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Regional Payment Systems of Asia, Africa, Latin America as a Tool for Regional Integration. Prospects for the Eurasian Economic Union

Author

Listed:
  • Kristina V. Shvandar

    (Financial Research Institute, Moscow 127006, Russian Federation)

  • Lyubov I. Khomyakova

    (Financial University under the Government of the Russian Federation, Moscow 125167, Russian Federation)

Abstract

The article considers the mutual payment systems of regional associations in Asia, Africa and Latin America in line with the global trend to reduce the share of the US dollar in settlements among countries belonging to trade, regional or integration blocs. We took for the research the Regional Payment System SML (Sistema de Pagamentos em Moeda Local) of the MERCOSUR countries, the Regional Mutual Settlement System SUCRE (Sistema Único de Compensación Regional) of the ALBA countries, the Regional Clearing and Settlement System REPSS (Regional Payment and Settlement System) of the COMESA, Settlement system of the Asian Clearing Union. It reveals features of these mutual payment systems, analyzes their contribution to the servicing of mutual trade turnover (noted such a feature of existing systems as their centric organization). The role of these systems in stimulating the use of national currencies by economic entities has been determined. It is indicated that the dedollarisation processes are closely related to the development of cross-border payments and the achievement of certain agreements on the development of a common payment space among countries of the same region that have economic ties, first of all active mutual trade. Based on the model and data on mutual trade turnover and the currency structure of settlements of the Eurasian Economic Union countries given Latin American, African and Asian experience, it forecasts an increase in the share of their national currencies in the servicing of mutual trade in goods and services.

Suggested Citation

  • Kristina V. Shvandar & Lyubov I. Khomyakova, 2022. "Regional Payment Systems of Asia, Africa, Latin America as a Tool for Regional Integration. Prospects for the Eurasian Economic Union," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 43-54, April.
    • Handle: RePEc:fru:finjrn:220203:p:43-54
    DOI: 10.31107/2075-1990-2022-2-43-54
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    References listed on IDEAS

    as
    1. Ms. Mercedes Garcia-Escribano & Mr. Sebastian Sosa, 2011. "What is Driving Financial De-Dollarization in Latin America?," IMF Working Papers 2011/010, International Monetary Fund.
    2. Mr. Mauro Mecagni & Mr. Juan S Corrales & Mr. Jemma Dridi & Mr. Rodrigo Garcia-Verdu & Patrick A. Imam & Mr. Justin Matz & Ms. Carla Macario & Mr. Rodolfo Maino & Mr. Yibin Mu & Ashwin Moheeput & Mr. , 2015. "Dollarization in Sub-Saharan Africa: Experiences and Lessons," IMF Departmental Papers / Policy Papers 2015/005, International Monetary Fund.
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    Cited by:

    1. V. Yu. Mishina & L. I. Khomyakova, 2023. "Structural Transformation of the Russian Foreign Exchange Market: Dedollarization, Decentralization, Delocalization," Studies on Russian Economic Development, Springer, vol. 34(3), pages 372-380, June.

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    More about this item

    Keywords

    payments; cross-border settlements; common payment space; Eurasian Economic Union (EAEU); dedollarisation; national currencies;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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