Features and Factors of the Implementation of the Function of World Money by Reserve Assets in the Modern GMFS

   The article analyzes the functional features of the US dollar as a global reserve currency, the factors weakening its position in the global monetary and financial system (GMFS), as well as the directions and trends in the development of the monetary functions of the Russian ruble in international circulation in modern conditions.

   The purpose of the study is to develop conceptual approaches to the analysis of the functions of money in international circulation in new conditions.

   The objectives of the study are to analyze the factors and consequences of the changed qualitative and quantitative characteristics of the use of the US dollar as the “anchor” of the GMFS, as well as to assess the perspectives of the development of monetary functions and the exchange rate mechanism of the Russian ruble. The research methodology includes scientific and methodological approaches to the implementation of monetary functions and the exchange rate mechanism of national currencies, analysis of statistical and analytical information of the Bank of Russia, international financial organizations, official reports of government bodies, scientific monographs and publications of Russian and foreign economists, and periodicals. The authors conclude that it is advisable for Russian organizations to use rationally trading currency backed primarily by gold and other strategic goods in settlements with interested partners in foreign economic activity.

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