国际储备资产新概念:安全、多元化与非常规途径

IF 0.7 Q3 ECONOMICS
E. Vinokurov, M. Grichik
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引用次数: 1

摘要

俄罗斯的国际储备资产规模居世界第七,尽管这不是第一次,但冻结俄罗斯的国际储备资产,将对世界各国处理其储备的方式产生系统性影响。金融制裁削弱了人们对传统储备货币的信心。应当对管理国际储备资产的概念方法进行系统和彻底的修订。目前的国际金融体系框架没有提供任何现成的解决方案来保障外汇储备的完整性和维持宏观经济的稳定。本文提出了储备资产安全的潜在新途径。它可以通过工具和操作人员的多样化来执行。本文探讨了几种可能补充/取代传统储备货币储备的解决方案,从折衷解决方案到非常规解决方案:(1)扩大风险较小的现有工具的使用,(2)引入新工具,(3)改变范式。作者得出的结论是,由此产生的系统将更加不稳定、分散、复杂和昂贵的管理。然而,这是许多国家愿意为其外汇储备的安全付出的代价。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
New concept of international reserve assets: Security, diversification and nonconventional approaches
The freezing of Russia’s international reserve assets, the world’s seventh largest, despite not being the first case of its kind, will have systemic impact on the way countries around the world treat their reserves. Financial sanctions have undermined confidence in traditional reserve currencies. A systemic and complete revision of the conceptual approaches to managing international reserve assets is due. The current framework of the international financial system does not offer any off-the-shelf solutions to enable safeguarding the integrity of reserves and maintaining macroeconomic stability. The paper proposes potential new approaches to the safety of reserve assets. It could be implemented through the diversification of instruments and operators. The paper examines several possible solutions that might complement/replace reserves in traditional reserve currencies, ranging from compromise solutions to unconventional ones: (1) expanding the use of existing tools which carry less risk, (2) introducing new instruments, and (3) changing the paradigm. The authors conclude that the resulting system will be more volatile, decentralized, complicated and expensive to manage. However, this is the price many countries would be willing to pay for the security of their reserves.
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来源期刊
Voprosy Ekonomiki
Voprosy Ekonomiki ECONOMICS-
CiteScore
1.80
自引率
25.00%
发文量
86
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