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Verso la disgregazione del sistema monetario post 1971? I paesi in via di sviluppo e l'impatto delle sanzioni belliche sulla dollar hegemony (Towards the disintegration of post 1971 monetary system? Developing countries and the impact of war sanctions on dollar hegemony)

Author

Listed:
  • Roberto Lampa

    (CONICET, Argentina)

Abstract

Gli effetti avversi della liberalizzazione finanziaria e commerciale successiva al 1971 nei paesi in via di sviluppo (PVS) sono consistiti in una lunga serie di episodi di crisi e volatilita'. Con il cambio di secolo, tuttavia, l'introduzione di misure macro-prudenziali e l'accumulazione di ingenti riserve internazionali in dollari hanno agito come elemento di stabilizzazione del sistema monetario internazionale; allo stesso modo la crisi del 2008 ha rafforzato ulteriormente la centralita' del dollaro. Le sanzioni alla Russia del 2014, tuttavia, hanno radicalmente cambiato questo scenario e indotto una riconsiderazione da parte dei PVS, che potrebbe culminare nella frammentazione dell'attuale sistema monetario in risposta all'attuale conflitto russo-ucraino. The detrimental effects of post 1971 financial and trade liberalization on the emerging markets consisted of a long series of financial turmoil and sovereign debt crises. Since the early 2000s, the introduction of macro-prudential measures matched with the accumulation of a war chest of international reserves has acted as a stabilizing factor on the international monetary system, which reinforced dollar hegemony. However, 2014 sanctions to Russia abruptly changed this scenario, implying a reconsideration by the emerging economies which might derive in a fragmentation of the current international monetary system, in response of the further sanctions resulting from the Russian-Ukrainian war.

Suggested Citation

  • Roberto Lampa, 2022. "Verso la disgregazione del sistema monetario post 1971? I paesi in via di sviluppo e l'impatto delle sanzioni belliche sulla dollar hegemony (Towards the disintegration of post 1971 monetary system? D," Moneta e Credito, Economia civile, vol. 75(298), pages 149-161.
    • Handle: RePEc:psl:moneta:2022:24
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    Keywords

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    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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