IDEAS home Printed from https://ideas.repec.org/a/scn/00rbes/y2018i3p19-28.html
   My bibliography  Save this article

Инструменты реформы мировой валютной системы: интернационализация валют стран БРИКС // The Instruments to Reform the World System of Currencies: Internationalising the Currencies of the BRICS

Author

Listed:
  • M. Zharikov

    (Financial University)

  • М. Жариков

    (Финансовый университет)

Abstract

The general outcomes of this article come from a hypothesis that expanding the BRICS currencies in the contemporary World System of Currencies (WSC) is going to be a major driver of reinforcing financial stability and transforming the WSC by means of the internationalisation process as a result of direct international settlements as well as through purchasing them using currency vehicles at the national foreign exchange markets. As a result there emerges a need to analyse the BRICS currencies’ circulation abroad, identifying the stages and directions of their internationalisation, considering the role they may play in the future development of the economies and near-by regions, their cooperation in mutual trade, investment flows, technology exchange, research and development, energy, financial stability and economic security. The article is especially time-relevant since the yuan is becoming a world reserve currency that may change the structure and the mechanism of the WSC. Основные положения этой статьи исходят из гипотезы о том, что расширение использования валют стран БРИКС в современной мировой валютной системе (МВС) становится важнейшей движущей силой укрепления финансовой стабильности и трансформации МВС посредством процесса интернационализации, как результат организации прямых расчетов, а также с помощью их купли-продажи на базе валютных инструментов, обращающихся на валютных рынках. Вследствие этого возникает необходимость анализа обращения валют стран БРИКС за рубежом, выявления этапов и направлений их интернационализации с учетом роли, которую они могут играть в будущем развитии национальных экономик и приграничных территорий, сотрудничества во взаимной торговле, инвестиционных потоках, обмене технологиями, научных разработках, в сфере энергетики, финансовой стабильности и экономической безопасности. Проблематика статьи особенно актуальна в связи со становлением юаня как мировой резервной валюты, изменяющей структуру и функционирование МВС.

Suggested Citation

  • M. Zharikov & М. Жариков, 2018. "Инструменты реформы мировой валютной системы: интернационализация валют стран БРИКС // The Instruments to Reform the World System of Currencies: Internationalising the Currencies of the BRICS," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 6(3), pages 19-28.
    • Handle: RePEc:scn:00rbes:y:2018:i:3:p:19-28
    as

    Download full text from publisher

    File URL: https://rbes.fa.ru/jour/article/viewFile/89/89.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. George G. Kaufman, 2001. "Emerging Economies and International Financial Centers," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 4(04), pages 365-377.
    2. Goldberg, Linda S. & Tille, Cédric, 2008. "Vehicle currency use in international trade," Journal of International Economics, Elsevier, vol. 76(2), pages 177-192, December.
    3. Philip R Lane & Gian Maria Milesi-Ferretti, 2011. "The Cross-Country Incidence of the Global Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(1), pages 77-110, April.
    4. Òscar Jordà & Moritz Schularick & Alan M Taylor, 2011. "Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(2), pages 340-378, June.
    5. Martin Schindler, 2009. "Measuring Financial Integration: A New Data Set," IMF Staff Papers, Palgrave Macmillan, vol. 56(1), pages 222-238, April.
    6. Robert Wade, 2008. "The First-World Debt Crisis of 2007-2010 in Global Perspective," Challenge, Taylor & Francis Journals, vol. 51(4), pages 23-54.
    7. Kasekende Louis & Brixova Zuzana & Ndikumana Leonce, 2010. "Africa: Africa's Counter-Cyclical Policy Responses to the Crisis," Journal of Globalization and Development, De Gruyter, vol. 1(1), pages 1-22, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. M. Zharikov & М. Жариков В., 2018. "Российский рубль в региональной и глобальной динамике // The Russian Rouble in the Regional and Global Dynamics," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 6(4), pages 6-17.
    2. M. Zharikov & М. Жариков, 2019. "Москва как новый офшорный центр юаня // Moscow to be a New Offshore Centre of the Yuan," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 7(1), pages 6-18.
    3. Wenwen Sheng & M. C. Sunny Wong, 2017. "Capital Flow Management Policies and Riskiness of External Liability Structures: the Role of Local Financial Markets," Open Economies Review, Springer, vol. 28(3), pages 461-498, July.
    4. Feldkircher, Martin, 2014. "The determinants of vulnerability to the global financial crisis 2008 to 2009: Credit growth and other sources of risk," Journal of International Money and Finance, Elsevier, vol. 43(C), pages 19-49.
    5. Mikkel Hermansen & Oliver Röhn, 2017. "Economic resilience: The usefulness of early warning indicators in OECD countries," OECD Journal: Economic Studies, OECD Publishing, vol. 2016(1), pages 9-35.
    6. Steiner, Andreas Christian & Saadma, Torsten, 2016. "Measuring De Facto Financial Openness: A New Index," VfS Annual Conference 2016 (Augsburg): Demographic Change 145575, Verein für Socialpolitik / German Economic Association.
    7. Kiley, Michael T., 2021. "What macroeconomic conditions lead financial crises?," Journal of International Money and Finance, Elsevier, vol. 111(C).
    8. Bilge Erten & Anton Korinek & José Antonio Ocampo, 2021. "Capital Controls: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 59(1), pages 45-89, March.
    9. repec:onb:oenbfi:y:2012:i:2:b:3 is not listed on IDEAS
    10. Levieuge, Grégory & Lucotte, Yannick & Pradines-Jobet, Florian, 2021. "The cost of banking crises: Does the policy framework matter?," Journal of International Money and Finance, Elsevier, vol. 110(C).
    11. Philip R. Lane, 2013. "Cross-Border Financial Integration in Asia and the Macro-Financial Policy Framework," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 14(2), pages 37-52, April.
    12. Feldkircher, Martin, 2014. "The determinants of vulnerability to the global financial crisis 2008 to 2009: Credit growth and other sources of risk," Journal of International Money and Finance, Elsevier, vol. 43(C), pages 19-49.
    13. Davis, J. Scott & Mack, Adrienne & Phoa, Wesley & Vandenabeele, Anne, 2016. "Credit booms, banking crises, and the current account," Journal of International Money and Finance, Elsevier, vol. 60(C), pages 360-377.
    14. Cesar Calderon & Sebastien Boreux, 2016. "Citius, Altius, Fortius: Is Growth in Sub-Saharan Africa More Resilient?," Journal of African Economies, Centre for the Study of African Economies, vol. 25(4), pages 502-528.
    15. repec:zbw:bofitp:2012_026 is not listed on IDEAS
    16. Berkmen, S. Pelin & Gelos, Gaston & Rennhack, Robert & Walsh, James P., 2012. "The global financial crisis: Explaining cross-country differences in the output impact," Journal of International Money and Finance, Elsevier, vol. 31(1), pages 42-59.
    17. Bezemer, Dirk & Zhang, Lu, 2019. "Credit composition and the severity of post-crisis recessions," Journal of Financial Stability, Elsevier, vol. 42(C), pages 52-66.
    18. Jesús Crespo Cuaresma & Martin Feldkircher, 2012. "Drivers of Output Loss during the 2008–09 Crisis: A Focus on Emerging Europe," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 46-64.
    19. López, Tania & Winkler, Adalbert, 2019. "Does financial inclusion mitigate credit boom-bust cycles?," Journal of Financial Stability, Elsevier, vol. 43(C), pages 116-129.
    20. Oliver Röhn & Aida Caldera Sánchez & Mikkel Hermansen & Morten Rasmussen, 2015. "Economic resilience: A new set of vulnerability indicators for OECD countries," OECD Economics Department Working Papers 1249, OECD Publishing.
    21. Valentina Aprigliano & Danilo Liberati, 2021. "Using Credit Variables to Date Business Cycle and to Estimate the Probabilities of Recession in Real Time," Manchester School, University of Manchester, vol. 89(S1), pages 76-96, September.
    22. Punzi, Maria Teresa, 2016. "Financial cycles and co-movements between the real economy, finance and asset price dynamics in large-scale crises," FinMaP-Working Papers 61, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:scn:00rbes:y:2018:i:3:p:19-28. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Алексей Скалабан (email available below). General contact details of provider: http://rbes.fa.ru/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.