| In the section | From the Chief Editor |
| Title of the article | World Money in Time and Space: A Blow to the Dollar or a Blow by the Dollar? |
| Pages | 7-33 |
| Author 1 |
Pavel Aleksandrovich Minakir Academician RAS, Doctor of Economics, Professor, Research Supervisor Economic Research Institute FEB RAS 153 Tikhookeanskaya St., Khabarovsk, 680042, Russian Federation This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0000-0002-5451-5662 |
| Author 2 |
Dmitriy Aleksandrovich Izotov Candidate of Sciences (Economics), Leading Research Fellow Economic Research Institute FEB RAS 153 Tikhookeanskaya St., Khabarovsk, 680042, Russian Federation This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0000-0001-9199-6226 |
| Abstract | Theoretical and practical aspects of the problem of functioning of the world’s means of payment and accumulation are discussed. It is shown that the US dollar is one of the specific forms of world money along with other ‘dominant’ currencies due to its function as a reliable asset for other countries, requiring for the issuing country exceptionally strong national institutions and confidence in this national currency, the American currency is also the universal equivalent in international settlements and the world’s means of payment, accumulation and medium of circulation. It is determined that the Russian ruble is ‘commodity’ currency but not the ‘dominant’ currency, and its share in international settlements is almost imperceptible. It is shown that, other things being equal, the American currency will continue to flow into Russia, since the export of Russian raw materials is traded on the world market mainly in dollars. It was revealed that the strategy for de-dollarization of the Russian economy did not contribute to the displacement of the dollar from payments for exports from Russia, with a noticeable increase in the share of the euro in payments. It was found that the transition in Russia’s settlements from China to national currencies was not carried out, and the EAEU countries remained the only ruble zone in settlements for Russia. It is shown that Russia’s attempt to switch to settlements exclusively in rubles is tantamount to creating an exclusive money circulation system for a small country, which, within the framework of the ‘dominant’ currencies paradigm, shows its limitations. The risks for the Russian economy as a result of its isolation from the system of international settlements in dollars and euros are formulated as part of the current sanctions by developed countries |
| Code | 336+339 |
| JEL | F52, G15, H12 |
| DOI | https://dx.doi.org/10.14530/se.2022.1.007-033 |
| Keywords | global foreign exchange ♦ international trade ♦ dominant currency ♦ commodity currency ♦ exchange rate ♦ dedollarization ♦ ruble ♦ dollar ♦ euro ♦ yuan ♦ sanctions ♦ Russia ♦ USA ♦ Eurozone ♦ China |
| Download | |
| For citation | Minakir P.A., Izotov D.A. World Money in Time and Space: A Blow to the Dollar or a Blow by the Dollar? Prostranstvennaya Ekonomika = Spatial Economics, 2022, vol. 18, no. 1, pp. 7–33.https://dx.doi.org/10.14530/se.2022.1.007-033 (In Russian) |
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| Submitted | 04.03.2022 |
| Approved after reviewing | 14.03.2022 |
| Accepted for publication | 16.03.2022 |
| Available online | 30.03.2022 |