US HEGEMONY IN FINANCE: CAUSES, BENEFITS, AND OPPORTUNITIES FOR ITS CHANGE IN THE CONTEXT OF INSTITUTIONAL MONOPOLIZATION AND FISCAL DOMINANCE

Abstract

The article provides a comprehensive analysis of the structural foundations of the US financial hegemony, evaluates the macroeconomic benefits of the "exorbitant privilege" and models realistic transformation trajectories of the international monetary and financial system (IMFS). Based on the synthesis of the institutional approach, the theory of network externalities, and data from the U.S. Bureau of Economic Analysis, the IMF, the BIS, SWIFT, the U.S. Treasury, the Bank of Russia, and the Bank for International Settlements, it is shown that the dollar's dominance is supported not so much by U.S. macroeconomic indicators as by a system of institutional monopolies covering pricing standards, legal regulation, auditing, rating, and settlement infrastructure. Empirical analysis confirms the structural inversion of the role of the United States: the transition from a global "donor" to the largest net debtor (net international investment position minus $27.61 trillion in Q3 2025), accompanied by an increase in government debt over 125% of GDP and the Fed's transition to a model of "fiscal dominance." Quantitative data reveal the asymmetric nature of de-dollarization: reduction of the dollar's share in reserves to 50-52% by 2035 It is accompanied by the growth of regional settlement pools, a record surplus of China's foreign trade ($1.2 trillion in 2025), large-scale gold imports and the accelerated introduction of the digital yuan (Renminbi Digital). Special attention is paid to the analysis of the use of military and political instruments to maintain financial hegemony, including the conflict in the Middle East as a mechanism for redistributing global financial flows. Recommendations are formulated for the gradual diversification of reserves, the development of interoperable clearing systems, and the coordination of monetary policy within the framework of the BRICS/EAEU and macroprudential currency risk management.