Importance As a platform for innovative dialogue, the BRICS focuses its efforts to expand opportunities of its member countries for elaborating and taking global economic decisions. The article discusses the BRICS activity for stimulating changes in the global monetary and financial systems. Objectives The research describes the BRICS attempts to change the global monetary and financial system, which is not quite compliant with the emerging economies' interests, thus restraining their further economic advancement. Methods The research relies upon a systems approach, institutional methodological approach, principle of historicism and method of statistical analysis. Results The article demonstrates that the BRICS representation and the role of its members in the IMF and World Bank fail to match their increased economic influence. I also evaluated the World Bank and IMF reforms initiated in 2010, reviewed principles of new monetary and financial institutions of the BRICS, determined further measures the BRICS should undertake to promote changes in the global monetary and financial system. Conclusions and Relevance Developed economies of the West are very reluctant to rearrange the global monetary and financial system and strengthen the role of emerging economies in the process of making decisions on global economy management. This is the reason why reforms of the governance system and allocation of quotas significantly stalls in the IMF and World Bank. The BRICS efforts pursue improving the existing system, making it more efficient, stable and fair, aligning it with ongoing global developments concerning the economic power of developed and developing economies, neutralizing a majority of the Western countries and the pro-Western inclination of the leading international financial institutions.
Keywords: BRICS, IMF, World Bank, New Development Bank, international monetary system, international financial system
References:
O'Neill J. Building Better Global Economic BRICs. Global Economics Paper, 2001, no. 66, p. 16.
Stuenkel O. Emerging Powers and Status: the Case of the First BRICs Summit. Asian Perspective, 2014, vol. 38, no. 1, pp. 89–109.
Lunev S.I. [The BRICS countries within the globalization processes]. Sravnitel'naya politika = Comparative Politics. Russia, 2014, no. 3, pp. 81–108. (In Russ.) doi: Link-81-108
Li Xin. [The BRICS countries: strengthening cooperation]. Mezhdunarodnaya zhizn' = International Affairs, 2012, no. 2, pp. 33–44. (In Russ.)
Vinogradov A.V. [The dialogue format of the BRICS and its role in establishing the multipolar world]. Sravnitel’naya politika = Comparative Politics. Russia, 2014, no. 1, pp. 47–52. (In Russ.) doi: Link-47-52
Shelepov A.V. [The BRICS and international institutions: cooperation models during multilateral governance]. Vestnik mezhdunarodnykh organizatsii: obrazovanie, nauka, novaya ekonomika = International Organisations Research Journal, 2015, vol. 10, no. 4, pp. 7–28. (In Russ.) doi: Link
Lavrov S.V. [The BRICS is a new generation of global forum]. Mezhdunarodnaya zhizn' = International Affairs, 2012, no. 3, pp. 1–6. (In Russ.)
Koldunova Е.V. [The role of BRICS in global governance]. Sravnitel'naya politika = Comparative Politics. Russia, 2014, no. 1, pp. 60–64. (In Russ.) doi: Link-60-64
Reisen H. [Alternative multilateral development banks and global financial governance]. Vestnik mezhdunarodnykh organizatsii: obrazovanie, nauka, novaya ekonomika = International Organisations Research Journal, 2015, vol. 10, no. 2, pp. 106–118. (In Russ.) doi: Link
Panova V.V. [The BRICS: interaction issues and cooperation opportunities]. Obozrevatel' = Observer, 2013, no. 1, pp. 39–53. (In Russ.)
Troekurova I., Pelevina K., Nekhorosheva E. [The BRICS countries in contemporary international financial architecture]. Problemy Dal'nego Vostoka = Far Eastern Affairs, 2012, no. 1, pp. 49–63. (In Russ.)
Smyslov D. [IMF reform: issues and solutions. Finance and management]. Den'gi i kredit = Money and Credit, 2012, no. 2, pp. 33–44. (In Russ.)
Cooper A., Farooq A. [Testing the club dynamics of the BRICS: the New Development Bank from conception to establishment]. Vestnik mezhdunarodnykh organizatsii: obrazovanie, nauka, novaya ekonomika = International Organisations Research Journal, 2015, vol. 10, no. 2, pp. 45–47. (In Russ.) doi: Link
Wang Qingsong. [Prospects and challenges of BRICS cooperation: the Chinese view]. Svobodnaya mysl' = Free Thought, 2015, no. 6, pp. 55–66. (In Russ.)
Toloraya G. [Why does Russia need the BRICS?]. Rossiya v global'noi politike = Russia in Global Affairs, 2015, vol. 13, no. 1, pp. 70–81. (In Russ.)
Morozkina А.К. [The New Development Bank in global finance and economic architecture]. Vestnik mezhdunarodnykh organizatsii: obrazovanie, nauka, novaya ekonomika = International Organisations Research Journal, 2015, vol. 10, no. 2, pp. 89–105. (In Russ.) doi: Link
Leksyutina Ya. [The role and activity of the BRICS to stimulate a paradigmatic shift in global economic governance]. Politicheskaya ekspertiza: POLITEKS = Political Expertise: POLITEX, 2014, vol. 10, no. 1, pp. 113–125. (In Russ.)
Leksyutina Ya. BRICS: Reform of Global Economic Governance System. Public Administration and Civil Service, 2015, no. 1, pp. 166–172.
Karataev S.V. [BRICS rating agency: myth or necessity?]. Problemy natsional'noi strategii = National Strategy Issues, 2015, no. 2, pp. 164–188. (In Russ.)
