Geoeconomic Resilience and Financial Market Stability in Emerging Economies: Beyond Reserve Currency Dominance in a Multipolar World

Economic outcomes have become increasingly connected with geopolitical developments in recent years. Traditional factors such as inflation, growth, interest rates, and institutional quality remain important, but they cannot fully explain developments in the global economy. Recent events such as sanctions, trade restrictions, disruptions to supply chains, and competition over advanced technologies highlight how political and strategic considerations can shape economic performance in important ways. Even countries with strong macroeconomic indicators remain exposed to vulnerabilities linked to energy supplies, critical minerals, technology access, or external financial networks. This article examines these issues conceptually through the lens of geoeconomic resilience and provides a foundation for future empirical assessments. The focus is not limited to reserve currencies or financial indicators. It considers a wider set of factors that shape how emerging economies respond to external shocks, including energy security, financial infrastructure, supply-chain integration, strategic resources, and technological capabilities. The discussion suggests that, in a more fragmented and competitive global economy, geoeconomic resilience plays an increasingly important role in shaping financial stability, economic performance, and long-term development outcomes. Put simply, resilience in today’s global economy depends on more than sound macroeconomic management. It also reflects how well countries position themselves within an increasingly fragmented and competitive international system. JEL Codes: F30, F50, F51, G15, G18