POLICY OF THE USA FEDERAL RESERVE SYSTEM AS A FACTOR OF GLOBAL INSTABILITY
https://doi.org/10.21686/2073-1051-2014-2-135-142
Abstract
The article considers the problems of the modern financial policy of the USA. The author examines the strategy of the USA Federal Reserve System (FRS) in the situation of new global challenges. The paper stresses the importance of fiscal and debt policy in FRS goals. The author shows the role of FRS in maintaining of the USA dollar position as global currency. The paper reviews the demand for USA Dollar in international settlements, state reserves as well as the degree of dollarization of the world economy. Particular attention is paid to the policy of FRS, aimed at preserving geopolitical prestige of the first world economy, without taking into account the interests of other countries. The author identifies the possible consequences of folding FRS quantitative easing program (Q3) for emerging markets. The author comes to the conclusion that the necessity to ensure macroeconomic stability for the countries with emerging markets requires consideration of the specific nature of the financial policy of the USA, deep analysis of the state of national financial systems, identifying the main risks and possible consequences.
About the Author
Larisa G. Chuvakhina
Finance University under the Government of the Russian Federation
Russian Federation
Russian Federation
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Review
For citations:
Chuvakhina L.G. POLICY OF THE USA FEDERAL RESERVE SYSTEM AS A FACTOR OF GLOBAL INSTABILITY. Federalism. 2014;(2):135-142. (In Russ.) https://doi.org/10.21686/2073-1051-2014-2-135-142
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