financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2022-26-1-6-23finance-1497Research ArticleМЕЖДУНАРОДНЫЕ ФИНАНСЫINTERNATIONAL FINANCEКонкуренция резервных валют в условиях полицентрического развития мировой финансовой системыReserve currency competition in a polycentric world financial systemhttps://orcid.org/0000-0002-0628-0133СахаровД. М.SakharovD. M.

Дмитрий Михайлович Сахаров — кандидат экономических наук, доцент департамента мировых финансов

Москва

Dmitry M. Sakharov — Cand. Sci. (Econ.), Assoc. Prof., Department of World Finance

Moscow

dmsakharov@fa.ruФинансовый университетРоссияFinancial UniversityRussian Federation202225022022261623Copyright © Сахаров Д.М., 20222022Сахаров Д.М.Sakharov D.M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1497

Статья посвящена исследованию вопросов конкуренции резервных валют в мировой финансовой системе. Цель статьи заключается в исследовании ключевых факторов конкурентоспособности резервных валют в условиях полицентрического развития мировой финансовой системы, а также в оценке возможного влияния цифровой трансформации на факторы, определяющие лидирующие позиции валют в мировой финансовой системе. Автор использовал следующие методы научного исследования: анализ, синтез, метод научной абстракции, дедукция, индукция, а также логический метод. Показано важнейшее значение емкости финансового рынка для конкурентоспособности валюты. Отмечено ключевое значение инструментов денежно-кредитной политики, обеспечивающих предоставление фондирования кредитным организациям, для укрепления конкурентных преимуществ валюты на международном финансовом рынке. Автор указывает, что проводимая центральными банками, выпускающими резервные валюты, денежно-кредитная политика в период кризиса, вызванного распространением коронавируса, обеспечила стабилизацию ситуации в мировой финансовой системе и способствовала укреплению позиций ключевых резервных валют на международном финансовом рынке. Автор отмечает, что расширение сотрудничества между центральными банками при проведении денежно-кредитной политики отражает полицентрический характер развития мировой финансовой системы. В исследовании подчеркнуто, что развитие экосистем, обусловленное процессами цифровизации, способно оказать значительное влияние на конкурентные позиции валют в мировой финансовой системе. Сделан вывод, что развитие мировой финансовой системы носит полицентрический характер, заключающийся в сохранении за долларом США статуса ключевой валюты при увеличении роли других резервных валют. Перспектива дальнейшего исследования вопросов конкурентоспособности валют связана с оценкой влияния процессов цифровизации на конкурентные позиции резервных валют в мировой финансовой системе.

This research is devoted to the issues of reserve currency competition in the global financial system. The paper aims to investigate key sources of competitive advantages of reserve currencies in the context of the development of the global financial system towards currency multipolarity and assess how digital transformation can affect the drivers of reserve currencies’ competitive positions in the global financial system. The author uses the following methods of scientific research: analysis, synthesis, abstraction, deduction, induction, and logical method. The article notes that the financial market capacity is the key factor of reserve currency competitiveness. The author emphasizes that monetary policy instruments that provide funding for financial institutions play a key role in strengthening reserve currency competitiveness in the global financial market. The author highlights that during the COVID-19 crisis monetary policy of the central banks that issue reserve currencies stabilized the situation in the world financial system and strengthened the positions of the major reserve currencies in the global financial market. The author notes that the increase of monetary policy cooperation between central banks points to the evolution of the world financial system towards currency multipolarity. The research emphasized that the development of ecosystems driven by digital transformation can significantly affect the competitive positions of currencies in the global financial system. The author concludes that the global financial system is evolving towards currency multipolarity meaning that the US dollar will remain a leading reserve currency and at the same time other reserve currencies will likely play a bigger role. Further research of currency competition problems may investigate the impact of digital transformation on competitive positions of reserve currencies in the global financial system.

мировая финансовая системаконкуренция валютмеждународный финансовый рынокмеждународные валютные резервыденежно-кредитная политикацифровизацияцентральные банкирезервные валютымировая банковская системавалютный полицентризмglobal financial systemcurrency competitionglobal financial marketinternational foreign exchange reservesmonetary policydigitalizationcentral banksreserve currenciesglobal banking systemcurrency multipolarityСтатья подготовлена по результатам исследований, выполненных за счет бюджетных средств по государственному заданию Финансовому университету на 2021 г. по прикладной научно-исследовательской теме: «Формирование рекомендаций по развитию и дополнению существующей комплексной системы поддержки российских экспортеров». 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The authors declare that there are no conflicts of interest present.