessed August 2023). 44. World Economic Situation Prospects. UNCTAD, 2023, January. Available at: (accessed September 2023). 45. Xi Jinping. Hold High the Great Banner of Socialism with Chinese Characteristics and Strive in Unity to Build a Modern Socialist Country in All Respects. Report to the 20th National Congress of the Communist Party of China, 2022. Available at: (accessed September 2023). |
| Financing | The paper was prepared based on the results of the research carried out at the expense of budgetary funds under the state assignment of the Financial University in 2023 |
| Submitted | 18.07.2023 |
| Approved after reviewing | 23.10.2023 |
| Accepted for publication | 30.10.2023 |
| Available online | 27.12.2023 |