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The BRICS countries’ monetary and financial power: what has changed since the 2008 global financial crisis and why i...
ISSN: 2178 - 8839
Publisher: author
The BRICS countries’ monetary and financial power: what has changed since the 2008 global financial crisis and why i...
Indexed in
Social Sciences
ARTICLE-FACTOR
1.3
Article Basics Score: 3
Article Transparency Score: 3
Article Operation Score: 3
Article Articles Score: 2
Article Accessibility Score: 3
SUBMIT PAPER ASK QUESTION
International Category Code (ICC):
ICC-0202
Publisher: Conjuntura Austral: Journal Of The Global South Internatio..
International Journal Address (IAA):
IAA.ZONE/217848778839
eISSN
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2178 - 8839
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Abstract
This article analyses the ongoing transformations in the international monetary and financial system (IMFS) since the outbreak of the 2008 Global Financial Crisis and the role played by the BRICS countries. It argues that while changes the BRICS countries have been marginal, because there was not a substantial shift in the underlying power relations, these changes still matter because they are power as an end in itself. The article looks into three areas where the group was relatively successful in challenging the system: (i) increasing their voice in major global economic forums (focusing on the IMF and the G20), (ii) creating new international financial institutions and (iii) influencing the IMF’s new institutional view of capital flows. It then discusses the limits of the BRICS’ monetary and financial power given their subordinated position in the IMFS, China being the exception. Understanding the rise and limitations of the BR...
