POSITIONS AND PROSPECTS OF EMERGING MARKET ECONOMIES' CURRENCIES

被引:0
|
作者
Golovnin, Mikhail Yu [1 ]
机构
[1] Russian Acad Sci, Inst Econ, 32 Nakhimovskii Prosp, Moscow 117218, Russia
来源
关键词
international monetary system; global foreign exchange market; emerging market economies; currency internationalization; currency hierarchy;
D O I
10.20542/0131-2227-2023-67-1-16-24
中图分类号
D81 [国际关系];
学科分类号
030207 ;
摘要
Over the past two decades of the 21st century, there has been an increase in the role of the currencies of emerging markets in the global foreign exchange market, but their positions in the international monetary system have not significantly changed. The article demonstrates the continuing gap between the role of the leading emerging market economies in the global economy and finance and the position of their currencies in the international monetary system. This gap is driven by lower liquidity premiums for the currencies of EME countries, relatively underdevelopment of their financial systems and greater financial instability, restrictions on the placement of securities denominated in national currencies on international financial markets, as well as geopolitical factors (including the risks of imposing sanctions regimes by the developed countries). It is shown that the internationalization of the EME currencies is facilitated by such factors as internal financial stability, the relative development of national financial markets and a significant role of issuing countries in world trade. On the example of China, the relative success of the policy of internationalization of the yuan is shown, on the example of Mexico and Russia, the role of participation in regional integration associations to expand the external circulation of national currencies. There is an increase in the role of geopolitical factors in determining the positions of individual EME currencies, especially since 2022. The scenario of fragmentation of the international monetary and financial system is considered, which implies a relative weakening of the positions of current leading world currencies with a relative strengthening of the positions of the individual EME currencies (primarily Chinese yuan). Measures are proposed to strengthen the positions of EME currencies in the new geopolitical conditions: activation of interaction processes in regional and mega-regional associations, formation of payment and settlement systems within them in national currencies using digital technologies, creation of regional markets for securities denominated in national currencies, the conclusion and activation of multilateral currency swap agreements between the central banks of EME countries.
引用
收藏
页码:16 / 24
页数:9
相关论文
共 50 条
  • [41] What triggers inflation in emerging market economies?
    Domaç, I
    Yücel, EM
    REVIEW OF WORLD ECONOMICS, 2005, 141 (01) : 141 - 164
  • [42] Emerging market economies: Globalization and development.
    Felzensztein, C
    INTERNATIONAL SMALL BUSINESS JOURNAL, 2006, 24 (03) : 324 - 326
  • [43] Lowering the cost of capital in emerging market economies
    Berglof, Erik
    Bolton, Patrick
    Guriev, Serge
    Zhuravskaya, Ekaterina
    ANNUAL WORLD BANK CONFERENCE ON DEVELOPMENT ECONOMICS-REGIONAL 2007: BEYOND TRANSITION, 2007, : 227 - 247
  • [44] The Rising Resilience of Emerging Market and Developing Economies
    Abiad, Abdul
    Bluedorn, John
    Guajardo, Jaime
    Topalova, Petia
    WORLD DEVELOPMENT, 2015, 72 : 1 - 26
  • [45] Inflation targeting in emerging market economies - Comment
    Hall, RE
    NBER MACROECONOMICS ANNUAL 2003, 2004, 18 : 400 - 403
  • [46] Stock market openings: Experience of emerging economies
    Kim, EH
    Singal, V
    JOURNAL OF BUSINESS, 2000, 73 (01): : 25 - 66
  • [47] Emerging market economies in an integrating Europe - An introduction
    Hacker, RS
    Johansson, B
    Karlsson, C
    Emerging Market Economies and European Economic Integration, 2004, : 1 - 27
  • [48] Inflation targeting in emerging market economies - Comment
    Mishkin, FS
    NBER MACROECONOMICS ANNUAL 2003, 2004, 18 : 403 - 413
  • [49] Determinants of financial stress in emerging market economies
    Park, Cyn-Young
    Mercado, Rogelio V., Jr.
    JOURNAL OF BANKING & FINANCE, 2014, 45 : 199 - 224
  • [50] Inflation at risk in advanced and emerging market economies*
    Banerjee, Ryan
    Contreras, Juan
    Mehrotra, Aaron
    Zampolli, Fabrizio
    JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2024, 142