Dedollarization as an Indicator of the Formation of National-Oriented Public Policy

DOI

10.2991/aebmr.k.200312.149How to use a DOI?

Abstract

Sanctions, as well as dollarization of national economies, are “legitimate” instruments that once consolidated the status of the world financial hegemon for the United States of America. However, this hour is completely different: the dollar, which was based on the function of a liquid asset, at the moment, has lost its greatness - it’s using not as a universal equivalent in the exchange of goods, but as a political weapon, mediated by economic and political sanctions. Consequently, more and more countries including Russia, are beginning to Express a “vote” of no confidence in the American currency by means of dedollarization - a policy of “abandoning the dollar” considering as an economic and political decision, which is aimed at achieving the optimal effect. The latter is to elevate the financial sovereignty of the nation-state in reference to the dollar. Therefore, in October 2018, the Minister of Finance of the Russian Federation A. Siluanov and the Chairman of the Board of VTB Bank A. Kostin stated the need for economic transformation in Russia in order to reduce dependence on Western countries, in particular, on the United States.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - E N Gribina
AU  - G A Trushkin
PY  - 2020
DA  - 2020/03/17
TI  - Dedollarization as an Indicator of the Formation of National-Oriented Public Policy
BT  - Proceedings of the International Scientific Conference "Far East Con" (ISCFEC 2020)
PB  - Atlantis Press
SP  - 1085
EP  - 1089
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200312.149
DO  - 10.2991/aebmr.k.200312.149
ID  - Gribina2020
ER  -