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Prospects for the Russian Ruble as a Regional Reserve Currency

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  • Narkevich, Siarhei

    (Independent)

  • Trunin, Pavel

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA))

Abstract

The paper analyzes the concept of reserve currencies and their role in today's global payment system. Among the topics considered are the definition of reserve currencies, their functions in international transactions, as well as the advantages and disadvantages reserve currencies' emission. The key section is devoted to the analysis and classification of the existing theoretical and empirical models describing the factors of formation of reserve currencies. The important part of the research is to study the concept of a regional reserve currency, and to define the specific factors affecting the development of the reserve currency. We evaluate the role of regional reserve currencies in international transactions and global financial markets. The final part is devoted to the analysis of possible measures aimed at raising the status of the Russian ruble and its transformation into a regional reserve currency.

Suggested Citation

  • Narkevich, Siarhei & Trunin, Pavel, 2013. "Prospects for the Russian Ruble as a Regional Reserve Currency," Published Papers dok2, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:ppaper:dok2
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    Keywords

    a reserve currency; the Russian ruble;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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