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Can BRICS de-dollarize the global financial system? /

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...

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Bibliographic Details
Main Authors: Liu, Zongyuan Zoe (Author), Papa, Mihaela (Author)
Corporate Author: Cambridge University Press
Format: eBook
Language:English
Published: Cambridge, United Kingdom : Cambridge University Press, 2022.
Series:Cambridge elements. Elements in the economics of emerging markets,
Subjects:
BRIC countries > Foreign economic relations.
BRIC countries > Commercial policy.
Monetary policy > BRIC countries.
Dollarization.
International trade.
Pays du BRICS > Politique commerciale.
Pays du BRICS > Relations économiques extérieures.
Commerce international.
Dollarisation.
Commercial policy
Dollarization
International economic relations
International trade
Monetary policy
BRIC countries
Electronic books.
Online Access:Connect to the full text of this electronic book
Description
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.
Physical Description:1 online resource (85 pages).
Bibliography:Includes bibliographical references (pages 68-85).
ISBN:9781009029544
1009029541
ISSN:2631-8598
DOI:10.1017/9781009029544