Maliye ve Finans Yazıları 1308-6014 3062-2565 Maliye ve Finans Yazıları Yayıncılık Ltd. Şti. 10.33203/mfy.1675011 Capital Market International Finance Macroeconomics (Other) Sermaye Piyasaları Uluslararası Finans Makro İktisat (Diğer) Economic and Financial Integration in BRICS+ BRICS+'da Ekonomik ve Finansal Entegrasyon https://orcid.org/0000-0003-1917-2227 Kılıç Erdem TÜRK-ALMAN ÜNİVERSİTESİ 10 01 2025 124 36 59 04 13 2025 08 07 2025 Copyright © 1986, Journal of Finance Letters 1986 Journal of Finance Letters

The BRICS+ initiative has gained momentum with growing efforts toward economic and financial integration. This study assesses the feasibility of economic and financial integration in BRICS+ countries using the Mundell-Fleming Trilemma framework, focusing on the trade-offs between monetary policy independence, exchange rate stability, and capital mobility. We find inflation convergence among BRICS+ countries, indicating potential for future monetary coordination. However, foreign reserves—including China’s substantial holdings—fail to stabilize inflation or reduce exchange rate volatility, challenging conventional knowledge. Instead, capital flows and trade integration show greater stabilizing effects. These findings suggest a strategic shift from reserve accumulation to coordinated capital flow management and institutional development. While structural divergences persist, gradual policy convergence—supported by instruments like the New Development Bank—could enable long-term integration. Recent research confirms several results but highlights ongoing macroeconomic divergence, mixed exchange rate behavior, and the limited impact of passive reserve accumulation.

BRICS+ girişimi, ekonomik ve finansal entegrasyona yönelik artan çabalarla ivme kazanmıştır. Bu çalışma, Mundell-Fleming Üçlemi çerçevesinde BRICS+ ülkelerinde ekonomik ve finansal entegrasyonun fizibilitesini değerlendirmekte ve para politikası bağımsızlığı, döviz kuru istikrarı ve sermaye hareketliliği arasındaki dengeyi analiz etmektedir. Bulgularımız, ülkeler arasında enflasyon yakınsamasının güçlendiğini ve parasal koordinasyon potansiyelini göstermektedir. Ancak Çin’in yüksek rezervleri dahil olmak üzere döviz rezervlerinin, enflasyonu ya da kur oynaklığını istikrara kavuşturmadığı görülmektedir. Buna karşılık, sermaye akımları ve ticaret entegrasyonu daha güçlü istikrar etkisi yaratmaktadır. Bu durum, rezerv biriktirmeye dayalı strateji yerine, koordineli sermaye akımı yönetimi ve kurumsal gelişime odaklanılması gerektiğini göstermektedir. Her ne kadar yapısal farklılıklar sürse de Yeni Kalkınma Bankası gibi araçlarla desteklenen kademeli politika uyumu uzun vadede entegrasyonu mümkün kılabilir. Güncel araştırmalar bulgularımızı desteklemekte, ancak makroekonomik uyumsuzluklara ve pasif rezerv birikiminin sınırlı etkisini vurgulamaktadır.

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