Guerra e moneta: come il conflitto in Ucraina cambierà il sistema monetario internazionale

Autori

  • Lorenzo Esposito Banca d’Italia, Sede di Milano e Dipartimento di Politica Economica, Università Cattolica del Sacro Cuore, Milano
  • Daniele Tori The Open University Business School (UK)

DOI:

https://doi.org/10.13133/2037-3651/17741

Parole chiave:

payment system, SWIFT, digital currency, Russia

Abstract

L’invasione dell’Ucraina cambierà profondamente gli scenari economici e politici. Assieme alle sanzioni, accelererà il processo di ‘de-globalizzazione’ innescato dalla crisi finanziaria del 2008 e dalla pandemia. In questo lavoro analizziamo gli effetti che le sanzioni avranno su questi processi, in particolare sul sistema monetario internazionale. Negli ultimi anni il dominio del dollaro come valuta dei pagamenti internazionali è declinato ma lentamente, e i tentativi soprattutto della Cina e della Russia di emarginarlo non hanno avuto grande successo. Tuttavia, nel nuovo scenario i sistemi alternativi a SWIFT, particolarmente quello cinese, riceveranno un forte impulso così come l’utilizzo di pagamenti in valute diverse dal dollaro. Come già successo in altre epoche storiche, il cambiamento della valuta di riferimento degli scambi internazionali è legato a eventi epocali e a un cambio di paradigma tecnologico: la guerra e la valuta digitale cinese e poi di altri paesi potrebbero costituire le basi di questa svolta.

Riferimenti bibliografici

Antràs P. (2020), “De-Globalisation? Global Value Chains in the Post-COVID-19 Age”, NBER Working Paper, n. 28115, Cambridge (MA): National Bureau of Economic Research.

Arslanalp S. e Simpson-Bell C. (2021), “US Dollar Share of Global Foreign Exchange Reserves Drops to 25-Year Low”, IMFblog, 5 maggio, disponibile alla URL: https://blogs.imf.org/2021/05/05/us-dollar-share-of-global-foreign-exchange-reserves-drops-to-25-year-low

Arslanalp S., Eichengreen B.J. e Simpson-Bell C. (2022), “The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies”, IMF Working Papers, n. WP/22/58, disponibile alla URL: https://www.imf.org/-/media/Files/Publications/WP/2022/English/wpiea2022058-print-pdf.ashx

Barlyn S. (2015), “Deutsche Bank to pay $258 million to settle U.S. sanctions case – NYDFS”, Reuters.Breakingviews, 4 novembre, disponibile alla URL: https://www.reuters.com/article/us-deutsche-bank-penalty-idUSKCN0ST2J720151104

Basso D. (2022), “Le Maire backtracks after talking of ‘economic and financial war’ against Russia”, Euractiv, 2 marzo, disponibile alla URL: https://www.euractiv.com/section/politics/short_news/le-maire-backtracks-after-talking-of-economic-and-financial-war-against-russia/

Baydakova A. (2022), “Bank of Russia Proceeds with digital ruble, renews push for crypto ban”, CoinDesk, 16 febbraio, disponibile al link: https://www.coindesk.com/policy/2022/02/16/bank-of-russia-proceeds-with-digital-ruble-renews-push-for-crypto-ban/

Bekkers E. e Góes C. (2022), “The impact of geopolitical conflicts on trade, growth, and innovation: An illustrative simulation study”, Voxeu.org, 29 marzo, disponibile alla URL: https://voxeu.org/article/impact-geopolitical-conflicts-trade-growth-and-innovation

Bhattacharjee S. (2022), “India-Russia explore a rupee-rouble payment scheme to bypass war”, Aljazeera.com, 31 marzo, disponibile alla URL: https://www.aljazeera.com/economy/2022/3/31/india-russia-explore-a-rupee-rouble-payment-scheme-to-bypass-war

Bhusari M. e Nikoladze M. (2022), “Russia and China: Partners in Dedollarization”, Atlanticcouncil.org, 18 febbraio, disponibile alla URL: https://www.atlanticcouncil.org/blogs/econographics/russia-and-china-partners-in-dedollarization/

Boar C. Wehrli A. (2021), “Ready, steady, go? – Results of the third BIS survey on central bank digital currency”, BIS papers, n. 114, Basilea: Bank for International Settlements, disponibile alla URL: https://www.bis.org/publ/bppdf/bispap114.pdf

Boonsta W. (2022), “CBDC and the international position of the euro”, SUERF Policy Notes, n. 269, marzo, Vienna: SUERF/The European Money and Finance Forum, disponibile alla URL: https://www.suerf.org/docx/f_e5e05bd77a755fedae33906cae78b723_42323_suerf.pdf .

Brenner R. (2009), “What is Good for Goldman Sachs is Good for America The Origins of the Present Crisis”, UCLA – Center for Social Theory and Comparative History, Los Angeles: University of California, disponibile alla URL: https://escholarship.org/uc/item/0sg0782h

Bunina M. (2022), “What is Russia’s ‘MIR’ payment system?”, Russia Beyond. Business, 10 marzo, disponibile alla URL: https://www.rbth.com/business/334833-russian-mir-payment-system-card

China Power Team (2020), “Will China’s Push to Internationalize the Renminbi Succeed?”, China Power, 1 aprile, aggiornato il 26 agosto 2020, disponibile alla URL: https://chinapower.csis.org/china-renminbi-rmb-internationalization/

Chinn M. e Frankel J. (2008), “Why the Euro will rival the Dollar”, International Finance, 11 (1), pp. 49-73.

De Meyer K. (2022), “Ukraine: l’UE et ses alliés dégainent l’arme SWIFT contre la Russie”, LesEchos, 27 febbraio, disponibile alla URL: https://www.lesechos.fr/monde/europe/lue-sapprete-a-exclure-des-banques-russes-de-swift-1389928

D’Eramo M. (2022), “Deglobalization” New Left Review – Sidecar, 29 marzo, disponibile alla URL: https://newleftreview.org/sidecar/posts/deglobalization?fbclid=IwAR04q7FmAHke2IM8Kco_p1uImnfH4f8-IUsksP7-Bpu6ZDiBpR2hCV75Qyk

Dubard A. (2022), “2014 and Now: Will Sanctions Change Putin’s Calculations?”, Freiheit.org, 3 marzo, disponibile alla URL: https://www.freiheit.org/2014-and-now-will-sanctions-change-putins-calculations

Eichengreen B.J. (2008), Globalizing Capital, 2a ed., Princeton: Princeton University Press.

Eichengreen B.J. (2011), Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, Oxford: Oxford University Press.

Eichengreen B.J., Mehl A. e Chitu L. (2018), How Global Currencies Work: Past, Present and Future, Princeton: Princeton University Press.

Fantacci L. (2017). “Reconciling Money and Goods: Keynes’s Commodity and Currency Plans for the Postwar World” Annals of the Fondazione Luigi Einaudi, 51 149-176.

Fantacci L. e Gobbi L. (2022a), “Il rischio del dollaro in armi”, IspiOnline.it, 4 marzo, disponibile alla URL: https://www.ispionline.it/it/pubblicazione/il-rischio-del-dollaro-armi-33930

Fantacci L. e Gobbi L. (2022b), “Dopo l'Ucraina, una nuova Bretton Woods monetaria?”, IspiOnline.it, 18 marzo, disponibile alla URL: https://www.ispionline.it/it/pubblicazione/dopo-lucraina-una-nuova-bretton-woods-monetaria-34195

Fei Ju S. (2022), “At Winter Olympics, Beijing tries to sell world on digital yuan”, AlJazeera.com, 4 febbraio, disponibile alla URL: https://www.aljazeera.com/economy/2022/2/4/at-olympics-beijing-sees-chance-to-sell-world-on-digital-yuan

Galiani F. (1750), Della moneta, libri cinque, Napoli: Giuseppe Raimondi.

Giannini C. (1994), “Confidence Costs and the Institutional Genesis of Central Banks”, Temi di discussione, n. 226, Roma: Banca d’Italia.

Greene R. (2021), “What Will Be the Impact of China’s State-Sponsored Digital Currency”, Carnegie Endowment Commentary, Washington (DC): Carnegie Endowment for International Peace.

Klebnikov S. (2022), “BlackRock CEO Larry Fink Says Russia-Ukraine War Is Upending World Order And Will End Globalization”, Forbes.com, 24 marzo, disponibile alla URL: https://www.forbes.com/sites/sergeiklebnikov/2022/03/24/blackrock-ceo-larry-fink-says-russia-ukraine-war-is-upending-world-order-and-will-end-globalization/

Korsunskaya D. e Marrow A. (2021), “Russian rainy day fund to get out of all U.S. dollar assets”, Reuters.com, 3 giugno, disponibile alla URL: https://www.reuters.com/article/us-russia-reserves/russian-rainy-day-fund-to-get-out-of-all-u-s-dollar-assets-idUSKCN2DF1R9

Kroeber A. (2022), “Digital renminbi will not help Russia evade sanctions”, Financial Times, 16 marzo, disponibile alla URL: https://www.ft.com/content/cb13c87c-90d5-4266-8d62-e7e50be14f01

La Voce di New York (2022) “Cosa succederebbe se la Russia venisse ‘cacciata’ da SWIFT?”, Lavocedinewyork.com, 26 febbraio, disponibile alla URL: https://lavocedinewyork.com/news/economia/2022/02/26/cosa-succederebbe-se-la-russia-venisse-cacciata-da-swift/

Milanovich B. (2016), Global Inequality, Cambridge (MA): Harvard University Press.

Münchau W. (2022), “A BRIC, impenetrable to sanctions”, Eurointelligence.com, 13 marzo, disponibile alla URL: https://www.eurointelligence.com/column/a-bric-impenetrable-to-sanctions

Omarova S.T. (2021), “The People’s Ledger. How to Democratize Money and Finance the Economy”, Vanderbilt Law Review, 74 (5), pp. 1231-1300.

Perez C. (2021), “Emerging challenges to US dollar supremacy”, Foreignpolicy.com, 26 agosto, disponibile alla URL: https://foreignpolicy.com/2021/08/26/future-of-money-dollar-decline-central-bank-digital-currency-crypto-sanctions-china-russia/

Phillipps J. (2022), “BlackRock funds suffer $17bn losses on Russia exposure”, Citywireamericas.com, 14 marzo, disponibile alla URL: https://citywireamericas.com/news/blackrock-funds-suffer-17bn-losses-on-russia-exposure/a2382267

Raymond N. (2015), “BNP Paribas sentenced in $8.9 billion accord over sanctions violations”, Reuters.com, 1 maggio, disponibile alla URL: https://www.reuters.com/article/us-bnp-paribas-settlement-sentencing-idUSKBN0NM41K20150501

Reuters (2022), “Russia hikes rates, introduces capital controls as sanctions bite”, Reuters.com, 28 febbraio, disponibile alla URL: https://www.reuters.com/markets/europe/russian-central-bank-scrambles-contain-fallout-sanctions-2022-02-28/

Said S. e Kalin S. (2022), “Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales”, The Wall Street Journal, 15 marzo, disponibile alla URL: https://www.wsj.com/articles/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541

Schumpeter J. A. (1954), Capitalismo, socialismo e democrazia, Milano: ETAS.

Shensen Z. (2022), “China’s SWIFT ‘equivalent’ goes viral in capital market”, Shine.cn, 1 marzo, disponibile alla URL: https://www.shine.cn/news/in-focus/2203012548/

Shukla S. (2022), “Why ‘de-dollarisation’ is imminent”, Indianexpress.com, 17 marzo, disponibile alla URL: https://indianexpress.com/article/opinion/columns/why-de-dollarisation-is-imminent-us-dollar-russia-7823308/

Sims T., White L. e O’Donnell J. (2022), “Explainer: Europe's banks fear payment system could be casualty of Russia-Ukraine crisis”, Reuters.com, 14 febbraio, disponibile alla URL: https://www.reuters.com/business/finance/europes-banks-fear-payment-system-could-be-casualty-russia-ukraine-crisis-2022-02-09/

SWIFT (2022), “SWIFT reports strong annual growth”, swift.com, 3 febbraio, disponibile alla URL: https://www.swift.com/news-events/news/swift-reports-strong-annual-growth

The People’s Bank of China (2022), “People’s Bank of China and Central Bank of the Russian Federation Successfully Launched Bilateral Currency Swap Arrangement”, News, People’s Bank of China, disponibile alla URL: http://www.pbc.gov.cn/english/130721/3024330/index.html

Tran H. (2022), “Internationalization of the Renmibi via bilateral swap lines”, Atlanticcouncil.org, 18 marzo, disponibile alla URL: https://www.atlanticcouncil.org/blogs/econographics/internationalization-of-the-renmibi-via-bilateral-swap-lines/

World Bank (2021), “Russia Economic Report”, Washington (DC): World Bank Group, disponibile alla URL: https://documents1.worldbank.org/curated/en/099050011302118976/pdf/P17756206d40310aa0a5e109d6fa60bc55a.pdf

Zhou X. (2009), “Reform the International Monetary System”, BIS Review, 41/2009, pp. 1-3, disponibile alla URL: https://www.bis.org/review/r090402c.pdf

Zhou C. (2021), “China’s SWIFT joint venture ‘defensive move’ against US refuted by former bank executive”, Scmp.com, 30 marzo, disponibile alla URL: https://www.scmp.com/economy/china-economy/article/3127492/chinas-swift-joint-venture-defensive-move-against-us-refuted

##submission.downloads##

Pubblicato

2022-07-03

Fascicolo

Sezione

Articoli