IDEAS home Printed from https://ideas.repec.org/a/psl/moneta/202343.html
   My bibliography  Save this article

De-dollarizzazione: la sfida dei paesi BRICS (De-dollarization: the challenge of the BRICS countries)

Author

Listed:
  • Lucio Gobbi

    (Universita' di Trento)

Abstract

La Grande Crisi Finanziaria (GCF) del 2007-2009 ha mostrato la fragilita' del sistema finanziario internazionale dollaro-centrico. In risposta a tale crisi, nel 2009 nasceva il gruppo dei paesi BRICS (Brasile, Russia, India, Cina e Sudafrica), un consesso alternativo al G7 finalizzato a riformare la governance finanziaria globale. Oggi il dollaro è ancora saldamente la moneta egemone. Ciononostante, l'utilizzo di accordi bilaterali stipulati in monete locali tende a rafforzare l'importanza delle monete dei paesi appartenenti alla comunita' BRICS. Il presente contributo approfondisce inoltre la funzione che l'oro potrebbe avere all'interno di un sistema monetario internazionale in cui l'utilizzo di sanzioni finanziarie da parte degli Stati Uniti e dei suoi alleati sia sempre più frequente. The Great Financial Crisis (GCF) of 2007-2009 showed the fragility of the dollar-centric international financial system. In response to this crisis, the BRICS group of countries (Brazil, Russia, India, China and South Africa), an alternative forum to the G7 aimed at reforming global financial governance, was born in 2009. Today the dollar is still firmly the hegemonic currency. Nevertheless, the use of bilateral agreements concluded in local currencies tends to strengthen the role of the currencies of the countries belonging to the BRICS community. This paper also explores the function that gold could play within an international monetary system in which the use of financial sanctions by the United States and its allies is increasingly frequent.

Suggested Citation

  • Lucio Gobbi, 2023. "De-dollarizzazione: la sfida dei paesi BRICS (De-dollarization: the challenge of the BRICS countries)," Moneta e Credito, Economia civile, vol. 76(304), pages 357-372.
    • Handle: RePEc:psl:moneta:2023:43
    as

    Download full text from publisher

    File URL: https://rosa.uniroma1.it/rosa04/moneta_e_credito/article/view/18421/17133
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Michael D. Bordo & Andrew T. Levin, 2017. "Central Bank Digital Currency And The Future Of Monetary Policy," Economics Working Papers 17104, Hoover Institution, Stanford University.
    2. Eichengreen, Barry, 2002. "Financial Crises and What to Do About Them," OUP Catalogue, Oxford University Press, number 9780199257447.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    2. Svetlana Abramova & Rainer Böhme & Helmut Elsinger & Helmut Stix & Martin Summer, 2022. "What can CBDC designers learn from asking potential users? Results from a survey of Austrian residents (Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer)," Working Papers 241, Oesterreichische Nationalbank (Austrian Central Bank).
    3. Dirk Niepelt, 2020. "Reserves for All? Central Bank Digital Currency, Deposits, and Their (Non)-Equivalence," International Journal of Central Banking, International Journal of Central Banking, vol. 16(3), pages 211-238, June.
    4. Geoffrey Goodell & Hazem Danny Al-Nakib & Paolo Tasca, 2021. "A Digital Currency Architecture for Privacy and Owner-Custodianship," Future Internet, MDPI, vol. 13(5), pages 1-28, May.
    5. Berger, Allen N. & Boot, Arnoud W.A., 2024. "Financial intermediation services and competition analyses: Review and paths forward for improvement," Journal of Financial Intermediation, Elsevier, vol. 57(C).
    6. Hoang, Yen Hai & Ngo, Vu Minh & Bich Vu, Ngoc, 2023. "Central bank digital currency: A systematic literature review using text mining approach," Research in International Business and Finance, Elsevier, vol. 64(C).
    7. Barry Eichengreen & Ricardo Hausmann & Ugo Panizza, 2007. "Currency Mismatches, Debt Intolerance, and the Original Sin: Why They Are Not the Same and Why It Matters," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, pages 121-170, National Bureau of Economic Research, Inc.
    8. Carlos Viñuela & Juan Sapena & Gonzalo Wandosell, 2020. "The Future of Money and the Central Bank Digital Currency Dilemma," Sustainability, MDPI, vol. 12(22), pages 1-22, November.
    9. Ferrari Minesso, Massimo & Mehl, Arnaud & Stracca, Livio, 2022. "Central bank digital currency in an open economy," Journal of Monetary Economics, Elsevier, vol. 127(C), pages 54-68.
    10. K.S. Jomo & Ilene Grabel & Gerald Epstein, 2003. "Capital Management Techniques In Developing Countries: An Assessment of Experiences From the 1990s and Lessons for the Future," Working Papers wp56, Political Economy Research Institute, University of Massachusetts at Amherst.
    11. Mauricio Drelichman & Hans-Joachim Voth, 2015. "Risk sharing with the monarch: contingent debt and excusable defaults in the age of Philip II, 1556–1598," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 9(1), pages 49-75, January.
    12. Lunde, Jens, 2006. "The owner-occupiers’ capital structure during a house price boom," Working Papers 2005-3, Copenhagen Business School, Department of Finance.
    13. Mathilde Maurel & Gunther Schnabl, 2012. "Keynesian and Austrian Perspectives on Crisis, Shock Adjustment, Exchange Rate Regime and (Long-Term) Growth," Open Economies Review, Springer, vol. 23(5), pages 847-868, November.
    14. Yilmaz AKYüZ, 2005. "Reforming The Imf: Back To The Drawing Board," G-24 Discussion Papers 38, United Nations Conference on Trade and Development.
    15. Aiste Juskaite & Sigitas Siaudinis & Tomas Reichenbachas, 2019. "CBDC – in a whirlpool of discussion," Bank of Lithuania Occasional Paper Series 29, Bank of Lithuania.
    16. Andreas Pyka & Uwe Cantner & Alfred Greiner & Thomas Kuhn (ed.), 2009. "Recent Advances in Neo-Schumpeterian Economics," Books, Edward Elgar Publishing, number 12982.
    17. Isaiah Hull & Or Sattath & Eleni Diamanti & Göran Wendin, 2024. "Quantum Technology for Economists," Contributions to Economics, Springer, number 978-3-031-50780-9, January.
    18. Dimitris Malliaropulos & Petros Migiakis, 2020. "Sovereign credit ratings and the fundamentals of the Greek economy," Economic Bulletin, Bank of Greece, issue 51, pages 1-30, July.
    19. Dominika Kolcunova & Tomas Havranek, 2018. "Estimating the Effective Lower Bound on the Czech National Bank’s Policy Rate," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 68(6), pages 550-577, December.
    20. C. Pfister, 2017. "Monetary Policy and Digital Currencies: Much Ado about Nothing?," Working papers 642, Banque de France.

    More about this item

    Keywords

    dollar hegemony; international monetary system; BRICS;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2023:43. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.