Mohamed El-Erian은 달러의 지배력이 더욱 세분화된 글로벌 시스템 속에서 몇 가지 비경제적 위협에 직면해 있다고 말했습니다.

Mohamed El-Erian은 "국가 안보와 지정학이 국가 및 국제 상호 작용을 형성하는 데 있어 경제를 대체하고 있습니다."라고 썼습니다....





  • 모하메드 엘 에리안은 파이낸셜 타임즈에 기고한 글에서 달러가 세계 무대에서 여전히 지배적일 것이라고 말했습니다.

  • 그러나 몇 가지 비경제적 위협이 달러의 지위에 도전할 수 있다고 그는 경고했다.

  • “국가 안보와 지정학은 국가 및 국제적 상호 작용을 형성하는 데 있어 경제를 대체하고 있습니다.”

로드 중 로드 중입니다.

가입해주셔서 감사합니다!

이동 중에 개인화된 피드에서 좋아하는 주제에 액세스하십시오.

달러가 곧 지배적인 지위를 잃을 위험에 처하지는 않지만 위협이 나타나고 있다고 최고 경제학자 Mohamed El-Erian이 The Financial Times 에 썼습니다 .

No other currency, be it physical or virtual, can replace the dollar as the foundation of global finance, he said.

“However, the global influence of the dollar is facing several non-economic challenges, despite its continued status as the world’s ‘reserve currency,'” the chief economic adviser at Allianz warned. “This is a consequence of an increasingly fragmented international economic system. National security and geopolitics are supplanting economics in shaping national and international interactions.”

Past events that could have unhinged the dollar’s dominance — such as the global financial crisis and the trade wars of 2017 — failed to do so. Despite potentially disrupting the greenback’s prestige, its strength still superseded that of other currencies, El-Erian said.

Today, however, shifts in the global order are bringing about a unique set of threats to the dollar.

He placed some of the responsibility on the Federal Reserve’s “mishandling” of its monetary tightening campaign as well as greater focus on resilience in business and economic strategies.

“Rather than seeking to replace the dollar outright, there is now a step up in efforts to build pipes around it in the world’s trading and payment infrastructures,” he wrote.

For example, China has been on a campaign to chip away at the dollar’s use in trade, creating bilateral agreements with countries to use the yuan instead.

Meanwhile, sanctions against Russia for its war on Ukraine have led many countries to start looking for ways to reduce their dollar dependence and are observing how Moscow has substituted the dollar in its own trade.

To strengthen the dollar, the US and its allies could revitalize multilateralism by guaranteeing more representation for geopolitically important states, El-Erian said. This includes redesigning the International Monetary Fund and World Bank to become more inclusive.

Another option is to “de-risk” instead of “decouple,” though that would fail to offer stability and would do little to strengthen a weakening multilateral order, he noted.

그는 “경제적 관점에서 볼 때 강력한 규칙 기반 시스템에 의해 지원되는 보다 포괄적인 다자주의는 의심할 여지 없이 대안에 비해 더 큰 이점을 제공한다”고 썼다. “그러나 경제가 무역과 국제 금융 과정을 주도하는 데 더 이상 고삐를 잡지 않는다는 것이 점점 더 분명해지고 있습니다.”

Source: https://markets.businessinsider.com/news/currencies/dollar-dominance-threats-dedollarization-fragmented-global-economy-china-yuan-russia-2023-5?op=1

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