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Ruble as a currency for internationalsettlements: Problems and prospects
https://doi.org/10.32609/0042-8736-2017-6-94-113
Abstract
The article studies recent trends in the international role of the ruble. It is demonstrated that, despite the rise in the share of ruble settlements in Russian foreign trade, as well as in nominal value of ruble transactions in foreign exchange markets, ruble’s position in the global currency system has generally deteriorated. The analysis of factors behind choice of settlement currency, as well as of country cases, shows that, for ruble’s role to rise in the future, Russian authorities need to, on the one hand, ensure macroeconomic stability and promote economic diversification; on the other hand, take special measures to develop settlement systems, enhance financial market infrastructure, expand the volume of trade finance and trade credit insurance denominated in rubles.
Keywords
settlements in national currencies,
foreign exchange markets,
global currency system,
international trade
JEL: F31; G15
About the Authors
N. Gavrilov
JSC “Russian Industrial Collegium”
Russian Federation
Russian Federation
I. Prilepskiy
Economic Expert Group; Financial Research Institute
Russian Federation
Russian Federation
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For citations:
Gavrilov N., Prilepskiy I. Ruble as a currency for internationalsettlements: Problems and prospects. Voprosy Ekonomiki. 2017;(6):94-113. (In Russ.) https://doi.org/10.32609/0042-8736-2017-6-94-113
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