Spiridonov V.V. To the Question of Creating the Brics Development Bank: Prospects, Potential, Advantages

Abstract: The article is dedicated to analyzing the changes in international economic relations which occurred as a result of establishing the BRICS development bank, founded by the resolution of 2014 BRICS summit. The official goals of this international organization include the development of financial and economic cooperation between countries, stabilization of post-shock economies, overcoming financial crises, financial aid and recovery of developing economies. From this point of view, the BRICS development bank will play a unique role in the formation of a new financial system, and the U.S. dollar won’t be the world’s only reserve currency. The subject of this research is the role of the BRICS development bank in stabilizing the world’s financial system. The methodology of this research is a systemic, structural-functional and comparative approaches, the methods of financial-economic analysis, synthesis, modeling, observation, expert assessments. The exacerbation of Ukrainian domestic crisis lead to growing economic pressure on Russia. There are no objective economy-based reasons for this: Russia has a reputation of a reliable economic partner. The testament of this is the creation of the BRICS development bank in 2014. This article presents an analysis of the potential of all BRICS countries on the international economical, financial and political arena. The authors draw historic parallels of cooperation between Russia and international financial organizations.

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