The Instruments to Reform the World System of Currencies: Internationalising the Currencies of the BRICS
https://doi.org/10.26794/2308-944X-2018-6-2-19-28
Abstract
The general outcomes of this article come from a hypothesis that expanding the BRICS currencies in the contemporary World System of Currencies (WSC) is going to be a major driver of reinforcing financial stability and transforming the WSC by means of the internationalisation process as a result of direct international settlements as well as through purchasing them using currency vehicles at the national foreign exchange markets. As a result there emerges a need to analyse the BRICS currencies’ circulation abroad, identifying the stages and directions of their internationalisation, considering the role they may play in the future development of the economies and near-by regions, their cooperation in mutual trade, investment flows, technology exchange, research and development, energy, financial stability and economic security. The article is especially time-relevant since the yuan is becoming a world reserve currency that may change the structure and the mechanism of the WSC.
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Review
For citations:
Zharikov M. The Instruments to Reform the World System of Currencies: Internationalising the Currencies of the BRICS. Review of Business and Economics Studies. 2018;6(3):19-28. (In Russ.) https://doi.org/10.26794/2308-944X-2018-6-2-19-28
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