BRICS Contingent Reserve Arrangement: A Legal and Institutional Study

Yıl 2016, Cilt: 7 Sayı: 1, 295 - 350, 30.06.2016

Mete Erdem

https://doi.org/10.21492/inuhfd.387923

Öz

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. 

Anahtar Kelimeler

Bretton Woods, IMF, international Money/finance law, global financial crisis, BRICS Contingent Reserve Arrangement, new international financial architecture

BRICS Koşullu İhtiyat-Fonu Düzenlemesi: Hukuksal ve Kurumsal İnceleme

Öz

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.           

Anahtar Kelimeler

Bretton Woods, IMF, uluslararası para/finans hukuku, küresel mali kriz, BRICS Koşullu İhtiyat-Fonu Düzenlemesi, yeni uluslararası finansal mimari

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