student from 01.01.2021 to 01.01.2025
Russian Federation
The article considers the fragmentation of the global financial system as a key factor influencing the transformation of the global economic architecture. The causes and manifestations of this phenomenon are analyzed, including the creation of alternative payment mechanisms, de-dollarization, strengthening of regional financial blocs and regulatory stratification. Particular attention is paid to interpretations of the concept of fragmentation in the scientific literature, legal and institutional aspects, as well as the long-term consequences of fragmentation for the global economy. The first consequence of fragmentation for the functioning of the global economy in the long term is the formation of alternative currency and financial centers, which is based on the weakening of the US dollar and the transition of BRICS and the EAEU to settlements in national currencies. The second is the aggravation of competition for resources and the redistribution of influence, for example, sanctions against Russia, including the disconnection of a number of banks from SWIFT and the freezing of foreign exchange reserves. And the third consequence is institutional diversity and innovative practices. This article highlights possible scenarios for its further development: deepening fragmentation and the formation of regional financial blocs; aggravation of competition for resources and the redistribution of influence; conflict-destructive scenario. A conclusion is made about fragmentation as a stable process, reflecting the transition to a multipolar model of global financial interaction.
fragmentation, global financial system, global economy, de-dollarization, regional blocs, sanctions policy, financial architecture, currency settlements, geoeconomics, normative stratification
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