Abstract
This research is devoted to the issues of reserve currency competition in the global financial system. The paperaimsto 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 followingmethodsof 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 authorconcludesthat 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 researchof currency competition problems may investigate the impact of digital transformation on competitive positions of reserve currencies in the global financial system.
Highlights
This research is devoted to the issues of reserve currency competition in the global financial system
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
Summary
Конкуренция резервных валют в условиях полицентрического развития мировой финансовой системы. 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. 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. Что расширение сотрудничества между центральными банками при проведении денежно-кредитной политики отражает полицентрический характер развития мировой финансовой системы. Перспектива дальнейшего исследования вопросов конкурентоспособности валют связана с оценкой влияния процессов цифровизации на конкурентные позиции резервных валют в мировой финансовой системе. М. Конкуренция резервных валют в условиях полицентрического развития мировой финансовой системы.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
