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De-dollarization of the global economy: Yesterday was too early, tomorrow will be too late?
https://doi.org/10.32609/0042-8736-2025-11-21-44
Abstract
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.
About the Authors
A. V. Podrugina
Authors affiliation: HSE University
Russian Federation
Russian Federation
Anastasia V. Podrugina
Moscow
A. K. Morozkina
Authors affiliation: HSE University
Russian Federation
Russian Federation
Alexandra K. Morozkina
Moscow
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Podrugina A.V., Morozkina A.K. De-dollarization of the global economy: Yesterday was too early, tomorrow will be too late? Voprosy Ekonomiki. 2025;(11):21-44. (In Russ.) https://doi.org/10.32609/0042-8736-2025-11-21-44
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