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Reserve Currencies: Factors of Evolution and their Role in the World Economy

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  • Sergey Narkevich

    (Gaidar Institute for Economic Policy)

  • Pavel Trunin

    (Gaidar Institute for Economic Policy)

Abstract

This work deals with the analysis and classification of the existing theoretical and empirical models describing the factors of establishing reserve currencies, and their role in today's global payment system. The important part of the study is devoted to the concept of a regional reserve currency, and the definition of the specific factors affecting the upgrading of the currency status. The authors assess the role of regional reserve currencies in international transactions and global financial markets. In the final part of the study the authors analyze the activities that could enhance the status of the Russian ruble and turn it into a regional reserve currency.

Suggested Citation

  • Sergey Narkevich & Pavel Trunin, 2012. "Reserve Currencies: Factors of Evolution and their Role in the World Economy," Research Paper Series, Gaidar Institute for Economic Policy, issue 162P.
  • Handle: RePEc:gai:rpaper:68
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    Keywords

    Reserve Currencies; regional reserve currency;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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