Monetary and financial power of the BRICS countries: What has changed since the 2008 Global Financial Crisis and why it matters

Detalhes bibliográficos
Autor(a) principal: Peruffo, Luiza
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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spelling 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)
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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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