Can BRICS De-dollarize the Global Financial System?

This study develops a Pathways to De-dollarization framework to analyze BRICS countries' institutional and market mechanisms for reducing currency risk and bypassing US sanctions. It identifies leaders and followers, assesses robustness, and mobilizes other stakeholders. The authors find that BRICS coalitional de-dollarization initiatives have established critical infrastructure for a prospective alternative nondollar global financial system.

Format: Paperback / softback
Length: 75 pages
Publication date: 24 March 2022
Publisher: Cambridge University Press

Despite the group's development of numerous de-dollarization initiatives to mitigate currency risk and circumvent US sanctions, existing scholarship has not comprehensively examined BRICS (Brazil-Russia-India-China-South Africa) as a rising power de-dollarization coalition. To address this gap, this study develops a Pathways to De-dollarization framework and applies it to analyze the institutional and market mechanisms that BRICS countries have established at the BRICS, sub-BRICS, and BRICS Plus levels. This framework identifies the leaders and followers of the BRICS de-dollarization coalition, assesses its robustness, and discerns how BRICS mobilizes other stakeholders. The authors employ process tracing, content analysis, semi-structured interviews, archival research, and statistical analysis of quantitative market data to analyze BRICS activities during 2009-2021. They find that BRICS coalition de-dollarization initiatives have established critical infrastructure for a prospective alternative non-dollar global financial system.

This title is also available as Open Access on Cambridge Core.

Weight: 138g
ISBN-13: 9781009014625
Edition number: New ed