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Zongyuan Zoe Liu and Mihaela Papa examine efforts by the BRICS countries to reduce their dependence on the US dollar. Can BRICS De-dollarize the Global Financial System? studies the institutions and market mechanisms developed by Brazil, Russia, India, China and South Africa during 2009–2021, connecting individual initiatives to the wider structure of international finance.
The authors develop a framework for comparing pathways to de-dollarization, distinguishing between different levels of cooperation and the roles of leaders and followers. Their analysis covers the BRICS grouping, smaller arrangements among its members and initiatives involving additional partners. Development lending, currency use, financial infrastructure and commodity-market activity are among the areas considered.
The study draws on process tracing, interviews, archival material and quantitative market data. Its focus is the construction and robustness of a financial coalition: which mechanisms have been created, how they relate to dollar dependence, and what their limits imply for a possible alternative system. Readers interested in money, banking and emerging-market institutions will find a specific investigation of how international monetary arrangements can change.
Zongyuan Zoe Liu; Mihaela Papa. Can BRICS De-dollarize the Global Financial System?. Cambridge University Press, 2022. https://doi.org/10.1017/9781009029544. Licensed CC BY-NC-ND 4.0; the unchanged original edition and its required notices are retained.