Can brics de dollarize the global financial system

Abstract

To fill 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 created at the BRICS, sub-BRICS, and BRICS Plus levels. 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’ coalitional de-dollarization initiatives have established critical infrastructure for a prospective alternative nondollar global financial system