De-Dollarization of the World Economy

Abstract

Abstract

“Paradoxical as it may seem, the world economic order behaves (as a rule) only as net exporters of capital. When we look at the ratio of external debt to GDP, we see that in the developed countries, the core of the world economic system, this ratio is expressed in three-digit percentages. In developing countries, on the other hand, the ratio of external debt to GDP is expressed in double digits. This is based on the following de facto situation: an unbalanced exchange of value between the countries that form the core of the world economy and the countries that are the periphery of this economy.”