BRICS, G20 and global economic governance reform

Abstract

The article reviews cooperation between the BRICS countries (Brazil, Russia, India, China and South Africa) and their collective efforts to promote reform of international financial institutions, shape global financial regulation and improve financial cooperation. The authors focus on the BRICS–G20 engagement for global economic governance reform. To assess the progress so far, the study employs original quantitative data on the BRICS and G20 commitments and compliance, and qualitative analysis of the BRICS and G20 discourse and the transformation of the international economic architecture. The results suggest that, contrary to the common perception of the BRICS as a challenger of the traditional western-dominated international monetary and financial system, it acts in a cooperative manner, seeking to make the international financial architecture and global regulation more representative and responsive to emerging markets and developing economies needs, and strengthen the stability and resilience of international and domestic financial markets.