The BRICS at 20 on a Development Path to the Era of Digitization

DOI

10.2991/aebmr.k.201205.061How to use a DOI?

Keywords

digital shared transactions currency, shared economic policy tools, the BRICS shared framework of economic policies, optimal criteria to shared economic policies, central monetary authority, gradualist approach to shared monetary policy

Abstract

The purpose of writing this article is try to work out the principles that can be used to establish a shared mechanism of economic policy for the BRICS. The pandemic of 2020 has proven that with no cooperation and negotiation mechanisms the world is very shaky and powerless to deal with whole-scale crises. Therefore, the paper argues that especially nowadays there is an increasing need for multilateral mechanisms for solving the global problems such as these. The hypothesis is that informal groupings such as the BRICS may become an alternative that can help find solutions to the existential threats and challenges. The research is novel since it makes an attempt to lay the foundation for a shared economic policy mechanism for an informal group of countries with multilateral institutions responsible for specific problems like digital money circulation, provision of loans, debt relief, etc. The theoretical significance of the paper is that the proposed model of the shared economic mechanism of the BRICS may be a starting point for a new period in globalization based on digitization and more cooperation between countries. The practical significance of the research is that its deliverables can be used as policy tools for policymakers to come to agree on certain shared economic, political and social issues. The article concludes with recommendations for the shared economic policy in the BRICS and an outlook for the BRICS after the pandemic.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - M.V. Zharikov
PY  - 2020
DA  - 2020/12/07
TI  - The BRICS at 20 on a Development Path to the Era of Digitization
BT  - Proceedings of the 2nd International Scientific and Practical Conference on Digital Economy (ISCDE 2020)
PB  - Atlantis Press
SP  - 368
EP  - 374
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201205.061
DO  - 10.2991/aebmr.k.201205.061
ID  - Zharikov2020
ER  -