Can BRICS De-dollarize the Global Financial System? (Elements in the Economics of Emerging Markets) - Softcover

Liu, Zongyuan Zoe

Softcover

ISBN 10: 1009014625 ISBN 13: 9781009014625

Publisher: Cambridge University Press, 2022

Synopsis

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.

Edition details

• Publisher: Cambridge University Press
• Publication date: 2022
• Language: English
• ISBN 10: 1009014625
• ISBN 13: 9781009014625
• Binding: Paperback
• Number of pages: 94