TITLE:
De-Dollarization: The Harbinger of a New Globalization Architecture?
AUTHORS:
Raul Gouvea, Margarida Gutierrez
KEYWORDS:
De-Dollarization, BRICS, Multipolar, Inflection Point
JOURNAL NAME:
Theoretical Economics Letters,
Vol.13 No.4,
August
7,
2023
ABSTRACT: Western countries’ imposition
of economic sanctions on Russia, as a result of the Russia-Ukraine conflict,
and the imposition of sanctions on China, has unleashed a number of unexpected
economic and geopolitical outcomes for the global economy. It has fostered the
creation of a new economic and geopolitical multipolar global architecture,
creating the “perfect global economic and geopolitical storms”, such as the
renewed effort to dethrone the U.S. dollar as the world’s leading reserve
currency. This paper discusses the main implications of a new global economic
and political architecture, one in which the U.S. dollar will be playing a
lesser role in global economic and financial markets.