o:28786 Uloga američkog dolara u međunarodnoj trgovini savremeni izazovi The U.S. dollar`s role in international trade - current chalenges sr Apstrakt: Dolar je još uvek dominantna valuta u fakturisanju međunarodne trgovine (oko 40% svetske robne trgovine), uprkos znatno manjem učešću SAD u svetskoj trgovini. Iza njega znatno zaostaju evro i kineski renminbi. Mada je udeo dolara delimično opao nakon uvođenja evra, ove dve valute, u okviru globalnih lanaca proizvodnje, imaju ključnu ulogu. Poslednjih godina se uočava porast uloge kineskog renminbija u fakturisanju trgovine Kine i njenih azijskih partnera, na štetu dolara. Porast značaja renminbija u skladu je sa procesom internacionalnizacije kineske valute, koju zdušno podržava Narodna banka Kine. Tradicio- nalno snažnu poziciju ima dolar u fakturisanju energenata, ali je ona počela postepeno da slabi pošto je Rusija uvela obavezu plaćanja prirodnog gasa i nafte u rubljama. Mada ovaj potez treba sagledavati u kontekstu geostateških pomeranja u svetu, nesumnjivo je da on doprinosi smanjivanju globalne zastupljenosti dolara u fakturisanju međunarodne trgovine. Oživljavanje protekcio- nizma u svetskoj trgovini, pre svega između SAD i Kine, utiče na buduće pozicioniranje dolara u međunarodnoj trgovini. Usporavanje procesa globalizacije svetske privrede, kao i otvaranje procesa regionalizacije proizvodnih lanaca, može dodatno uticati na smanjivanje uloge dolara u svetskoj trgovini. Ovakav razvoj događaja se povezuje sa mogućim reformama međunarodnog monetarnog sistema, pri čemu bi dolar delio ulogu svetske rezervne valute sa evrom i kineskim renminbijem. Dodatnu neizvesnost za dolar nosi pojava digitalnih valuta, jer se one koriste i za međunarodna plaćanja. Abstract: The dollar is still the dominant cu- rrency in international trade invoicing (about 40% of world merchandise trade), despite the much smaller participation of the US in world trade. The euro and the Chinese renminbi are far behind. Although the share of the dollar has partially declined after the introduction of the euro, these two currencies play a key role in global production chains. Recent years have seen an increase in the role of the Chinese renminbi in invoicing the trade of China and its Asian partners, to the detriment of the dollar. The rise in importance of the renminbi is in line with the process of internationalization of the Chinese currency, which is wholeheartedly supported by the People’s Bank of China. Traditionally, the US dollar has a strong position in the invoicing of energy products, but it began to gradually weaken after Russia introduced the obligation to pay in rubles for natural gas and oil. Although this move should be seen in the context of geopolitical shifts in the world, there is no doubt that it contributes to the reduction of the global share of the dollar in invoicing world trade. The revival of protecti- onism in world trade, primarily between the US and China, affects the future share of the dollar in international trade. The slowing down in the process of globalization of the world economy, as well as the opening of the process of regionalization of production chains, can additionally affect the reduction the role of the dollar in world trade. This development is linked to possible reforms of the international monetary system, whereby the dollar would share the role of world reserve currency with the euro and the Chinese renminbi. Additional uncertainty for the dollar comes from 1 Boz et al. (2020), p. 4. 2 Gopinath et al. (2020), p. 67. the emergence of digital currencies, as they are also used for international payments. KLJUČNE REČI: DOLAR, EVRO, KINE- SKI RENMINBI, VALUTA FAKTURISANJA TRGOVINE Keywords: Dollar, euro, Chinese renminbi, currency invoice of trade 1552100 978-86-403-1783-2 2023-04-12T11:08:37.245Z 44 no 46 Radovan Kovačević Univerzitet u Beogradu Ekonomski fakultet 13834343 0000-0002-5857-730X application/pdf 646079 https://phaidrabg.bg.ac.rs/o:28786 no yes 1 70 92000004 11A03 Ekonomska politika u Srbiji i svetu u 2023. godini 25 36 2023