ARTICLE 2 (Part 1) L. L. FITUNI Doctor of Economics Institute of Africa, Russian Academy of Sciences Key words: international monetary and credit relations, capital flows, IMF quotas, BRICS, low-income countries, external debt, global governance In the years that have passed since the countries of Asia, Africa and Latin America gained independence, their finances have undergone a long evolution - from rudimentary structures left by the metropolises to full-fledged complex modern systems of varying degrees of stability and efficiency. Over the past 10 to 15 years, there has been an accelerated differentiation of developing countries in terms of their financial viability, growth trends, and the ability of national finances to develop themselves. At the same time, the processes of consolidating the financial power of developing countries are gaining momentum, and they are justifiably insisting that their interests should be more taken into account when reforming the global monetary and financial systems. The current global financial and economic crisis has highlighted the changing position of developing countries in global finance and international monetary and credit relations. On the one hand, over the past decade and a half, the global "financial importance" of the leaders of catch - up development-China, India, Brazil, Russia, etc. - has increased, and the national finances of developing countries as a whole have been somewhat strengthened and consolidated. 1 In emerging markets, especially in Asia, private savings rates have been very high in recent years. The IMF estimates that they will remain above the global average in the near and medium term, although they are likely to decrease slightly.2 On the other hand, a significant number of young countries are still less integrated into global monetary and financial relations due to their continuing underdevelopment. Such a lag in financial development and disconnection from particularly risky segments of the global ... Читать далее