Study On The Monetary Cooperation Of BRICS

The global financial crisis triggered by the U.S.subprime mortgage crisis has brought great impact to the world economy and the international monetary system since 2007.With the rapid development of economic integration and the deepening of opening up,the financial crisis will spread rapidly and spread to all countries.Therefore,when faced with large-scale economic shocks and financial risks,a country cannot bear alone.After the financial crisis,the BRICS have carried out several dialogues on how to conduct a number of regional financial cooperation measures.Along with the development of the trade and investment cooperation and the economic integration process between the BRICS more closely,to speed up the pace of monetary cooperation is not only the trend of the development of financial cooperation,but also the inevitable requirement of political and economic cooperation.It is of great strategic significance to improve the competitiveness and international status of the BRICS,to achieve common development and prosperity,to make up for the deficiencies in the current international monetary system.However,the BRICS are not like the economic community of the EU,there are many problems in the implementation of monetary cooperation between each other.At the same time,due to the monetary cooperation between the BRICS has just begun,the government and the public are difficult to learn on its development and changes in the law accurately,and the relevant research is also relatively scarce.According to the stage of monetary cooperation,the paper divides the scope of BRICs monetary cooperation into two stages: the early stage and the later stage.On the basis of the theory of optimal currency area,the income and the cost of the two stages of the monetary cooperation between the BRICs are studied by two qualitative and quantitative methods respectively.The feasibility of the later BRICs monetary cooperation is researched by comparing the reasons for regional monetary cooperation in Europe and Latin America in this paper,and the paper comes to the conclusion that the conditions for monetary cooperation are not available in the latter stage according to the current reality and development conditions of the BRICs.Finally,I put forward the strategic choice of China's participation in the BRICs monetary cooperation according to the reality of China in the BRICS monetary cooperation,and the suggestion of the BRICs monetary cooperation in the early stage.This paper is divided into five parts.The first part is the background and literature review.The second part defines the basic concepts such as the scope of BRICs monetary cooperation,and discusses the opportunities and challenges faced by the BRICs monetary cooperation.The third part uses the qualitative analysis method to analyze the income and the cost of the early stage in the process of the BRICS monetary cooperation,and the OCA index method is used to quantify the cost of the BRICS monetary cooperation in the later period.The fourth part research the feasibility of the later BRICs monetary cooperation by comparing the reasons for regional monetary cooperation in Europe and Latin America.The fifth part discusses the strategic choice of China's participation in the BRICs monetary cooperation and he suggestion of the BRICs monetary cooperation in the early stage.