Aim/purpose – The objectives of the paper include: identification of factors that influence
the directions of fluctuations of foreign exchange rates seen as manifestations of
currency wars; description of the most important forms of currency wars conducted in the
contemporary global economy (including in particular the currently observed third currency
war); analysis of risks to contemporary financial markets and national economies posed
by the third currency war.
Design/methodology/approach – The paper uses the method of critical analysis of
the literature on the subject, as well as US-China and Brazil case analyses. The Propensity
Score Matching method was used in the study.
Findings – The research findings confirmed the following hypotheses: contemporary
fluctuations of foreign exchange rates in the largest economies of the world confirm that
the third currency war is ongoing; the risk of consequences of the currency war destabilises
the international and local financial markets and trade transactions among them.
Research implications/limitations – The limited scope of the research performed is
due to the fact that emerging economies have no control of devaluation or revaluation processes
in their respective countries. However, large economies, such as China or Japan, are
able to create the value of their respective currencies, thus artificially controlling the competitiveness
of their products and services. These differences between small and large
economies limit and distort the scope of the research done.
Originality/value/contribution – Identification, analysis and results of the risks to
contemporary financial markets and national economies posed by the third currency war.
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