The Fourth Scientific Seminar "Approaches to an Alternative International Monetary System"

A joint research group from HSE University and the University of Campinas (UNICAMP) discusses the possibilities of creating a new international settlement system for developing countries.

On September 10, 2025, the Faculty of World Economy and International Affairs hosted the fourth seminar of the joint research group of HSE University and the University of Campinas (UNICAMP), titled "Approaches to an Alternative International Monetary System." During the seminar, Anastasia Podrugina, Associate Professor at the School of World Economy (project head), and research assistants Kirill Lysenko and Maria-Yana Maykhrovich from the Centre for Comprehensive European and International Studies (CCEIS) presented the findings of their latest research.
Maria-Yana Maykhrovich spoke about the main theoretical approaches to studying financial integration, particularly its advantages and disadvantages. The key benefits of financial integration include additional opportunities for risk diversification, smoothing domestic consumption levels, increased investment, and enhanced fiscal policy stability. The negative aspects of this process encompass the potential for transmitting external shocks among member states, an influx of speculative capital, and unequal distribution of foreign investment across economic sectors.
Kirill Lysenko demonstrated the results of applying the DCC-GARCH model to assess the interconnection of financial indicators among 8 BRICS countries, as well as the intensity of the reaction of several BRICS countries and some developed nations (Germany, the USA, and Japan) to external shocks. The calculations showed that countries such as Russia, Egypt, and South Africa react most strongly to external shocks, while the reaction is least pronounced in China, the USA, and Germany. It was also revealed that, despite the growth in economic ties between China and other BRICS states after 2017, China's financial interconnections with other member countries became less pronounced during this period.
Anastasia Podrugina presented the results of an assessment of BRICS countries' financial integration metrics based on government bond yield data, as well as the directions of transmission of external economic shocks among the member states. According to the calculations, the level of interconnection between the financial indicators of the BRICS countries increased significantly in 2020-2021 but dropped substantially following the escalation of the geopolitical situation in 2022; furthermore, after 2022, a marked weakening of financial links between many member countries and the USA was observed. It was also found that the primary source of external shock transmission for the BRICS-5 countries is Brazil, likely due to its close ties with the USA, while the main recipient of shocks is South Africa.
At the end of the seminar, participants discussed the methodology for conducting further research on the topic of financial integration among BRICS countries.