Paulo Nogueira Batista Jr.
The BRICS and the Financing Mechanisms They Created: Progress and Shortcomings
The BRICS and the Financing Mechanisms They Created: Progress and Shortcomings
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- More about The BRICS and the Financing Mechanisms They Created: Progress and Shortcomings
The book assesses BRICS cooperation, focusing on the new financing mechanisms created by the BRICS, the monetary fund, and the development bank. It shows that Brazil, Russia, India, and China, joined later by South Africa, cooperate in reforming the international financial architecture, particularly the G20 and IMF. The BRICS established their own monetary fund and development bank, but negotiations were difficult, leading to slow progress in the first years. The book highlights the strong points and weaknesses of the initial phase and discusses the future of the BRICS, emphasizing joint action by the five countries.
Format: Hardback
Length: 84 pages
Publication date: 12 October 2021
Publisher: Anthem Press
The book delves into a comprehensive assessment of the cooperation among the BRICS nations, with a particular focus on the innovative financing mechanisms they have established. It is demonstrated that Brazil, Russia, India, and China, initially joined by South Africa, share common characteristics that have driven their collaboration in reforming the international financial architecture, particularly the G20 and the IMF.
In the aftermath of 2012, faced with the challenge of securing agreement from advanced countries to embark on substantial reforms of the Bretton Woods institutions, the BRICS took a decisive step by establishing their own monetary fund, known as the BRICS Contingent Reserve Arrangement (CRA), and their own development bank, known as the New Development Bank (NDB). The book intricately details the challenging negotiations that took place between 2012 and 2014, shedding light on the weaknesses that initially hindered the progress of these financing mechanisms.
Furthermore, the book offers a comprehensive overview of the strengths and weaknesses of the initial phase of these financing arrangements. It concludes by discussing the future of the BRICS, emphasizing that joint action by these five countries is likely to remain a significant feature of the international landscape in the coming decades.
Weight: 454g
Dimension: 229 x 153 x 26 (mm)
ISBN-13: 9781839982064
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