The BRICS Mechanism as a Platform to Support Russian Interests in the Hostile Global Economic and Financial Environment
https://doi.org/10.26794/2308-944X-2022-10-3-6-17
Abstract
The purpose of writing this paper is to show the changes that happened over the past two decades in the role of the BRICS economies in the world financial system and the world economy in general. Methods. Using comparative analysis techniques, the author shows the positions of the major centers of the global economy in terms of both their GDP numbers measured at official exchange rates and purchasing power parity. The results of this article include suggestions for the new world economic order, a reform of the world financial system, and the creation of a financial safety network for the BRICS during the period of rising global prices, key interest rates and debt. The practical significance of the paper is that its main conclusions and recommendations can be used when formulating strategies for further development of the BRICS cooperation mechanisms, such as the New Development Bank and a network of mutual currency agreements to support trade and investment within the BRICS as well as their partners.
About the Author
M. V. Zharikov
Financial University under
the Government of the Russian Federation
Russian Federation
Russian Federation
Mikhail V. Zharikov — Doctor of Economics, World Finance Department, Professor
Moscow
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Review
For citations:
Zharikov M.V. The BRICS Mechanism as a Platform to Support Russian Interests in the Hostile Global Economic and Financial Environment. Review of Business and Economics Studies. 2022;10(3):6-17. https://doi.org/10.26794/2308-944X-2022-10-3-6-17
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