Can BRICS de-dollarize the global financial system? / Zongyuan Zoe Liu, Mihaela Papa.

Format:

Book

Author/Creator:

Liu, Zongyuan Zoe, author.

Papa, Mihaela, author.

Series:

Cambridge elements. Elements in the economics of emerging markets 2631-8598.

Cambridge elements. Elements in the economics of emerging markets, 2631-8598

Language:

English

Subjects (All):

BRIC countries--Commercial policy.

BRIC countries.

BRIC countries--Foreign economic relations.

International trade.

Physical Description:

1 online resource (85 pages) : digital, PDF file(s).

Place of Publication:

Cambridge : Cambridge University Press, 2022.

Summary:

Existing scholarship has not systematically examined BRICS (Brazil-Russia-India-China-South Africa) as a rising power de-dollarization coalition, despite the group developing multiple de-dollarization initiatives to reduce currency risk and bypass US sanctions. To fill this gap, this study develops a 'Pathways to De-dollarization' framework and applies it to analyze the institutional and market mechanisms that BRICS countries have created at the BRICS, sub-BRICS, and BRICS Plus levels. This framework identifies the leaders and followers of the BRICS de-dollarization coalition, assesses its robustness, and discerns how BRICS mobilizes other stakeholders. The authors employ process tracing, content analysis, semi-structured interviews, archival research, and statistical analysis of quantitative market data to analyze BRICS activities during 2009-2021. They find that BRICS' coalitional de-dollarization initiatives have established critical infrastructure for a prospective alternative nondollar global financial system. This title is also available as Open Access on Cambridge Core.

Notes:

Open Access.

Title from publisher's bibliographic system (viewed on 25 Feb 2022).

Other Format:

Print version:

ISBN:

9781009029544 (ebook)

Access Restriction:

Restricted for use by site license.