Концептуальні виміри та альтернативні вектори реформування світової валютної системи

Abstract

Розкрито системні протиріччя світової валютної системи й обґрунтовано концептуальні виміри філософії нового монетарного порядку. Систематизовано альтернативні вектори реформування світової валютної системи у декількох площинах. Аргументовано, що ключова проблема реформування світової валютної системи полягає не в тому, валюта якої країни стане резервною, а в тому, які саме фундаментальні фактори використовуватимуться у якості економічного інваріанта своєчасного врегулювання глобальних платіжних дисбалансів. Introduction. Due to structural and functional imbalances within the world monetary system that have been accumulating throughout its development, a search for strategic vectors is needed for reform. Purpose. The aim of this research is to justify the conceptual foundations and to systematize the geostrategic vectors in relation to reformation of the world monetary system, and to analyze possible scenarios for future structural formation. Results. This article is a detailed study of contemporary issues in world monetary system development. On one hand, on the compositional level the research is focused on thoroughly elucidating new conceptual dimensions in monetary order philosophy. On the other hand, this study focuses on alternative vectors development within the world monetary system. Information has been developed related to projections on the latest problems of structural and institutional evolution of currency relations. Their typical characteristics are universality, which combines the world economy with internal consistency; international character of their functioning; the responsiveness to economic cycle dynamics; and uneven development caused by economic, geopolitical and institutional global development asymmetries. Conclusion. Justifications for alternative variants in reforming the world monetary system are as follows: 1) multi-currency relation formation and indivisible world reserve currency creation at the same time; 2) world currency system regionalization; 3) transition to a multicurrency system on the basis of large reserves in currency; and 4) temporarily maintaining the mono- variant system based on the US dollar. It has been proved that the key problem in reforming the world currency system does not depend on what country’s currency is set as reserve, but on what fundamental factors will be used when arranging the economic invariant of global financial imbalances in a timely fashion.