THE ROLE OF GOLD IN THE CONDITIONS OF MODERNIZATION OF THE RUSSIAN ECONOMY
( Pp. 16-23)

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Manakhov Boris M. post-graduate student of the Department of Economic theory
the Financial University under the government of the Russian Federation
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Abstract:
Background. The main objective of a research consists in identification on the basis of historical experience of the Russian Federation and the created methodology and world practice of treatment of gold of opportunities and conditions of its use as the tool and reserve increasing efficiency of reforming of domestic economy and its separate branches. For this purpose in article the author solves such problems as the analysis of evolution of a role of gold in world currency system, assessment of a condition of the world market of gold mining and its level in a national section, express expected data on change of a role of gold in a domestic financial system, transformation of structure of a gold and exchange stock as mechanism of stabilization of economic system. Materials and methods. The research is executed with application of a complex of scientific approaches and methods among which the main tools are historical, comparative methodical approaches and also the structural analysis, synthesis, generalization and interpretation, problem situation analysis. The area of a research covers the period of evolution of «the gold standard» from the middle of the 19th century until its transformation in the current conditions of the 21st century (on a state the beginning of 2018). Results and conclusions. The author came to the conclusion that gold keeps a role of a reserve and monetary asset, despite nominal cancellation of system of «the gold standard». It is proved that the increasing role of gold mining branch in modernization of the domestic industry is confirmed with historical practice. Similar approach will allow to reduce dependence of the budget of the country on sale of primary raw materials, oil and gas export, having increased the level of economic stability and safety of the state. In the current conditions restoration on a new technological basis of a gold mining complex of the country, its reforming is required. The author сconsiders necessary stimulation of interest of government institutions in accumulation of gold reserves and in extraction of precious metals against the background of ensuring openness of statistics on production, purchases and reserves of gold. Framework of a research and subsequent use of results. Results of the research can be used for development of the further practical directions and methodical tools allowing to consider reserves of gold of our country as the mechanism which is most promoting attraction of foreign investments, modernization of domestic economy, providing guarantees from serious consequences of economic crises, isolation and sanctions from foreign states. Practical value. Practical interest for the specialists of science and practice is represented by the expected indicators formulated within the research by the author on transformation of a role of gold in domestic financial and world system and also the innovative methodical tools considered in the context of the carried-out analysis in the explored area, the carried-out assessment of prospects of use of similar tools in the Russian conditions. Social consequences. The author proved the fact that in our country there is an extensive experience and methodical potential at the sphere of the address of gold on the basis of which it is necessary to stimulate demand for metal and to form steady basis for development of a national gold market (with active participation of both legal bodies, and individuals). At realization of these conditions it will be possible to talk about gold transformation as precious metal in stocks of our country in the tool which is most promoting attraction of foreign investments, modernization of domestic economy, providing guarantees from catastrophic consequences of economic crises for the Russian population and national economy. Science novelty. The conducted research, considered by the author the gold role evolution from the moment of introduction of «the gold standard», expected data and scenarios on transformations of its role, innovative tools in the field (for example, issue of the gold-bearing banknote) are of interest to experts in the field of modern economic science, both researchers of theoretical, and methodical aspects, tools in the sphere of studying of gold as the asset providing stability and development of national economy in strategic prospect and the current conditions and also the experts working in bank, investment, monetary spheres.
How to Cite:
Manakhov B.M., (2018), THE ROLE OF GOLD IN THE CONDITIONS OF MODERNIZATION OF THE RUSSIAN ECONOMY. Economic Problems and Legal Practice, 4: 16-23.
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