Gold and Foreign Currency Reserves Mangement: Revisiting the Issue of the Concept

Abstract

The paper provides for the study of the category “gold and foreign currency reserves management”. Despite the particular importance of this category, there is no any normative definition of the category under consideration. In this regard, having analyzed doctrinal definitions of public administration, the authors determine several features and clarify them for the purpose of their application to the gold and foreign currency reserves management: first, gold and currency reserves management represents a type of state activity; second, it is carried out by authorized public authorities—the Ministry of Finance of the Russian Federation and the Bank of Russia; third, it consists of successive stages—creation, storage and use of gold and foreign currency reserves. Following the results of the study, authors propose their own definition of the category “gold and foreign currency reserves management”. In particular, it is possible to define the management of gold and foreign currency reserves as a special type of state activity aimed at the creation, storage and use of gold and foreign currency reserves and carried out by the Ministry of Finance of Russia and the Bank of Russia.