Navigating the Tides of De-dollarization: Impact on Global Economy and BRICS Initiatives
This article examines the global economic shift away from US dollar dominance, focusing on the rise of the Chinese yuan and de-dollarization efforts, particularly by Russia and BRICS nations (Brazil, Russia, India, China, and South Africa). The study explores the dollar’s dominance since World War I...
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| Format: | Article |
| Language: | English |
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Pluto Journals
2024-11-01
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| Series: | World Review of Political Economy |
| Online Access: | https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.15.4.0566 |
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| _version_ | 1850066493151117312 |
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| author | Rana Al Mosharrafa |
| author_facet | Rana Al Mosharrafa |
| author_sort | Rana Al Mosharrafa |
| collection | DOAJ |
| description | This article examines the global economic shift away from US dollar dominance, focusing on the rise of the Chinese yuan and de-dollarization efforts, particularly by Russia and BRICS nations (Brazil, Russia, India, China, and South Africa). The study explores the dollar’s dominance since World War II and challenges it faced, including the Nixon Shock in 1971. The study’s significance is in investigating current de-dollarization trends, BRICS formation and implications, and their profound effects on the global economic ecosystem. The objective is to provide insights for policymakers, economists, businesses, and investors navigating an evolving international monetary landscape. The article explores the multifaceted process of de-dollarization, emphasizing the strategic shift away from the US dollar in international trade and finance. It analyzes challenges like time constraints, contractual obligations, and establishing financial infrastructure for transitioning to alternative currencies. Furthermore, the study discusses the formation of a proposed BRICS currency as a potential challenge to the dollar’s supremacy. The benefits and drawbacks of de-dollarization are explored, highlighting the potential impacts on global trade, national economies, and startups. Finally, it is important to emphasize the strategic advantages and risks of de-dollarization and advocate a well-calibrated approach to navigating the complexities of reshaping the global monetary landscape. |
| format | Article |
| id | doaj-art-b93267ceab6b48b28d0fb63b252b4170 |
| institution | DOAJ |
| issn | 2042-891X 2042-8928 |
| language | English |
| publishDate | 2024-11-01 |
| publisher | Pluto Journals |
| record_format | Article |
| series | World Review of Political Economy |
| spelling | doaj-art-b93267ceab6b48b28d0fb63b252b41702025-08-20T02:48:43ZengPluto JournalsWorld Review of Political Economy2042-891X2042-89282024-11-0115456658110.13169/worlrevipoliecon.15.4.0566Navigating the Tides of De-dollarization: Impact on Global Economy and BRICS InitiativesRana Al MosharrafaThis article examines the global economic shift away from US dollar dominance, focusing on the rise of the Chinese yuan and de-dollarization efforts, particularly by Russia and BRICS nations (Brazil, Russia, India, China, and South Africa). The study explores the dollar’s dominance since World War II and challenges it faced, including the Nixon Shock in 1971. The study’s significance is in investigating current de-dollarization trends, BRICS formation and implications, and their profound effects on the global economic ecosystem. The objective is to provide insights for policymakers, economists, businesses, and investors navigating an evolving international monetary landscape. The article explores the multifaceted process of de-dollarization, emphasizing the strategic shift away from the US dollar in international trade and finance. It analyzes challenges like time constraints, contractual obligations, and establishing financial infrastructure for transitioning to alternative currencies. Furthermore, the study discusses the formation of a proposed BRICS currency as a potential challenge to the dollar’s supremacy. The benefits and drawbacks of de-dollarization are explored, highlighting the potential impacts on global trade, national economies, and startups. Finally, it is important to emphasize the strategic advantages and risks of de-dollarization and advocate a well-calibrated approach to navigating the complexities of reshaping the global monetary landscape.https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.15.4.0566 |
| spellingShingle | Rana Al Mosharrafa Navigating the Tides of De-dollarization: Impact on Global Economy and BRICS Initiatives World Review of Political Economy |
| title | Navigating the Tides of De-dollarization: Impact on Global Economy and BRICS Initiatives |
| title_full | Navigating the Tides of De-dollarization: Impact on Global Economy and BRICS Initiatives |
| title_fullStr | Navigating the Tides of De-dollarization: Impact on Global Economy and BRICS Initiatives |
| title_full_unstemmed | Navigating the Tides of De-dollarization: Impact on Global Economy and BRICS Initiatives |
| title_short | Navigating the Tides of De-dollarization: Impact on Global Economy and BRICS Initiatives |
| title_sort | navigating the tides of de dollarization impact on global economy and brics initiatives |
| url | https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.15.4.0566 |
| work_keys_str_mv | AT ranaalmosharrafa navigatingthetidesofdedollarizationimpactonglobaleconomyandbricsinitiatives |