Abstract
The article gives a comprehensive picture of dramatic changes that occurred in finance of developing countries during the last decade, including the geography and structure of financial flows. The author focuses on the new role of the BRICS countries in the global financial relations, investment and governance. The article provides a detailed and thorough analysis of BRICS’s struggle for quotas and influence in the leading international financial institutions. It contains plentiful data of financial cooperation within the BRICS. The author concludes by predicting a number of new trends in the global finance and the role of the emerging markets.
Keywords
international financial relations, capital movement, BRICS, IMF quota, low income countries, external debt, global governance
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