Carla Norrlöf

Nota: Este archivo abarca los artículos publicados por el autor desde el 1 de julio de 2007. Para fechas anteriores realice una búsqueda entrecomillando su nombre.

Two days after Russia launched an attack on Ukraine, the United States, Canada and European allies agreed to disconnect a handful of Russian banks from SWIFT, the Society for Worldwide Interbank Financial Telecommunication. These “de-SWIFTed” Russian banks would no longer be able to use the financial interface to transfer money.

The long-standing, and controversial, threat to disconnect Russia from the SWIFT network has been touted as a centerpiece of the West’s retaliation. How big is it, really? And how will it affect the United States and its use of financial power in the future?

The limits of de-SWIFTing

SWIFT connects more than 10,000 financial institutions in a communications network where orders are sent and received.…  Seguir leyendo »

Chinese yuan and U.S. dollar notes. (Illustration; Dado Ruvic/Reuters)

Last month, the United States broadened financial sanctions against China while simultaneously promising to prolong Ukraine sanctions on Russia and impose further ones for election interference, the poisoning of opposition leader Alexei Navalny and the SolarWinds hack. In a rare joint statement in late March, China and Russia doubled down on earlier pledges to upend the global reliance on the U.S. dollar, and the long-standing global financial system that enables the U.S. to strong-arm them.

Will the Sino-Russian strategy succeed? My research suggests “dollar hegemony” is stable for many reasons, primarily due to the United States’ financial centrality and ability to secure investments.…  Seguir leyendo »