Verso la disgregazione del sistema monetario post 1971? I paesi in via di sviluppo e l’impatto delle sanzioni belliche sulla dollar hegemony

Autori

  • Roberto Lampa CONICET

DOI:

https://doi.org/10.13133/2037-3651/17753

Parole chiave:

Russia, currency crisis, Intarnational Monetary System

Abstract

Gli effetti avversi della liberalizzazione finanziaria e commerciale successiva al 1971 nei paesi in via di sviluppo (PVS) sono consistiti in una lunga serie di episodi di crisi e volatilità. Con il cambio di secolo, tuttavia, l’introduzione di misure macro-prudenziali e l’accumulazione di ingenti riserve internazionali in dollari hanno agito come elemento di stabilizzazione del sistema monetario internazionale; allo stesso modo la crisi del 2008 ha rafforzato ulteriormente la centralità del dollaro. Le sanzioni alla Russia del 2014, tuttavia, hanno radicalmente cambiato questo scenario e indotto una riconsiderazione da parte dei PVS, che potrebbe culminare nella frammentazione dell’attuale sistema monetario in risposta all’attuale conflitto russo-ucraino.

Riferimenti bibliografici

Andermo E. e Kragh M. (2021), “Sanctions and dollar dependency in Russia: resilience, vulnerability, and financial integration”, Post-Soviet Affairs, 37 (3), pp. 276-301.

Bank of Russia (2022), International Reserves of the Russian Federation database, disponibile alla URL: https://www.cbr.ru/eng/hd_base/mrrf/mrrf_m/

Bond P. (2013), “Sub-imperialism as Lubricant of Neoliberalism: South African ‘deputy sheriff’ duty within BRICS”, Third World Quarterly, 34 (2), pp. 251-270.

Bond P. (2016), “BRICS banking and the debate over sub-imperialism”, Third World Quarterly, 37 (4), pp. 611-629.

Bonizzi B. (2013), “Financialization in Developing and Emerging Countries”, International Journal of Political Economy, 42 (4), pp. 83-107.

Bortz P.G. e Kaltenbrunner A. (2017), “The International Dimension of Financialization in Developing and Emerging Economies”, Development and Change, 49 (2), pp. 375-393.

Bruno V. e Shin H.S. (2015), “Global dollar credit and carry trades: a firm-level analysis”, BIS Working Papers, n. 510, Basilea: Banca per i Regolamenti Internazionali.

Calvo G.A. (1998), “Capital Flows and Capital-Market Crises: the Simple Economics of Sudden Stops”, Journal of Applied Economics, I (1), pp. 35-54.

CEPAL (2018), Estudios sobre Financierización en América Latina, Santiago de Chile: Naciones Unidas.

Connolly R. e Hanson P. (2016), “Import Substitution and Economic Sovereignty in Russia”, Chatham House Research Paper, giugno, Londra: Chatham House, The Royal Institute of International Affairs.

De Paula L.F., B. Fritz e D.M. Prates (2017), “Keynes at the Periphery: Currency Hierarchy and Challenges for Economic Policy in Emerging Economies”, Journal of Post Keynesian Economics, 40 (2), pp.183-202.

Diamand M. (1985), “El péndulo argentino: ¿hasta cuándo?”, Cuadernos del Centro de Estudios de la Realidad Económica, 1, pp. 1-39.

Diamand M. (1978), “Towards a change in the economic paradigm through the experience of developing countries”, Journal of Development Economics, 5 (1), pp. 19-53.

Fields D. e Vernengo M. (2013), “Hegemonic currencies during the crisis: The dollar versus the euro in a Cartalist perspective”, Review of International Political Economy, 20 (4), pp. 740-759.

Fischer S. (1997), “Capital Account Liberalization and the Role of the IMF”, presentato al IMF Asia Seminar, Honk Kong, 19 settembre, disponibile alla URL https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp091997

FMI – Fondo Monetario Internazionale (2015), Global Financial Stability Report. October 2015: Vulnerabilities, Legacies and Policy Challenges Risks Rotating to Emerging Markets, Washington (DC): Fondo Monetario Internazionale.

FMI – Fondo Monetario Internazionale (2022), Currency Composition of Official Foreign Exchange Reserves (COFER), Washington (DC): Fondo Monetario Internazionale

ISPI – Istituto per gli Studi di Politica Internazionale (2022), “Tutti i ‘buchi’ delle sanzioni alla Russia”, ISPI DataLab, 11 aprile, disponibile alla URL: https://www.ispionline.it/it/pubblicazione/tutti-i-buchi-delle-sanzioni-alla-russia-34533

Kaltenbrunner A. e Painceira J.P. (2018), “Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience”, New Political Economy, 23 (3), pp. 290-313.

Karwowski E. e Stockhammer E. (2017), “Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies”, Economic and Political Studies, 5 (1), pp. 60-86.

Lampa R. (2021), “Capital Flows to Latin America (2003–17): A Critical Survey from Prebisch’s Business Cycle Theory”, Review of Political Economy, 33 (1), pp. 103-125.

Lampa R. e Zeolla N.H. (2019), “Dalla crisi del cambio al salvataggio del FMI: cronaca del naufragio argentino”, Moneta e Credito, 72 (287), pp. 275-293

Marini R.M. (1965), “Brazilian interdependence and imperialist integration”, Monthly Review, 17 (7), pp. 10-29.

Mohanty M. e Turner P. (2006), “Foreign exchange reserve accumulation in emerging markets: what are the domestic implications?”, BIS Quarterly Review, September, pp. 39-52.

Münchau W. (2014), “The west risks collateral damage by punishing Russia”, Financial Times, 27 luglio, https://www.ft.com/content/d4037572-13fb-11e4-8485-00144feabdc0

Ostry J.D., Ghosh A.R., Habermeier K., Chamon M., Qureshi M.S. e Reinhardt D.B.S. (2010), “Capital Inflows: the Role of Controls”, IMF Staff Position Note, n. SPN/10/04, 19 febbraio, Washington (DC): International Monetary Fund, disponibile alla URL: https://www.imf.org/external/pubs/ft/spn/2010/spn1004.pdf .

Ostry J.D., Ghosh A.R., Habermeier K., Laeven L., Chamon M., Qureshi M.S. e Kokenyne A. (2011), “Managing Capital Inflows: what tools to use?”, IMF Staff Discussion Note, n. SDN/11/06, 5 aprile, Washington (DC): International Monetary Fund, disponibile alla URL: https://www.imf.org/external/pubs/ft/sdn/2011/sdn1106.pdf .

Prasad E. (2019), Has the dollar lost ground as the dominant international currency?, Washington (DC): The Brookings Institution.

Reinhart C. e Calvo G.A (2000), “When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options”, in Kenen P. e Swoboda A. (a cura di), Reforming the International Monetary and Financial System (pp. 175-201), Washington (DC): Fondo Monetario Internazionale.

Rey H. (2015), “Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence”, NBER Working Paper, n. 21162, Cambridge (MA): National Bureau of Economic Research.

Rochon L-P e Vernengo M. (2003), “State money and the real world: or chartalism and its discontents”, Journal of Post Keynesian Economics, 26 (1), pp. 57-67.

Stent A. (2020), Russia and China. Axis of Revisionists?, Washington (DC): The Brookings Institution.

Stiglitz J. (2000), “Capital Market Liberalization, Economic Growth, and Instability”, World Development, 28 (6), pp. 1075-1086.

Stocker M., Baffes J., Some M.Y., Vorisek D. e Wheeler C.M. (2018), “The 2014-16 Oil Price Collapse in Retrospect : Sources and Implications”, Policy Research Working Paper, n. 8419, Washington (DC): World Bank.

Tavares M.D.C. (1985), “A Retomada da Hegemonia Norte Americana”, Revista de Economia Politica, 5 (2), pp. 5-15.

Tooze A (2020), Lo schianto. 2008-2018. Come un decennio di crisi economica ha cambiato il mondo, Milano: Mondadori.

Vernengo M. (2006a), Monetary Integration and Dollarization: No Panacea, Cheltenham: Edward Elgar Publishing.

Vernengo M. (2006b), “Technology, finance, and dependency: Latin American radical political economy in retrospect”, Review of Radical Political Economics, 38 (4), pp. 551-568.

Wheatley J. e Smith C. (2022), “Russia sanctions threaten to erode dominance of US dollar, says IMF”, Financial Times, 31 marzo, disponibile alla URL: https://www.ft.com/content/3e0760d4-8127-41db-9546-e62b6f8f5773

Williamson J. (1990), “What Washington Means by Policy Reform”, in J. Williamson (a cura di), Latin American Adjustment: How Much Has Happened? (pp. 7-20), Washington: Institute for International Economics.

##submission.downloads##

Pubblicato

2022-07-03

Fascicolo

Sezione

Articoli