Waluty typu „safe haven” wobec współczesnych wstrząsów geopolitycznych i geoekonomicznych w latach 2020–2026

Dorota Żuchowska

doi:10.56583/frp.3300

Published : 2026-06-30

No. 24 (2026)

Safe-Haven Currencies Amid Contemporary Geopolitical and Geoeconomic Shocks, 2020–2026

Dorota Żuchowska

https://orcid.org/0000-0002-4392-9544

DOI: https://doi.org/10.56583/frp.3300

Abstract

The paper addresses the issue of the changes of market mechanisms governing safe haven currencies in the face of escalating geopolitical and geoeconomic shocks in recent years. The primary research objective is to analyze and compare the reactions of the traditional currency triad – the US dollar (USD), the Swiss franc (CHF), and the Japanese yen (JPY) – to various crises between 2020 and 2026. The study employs a descriptive-statistical method. The conducted research demonstrated that safe haven status is not a static characteristic, and investor reactions depend heavily on the specific nature and structure of the shock itself. Under conditions of a global liquidity shock (the COVID-19 pandemic), traditional defensive mechanisms functioned synchronously. However, commodity-inflationary shocks, initiated by Russia’s invasion of Ukraine in February 2022 and further exacerbated by escalating conflicts in the Middle East in the subsequent years, led to a permanent degradation of the Japanese yen as a safe haven currency. Concurrently,the US dollar and the Swiss franc strengthened their positions.

Keywords:

safe haven currencies, geopolitical shocks, geoeconomic shocks, US dollar, Swiss franc, Japanese yen

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Żuchowska , D. (2026). Safe-Haven Currencies Amid Contemporary Geopolitical and Geoeconomic Shocks, 2020–2026. Fides, Ratio Et Patria. Studia Toruńskie, (24), 266–283. https://doi.org/10.56583/frp.3300

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Dorota Żuchowska

frep@aksim.edu.pl
https://orcid.org/0000-0002-4392-9544

Affiliation:

Akademia Kultury Społecznej i Medialnej w Toruniu – Akademia Nauk Stosowanych Poland

Bio Statement (e.g., department and rank)

Dorota Żuchowska – dr nauk ekonomicznych, profesor Akademii Kultury Społecznej i Medialnej w Toruniu na Wydziale Nauk Społecznych i Komunikacji Multimedialnej, absolwentka Wydziału Nauk Ekonomicznych i Zarządzania Uniwersytetu Mikołaja Kopernika w Toruniu, wyróżniona w III edycji konkursu o Nagrodę Prezesa Narodowego Banku Polskiego na najlepszą pracę doktorską z zakresu nauk ekonomicznych, autorka licznych publikacji naukowych dotyczących problematyki międzynarodowych stosunków finansowych, polityki pieniężnej i kursowej, współredaktorka kilku monografii z zakresu polityki makroekonomicznej w warunkach niestabilności rynkowej.