Trade with National Currencies: The Case of Russia

Zekayi Kaya; Nuri Hacıevliyagil

Article Details

Trade with National Currencies: The Case of Russia

Authors:

Zekayi Kaya | Nuri Hacıevliyagil

Publisher:

Kütahya Dumlupinar University

Main Topics:

Makro İktisat (Diğer) | Uluslararası İktisat (Diğer) | İktisat Tarihi (Diğer) | Uluslararası Ticaret Finansmanı

Journal:

Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Issue 79, pp.191-206

Document Type:

Article

Publication Date:

1/2024

Document Language:

Turkish

Document ID (Org No.):

2001310906

pISSN:

1302-1842

Keywords:

Abstract:

 Trade with national currencies is currently on the agenda of the BRICS countries, Turkey, and many other countries. Although this issue has appeared in various forms over time, it is discussed and explained in detail in the National Economy Model written by Baş 2005, and countries are recommended to trade with national currencies in international trade as stated in the model. The predominant use of foreign currencies, especially the US dollar, as a reserve currency in international trade has many negative effects on national economies. For this reason, countries have recently preferred to use national currencies in trade. In this study, after explaining the development of the dollar and some other foreign currencies as reserve currency, information is provided about the use of national currency. Additionally, implementations to reduce the use of foreign currencies in country economies are explained. Russias first steps in trade with national currencies, its extensive use in international goods and services exchange, and its publication of data on this subject have formed the sample of this study and also enabled empirical studies. In the empirical application part of the research, the effect of the use of local currencies on Russias exports of goods and services on the countrys exports was investigated by Fourier ADF unit root test, Toda-Yamamoto causality, and Fourier-Toda-Yamamoto Causality tests. The results of the research support the use of national currency in international trade.

 Trade with national currencies is currently on the agenda of the BRICS countries, Turkey, and many other countries. Although this issue has appeared in various forms over time, it is discussed and explained in detail in the National Economy Model written by Baş 2005, and countries are recommended to trade with national currencies in international trade as stated in the model. The predominant use of foreign currencies, especially the US dollar, as a reserve currency in international trade has many negative effects on national economies. For this reason, countries have recently preferred to use national currencies in trade. In this study, after explaining the development of the dollar and some other foreign currencies as reserve currency, information is provided about the use of national currency. Additionally, implementations to reduce the use of foreign currencies in country economies are explained. Russias first steps in trade with national currencies, its extensive use in international goods and services exchange, and its publication of data on this subject have formed the sample of this study and also enabled empirical studies. In the empirical application part of the research, the effect of the use of local currencies on Russias exports of goods and services on the countrys exports was investigated by Fourier ADF unit root test, Toda-Yamamoto causality, and Fourier-Toda-Yamamoto Causality tests. The results of the research support the use of national currency in international trade.

 Trade with national currencies is currently on the agenda of the BRICS countries, Turkey, and many other countries. Although this issue has appeared in various forms over time, it is discussed and explained in detail in the National Economy Model written by Baş 2005, and countries are recommended to trade with national currencies in international trade as stated in the model. The predominant use of foreign currencies, especially the US dollar, as a reserve currency in international trade has many negative effects on national economies. For this reason, countries have recently preferred to use national currencies in trade. In this study, after explaining the development of the dollar and some other foreign currencies as reserve currency, information is provided about the use of national currency. Additionally, implementations to reduce the use of foreign currencies in country economies are explained. Russias first steps in trade with national currencies, its extensive use in international goods and services exchange, and its publication of data on this subject have formed the sample of this study and also enabled empirical studies. In the empirical application part of the research, the effect of the use of local currencies on Russias exports of goods and services on the countrys exports was investigated by Fourier ADF unit root test, Toda-Yamamoto causality, and Fourier-Toda-Yamamoto Causality tests. The results of the research support the use of national currency in international trade.

 Milli paralarla ticaret günümüzde başta BRICS ülkeleri ve Türkiye olmak üzere başka birçok ülkenin gündeminde olan bir konudur. Bu konu çeşitli şekillerde zaman içerisinde karşımıza çıkmasına karşın Baş 2005 tarafından yazılan Milli Ekonomi Modelinde farklı bir şekilde ele alınıp detayıyla anlatılmakta ve ülkelere uluslararası ticarette modelde belirtildiği gibi milli paralarla ticaret yapmaları önerilmektedir. Yabancı paraların özellikle Amerikan Dolarının uluslararası ticarette ağırlıklı bir şekilde rezerv para olarak kullanılması ülke ekonomilerine birçok olumsuz etkisi bulunmaktadır. Ülkelerin son dönemde bu nedenle ticarette ulusal paraları kullanmayı tercih etmeleri söz konusu olmuştur. Bu çalışmada doların ve diğer bazı yabancı paraların rezerv para olma gelişimleri anlatıldıktan sonra ulusal paranın kullanımı hakkında bilgiler verilmiştir. Ayrıca, yabancı paraların ülke ekonomilerindeki kullanımının azaltılması yönündeki uygulamaları anlatılmıştır. Milli paralarla ticaret konusunda Rusyanın ilk adımları atması, yoğun bir şekilde uluslararası mal ve hizmet alışverişinde kullanması ve bu konuda veri yayınlaması çalışmanın örneklemini oluşturmuş ampirik çalışmalara da imkân tanımıştır. Araştırmanın ampirik uygulama kısmında Rusyanın mal ve hizmet ihracatında uyguladığı yerel paraların kullanılmasının ülke ihracatına nasıl bir etkisinin olduğu Fourier ADF birim kök testi, Toda-Yamamoto nedensellik ve Fourier-Toda-Yamamoto Nedensellik testleri ile araştırılmıştır. Araştırma sonucunda uluslararası ticarette milli para kullanımını destekler sonuçlar bulunmuştur.

Article Details

Trade with National Currencies: The Case of Russia

Authors:

Zekayi Kaya | Nuri Hacıevliyagil

Publisher:

Kütahya Dumlupinar University

Main Topics:

Makro İktisat (Diğer) | Uluslararası İktisat (Diğer) | İktisat Tarihi (Diğer) | Uluslararası Ticaret Finansmanı

Journal:

Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Issue 79, pp.191-206

Document Type:

Article

Publication Date:

1/2024

Document Language:

Turkish

Document ID (Org No.):

2001310906

pISSN:

1302-1842

Trade with national currencies

National currency

National economy

DollarizationMilli paralarla ticaret

Milli para

Milli ekonomi

Dolarizasyon

Issues

Article Details

Authors: Zekayi Kaya | Nuri Hacıevliyagil

Publisher: Kütahya Dumlupinar University

Main Topics: Makro İktisat (Diğer) | Uluslararası İktisat (Diğer) | İktisat Tarihi (Diğer) | Uluslararası Ticaret Finansmanı

Journal: Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Issue 79, pp.191-206

Document Type: Article

Publication Date: 1/2024

Document Language: Turkish

Document ID (Org No.): 2001310906

pISSN: 1302-1842

Issues

Authors:

Zekayi Kaya | Nuri Hacıevliyagil

Publisher:

Kütahya Dumlupinar University

Main Topics:

Makro İktisat (Diğer) | Uluslararası İktisat (Diğer) | İktisat Tarihi (Diğer) | Uluslararası Ticaret Finansmanı

Journal:

Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Issue 79, pp.191-206

Document Type:

Article

Publication Date:

1/2024

Document Language:

Turkish

Document ID (Org No.):

2001310906

pISSN:

1302-1842