The Main Reserve Currencies and their Role in Updating the Global Financial Architecture
Abstract
The subject of the study is the main reserve currencies as universal means of payment used to simplify international trade. The purpose of the work is to identify the role and assess the impact of world reserve currencies on the global financial architecture due to the severity of financial and monetary problems in the modern deglobalizing world. Based on the consideration of the results of a number of crisis situations that took place in global development, commonalities and differences between the monetary and financial system and financial architecture in a global context have been established. A critical analysis of the current problems of world reserve currencies, trends in their development in relation to foreign policy activities and processes taking place in the global economy is carried out. Possible directions of research on the global financial architecture in connection with the problems of the development of world reserve currencies in the global economic space are identified. Conclusions are drawn about the relationship and influence of world reserve currencies on the global governance system and increasing their role in maintaining the stability of the global monetary and financial system.
About the Author
N. P. Molchanova
Lomonosov Moscow State University, Moscow, Russia
Russian Federation
Russian Federation
Natalia P. Molchanova — Dr. Sci. (Econ.), Prof. at the Faculty of Global Processes
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Review
For citations:
Molchanova N.P. The Main Reserve Currencies and their Role in Updating the Global Financial Architecture. Economics, taxes & law. 2024;17(6):17-24. (In Russ.)
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