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 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.

Discover the future of global finance! The US Dollar and the BRICS Challenge takes you into the world of unprecedented global economic change and geopolitical tensions. This book offers an in-depth analysis of the emerging forces that are reshaping the world's financial system. The US Dollar and the BRICS Challenge examines the dynamics between the traditional financial powers and the emerging BRICS countries (Brazil, Russia, India, China and South Africa) and shows how these countries are challenging the US dollar as the dominant world currency. What to expect: Historical context: Understand the historical roots and development of the US dollar into the global reserve currency. BRICS strategies: Learn how the BRICS countries are combining their economic power and developing alternative financial instruments and institutions. Future scenarios: Analyze the possible developments and consequences of a multipolar financial order. This book is an indispensable work for economists, finance experts, students of international relations and anyone interested in the future of the global economy. It provides sound insights and forecasts based on current data and extensive research. Why you should read this book: Current and relevant: Stay informed about the latest trends and developments in global financial policy. Fundamentally sound: Benefit from in-depth analyses and clear explanations of complex relationships. Forward-looking: Prepare for the financial challenges and opportunities of the coming decades. Reach out to "The US Dollar and the BRICS Challenge" and be one step ahead in the changing world of international finance. Become part of the dialogue about the future of our global economy! Hermann Selchow

The upcoming BRICS summit is just around the corner. The five BRICS nations are reportedly planning their own gold-based reserve currency. This rumor gains traction due to several events. Firstly, the world is currently undergoing structural changes. NATO's expansion towards the east and north in Europe continues, with Sweden currently on the agenda. Sweden boasts one of the largest gold reserves globally. An immediate consequence of NATO's eastward expansion is the military conflicts in Ukraine. Russia has been excluded from the SWIFT system. This exclusion means that Russian banks can no longer directly communicate with other international banks for cross-border transactions. Without access to the SWIFT network, Russia is cut off from most international payment and settlement systems. This could complicate trade with other countries and impact economic relationships. Such isolation could destabilize Russian financial markets and erode investor confidence. The exclusion from the SWIFT system is a serious measure and is to be understood as a political leverage. Thus, it's not surprising that the rumor about a potentially Yuan-backed new reserve currency is gaining momentum. Additionally, the evidently unsuccessful visit of American Secretary of State Blinken to China resulted in a sharp drop in the US dollar's value. China holds massive dollar reserves due to its trade surplus. However, the global economy is a complex network influenced by various actors and circumstances. In recent decades, the dominance of the US dollar as the world's reserve currency has played a significant role. The dollar has shaped the international trade landscape for many decades and profoundly influenced geopolitical relations. Yet, in recent years, new powers have risen, challenging the status quo. The BRICS nations - Brazil, Russia, India, China, and South Africa - have gained increasing economic importance and are pushing for a reform of the international financial system. My book, "The US Dollar and the BRICS Challenge," aims to bring readers closer to the history of dollar dominance and the emerging BRICS nations as potential counterbalances. It should be seen as an attempt to shed light on current events in the world and help better understand ongoing upheavals and restructuring. The book delves into the backgrounds that have led to the power struggles of our time and offers insights into a possible future, analyzing the implications for the global economy. The various aspects of the topic are explored, starting from the historical events that led to the emergence of dollar dominance, all the way to the current efforts of the BRICS nations to break free from this dominance and strengthen their own positions. We will examine the roots of dollar dominance, covering key milestones from the 1944 Bretton Woods Conference to the abandonment of the gold standard in 1971. The crucial role of the United States as a superpower and its economic and political interests in maintaining dollar dominance will also be scrutinized. Another part of the book focuses on the BRICS nations and their rise as economic heavyweights. Each country is examined individually to analyze its specific economic, political, and social developments. While all five countries face different challenges and opportunities, they all strive to have their voices heard in the global economic order. Their efforts to build alternative currency and financial structures are also thoroughly examined. Furthermore, the conflicts and tensions between the US dollar and the BRICS nations are closely examined. I aim to illustrate how the United States defends its dominance in the world economy by all means and takes measures to preserve the dollar's status. Simultaneously, the BRICS nations are forming their own economic alliance and seeking ways to break free from dollar dependency.

This undergraduate thesis examines the de-dollarization efforts in BRICS nations, emphasizing the geopolitical and economic impacts of reducing reliance on the US Dollar in favor of local currencies, particularly the Chinese Renminbi (RMB). It discusses the historical dominance of the US Dollar and its role as the leading international currency. The research highlights the BRICS alliance's initiatives to foster economic cooperation and reduce dependency on Western financial systems, especially the US Dollar. The thesis specifically examines the influence of China's Belt and Road Initiative (BRI) on the demand for the RMB, using an event study model to analyze data from 48 countries over 15 years. The study aims to quantify the shift in RMB demand following BRI participation, addressing the broader BRICS objective of de-dollarization. The findings suggest that the observed increase in RMB usage does not reflect economic or political inclinations that can be directly attributed to BRI membership. This analysis contributes to understanding the dynamics of currency internationalization amongst the ongoing debate of de-dollarization in emerging economies.

This book introduces a new economic and financial system to replace the flawed current system. The past financial crises, including the Great Depression, the Global Financial Crisis, the COVID-19 pandemic, and the ongoing war between Russia and Ukraine, have showed us that the global financial system has problems and that a paradigm change and mindset shift to provide a better world to society is essential. This book brings a new sustainable approach to replace the current system and will be of interest to academics, policymakers, and professionals working with financial markets, financial economics, sustainability, and impact finance.

India remains integral in all the discourses on Asian Century. Eminent scholars have conceptualized and provided nuanced interpretations of India's aspirations, threats, and options with regard to Pakistan, Afghanistan, Russia and China in South China Sea. Acknowledging these scholarly views but stepping beyond, a set of emerging scholars from India attempt to examine the concepts of nations, national identity and war, and multilateralism in this book. Extrapolating these concepts into current affairs, they then evaluate CPEC, India-Afghanistan- Pakistan, and China-Taiwan conundrum. They also critically look at the emerging challenge of private military contractors in international security and the potentially provocative Russia-India-China alliance using the Primakov Doctrine, taking de-dollarization as a case study. The student-authors were mentored and guided in their research for their contributions during their internship with Praghna Centre for Research and Defence Research and Studies, as part of a research writing program spanning four months.

What if the sun truly is setting on the Western world's outsized influence over the rest of the planet? In Westlessness, former UK diplomat Dr Samir Puri vividly demonstrates how in demographic, economic, military and cultural terms, we are hurtling into a far more diverse global future. Many of our certainties about the present, built on centuries of massive Western global impact, are increasingly fragile. Untold wealth is moving from the West to the East, as nations like India and Indonesia are set to reach new heights of growth and confidence. And China continues its ascent to the peak of the economic mountain - but are cracks appearing? And will the Western world, under the aegis of US global military, economic, technological and cultural power, give up its privileged position willingly? Nothing is linear and nothing is predictable. Are we prepared, personally and professionally, for a far more diverse global future? Prepared or unprepared, Westlessness is essential reading for us all.

The past few decades have witnessed a proliferation of economic sanctions, yet there seem to be few examples of sanctions meeting sender states’ goals. Under what conditions do sanctions fail to change the behavior of so-called international “pariah states,” countries who violate various international norms? This book examines the impact of economic sanctions on target states’ trading relationships through social network analysis, a method that has rarely been applied to the study of sanctions. Drawing on UN Comtrade data, Trading with Pariahs: Trade Networks and the Failure of Economic Sanctions shows that the imposition of sanctions can drastically change some states’ trading networks, as states either find new trading partners (in the case of North Korea) or feel the sting of the sanctions from key trading partners (like Iran). Trading networks (such as Myanmar’s) remain relatively stable over time as key trading partners refuse to impose sanctions. Through the theory of weaponized interdependence, Keith A. Preble and Charmaine N. Willis argue that the success or failure of sanctions to change target states’ behavior depends on who imposes the sanctions. Sanctions imposed by the “right” sender states can be successful but also cannot rely solely on policies of isolation to achieve the goals of the sanctions.

This Research Handbook provides a comprehensive analysis of post-pandemic EU economic governance and Next Generation EU (NGEU) law. It explores the profound impact of Covid-19 on the architecture of EU economic governance, focusing on the establishment and implications of the NGEU Recovery Fund.

Dollar hegemony is a defining structural feature of the modern international financial order, and it confers significant economic and political privileges on the US. This book explores the political economic foundations of and prospects for dollar hegemony.