| In the section | Articles |
| Title of the article | Quantitative Assessment of the Institutional Development of Financial Markets in National Currencies of Developing Countries |
| Pages | 56-85 |
| Author 1 | Anastasia Viktorovna Podrugina Candidate of Sciences (Economics), Associate Professor, Department of World Economy, Faculty of World Economy and International Affairs, Head of the Group for Structural Issues in the World Economy, Centre for Comprehensive European and International Studies (CCEIS) National Research University Higher School of Economics 20 Myasnitskaya St., Moscow, 101000, Russian Federation This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0000-0001-6875-3795 |
| Author 2 | Violetta Aleksandrovna Romanova Analyst, Laboratory for Economics of Climate Change, Institute for Economics of Natural Resources and Climate Change National Research University Higher School of Economics 20 Myasnitskaya St., Moscow, 101000, Russian Federation This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0009-0003-2774-7593 |
| Abstract | This study analyzes the institutional efforts of developing countries towards dedollarization and strengthening the role of their national currencies. Based on a systematization of theoretical approaches to currency internationalization, the authors develop a new analytical tool – the Index of Institutional Development of Financial Markets in National Currencies. The index methodology encompasses four key policy areas: the use of currency in international settlements, the establishment of currency swap lines between central banks, the development of national payment systems, and the strengthening of domestic financial markets. The index was calculated for a broad sample of developing countries, including BRICS, ASEAN, and Latin American nations. The results demonstrate that the process of strengthening national currencies is multi-directional even within alliances, and its success depends on an economy’s ability to ensure the synchronous development of all components of the national currency system |
| Code | 336.743+339.727 |
| JEL | F31, F33, F36, G15 |
| DOI | https://dx.doi.org/10.14530/se.2026.2.056-085 |
| Keywords | national currencies, currency internationalization, dedollarization |
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| For citation | Podrugina A.V., Romanova V.A. Quantitative Assessment of the Institutional Development of Financial Markets in National Currencies of Developing Countries. Prostranstvennaya Ekonomika = Spatial Economics, 2026, vol. 22, no. 2, pp. 56–85. https://dx.doi.org/10.14530/se.2026.2.056-085 (In Russian) |
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| Financing | The project ‘Approaches to an Alternative International Financial System»’ is being implemented as part of the ‘International Academic Cooperation of HSE University’ project at the Higher School of Economics (HSE University) |
| Submitted | 13.02.2026 |
| Approved after reviewing | 06.05.2026 |
| Accepted for publication | 14.05.2026 |
| Available online | 30.06.2026 |