THE INTEGRATION AND INVESTMENT POTENTIAL OF BRICS

Abstract

In the modern global economy international integration associations are full subjects of it. However, the changing world is changing the integration inquiry: there is the transformation of the integration processes because of globalization. A key principle of the integration process is to accelerate the economic development of the system and its individual composes through the implementation of the integration potential. In this regard, the article researches the integration potential of BRICS (an informal association consists of Brazil, Russia, India, China and South Africa) as a significant subject of the world economy, including it analyzes trade flows of these countries using the index method. Moreover, it researches the investment potential of BRICS as the part of the integration potential. Finally, it focuses on the association institutionalization in the monetary sphere. Research has shown that the integration potential of BRICS opens new prospects for cooperation and development of the member countries. At the same time the creation of new financial institutions in the framework of the association (in particular, the New Development Bank and the Contingent Reserve Arrangement) can help to strengthen the cooperation among the countries and to promote more representative global governance.

Keywords

• международные интеграционные объединения
• интеграционный потенциал БРИКС
• коэффициент интенсивности двусторонних товарных потоков между странами
• индекс региональной ориентации
• инвестиционный потенциал БРИКС
• процессы институционализации БРИКС
• Новый банк развития
• Пул условных валютных резервов
• international integration associations
• the integration potential of BRICS
• coefficient of intensity of bilateral trade flows between the two countries
• regional orientation index
• the investment potential of BRICS
• the BRICS institutionalization processes
• the New Development Bank
• the Contingent Reserve Arrangement