Reserve Currencies: Factors of Evolution and their Role in the World Economy

This work deals with the analysis of classification of the existing theoretical and empirical models describing the factors of establishing reserve currencies, and their role in today’s global payment system. The important part of the study is devoted to the concept of a regional reserve currency, and the definition of the specific factors affecting the upgrading of the currency status. The authors assess the role of regional reserve currencies in international transactions and global financial markets. In the final part of the study the authors analyze the activities that could enhance the status of the Russian ruble and turn it into a regional reserve currency.