Kavya Tayal

Evaluating the effectiveness of the new currency plan proposed by the BRICS alliance and its potential impact on the US dollar.

Started May 22, 2023

Abstract or project description

The dominance of the US dollar has been a prevailing feature in the international system for decades. This research study aims to evaluate the effectiveness of the new currency plan proposed by the BRICS alliance and its potential impact on the US dollar. To facilitate de-dollarization, the BRICS nations (Brazil, Russia, India, China, and South Africa) have proposed a new currency to be used in cross-border trade. The aim is to determine whether the plan for a new currency is feasible and if it will outweigh the potential costs. For this evaluation, comparisons between the United States and each of the BRICS countries will be done across various sectors, including More importantly, the research plans to evaluate the impact of the new currency on the US dollar as the new currency is specifically directed for de-dollarization.