Use of national currencies in international settlements. Experience of the BRICS countries.
Uallace Moreira Lima (Federal University of Bahia); Marcelo Xavier do Nascimento (Federal University of Pernambuco); Sergey Karataev, Nikolay Troshin, Pavel Zakharov, Natalya Gribova, Ivan Bazhenov (Russian Institute for Strategic Studies); Shekhar Hari Kumar, Ila Patnaik (National Institute of Public Finance and Policy); Liu Dongmin, Xiao Lisheng, Lu Ting, Xiong Aizong, Zhang Chi (Institute of World Economics and Politics, Chinese Academy of Social Sciences); Ronney Ncwadi (Nelson Mandela Metropolitan University); Jaya Josie (Human Sciences Research Council)
Sergey Karataev, Nikolay Troshin, Ivan Bazhenov, Jaya Josie Design and Publication Oleg Strizhak, Olga Farenkova (Russian Institute for Strategic Studies).
Financial crises of the past decades revealed the instability of the modern international monetary system based on a single dominant currency. Increasing the role and turnover of national currencies in international economic transactions and payments would contribute to redressing the existing imbalance. BRICS countries’ experience indicates that effi cient currency internationalization can be reached by both forming a number of prerequisites and fi nancial and economic policies pursued by the authorities. Strengthening the BRICS countries’ collaboration and implementation of joint initiatives should help create favorable conditions for promoting a wider use of their currencies in international settlements.
The views expressed in this survey are those of the authors and do not necessarily represent the views of the Russian Institute for Strategic Studies.