Are Reserve Currencies a Source of Instability of the International Monetary System?

Authors

Abstract

The paper analyzes transformation of the reserve currency concept in the modern global economy and in-depth contradictions of the international monetary system that based on use of national currencies as major instruments of international settlements. Based on Robert Triffin’s fi ndings, the author argues that reserve currencies being a contradiction compound of national and global economic interests are themselves a source of potential instability of the international monetary system.

Keywords:

International monetary system, reserve currencies, Triffin’s dilemma (paradox), contradiction of national and global economic interests, international reserves

Downloads

Download data is not yet available.

Author Biography

Игорь Олегович Нестеров, St. Petersburg State University, 7–9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation

кандидат экономических наук, доцент

References

Литература на русском языке


References in Latin Alphabet

Bubula A., Ötker-Robe I. The Evolution of Exchange Rate Regimes Since 1990: Evidence from De Facto Policy // IMF Working Paper. 2002. WP/02/155. P. 17.

Clarida R. With Privilege Comes…? October 2009. URL: http://media.pimco-global.com/pdfs/pdf_au (дата обращения: 15.02.2012).

Clark P., Polak J. International Liquidity and the Role of the SDR in the International Monetary System // IMF Working Paper. WP/02/217. 2002. December. URL: http://www.imf.org/external/pubs/ft/wp/2002/wp02217.pdf (дата обращения: 10.05.2012).

Flood R., Marion N. Holding International Reserves in an Era of High Capital Mobility // IMF working paper. WP/02/62. URL: http://www.imf.org/external/pubs/ft/wp/2002/wp0262.pdf (дата обращения: 5.02.2012).

IMF, Currency Composition of Official Foreign Exchange Reserves (COFER). URL: http://www.imf.org/external/np/sta/cofer/eng/cofer.pdf (дата обращения: 10.05.2012).

International Monetary Fund “World Economic Outlook” (update Jan 2012). URL: http://www.imf.org/external/pubs/ft/weo/2012/update/01/ tbl1 (дата обращения: 8.02.2012).

Lehrman L. E, Mueller J. D. Go Forward to Gold: How to lift the reserve-currency curse. National Review (Digital). 2008. December 15. URL: http://www2.nationalreview.com/monetary.html (дата обращения: 23.04.2012).

Mateos y Lago E., Duttagupta R., Goyal R. The Debate on the International Monetary System // IMF Staff Position Note. SPN/09/26. 2009. November 11.

Obstfeld M., Shambaugh J., Taylor A. Financial Stability, the Trilemma, and International Reserves // American Economic Journal. 2009. URL: http://elsa.berkeley.edu/~obstfeld/OSTreservesupdate.pdf (дата обращения: 20.12.2011).

Stiglitz J. E. Towards a New Global Reserve System. URL: http://aric.adb.org/grs/papers/Stiglitz.pdf (дата обращения: 4.02.2012).

The Wall Street Journal. URL: http://online.wsj.com/mdc/public/page/2_3022-intlstkidx-20111230.html?mod=mdc_pastcalendar (дата обращения: 25.04.2012).

Triennial Central Bank Survey: Report on global foreign exchange market activity in 2010. Bank for International Settlements, Monetary and Economic Department. 2010. December. URL: http://www.bis.org/publ/rpfxf10t.pdf (дата обращения: 14.03.2012).

Triffin R. Gold and the Dollar Crisis: The Future of Convertibility. New Haven, CN: Yale University Press, 1960.

World Gold Council. URL: https://www.gold.org/government_aff airs/gold_reserves/ (дата обращения: 10/05/2012).

World Investment Report: Non-Equity Modes of International Production and Development. 2011 by United Nations Conference on Trade and Development. URL: http://www.unctad-docs.org/files/UNCTAD-WIR2011-Full-en.pdf (дата обращения: 10.04.2012).

WORLD OFFICIAL GOLD HOLDINGS. International Financial Statistics. April 2012. URL: https://www.gold.org/government_affairs/gold_reserves/ (дата обращения: 04.04.2012).


Translation of references in Russian into English

Вестник Санкт-Петербургского университета. Серия 5. Экономика. 2012. Вып. 4

Downloads

Published

2012-09-28

How to Cite

Нестеров, И. О. (2012). Are Reserve Currencies a Source of Instability of the International Monetary System?. St Petersburg University Journal of Economic Studies, (4), 115–123. Retrieved from https://economicsjournal.spbu.ru/article/view/2649

Issue

No. 4 (2012)

Section

Global economy

License

Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.