Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Conjuntura Austral |
Texto Completo: | https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/97514 |
Resumo: | This paper analyses the ongoing transformations in the international monetary and financial system and the role played by the BRICS countries. It argues that while the changes the BRICS countries triggered have been marginal, because there was not a substantial change in the underlying power relations, these changes matter because they are forms of power. It 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 on capital flows. It then discusses the limits of the BRICS’ monetary and financial power given their subordinated position in the currency hierarchy, China being the exception. Understanding the rise and limitations of the BRICS’ monetary and financial power is important because they challenge the existing theoretical framework to advance if it wants to understand how emerging market and developing economies, and the groupings formed by them, act in order to uphold their interests in a system which is rigid, hierarchical and still dominated by advanced economies. |
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Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it mattersPoder monetário e financeiro dos países do BRICS: o que mudou desde a crise financeira global de 2008 e por que é importanteBRICSGlobal Financial Crisismonetary and financial powerBRICSCrise financeira globalpoder monetário e financeiroThis paper analyses the ongoing transformations in the international monetary and financial system and the role played by the BRICS countries. It argues that while the changes the BRICS countries triggered have been marginal, because there was not a substantial change in the underlying power relations, these changes matter because they are forms of power. It 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 on capital flows. It then discusses the limits of the BRICS’ monetary and financial power given their subordinated position in the currency hierarchy, China being the exception. Understanding the rise and limitations of the BRICS’ monetary and financial power is important because they challenge the existing theoretical framework to advance if it wants to understand how emerging market and developing economies, and the groupings formed by them, act in order to uphold their interests in a system which is rigid, hierarchical and still dominated by advanced economies.Este artigo analisa as transformações em curso no sistema monetário e financeiro internacional (SMFI) desde a Crise Financeira Global de 2008 e o papel desempenhado pelos países do BRICS. O artigo argumenta que, embora as mudanças provocadas pelos países do BRICS tenham sido marginais, porque não ocorreu uma mudança substancial nas relações de poder subjacentes, estas mudanças importam porque são poder como um fim em si mesmo. São examinadas três áreas em que o grupo foi relativamente bem sucedido em desafiar o sistema: (i) aumentar sua voz nos principais fóruns econômicos globais (com foco no FMI e no G20), (ii) criar novas instituições financeiras internacionais; e (iii) influenciar a nova visão institucional do FMI sobre fluxos de capital. Em seguida, discute-se os limites do poder monetário e financeiro dos BRICS, dada sua posição subordinada no SMFI, com a exceção da China. Compreender a ascensão e os limites do poder monetário e financeiro dos BRICS é importante porque eles encorajam o arcabouço teórico existente a avançar, se quisermos entender como atores subordinados – como as economias emergentes e os grupos formados por eles (tal qual os BRICS) – podem conseguir aquilo que querem em um sistema rígido, hierárquico e ainda dominado pelas economias avançadas.UFRGS2020-03-26info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/9751410.22456/2178-8839.97514Conjuntura Austral; Vol. 11 No. 53 (2020): BRICS Special Edition: perceptions about the first decade of the bloc.; 92 - 113Conjuntura Austral; Vol. 11 Núm. 53 (2020): Edição Especial BRICS: percepções sobre a primeira década do bloco.; 92 - 113Conjuntura Austral; v. 11 n. 53 (2020): Edição Especial BRICS: percepções sobre a primeira década do bloco.; 92 - 1132178-8839reponame:Conjuntura Australinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSenghttps://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/97514/56404Peruffo, Luizainfo:eu-repo/semantics/openAccess2020-09-11T19:59:11Zoai:seer.ufrgs.br:article/97514Revistahttps://seer.ufrgs.br/ConjunturaAustralPUBhttps://seer.ufrgs.br/ConjunturaAustral/oaiconjunturaaustral@ufrgs.br||reisdasilva@hotmail.com||nerint@ufrgs.br||andre.reis@ufrgs.br2178-88392178-8839opendoar:https://seer.ufrgs.br/ConjunturaAustral/oaihttps://seer.ufrgs.br/ConjunturaAustral/oai2020-09-11T19:59:11Conjuntura Austral - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters Poder monetário e financeiro dos países do BRICS: o que mudou desde a crise financeira global de 2008 e por que é importante |
title |
Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters |
spellingShingle |
Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters Peruffo, Luiza BRICS Global Financial Crisis monetary and financial power BRICS Crise financeira global poder monetário e financeiro |
title_short |
Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters |
title_full |
Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters |
title_fullStr |
Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters |
title_full_unstemmed |
Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters |
title_sort |
Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters |
author |
Peruffo, Luiza |
author_facet |
Peruffo, Luiza |
author_role |
author |
dc.contributor.author.fl_str_mv |
Peruffo, Luiza |
dc.subject.por.fl_str_mv |
BRICS Global Financial Crisis monetary and financial power BRICS Crise financeira global poder monetário e financeiro |
topic |
BRICS Global Financial Crisis monetary and financial power BRICS Crise financeira global poder monetário e financeiro |
description |
This paper analyses the ongoing transformations in the international monetary and financial system and the role played by the BRICS countries. It argues that while the changes the BRICS countries triggered have been marginal, because there was not a substantial change in the underlying power relations, these changes matter because they are forms of power. It 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 on capital flows. It then discusses the limits of the BRICS’ monetary and financial power given their subordinated position in the currency hierarchy, China being the exception. Understanding the rise and limitations of the BRICS’ monetary and financial power is important because they challenge the existing theoretical framework to advance if it wants to understand how emerging market and developing economies, and the groupings formed by them, act in order to uphold their interests in a system which is rigid, hierarchical and still dominated by advanced economies. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-03-26 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/97514 10.22456/2178-8839.97514 |
url |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/97514 |
identifier_str_mv |
10.22456/2178-8839.97514 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/97514/56404 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
UFRGS |
publisher.none.fl_str_mv |
UFRGS |
dc.source.none.fl_str_mv |
Conjuntura Austral; Vol. 11 No. 53 (2020): BRICS Special Edition: perceptions about the first decade of the bloc.; 92 - 113 Conjuntura Austral; Vol. 11 Núm. 53 (2020): Edição Especial BRICS: percepções sobre a primeira década do bloco.; 92 - 113 Conjuntura Austral; v. 11 n. 53 (2020): Edição Especial BRICS: percepções sobre a primeira década do bloco.; 92 - 113 2178-8839 reponame:Conjuntura Austral instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
instacron_str |
UFRGS |
institution |
UFRGS |
reponame_str |
Conjuntura Austral |
collection |
Conjuntura Austral |
repository.name.fl_str_mv |
Conjuntura Austral - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
conjunturaaustral@ufrgs.br||reisdasilva@hotmail.com||nerint@ufrgs.br||andre.reis@ufrgs.br |
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1797220376520949760 |