Economic and Financial Integration in BRICS+

Erdem Kılıç

doi:10.33203/mfy.1675011

EN TR

Economic and Financial Integration in BRICS+

Öz

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.

Anahtar Kelimeler

Exchange rate, BRICS, volatility, inflation.

BRICS+'da Ekonomik ve Finansal Entegrasyon

Öz

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.

Anahtar Kelimeler

: döviz kuru, BRICS, volatilite, enflasyon.

Kaynakça

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Ayrıntılar

Birincil Dil

İngilizce

Konular

Sermaye Piyasaları, Uluslararası Finans, Makro İktisat (Diğer)

Bölüm

Araştırma Makalesi

Yazarlar

Erdem Kılıç ^*
0000-0003-1917-2227
Türkiye

Erken Görünüm Tarihi

29 Eylül 2025

Yayımlanma Tarihi

1 Ekim 2025

Gönderilme Tarihi

13 Nisan 2025

Kabul Tarihi

7 Ağustos 2025

Yayımlandığı Sayı

Yıl 2025 Sayı: 124

DOI

https://doi.org/10.33203/mfy.1675011

IZ

https://izlik.org/JA93DU84WP

APA

Kılıç, E. (2025). Economic and Financial Integration in BRICS+. Maliye ve Finans Yazıları, 124, 36-59. https://doi.org/10.33203/mfy.1675011

AMA

1.Kılıç E. Economic and Financial Integration in BRICS+. Maliye ve Finans Yazıları. 2025;(124):36-59. doi:10.33203/mfy.1675011

Chicago

Kılıç, Erdem. 2025. “Economic and Financial Integration in BRICS+”. Maliye ve Finans Yazıları, sy 124: 36-59. https://doi.org/10.33203/mfy.1675011.

EndNote

Kılıç E (01 Ekim 2025) Economic and Financial Integration in BRICS+. Maliye ve Finans Yazıları 124 36–59.

IEEE

[1]E. Kılıç, “Economic and Financial Integration in BRICS+”, Maliye ve Finans Yazıları, sy 124, ss. 36–59, Eki. 2025, doi: 10.33203/mfy.1675011.

ISNAD

Kılıç, Erdem. “Economic and Financial Integration in BRICS+”. Maliye ve Finans Yazıları. 124 (01 Ekim 2025): 36-59. https://doi.org/10.33203/mfy.1675011.

JAMA

1.Kılıç E. Economic and Financial Integration in BRICS+. Maliye ve Finans Yazıları. 2025;:36–59.

MLA

Kılıç, Erdem. “Economic and Financial Integration in BRICS+”. Maliye ve Finans Yazıları, sy 124, Ekim 2025, ss. 36-59, doi:10.33203/mfy.1675011.

Vancouver

1.Erdem Kılıç. Economic and Financial Integration in BRICS+. Maliye ve Finans Yazıları. 01 Ekim 2025;(124):36-59. doi:10.33203/mfy.1675011

Maliye ve Finans Yazıları dergisinin kapsamını ekonomi, maliye, finans ve bankacılık alanlarındaki çalışmalar oluşturmaktadır.

Economic and Financial Integration in BRICS+

Öz

Anahtar Kelimeler

BRICS+'da Ekonomik ve Finansal Entegrasyon

Öz

Anahtar Kelimeler

Kaynakça

Ayrıntılar

Birincil Dil

Konular

Bölüm

Yazarlar

Erken Görünüm Tarihi

Yayımlanma Tarihi

Gönderilme Tarihi

Kabul Tarihi

Yayımlandığı Sayı

DOI

IZ

Kaynak Göster