The BRICS countries' monetary and financial power: what has changed since the 2008 global financial crisis and why it matters
Journal Title: Conjuntura Austral: journal of the Global South - Year 2020, Vol 11, Issue 53
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 BRICS’ monetary and financial power is important because they encourage the existing theoretical framework to advance if it wants to understand how subordinated players in the IMFS – such as emerging economies and the groupings formed by them (like the BRICS) – can have their way in a system which is rigid, hierarchical and still dominated by advanced economies.
Authors and Affiliations
Luiza Peruffo
Keywords
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- EP ID EP678561
- DOI https://doi.org/10.22456/2178-8839.97514
- Views 170
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