AI Summary & Key Takeaways
AI InsightThe study examines the BRICS Contingent Reserve Arrangement as one of the building blocks of a ‘new international financial architecture’ as forming against the Bretton Woods model of legal regulation and institutional governance in international financial law.
📌 3 Key Takeaways
Abstract
The aftermath of the Second World War marked the establishment of the Bretton Woods system as the legal and institutional framework of the international monetary/financial order, swith a view to avoiding the repetation of the Great Depression of 1929. Despite the collapse of the system in 1973, its institutions, IMF and World Bank continued to shape the international financial system by pursuing macroeconomic policies based on neoliberal capitalism. As a result, liberalisation of capital markets led to financial globalisation, thereby causing global financial crises. BRICS has emerged in part as a reaction to the existing global monetary/financial governance and its failure in crisis prevention, management and resolution mostly in emerging market economies and developing countries. The study examines the BRICS Contingent Reserve Arrangement as one of the building blocks of a ‘new international financial architecture’ as forming against the Bretton Woods model of legal regulation and institutional governance in international financial law.
Özet
1929 Büyük Ekonomik Buhranın yarattığı mali krizin bir daha yaşanmaması için İkinci Dünya Savaşı Sonunda Bretton Woods sistemi bir uluslararası para/finans hukuku rejimi yaratmak üzere kurulmuştur. 1973’de sistemin çökmesine rağmen, uluslararası mali düzen Bretton Woods kurumları IMF ve Dünya Bankasının neoliberal kapitalist makroekonomik politikaları ile şekillenmeye devam etmiştir. Sermaye piyasalarının liberalleşmesi dünya ekonomisinde finansal küreselleşmeye yol açmıştır. BRICS yükselen piyasa ekonomileri ve gelişmekte olan devletlerde ortaya çıkan küresel finans krizlerine bir tepki olarak global ekonomik idarenin değiştirilmesi ihtiyacıyla ortaya çıkmıştır. BRICS Koşullu İhtiyat Fonu Düzenlemesi, Bretton Woods modeline karşı, yeni uluslararası finansal mimarinin yapı taşlarındandır.