PROBLEMS AND CONTRADICTIONS OF FUNCTIONING OF THE MODERN CURRENCY SYSTEM AND PROSPECTS OF ITS TRANSFORMATION

UDC 339.9
DOI: 10.36871/ek.up.p.r.2023.11.03.012

Authors

Artyom A. Sherstnev,
Tatiana V. Podolskaya,
South Russian Institute of Management - branch of the Russian Academy of National Economy and Public Administration under the President of Russia

Abstract

This article examines and analyzes the problems and contradictions of the Jamaican monetary and financial system, which have been accumulating throughout its existence since its inception in 1976. The article analyzes how, within the framework of the Jamaican monetary and financial system, the U.S. dollar became the main reserve currency in the world economy and what consequences it led to. In this paper the author expresses his opinion that the problems and contradictions under consideration have become the reasons for the crisis of the Jamaican monetary and financial system today. The paper discusses the possible directions of development of the future world monetary and financial system, which include currency polycentrism, commodity currencies, digital currencies and supranational money.

Keywords

Jamaican currency system, de-dollarization, commodity money, digital currencies, currency polycentrism, supranational money, USD, dual-circuit economy.