+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

Supranational currency regulation: Theoretical and practical approaches

Vol. 24, Iss. 1, JANUARY 2018

Received: 20 December 2017

Received in revised form: 9 January 2018

Accepted: 23 January 2018

Available online: 29 January 2018

Subject Heading: WORLD MONETARY SYSTEM

JEL Classification: F02, F31, F33

Pages: 191–208

https://doi.org/10.24891/fc.24.1.191

Kuznetsov A.V. Financial University under Government of Russian Federation, Moscow, Russian Federation
kuznetsov0572@mail.ru

https://orcid.org/0000-0003-3669-0667

Subject The article deals with the issues of supranational currency regulation, deeming it a prerequisite for the return of the world economy to a sustainable, confident and balanced growth path.
Objectives The article aims to study theoretical and practical approaches to the organization of supranational monetary cooperation of sovereign States at the global and regional levels.
Methods For the study, I used scientific methods of systems approach, analogy, modeling, and abstraction.
Results The article shows that in current conditions of development of the world economy the euro, being the only fully functioning project of supranational monetary integration, has not yet created conditions for the participating countries for harmonious and stable development. The practice of transferable ruble circulation proved the possibility of simultaneous expansion of mutual trade and balanced development of all participants of supranational currency cooperation.
Conclusions and Relevance To enter a new level of supranational currency cooperation, sovereign States are required to develop an integrated approach to solving a number of economic, technical and political problems. The results of the research can be useful in the development of theoretical and practical approaches to supranational currency regulation.

Keywords: clearing currency, transferable ruble, Special Drawing Rights, SDR, algorithmic trading, calendar spread

References:

  1. Zvonova E.A., Kuznetsov A.V. [Fundamental imbalances in international financial architecture]. Rossiiskii ekonomicheskii zhurnal = Russian Economic Journal, 2016, no. 4, pp. 19–31. (In Russ.)
  2. Zvonova E.A., Kuznetsov A.V. [Supra-national approaches to regulation of global financial disbalances]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2017, vol. 61, no. 6, pp. 67–76. (In Russ.) URL: Link
  3. Greenspan A. Karta i territoriya: Risk, chelovecheskaya priroda i problemy prognozirovaniya [The Map and the Territory: Risk, Human Nature and the Future of Forecasting]. Moscow, Al'pina Pablisher Publ., 2015, 412 p.
  4. Eichengreen B., Lombardi D. RMBI or RMBR: Is the Renminbi Destined to Become a Global or Regional Currency? National Bureau of Economic Research Working Paper, 2015, no. 21716, 36 p. URL: Link
  5. Moiseev S.R. [Monetary integration: Creation and crush of currency unions]. Den'gi i kredit = Money and Credit, 2015, no. 10, pp. 15–19. URL: Link (In Russ.)
  6. Kuznetsov V.S. [Monetary Union is the future of EAEU]. Vestnik MGIMO Universiteta = MGIMO Review of International Relations, 2015, no. 2, pp. 250–258. URL: Link (In Russ.)
  7. Knobel' A.Yu., Mironov A.K. [Assessment of CIS Countries Readiness for Creation of Currency Union]. Zhurnal Novoi ekonomicheskoi assotsiatsii = Journal of the New Economic Association, 2015, no. 1, pp. 76–102. URL: Link (In Russ.)
  8. Vinokurov E.Yu., Demidenko M.V., Korshunov D.A. [Potential costs and benefits of monetary integration in the Eurasian Economic Union]. Voprosy Ekonomiki, 2017, no. 2, pp. 75–96. URL: Link (In Russ.)
  9. Pishchik V.Ya., Alekseev P.V. [On Conceptual Approaches to Monetary Unification in the Process of Formation of the Eurasian Economic Union]. Den'gi i kredit = Money and Credit, 2015, no. 9, pp. 20–26. (In Russ.)
  10. Goncharenko M.A., Khomyakova L.I. [Forms of Currency Relations and the Possibility of Their Application within the Eurasian Economic Union]. Den'gi i kredit = Money and Credit, 2015, no. 9, pp. 27–33. (In Russ.)
  11. Mundell R. The Case for a World Currency. Journal of Policy Modeling, 2012, vol. 34, iss. 4, pp. 568–578. URL: Link
  12. Stiglitz J.E. Making Globalization Work. New York, London, W.W. Norton & Company, 2007, 384 p.
  13. Steil B. The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order. Princeton, NJ, Princeton University Press, 2013, 449 p.
  14. Wilkie C. Special Drawing Rights (SDRs): The First International Money. Oxford University Press, 2011, 328 p.
  15. Keynes J.M. Collected Writings, Vol. XXV. Activities 1940–1944: Shaping the Post-War World: The Clearing Union. Moggridge Donald (Ed.). London, Macmillan, Cambridge University Press, 1980, pp. 42–66.
  16. Konstantinov Yu.A. Dve integratsii – dva valyutno-finansovykh mekhanizma [Two integrations – two monetary and financial mechanisms]. Moscow, Finansy i statistika Publ., 1986, 302 p.
  17. Homer S., Sylla R. A History of Interest Rates. Fourth Edition. Hoboken, NJ, John Wiley & Sons, 2005, 720 p.
  18. Katasonov V.Yu. Ekonomika Stalina [The Economy of Stalin]. Moscow, Institut russkoi tsivilizatsii Publ., 2016, 416 p.
  19. Borisov S.M. Rubl' – valyuta Rossii [Ruble is the currency of Russia]. Moscow, Konsaltbankir Publ., 2004, 420 p.
  20. Rickards J. Valyutnye voiny [Currency Wars: The Making of the Next Global Crisis]. Moscow, Eksmo Publ., 2015, 368 p.
  21. Chiesa G. Chto vmesto katastrofy [What Is Instead of Catastrophe]. Moscow, Tribuna Publ., 2014, 352 p.
  22. Sarrazin Th. Evrope ne nuzhen evro [Europa braucht den Euro nicht]. Moscow, AST Publ., 2015, 512 p.
  23. Platonova I.N., Nagovitsin A.G., Korotchenya V.M. Perestroika mirovoi valyutnoi sistemy i pozitsiya Rossii [Restructuring of the world monetary system and the position of Russia]. Moscow, Librokom Publ., 2009, 240 p.
  24. Hankel W., Isaak R. Brave New World Economy: Global Finance Threatens Our Future. Hoboken, New Jersey, John Wiley & Sons, 2011, 270 p.
  25. Bystrov A.V., Bystrova D.A., Lyzina N.V. et al. Nezavisimaya nadnatsional'naya valyuta: teoriya i praktika: monografiya [Independent supranational currency: theory and practice: a monograph]. Moscow, INFRA-M Publ., 2016, 131 p.
  26. Barrdear J., Kumhof M. The Macroeconomics of Central Bank Issued Digital Currencies. Bank of England Working Papers, 2016, no. 605, 92 p. URL: Link

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 3
March 2024

Archive