The Prospects of the Development of the BRICS Countries as the International Financial Centers

About the author:

Alexei A. Kuzubov, Candidate of Economic Sciences, Associate Professor of International Business and Finance, Vladivostok State University of Economics and Service; alexceyK@gmail.com

Abstract:

The article deals with the largest financial centers in the BRICS countries and conducts a comparative analysis of the macroeconomic factors affecting their competitiveness in the global and regional financial markets of developed countries in Europe, USA, Japan, and the BRIC countries. The author provides the analysis of the major international financial centers, as well as of the major factors and challenges, which define the role of the BRICS countries financial centers. He also presents the characteristics of the global and regional financial centers, which are closely related to each other in a single system, but at the same time compete with each other, in the process of which along with the traditional global centers (such as London, New York, Tokyo) regional centers strengthen their positions, the driving force for strengthening of which becomes the rapid development of developing countries. The article reveals that the national financial centers are a key element of the international interconnection of financial markets in the further development of those centers that give them the possibility to join the competitive struggle for the redistribution of global financial flows to global financial centers.

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