{"title":"时间和空间中的世界货币:对美元的打击还是美元的打击?","authors":"P. Minakir, D. Izotov","doi":"10.14530/se.2022.1.007-033","DOIUrl":null,"url":null,"abstract":"Theoretical and practical aspects of the problem of functioning of the world’s means of payment and accumulation are discussed. It is shown that the US dollar is one of the specific forms of world money along with other ‘dominant’ currencies due to its function as a reliable asset for other countries, requiring for the issuing country exceptionally strong national institutions and confidence in this national currency, the American currency is also the universal equivalent in international settlements and the world’s means of payment, accumulation and medium of circulation. It is determined that the Russian ruble is ‘commodity’ currency but not the ‘dominant’ currency, and its share in international settlements is almost imperceptible. It is shown that, other things being equal, the American currency will continue to flow into Russia, since the export of Russian raw materials is traded on the world market mainly in dollars. It was revealed that the strategy for de-dollarization of the Russian economy did not contribute to the displacement of the dollar from payments for exports from Russia, with a noticeable increase in the share of the euro in payments. It was found that the transition in Russia’s settlements from China to national currencies was not carried out, and the EAEU countries remained the only ruble zone in settlements for Russia. It is shown that Russia’s attempt to switch to settlements exclusively in rubles is tantamount to creating an exclusive money circulation system for a small country, which, within the framework of the ‘dominant’ currencies paradigm, shows its limitations. The risks for the Russian economy as a result of its isolation from the system of international settlements in dollars and euros are formulated as part of the current sanctions by developed countries","PeriodicalId":54733,"journal":{"name":"Networks & Spatial Economics","volume":null,"pages":null},"PeriodicalIF":1.6000,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":"{\"title\":\"World Money in Time and Space: A Blow to the Dollar or a Blow by the Dollar?\",\"authors\":\"P. Minakir, D. Izotov\",\"doi\":\"10.14530/se.2022.1.007-033\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Theoretical and practical aspects of the problem of functioning of the world’s means of payment and accumulation are discussed. It is shown that the US dollar is one of the specific forms of world money along with other ‘dominant’ currencies due to its function as a reliable asset for other countries, requiring for the issuing country exceptionally strong national institutions and confidence in this national currency, the American currency is also the universal equivalent in international settlements and the world’s means of payment, accumulation and medium of circulation. It is determined that the Russian ruble is ‘commodity’ currency but not the ‘dominant’ currency, and its share in international settlements is almost imperceptible. It is shown that, other things being equal, the American currency will continue to flow into Russia, since the export of Russian raw materials is traded on the world market mainly in dollars. It was revealed that the strategy for de-dollarization of the Russian economy did not contribute to the displacement of the dollar from payments for exports from Russia, with a noticeable increase in the share of the euro in payments. It was found that the transition in Russia’s settlements from China to national currencies was not carried out, and the EAEU countries remained the only ruble zone in settlements for Russia. It is shown that Russia’s attempt to switch to settlements exclusively in rubles is tantamount to creating an exclusive money circulation system for a small country, which, within the framework of the ‘dominant’ currencies paradigm, shows its limitations. The risks for the Russian economy as a result of its isolation from the system of international settlements in dollars and euros are formulated as part of the current sanctions by developed countries\",\"PeriodicalId\":54733,\"journal\":{\"name\":\"Networks & Spatial Economics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.6000,\"publicationDate\":\"2022-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"4\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Networks & Spatial Economics\",\"FirstCategoryId\":\"5\",\"ListUrlMain\":\"https://doi.org/10.14530/se.2022.1.007-033\",\"RegionNum\":3,\"RegionCategory\":\"工程技术\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"OPERATIONS RESEARCH & MANAGEMENT SCIENCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Networks & Spatial Economics","FirstCategoryId":"5","ListUrlMain":"https://doi.org/10.14530/se.2022.1.007-033","RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"OPERATIONS RESEARCH & MANAGEMENT SCIENCE","Score":null,"Total":0}
World Money in Time and Space: A Blow to the Dollar or a Blow by the Dollar?
Theoretical and practical aspects of the problem of functioning of the world’s means of payment and accumulation are discussed. It is shown that the US dollar is one of the specific forms of world money along with other ‘dominant’ currencies due to its function as a reliable asset for other countries, requiring for the issuing country exceptionally strong national institutions and confidence in this national currency, the American currency is also the universal equivalent in international settlements and the world’s means of payment, accumulation and medium of circulation. It is determined that the Russian ruble is ‘commodity’ currency but not the ‘dominant’ currency, and its share in international settlements is almost imperceptible. It is shown that, other things being equal, the American currency will continue to flow into Russia, since the export of Russian raw materials is traded on the world market mainly in dollars. It was revealed that the strategy for de-dollarization of the Russian economy did not contribute to the displacement of the dollar from payments for exports from Russia, with a noticeable increase in the share of the euro in payments. It was found that the transition in Russia’s settlements from China to national currencies was not carried out, and the EAEU countries remained the only ruble zone in settlements for Russia. It is shown that Russia’s attempt to switch to settlements exclusively in rubles is tantamount to creating an exclusive money circulation system for a small country, which, within the framework of the ‘dominant’ currencies paradigm, shows its limitations. The risks for the Russian economy as a result of its isolation from the system of international settlements in dollars and euros are formulated as part of the current sanctions by developed countries
期刊介绍:
Networks and Spatial Economics (NETS) is devoted to the mathematical and numerical study of economic activities facilitated by human infrastructure, broadly defined to include technologies pertinent to information, telecommunications, the Internet, transportation, energy storage and transmission, and water resources. Because the spatial organization of infrastructure most generally takes the form of networks, the journal encourages submissions that employ a network perspective. However, non-network continuum models are also recognized as an important tradition that has provided great insight into spatial economic phenomena; consequently, the journal welcomes with equal enthusiasm submissions based on continuum models.
The journal welcomes the full spectrum of high quality work in networks and spatial economics including theoretical studies, case studies and algorithmic investigations, as well as manuscripts that combine these aspects. Although not devoted exclusively to theoretical studies, the journal is "theory-friendly". That is, well thought out theoretical analyses of important network and spatial economic problems will be considered without bias even if they do not include case studies or numerical examples.