voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2025-11-21-44voprecotest-5522Research ArticleМЕЖДУНАРОДНАЯ ЭКОНОМИКАINTERNATIONAL ECONOMICSДедолларизация мировой экономики: вчера было рано, а завтра будет поздно?De-dollarization of the global economy: Yesterday was too early, tomorrow will be too late?https://orcid.org/0000-0001-6875-3795ПодругинаА. В.PodruginaA. V.

Подругина Анастасия Викторовна - к. э. н., доцент департамента мировой экономики НИУ ВШЭ.

Москва

Anastasia V. Podrugina

Moscow

apodrugina@hse.ruhttps://orcid.org/0000-0002-9529-9601МорозкинаА. К.MorozkinaA. K.

Морозкина Александра Константиновна - к. э. н., доцент департамента мировой экономики НИУ ВШЭ.

Москва

Alexandra K. Morozkina

Moscow

akmorozkina@hse.ruНациональный исследовательский университет «Высшая школа экономики»РоссияAuthors affiliation: HSE UniversityRussian Federation2025071120250112144Copyright © Voprosy Ekonomiki, NP, 20252025Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/5522

Исследованы текущая тенденция снижения роли доллара в международной финансовой системе и общая ребалансировка системы в сторону использования других валют в торговых расчетах, резервах и на финансовых рынках. Изменения рассматриваются сквозь призму микрооснований выбора валюты и подкрепляются как количественными данными, так и формированием новых институциональных механизмов. Выделены ключевые факторы дедолларизации глобальной экономики: развитие финансовых технологий, снижающих трансакционные издержки, и геополитические изменения, стимулирующие поиск альтернатив. Подчеркнуто, что для устойчивого перехода на национальные валюты необходимы углубление финансовых рынков и повышение ликвидности, поскольку выбор валюты в международных операциях связан с возможностями хеджирования и инвестирования. Особое внимание уделено роли БРИКС в этом процессе, включая создание альтернативных платежных систем, расширение валютных свопов и внедрение цифровых валют. Предложен комплексный взгляд на текущие тенденции и перспективы перестройки мировой финансовой архитектуры.

The article examines approaches to the creation of an alternative international financial system, as well as the current downward trend in the role of the dollar in the international financial system. The changes are viewed through the lens of the micro-foundations of currency choice (settlements, reserves, contracts) and are supported by both quantitative data and the development of new institutional mechanisms. The key factors contributing to de-dollarization are highlighted: the development of financial technologies that reduce transaction costs, and geopolitical changes which stimulate the search for alternatives. It is emphasized that for a sustainable transition to national currencies, it is necessary to deepen financial markets and increase liquidity, since the choice of currency in international transactions is interrelated with hedging and investment opportunities. Special attention is paid to the role of BRICS in this process, including the creation of alternative payment systems, the expansion of currency swaps and the introduction of digital currencies. The article offers a comprehensive look at current trends and prospects for restructuring the global financial architecture.

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The authors declare that there are no conflicts of interest present.