Financial sanctions and future of globalization

IF 0.3 Q4 ECONOMICS

Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association Pub Date : 2022-01-01 DOI:10.31737/2221-2264-2022-55-3-12

O. Buklemishev

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Abstract

The dynamics of financial sanctions over the past decades is considered. The outstripping growth of the role of financial and other "smart" sanctions is explained by their painfulness for target states, organizations and citizens, the asymmetry of the impact and the possibility of minimizing damage to third parties. It is shown that although the heyday of financial sanctions coincides with the period of the rollback of globalization, in many respects they are generated precisely by the process of globalization and the growth of network interactions. The assumption of the mutually reinforcing influence of deglobalization and sanctions is considered in view of the fact that the network effects of international financial institutions increase over time. Nevertheless, as a result of financial sanctions, the active processes of replacing traditional international payment and settlement mechanisms with alternative ones and the US dollar — with other reserve currencies (primarily the Chinese yuan) have not yet started. Historical experience confirms the conclusion that despite the negative effects of financial sanctions, in the modern world they may not contradict to the continuation of globalization.

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金融制裁与全球化的未来

考虑了过去几十年来金融制裁的动态。金融制裁和其他“聪明”制裁的作用之所以增长过快，原因在于它们给目标国家、组织和公民带来的痛苦、影响的不对称性以及尽量减少对第三方损害的可能性。研究表明，虽然金融制裁的鼎盛时期与全球化的倒退时期相吻合，但在许多方面，它们恰恰是全球化进程和网络互动增长的产物。考虑到国际金融机构的网络效应随着时间的推移而增强，因此考虑了去全球化和制裁相互加强影响的假设。然而，由于金融制裁，传统国际支付和结算机制的替代机制和美元-与其他储备货币(主要是人民币)的积极进程尚未开始。历史经验证实了这样一个结论，即尽管金融制裁有负面影响，但在现代世界，它们可能不会与全球化的继续相矛盾。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association ECONOMICS-

CiteScore

1.00

自引率

20.00%

发文量

期刊介绍： Key Journal''s objectives: bring together economists of different schools of thought across the Russian Federation; strengthen ties between Academy institutes, educational establishments and economic research centers; improve the quality of Russian economic research and education; integrate economic science and education; speed up the integration of Russian economic science in the global mainstream of economic research. The Journal publishes both theoretical and empirical articles, devoted to all aspects of economic science, which are of interest for wide range of specialists. It welcomes high-quality interdisciplinary projects and economic studies employing methodologies from other sciences such as physics, psychology, political science, etc. Special attention is paid to analyses of processes occurring in the Russian economy. Decisions about publishing of articles are based on a double-blind review process. Exceptions are short notes in the section "Hot Topic", which is usually formed by special invitations and after considerations of the Editorial Board. The only criterion to publish is the quality of the work (original approach, significance and substance of findings, clear presentation style). No decision to publish or reject an article will be influenced by the author belonging to whatever public movement or putting forward ideas advocated by whatever political movement. The Journal comes out four times a year, each issue consisting of 12 to 15 press sheets. Now it is published only in Russian. The English translations of the Journal issues are posted on the Journal website as open access resources.