Internationalization of Currencies of Developing Countries: Problems and Prospects
The relevance of the topic is determined by the fact that in the world economy and world finance there is an imbalance between the real contribution of developing countries to world GDP and the inappropriate scale of the use of their national currencies in the world finance system. The subject of the study is the main forms of using national currencies of developing countries in the world finance system. The purpose of the work is to identify the key problems of internationalization of currencies of developing countries and to determine the prospects for their further use for servicing various types of international financial and economic operations and the formation of global reserve assets. The result of the analysis was the determination of the place and role of the currencies of developing countries in the world financial system, the assessment of the potential consequences of the internationalization of the currencies of developing countries. The article concludes that the modern world monetary system needs a serious transformation, since it can no longer ensure the stable functioning and sustainable development of either the world economy as a whole or its individual subjects. However, although some developing countries have come as close as possible to the developed countries in terms of their economic development, and even exceeded their indicators in some parameters, we should not expect a significant increase in competitiveness and an increase in the level of internationalization of their national currencies in the near future. The formation of currency unions on the basis of regional associations seems more likely. For Russia, the EAEU can become such an association. Similar associations can be formed in other regions of the world.