Publication:
Can BRICS De-dollarize the Global Financial System?
Can BRICS De-dollarize the Global Financial System?
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Date
2022
Authors
Zongyuan Zoe Liu, Mihaela Papa
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Research Projects
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Abstract
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.
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Publisher: Cambridge University Press ; License: CC BY-NC-ND ; Source: https://doi.org/10.1017/9781009029544 ; pages
Keywords
global financial governance,
BRICS,
de-dollarization,
currency power,
emerging economies