THE CHINESE DIGITAL CURRENCY AND THE FUTURE OF THE INTERNATIONAL MONETARY AND FINANCIAL SYSTEM

Peruffo, Luiza; Cunha, André Moreira; Haines, Andrés Ferrari

doi:10.1590/198055272611

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Artigos • Rev. econ. contemp. 26 • 2022 • https://doi.org/10.1590/198055272611 linkcopy

THE CHINESE DIGITAL CURRENCY AND THE FUTURE OF THE INTERNATIONAL MONETARY AND FINANCIAL SYSTEM

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

This study discusses the role currencies play in the power relations of States regarding private agents and their peers in the international system, based on the case of the Chinese digital currency. The “e-Renminbi” analysis starts by understanding that States are the basic unit of the international system, that they dispute power among themselves, and that their currencies simultaneously manifest and produce power. This study argues that existing evidence fails to warrant any definite diagnosis that the “e-Renminbi” will represent an imminent rupture in the dollar-centered international monetary and financial system.

KEYWORDS:
International monetary and financial system; monetary power; digital currency; Renminbi; Dollar

		EUA	China	Brasil	América Latina
PIB (% no total mundial)	1980-1985	30,6%	2,6%	1,4%	6,8%
Dólares americanos	1995-2000	27,5%	3,1%	2,4%	6,6%
	2019	24,8%	16,3%	2,1%	6,0%

PIB (% no total mundial)	1980-1985	21,8%	2,8%	4,1%	11,6%
Dólares internacionais	1995-2000	19,8%	8,5%	3,1%	9,5%
Paridade de Poder de Compra	2019	15,1%	19,3%	2,4%	7,2%

Exportações de Bens e Serviços	1980-1985	13,0%	0,9%	1,1%	4,7%
(% do total mundial)	1995-2000	13,5%	2,6%	0,9%	4,4%
Dólares correntes	2019	10,0%	10,5%	1,1%	4,7%

População	1980-1985	5,6%	24,5%	3,0%	7,7%
Habitantes	1995-2000	4,7%	20,8%	2,9%	8,0%
(% no total mundial)	2019	4,4%	18,5%	2,8%	8,0%

Estoque de Capital	1980-1985	29,3%	3,5%	1,9%	6,3%
Dólares internacionais PPP	1995-2000	20,9%	5,8%	2,3%	6,9%
(% no total mundial)	2017	11,8%	20,5%	3,1%	7,4%

Gastos Militares	1980-1985	51,3%	2,0% *	0,7%	3,2%
Valores Constantes	1995-2000	43,2%	3,1%	1,5%	3,3%
(% no total mundial)	2019	38,4%	14,2%	1,5%	3,4%

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Instituto de Economia da Universidade Federal do Rio de Janeiro Avenida Pasteur, 250 sala 114, Palácio Universitário, Instituto de Economia, 22290-240 , Tel.: 55 21 3938-5242 - Rio de Janeiro - RJ - Brazil
E-mail: rec@ie.ufrj.br

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[TFN1] Nota: (*) 1989-1993.

[TFN2] Fonte: Elaboração própria com base em IMF (2020b) (PIB e População), Feenstra, Inklaar e Timmer (2015) (Estoque de Capital), The World Bank ([2020]), SIPRI ([2020]) (Gastos Militares).