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Introduction to a forthcoming Special Issue in the BRICS Journal of Economics 5(2) (2024)

Since 2022 the theme of the creation of a common BRICS currency has become one of the most important BRICS-related topics in the global agenda. Many observers are starting to claim that the creation of such a currency could have transformational implications for the global monetary system – at the very least, the scope for de-dollarization that may be facilitated by the creation of a BRICS common currency may be substantial. The beneficiaries of this de-dollarization could include the currencies of the largest developing and developed economies.

In the process of launching the new BRICS currency there may be an important role to be played by the BRICS New Development Bank as well as the regional development banks, in which BRICS are members. This circle of financial institutions could pursue a de-dollarization strategy in the coming years that would improve the conditions for the launching of a common currency. Another important supporting factor could be the increase in mutual trade and investment among BRICS economies – something that is starting to be observed in the past several years. Greater trade liberalization and the pursuit of the path of the “integration of integrations” among the regional integration blocks of BRICS economies could provide an important boost to mutual trade in national currencies across the Global South.

One of the key questions at this juncture concerns the modality of the launching of the common currency. Among the possibilities is an accounting unit, a reserve currency as well as the various forms of a physical fiat transactions unit. Many market operators argue in favor of making the currency digital and backed up by gold and/or other resource assets. Whatever the eventual choice regarding the modalities of the BRICS currency, the implications for the international monetary system and global financial markets could be significant.

As for the impact of the introduction of the BRICS currency on international financial markets, there may be palpable effects on the FX market, including the dollar and the yuan exchange rates. Greater pricing in BRICS national currencies of foreign trade transactions as well as a greater use of the yuan in Central Bank reserve accumulation could also become more pronounced. All of these trends could shape the vectors of transformation of the international monetary system in case the common currency project does materialize. The latter depends on the political support for such a project from all the BRICS stakeholders – exploring the pros and cons of the project from the point of view of each of the BRICS economies may also constitute an important research undertaking in the coming years.

Yaroslav D. Lissovolik, Founder of “BRICS+ analytics”, member of the Russian International Affairs Council (RIAC)

Time frame for the Issue:

• Launch for the Call for Papers: July 17st, 2023

• Deadline for submitting a paper: January 31st, 2024

The papers should be between 5,500 and 8,000 words

For more information: https://brics-econ.arphahub.com/issue/4634/

Introduction to a forthcoming Special Issue in the BRICS Journal of Economics 5(2) (2024)

Since 2022 the theme of the creation of a common BRICS currency has become one of the most important BRICS-related topics in the global agenda. Many observers are starting to claim that the creation of such  ...

Introduction

Twenty-one years ago, the idea of creation of an economic block was floated and accordingly four emerging economies of the world namely-Brazil, Russia, India and China got a name as BRICs countries or economic block. Later on, South Africa also joined the BRICs and the block has come up as BRICS countries. Today, BRICS nations have been contributing in the growth and development of the global economy. The stakes are also higher now than ever before, because emerging economies are more central to the global economy. The purpose of creating the block was to help in accelerating economic growth of the world on one hand and on the other hand to fill up the gap created by the west in 1999, the block accounted for nearly 23 per cent of the global GDP and 38 per cent on purchasing power parity (PPP) basis. Today the figures have increased to 35 per cent and 50 per cent respectively. BRICS nations accounted for 40 per cent of the total world population and in terms of number the Gross Domestic Product of BRICS stood at US $ 16 trillion. Creation of BRICS Bank is the most significant contribution of the economic block and it is believed that the same is alternative to the IBRD or World Bank and Asian Development Bank. Similarly, establishing AIIB is another mile stone in the history of the economic block. The latest silver lining of the BRICS block is the setting up “foreign exchange reserves pool” with an amount of US $ 100 billion which will help member countries at the time of crisis with dollar liquidity. The above mentioned three initiatives by the BRICS nations are being considered as the most significant contribution for accelerating economic growth and development of the global economy in general and developing economies in particular and may go a long way in compelling the multilateral institutions to bring balanced approach and make necessary reforms for which the developing economies are insisting. Ufa. BRICS has a chance to become a new model of global relations, which are above the dividing “east-west” or “north-south” lines, as the members respect national specifics, do not interfere with each other’s home affairs, and want to leave peacefully.

There is concrete saying that “coming together is the beginning, staying together is progress and working together is a success”. BRICS is likely to remain an effective and efficient multilateral forum with multi-polar global order.

Why Special Issue?

Whether or not the BRICS as economic; political; social and demographic block would have attained its objectives and philosophy, will be depending upon the sincerity, adherence on its philosophy, and commitment of the members’ nations towards the working of the block in promoting and attaining the objectives for which the block was established. The block should have more degree of responsiveness towards the developmental goals of the member countries in particular and globe in general especially after the emergence of COVID-19.

Topics to be covered in the SI:

The following issues could be the subject matter for the upcoming special issue:

a] Economic Impact;

b] Social Impact;

c] Political Impact;

d] Demographic Impact;

e] Future challenges for the BRICS economies.

Introduction

Twenty-one years ago, the idea of creation of an economic block was floated and accordingly four emerging economies of the world namely-Brazil, Russia, India and China got a name as BRICs countries or economic block. Later on, South Africa also joined the BRICs and the block has come ...

In recent years, enhanced measures including legislation, policy, regulatory, and economic means have been taken by every country’s government in dealing with environmental problems [1]. Corresponding to this situation and in meeting the demand of governments at different levels for environmental policy tools, the environmental policy research projects on the topic of a wide range, especially concerning Nature conservation are conducted at the World [2][3] . The huge problem is how nowadays Economic growth influences Nature? Globally, the existing protected areas and Aichi Target 11 are not enough to slow the decline in biodiversity [4][5] . As a result, there is an urgent need to expand the nature conservation areas system [6][7] . Nowadays, we need to test how economic, social, energy and environmental indicators influence nature conservation and sustainable growth [8] [9]. Global civilization is falling social and economic turmoil.
Humans are experiencing environmental deterioration and uncontrollable declines in GDP [10] . Traditional economic theory has been continuously advancing yet seems unable to predict these crises or provide adequate public policies to address them [11] .

Nowadays essential not only maximize profit, and maintain the stability of the economy in order to preserve the Planet [12][13] . In light of the last crucial situation, including the emergence of viruses, humankind shows that if it does not start to think about how economy influence on Nature, the Planet would be destroyed [14] . Nowadays, it is necessary to find a new economy [15] and find new tools and new integrative methods that provide an opportunity to follow financial ratios and the new sustainable ratios with non-financial factors inside. The Economy needs new approaches based on green technologies, system sciences and sustainable methods. The Special Issue provide the platform for share the researches concerning green economy theory development emphasizing the transversally links between economic, social, energy and environmental factors [16] . Accordingly, it is necessary to develop systematic research towards sustainable growth [16] . There is no doubt that systemic thinking methods should be part of system economics theory for Nature conservation and sustainable growth. It is also the controversially question, how environmental factors, including virus spreading could influence business social responsibility and companies’ sustainable financial growth [17] . The above-mentioned position formulated in the materials of the G20 green finance research group in UN documents is similar, which emphasizes the need to introduce environmental and social impacts into the assessment of financial growth sustainability [18]

Suggested topics

The Editors emphasize that research for the forthcoming special issue “Green Economy for Nature Conservation and Sustainable Growth” can be fully interdisciplinary. Welcome papers with a focus on a combination of ecology, political ecology, neuron links between nature and humanity, green, ecological, and sustainable economy methods, bioeconomics, Low-Carbon Economics, Climate Change Economics point of view, etc.

Suggested contributions to the “BRICS Journal of Economics” Special Issue on “Green Economy for Nature Conservation and Sustainable Growth” include, but are not limited to, the following:

• Foresight studies for the envisioning of green economy for Nature conservation beyond 2060;
• Carbon Neutrality 2060: new points, new approaches, new strategies;
• Nature or Wilderness protection indices development;
• Green economy’ new strategies and approaches;
• New ideas for Nature conservation and ecosystems services development;
• Case studies to guide the Nature conservation and “Nature Need Half” initiative development;
• Business and green finance technologies development;
• Development of the financial and nonfinancial indicators for Biodiversity and Wilderness conservation;
• Ecosystems Services;
• System Strategies and approaches for the Energy Sustainable Economy, Green Economy, Corporate Finance Systems development;
• Green Ethics development in the base of philosophical point of view;
• How virus situation, including COVID-19 spread influence on the Economy sustainability. How green economy can help to overwhelm the crises?

Submission Deadline:

31 July 2022

Submission Procedure

According to Journal regulation: free publication, free open-access

For the format of Paper and other instruction, please refer to Journal Homepage https://brics-econ.arphahub.com/

Articles would be accepted in English.

Contact
The editors of the special issue are happy to discuss initial ideas for papers, and can be contacted directly Dr. Alina Steblyanskaya alina_steblyanskaya@hrbeu.edu.cn

1. Weidong L. (2019) Joint Construction of Green Silk Roads: social, economic and environmental context. Beijing: The Commercial Press. 

2. Bocharnikov Vladimir N. (2018). Spatial thinking, cultural geography and wilderness " Izvestiya RAN. Ser. Geogr., 3, 105-116. (In Rus.)

3. Scheiner SM, Kosman E, Presley SJ, Willig MR. (2017) Decomposing functional diversity. Methods Ecol Evol., 8, 809–20.

4. Cao Y, Carver S, Yang R. (2019) Mapping wilderness in China: Comparing and integrating Boolean and WLC approaches. Landsc Urban Plan.; 192, 103636. 

5. Locke H, Dearden P. (2005) Rethinking protected area categories and the new paradigm. Environ Conserv., 32, 1–10.

6. Li BL, Hubacek K, Yan JJ, Span R, Wang H, Earis P, et al. (2018) Priority areas at the frontiers of ecology and energy. Ecosyst Heal Sustain, 4, 243–246. 

7. Ward, J. D., Sutton, P. C., Werner, A. D., Costanza, R., Mohr, S. H., & Simmons, C. T. (2016). Is decoupling GDP growth from environmental impact possible?. PloS one, 11(10), 1-14.

8.  Bayet, F. (1994). Overturning the doctrine: Indigenous people and wilderness--being aboriginal in the environmental movement. Social Alternatives, 13(2), 27-32.

9. V. N. Bocharnikov (2018) “Civilization Geocode and deep Ecology” Pslov regional journal,  (1), 71-84

10. Yan, J., Feng, L., Denisov, A., Steblyanskaya, A., & Oosterom, J. P. (2020). Complexity theory for the modern Chinese economy from an information entropy perspective: Modeling of economic efficiency and growth potential. PloS one, 15(1), e0227206.

11. Yan, J., Feng, L., Steblyanskaya, A., Kleiner, G., & Rybachuk, M. (2019). Biophysical economics as a new economic paradigm. International Journal of Public Administration, 42(15-16), 1395-1407.

12. Costanza R. (1989). What Is Ecological Economics. Ecological Economics, 1, 1-12.

13. Daly, H. E., & Farley, J. (2011). Ecological economics: principles and applications. Island press.

14. Bocharnikov VN. (2018) BIOSPHERE, NOOSPHERE AND THE SPECIAL CODE OF SCIENCE: A NEW READING OF THE WORKS OF ACADEMICIAN V. I. VERNADSKY (in Russian). Coevol Noosph Res Anal Forecast, 1, 74–105.

15. Kleiner, G., & Rybachuk, M. (2016). System structure of the economy: Qualitative time-space analysis. Fronteiras: Journal of Social, Technological and Environmental Science, 5(2), 61-81.

16. Steblyanskaya, A. N., Wang, Z., & Bragina, Z. V. (2019). Financial sustainable growth theory as a result of interaction with energy, environmental and social processes (Evidence from oil and gas industry). Finance: Theory and practice, 23(2), 134-152.

17. Sheremet. A. (2017) Analysis and audit of sustainable development indicators (in Russian). Audit and financial analysis 1, 153–155.

19. Rousseau, D. (2015). General systems theory: Its present and potential. Systems Research and Behavioral Science, 32(5), 522-533.

Keywords: ecology, sustainable growth, green economy

In recent years, enhanced measures including legislation, policy, regulatory, and economic means have been taken by every country’s government in dealing with environmental problems [1]. Corresponding to this situation and in meeting the demand of governments at different levels for environmental  ...