金融制裁对国际货币体系的影响（2022～2023）

Abstract:After the outbreak of the conflict between Russia and Ukraine，the United States and Europe have adopted a series of financial sanctions against Russia. In particular，the freezing of Russia’s foreign exchange reserves and the exclusion of key Russian banks from the Society for Worldwide Interbank Financial Telecommunications（SWIFT）have had important impacts on Russia. Moreover，frequent use of financial sanctions on large countries（especially Russia）has exacerbated the distrust of the US dollar System in emerging markets and developing countries. Logical foundation for the US dollar and SWIFT as public goods of international monetary system has been destabilized to some extent. However，the position of the US dollar and SWIFT is still hard to change. This does not mean that the international monetary system will remain the same forever. Once the willingness to hold foreign exchange reserves declines，emerging markets and developing countries will either increase their tolerance of exchange rate volatility or implement more capital flow management measures. Therefore，in the trend of de-globalization in the future，the international monetary system will turn out to be more volatile.

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