BRICS Countries: Results of Participating in Globalization of Financial-Economic Regulation
The article analyzes a new phenomenon — globalization of financial-economic regulation being implemented by G20, the IMF and the World Bank. This concept, proposed by the author, is wider than interstate financial regulation and is motivated by the new assessment of financial risks as a component of macroeconomic regulation and micro-prudential supervision as a result of the global crisis. The author substantiates a conclusion about effectiveness of the BRICS countries’ participation in globalization of financial-economic regulation on a national basis in the IMF framework and within the World Bank Group (WB), that are reforming the Jamaica world monetary system. Proposed are measures for developing partnership of the BRICS countries in order to increase their representation and role in these global institutions and in creating a new world monetary system.
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