Central Economics and Mathematics Institute of Russian Academy of Science
Moscow, Moscow, Russian Federation
Moscow, Moscow, Russian Federation
Russian Federation
5.2.4
The article is devoted to the issues of evolution and modern transformation of the architecture of the global financial system. The relevance of the study lies in the importance of detailing the current issues of the influence of the currency factor on international trade, settlements and pricing in the commodity markets in the context of deglobalization and rapid transformation of the global financial system, the transition to a multipolar world order. The purpose of the study is to analyze the role of national currencies in the transformation of the global financial system and their influence on the processes of formation of a multipolar world order. The objectives of the study include a comprehensive analysis of the currency composition of international settlements and foreign exchange reserves, as well as detailing the dynamics of the use of national currencies in international reserves and settlements. The methods of the study include analysis (structural-dynamic, statistical), the method of expert assessments. The data sample covers the period from 2000 to 2024 and is based on data from international financial institutions and organizations such as the International Monetary Fund (IMF), SWIFT. As a result of the study, based on statistical data, the hypothesis about the decreasing role of the US dollar in the global financial system was confirmed, which is manifested in the reduction of its use in sovereign international currency reserves, as well as in the implementation of international settlements. In parallel with the decrease in the share of the US dollar, it is being replaced by national currencies. In turn, the change in the currency composition serves as an additional driver of deglobalization of the global financial system, the formation of new currency associations and alternative settlement systems. The scope of application of the results includes the development of currency regulation strategies, improvement of international financial cooperation and the formation of a more equitable and sustainable global financial system. The limitations of the study are related to the limited frequency of release of statistical data on international currency reserves, as well as the limited availability of statistical information on investments in Chinese government securities. Future research may be aimed at studying the impact of digital currencies and blockchain technologies on the transformation of the global financial system.
global financial system, Federal Reserve System, dollar, national currencies, de-dollarization, oil, futures, yuan, ruble, deglobalization
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