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

Lucio Gobbi

Moneta e Credito, 2023, vol. 76, issue 304, 357-372

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.

Keywords: dollar hegemony; international monetary system; BRICS (search for similar items in EconPapers)
JEL-codes: E42 F33 F51 (search for similar items in EconPapers)
Date: 2023
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