De-dollarization of the global economy: are we moving towards a multipolar monetary system?
De-dollarization of the global economy: are we moving towards a multipolar monetary system?

Author(s): Tsvetelina Marinova
Subject(s): Economy, Supranational / Global Economy, Financial Markets, Socio-Economic Research
Published by: Нов български университет
Keywords: international monetary system; global economy; dollar; BRICS; de-dollarization
Summary/Abstract: The existing structure and functioning of the global monetary system have been challenged by the onset of the global financial crisis in 2008, and the Covid-19 pandemic as well as by the war between Russia and Ukraine. This article aims to analyse to what extent the ongoing geopolitical and geoeconomic processes and trends are able to transform the international monetary order and to create a multipolar monetary system. The first part briefly presents the evolution of the international monetary system since the end of World War II. The second part discusses the trends and changes in the international monetary system since 2008, as well as the recent de-dollarization initiatives of the BRICS countries.

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