+7 (925) 966 4690
ИД «Финансы и кредит»

ЖУРНАЛЫ

  

АВТОРАМ

  

ПОДПИСКА

    
«Дайджест-Финансы»
 

Включен в перечень ВАК по специальностям

ЭКОНОМИЧЕСКИЕ,
ФИЗИКО-МАТЕМАТИЧЕСКИЕ НАУКИ:
5.2.2. Математические, статистические и инструментальные методы в экономике

ЭКОНОМИЧЕСКИЕ НАУКИ:
5.2.4. Финансы
5.2.5. Мировая экономика
5.2.6. Менеджмент

Реферирование и индексирование

РИНЦ
Referativny Zhurnal VINITI RAS
Google Scholar

Электронные версии в PDF

East View Information Services
eLIBRARY.RU
Biblioclub


Лицензия Creative Commons
Это произведение доступно по лицензии Creative Commons «Attribution» («Атрибуция») 4.0 Всемирная.

The Future of Monetary Integration in the EEU

т. 23, вып. 3, сентябрь 2018

Получена: 01.07.2017

Получена в доработанном виде: 05.12.2017

Одобрена: 12.12.2017

Доступна онлайн: 28.09.2018

Рубрика: MONETARY SYSTEM AND CURRENCY CIRCULATION

Коды JEL: E41, E44, F10, F15

Страницы: 297-307

https://doi.org/10.24891/df.23.3.297

Shvandar K.V. Financial Research Institute of Ministry of Finance of Russian Federation (FRI), Moscow, Russian Federation 
shvandar@nifi.ru

https://orcid.org/0000-0001-9946-5681
SPIN-код: отсутствует

Anisimova A.A. Financial Research Institute of Ministry of Finance of Russian Federation (FRI), Moscow, Russian Federation 
aanisimova@nifi.ru

https://orcid.org/0000-0001-6421-8349
SPIN-код: отсутствует

Yakovleva I.I. Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation 
irinaiyakovleva@gmail.com

https://orcid.org/0000-0003-0871-8706
SPIN-код: отсутствует

Importance Almost all regions experience active processes of economic integration. As a result, national currencies become more usable for international payments. The trends are observed in the Eurasian Economic Union (EEU), with the Russian ruble obviously dominating the other currencies.
Objectives We identify factors that streamline invoicing processes denominated in national currencies throughout the EEU.
Methods We refer to China to analyze the main reasons for using the home currency in international payments, scrutinize the payment mechanism under stringent constraints on the currency laws. Summarizing and analyzing the renminbi internationalization practices, we conclude on the most important factors that intensified payments in national currencies throughout the EEU.
Results The article names key factors making the countries use their home currencies to close trade deals. We also express our opinion on the future of payments denominated in the Russian rubles and EEU currencies.
Conclusions and Relevance National currencies are used for international invoicing purposes due to profound trade ties with partners and accessibility of finance, stability of the exchange rate and intention to reduce the USD dominance. The Russian ruble becomes more influential throughout the EEU due to a special status of Russia in the EEU. Russia is the main supplier of energy resources, having the most developed financial market and being free from any legislative barriers to making payments in national currencies throughout the EEU countries.

Ключевые слова: exchange rate, currency internationalization, trade invoicing, inflation, monetary policy

Список литературы:

  1. Cheng E., Wang C. The Possibility of Creating a Global Currency, and the Path to Its Realization. World Review of Political Economy, 2011, vol. 2, iss. 4, pp. 543–561.
  2. Endres A.M. Currency Competition: A Hayekian Perspective on International Monetary Integration. Journal of Money, Credit and Banking, 2009, September, vol. 41, iss. 6, pp. 1251–1263. URL: Link
  3. Faudot A., Ponsot J.-F. The Dollar Dominance: Recent Episode of Trade Invoicing and Debt Issuance. Journal of Economic Integration, 2016, March, vol. 31, iss. 1, pp. 41–64. URL: Link
  4. Frankel J.A. Internationalization of the RMB and Historical Precedents. Journal of Economic Integration, 2012, September, vol. 27, iss. 3, pp. 329–365. URL: Link
  5. Leung M.K. Hong Kong and the Internationalisation of the RMB. China Perspectives, 2011, July, no. 3, pp. 67–77.
  6. Mallaby S., Wethington O. The Future of the Yuan: China's Struggle to Internationalize Its Currency. Foreign Affairs, 2012, January/February, vol. 91, iss. 1, pp. 135–146. URL: Link
  7. Glazunov A.V., Shvandar K.V., Anisimova A.A. [Development of national payment systems as the current trend]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Financial Research Institute. Financial Journal, 2016, no. 5, pp. 94–102. URL: Link (In Russ.)
  8. Mishina V.Yu., Dranishnikova M.V. [Russian ruble in Eurasian integration: new challenges and opportunities]. Bankovskoe delo, 2016, no. 2, pp. 36–44. (In Russ.)
  9. Suvorov G.I. [On monetary and financial integration in the framework of the Eurasian Economic Union]. Den'gi i kredit = Money and Credit, 2015, no. 6, pp. 3–5. URL: Link (In Russ.)
  10. Tavadyan A.A. [Key aspects in coordination of the money-and-credit politics in EEC countries in the context of crisis processes (Armenia, Erevan)]. Problemy sovremennoi ekonomiki = Problems of Modern Economics, 2015, no. 4, pp. 34–36. URL: Link (In Russ.)
  11. Shvandar K.V. [World crisis through the prism of pay balance and competitiveness]. Bankovskoe delo, 2009, no. 5, pp. 54–60. (In Russ.)
  12. Shvandar K.V., Plotnikov S.V., Borodin A.D. [Modelling scope for forecasting the situation on the world oil markets]. Den'gi i kredit = Money and Credit, 2010, no. 4, pp. 63–69. (In Russ.)
  13. Shvandar K.V., Anisimova A.A. [Foreign experience of development of cashless payment system: practice and results]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Financial Research Institute. Financial Journal, 2015, no. 1, pp. 91–98. URL: Link (In Russ.)
  14. Shvandar K.V., Anisimova A.A. Ogranichenie nalichnykh denezhnykh raschetov kak variant stimulirovaniya razvitiya beznalichnykh platezhei v ekonomike: zarubezhnyi opyt [Cash payments restriction as a way of development incentive of non-cash payments in the economy: world experience]. Moscow, MAKS Press Publ., 2016, 80 p.
  15. Shvandar K.V., Anisimova A.A. [Limitation of cash payments as a method of non-cash payment development in different countries]. Bankovskoe delo, 2015, no. 1, pp. 25–30. (In Russ.)
  16. Shvandar K.V., Anisimova A.A. Mezhdunarodnaya konkurentosposobnost': sovremennyi vzglyad na kontseptsiyu [International competitiveness: A modern view at the concept]. Moscow, MAKS Press Publ., 2006, 48 p.
  17. Shvandar K.V. Mezhdunarodnaya konkurentosposobnost stran-eksporterov nefti [International competitiveness of the petroleum exporting countries]. Moscow, MAKS Press Publ., 2009.

Посмотреть другие статьи номера »

 

ISSN 2311-9438 (Online)
ISSN 2073-8005 (Print)

Свежий номер журнала

т. 29, вып. 1, март 2024

Другие номера журнала