Analisis Potensi Mata Uang BRICS dalam Menantang Dominasi Dolar AS dalam Perspektif Ekonomi Moneter Islam: Keunggulan dan Tantangan
Keywords:
BRICS, Foreign Policy, Islamic MonetaryAbstract
This research aims to analyze the potential of the BRICS currency in challenging the dominance of the US dollar from the perspective of Islamic monetary economics. The study examines the advantages and challenges associated with the emergence of the BRICS currency as an alternative to the US dollar in international trade and finance, focusing on the principles of Islamic monetary economics, which emphasize justice, stability, and sustainability. A qualitative method is used in this research, with data sourced from journals, books, and articles. The main analytical tools are exchange rates and foreign policy. The research findings indicate that the potential emergence of the BRICS currency is driven by longstanding dependence on the hegemony of the US dollar, which benefits the US more than developing countries. However, the BRICS currency is deemed less potential due to the need for substantial financial infrastructure and competition with the World Bank. Therefore, BRICS should consider an Islamic financial system based on principles of justice, sustainability, and economic independence
References
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Larionova, M., & Shelepov, A. (2022). BRICS, G20 and global economic governance reform. International Political Science Review, 43(4), 512–530. https://doi.org/10.1177/01925121211035122
Latino, A. (2017). The new development bank: Another BRICS in the wall? In Account., Transpar. And Democr. In the Funct. Of Bretton Woods Inst. (pp. 47–69). Springer International Publishing; Scopus. https://doi.org/10.1007/978-3-319-57855-2_4
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Nuryadin, M. F. L., Pangeran, M. R., & Syaifullah, S. (2023). THE ANTECEDENTS OF EMPLOYEE GREEN BEHAVIOUR IN THE SOCIETY 5.0 ERA. FINANCIAL: JURNAL AKUNTANSI, 9(1), 112–119.
Peter Leo Deepak, J., & Amudha, R. (2017). Impact of forex swap among BRICS: Post global financial crisis. Journal of Advanced Research in Dynamical and Control Systems, 9(Special Issue 7), 224–229. Scopus.
Phiri, A. (2022). Changing efficiency of BRICS currency markets during the COVID-19 pandemic. Economic Change and Restructuring, 55(3), 1673–1699. Scopus. https://doi.org/10.1007/s10644-021-09363-3
Qabhobho, T. (2023). Assessing the Asymmetric Effect of Local Realized Exchange Rate Volatility and Implied Volatilities in Energy Market on Exchange Rate Returns in BRICS. International Journal of Energy Economics and Policy, 13(2), 231–239. Scopus. https://doi.org/10.32479/ijeep.13685
Rao, B. M., & Padhi, P. (2020). Macroeconomic costs of currency crises in BRICS: an empirical analysis. Macroeconomics and Finance in Emerging Market Economies, 13(3), 223–243. Scopus. https://doi.org/10.1080/17520843.2020.1749103
Rehman, F. U., & Islam, M. M. (2023). Financial infrastructure—total factor productivity (TFP) nexus within the purview of FDI outflow, trade openness, innovation, human capital and institutional quality: Evidence from BRICS economies. Applied Economics, 55(7), 783–801. https://doi.org/10.1080/00036846.2022.2094333
Saji, T. G. (2019). Can BRICS Form a Currency Union? An Analysis under Markov Regime-Switching Framework. Global Business Review, 20(1), 151–165. Scopus. https://doi.org/10.1177/0972150917721835
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Thaker, M. M. T. (2018). A qualitative inquiry into cash waqf model as a source of financing for micro enterprises. ISRA International Journal of Islamic …, Query date: 2024-04-24 16:45:41. https://doi.org/10.1108/IJIF-07-2017-0013
Topcu, E., Altinoz, B., & Aslan, A. (2020). Global evidence from the link between economic growth, natural resources, energy consumption, and gross capital formation. Resources Policy, 66, 101622.
Triyawan, A., Ahmad, N., Haris, A., & Hadi, N. A. (2022). The Implementation of Productive Waqf in Pesantren Gontor. Fakulti Ekonomi dan Muamalat ….
Wang, T., Li, Y., Kang, M., & Zheng, H. (2019). Exploring individuals’ behavioral intentions toward donation crowdfunding: Evidence from China. Industrial Management & Data Systems, 119(7), 1515–1534. https://doi.org/10.1108/IMDS-10-2018-0451
Yuan, C., & Chen, R. (2015). Policy transmissions, external imbalances, and their impacts: Cross-country evidence from BRICS. China Economic Review, 33, 1–24. Scopus. https://doi.org/10.1016/j.chieco.2014.12.006
Agustianti, R., Nussifera, L., Angelianawati, L., Meliana, I., Sidik, E. A., Nurlaila, Q., Simarmata, N., Himawan, I. S., Pawan, E., & Ikhram, F. (2022). Metode Penelitian Kuantitatif Dan Kualitatif. Tohar Media.
Alam, A., Tri Ratnasari, R., Mua’awanah, C., & Aribatul Hamidah, R. (2022). Generation Z perceptions in paying Zakat, Infaq, and Sadaqah using Fintech: A comparative study of Indonesia and Malaysia. Investment Management and Financial Innovations, 19(2), 320–330. https://doi.org/10.21511/imfi.19(2).2022.28
Arapova, E. Y., & Lissovolik, Y. D. (2021). The BRICS plus cooperation in international organizations: Prospects for reshaping the global agenda. Asia-Pacific Social Science Review, 21(4), 192–206. Scopus.
Aroul, R. R., & Swanson, P. E. (2018). Linkages Between the Foreign Exchange Markets of BRIC Countries—Brazil, Russia, India and China—And the USA. Journal of Emerging Market Finance, 17(3), 333–353. https://doi.org/10.1177/0972652718800081
Asfarina, M., Ascarya, A., & Beik, I. S. (2019). RE-ESTIMATING THE ZAKAT POTENTIAL IN INDONESIA BASED ON CLASSICAL AND CONTEMPORARY FIQH APPROACHES. Journal of Islamic Monetary Economics and Finance, 5(2). https://doi.org/10.21098/jimf.v5i2.1068
Bag, R., & Das, R. C. (2024). Associations of trade openness with growth and foreign currency reserve: A new insight for the BRICS nations. In Int. Trade, Econ. Crisis and the Sustain. Dev. Goals (pp. 243–256). Emerald Group Publishing Ltd.; Scopus. https://doi.org/10.1108/978-1-83753-586-620241017
Belke, A., & Kronen, D. (2019). Exchange rate bands of inaction and hysteresis in EU exports to the global economy: The role of uncertainty. Journal of Economic Studies, 46(2), 335–355. Scopus. https://doi.org/10.1108/JES-01-2018-0022
Bidin, Z., Idris, K. Md., & Shamsudin, F. M. (2009). Predicting compliance intention on zakah on employment income in malaysia: An application of reasoned action theory. Jurnal Pengurusan, 28, 85–102. Scopus. https://doi.org/10.17576/pengurusan-2009-28-05
Caporale, G. M., Spagnolo, F., & Spagnolo, N. (2017). Macro news and exchange rates in the BRICS. Finance Research Letters, 21, 140–143. Scopus. https://doi.org/10.1016/j.frl.2016.12.002
Cooper, A. F. (2017). The BRICS’ New Development Bank: Shifting from Material Leverage to Innovative Capacity. Global Policy, 8(3), 275–284. Scopus. https://doi.org/10.1111/1758-5899.12458
Coquidé, C., Lages, J., & Shepelyansky, D. L. (2023). Prospects of BRICS currency dominance in international trade. Applied Network Science, 8(1). Scopus. https://doi.org/10.1007/s41109-023-00590-3
De Callataÿ, F. (2013). Why the “gold distater with a portrait of Alexander” is probably a contemporary forgery. Revue Numismatique, 170, 175–189. Scopus. https://doi.org/10.3406/numi.2013.3204
Dharma, F. P., Anwar, N., & Syaifullah, S. (2024). Technology Advances and Innovation in Wine Tourism: New Managerial Approaches and Cases: edited by Marianna Sigala, Coralie Haller, Singapore, Springer, 2023, 289 pages, EUR 149.99 (hardback), ISBN 978-981-19-8276-7. European Planning Studies, 32(6), 1442–1444. https://doi.org/10.1080/09654313.2023.2293898
Diniz-Maganini, N., Rasheed, A. A., & Sheng, H. H. (2023). Price efficiency of the foreign exchange rates of BRICS countries: A comparative analysis. Latin American Journal of Central Banking, 4(1). Scopus. https://doi.org/10.1016/j.latcb.2022.100081
Hasan, N. F., & Syahruddin, S. (2022). Enhancing Green Waqf For Carbonization Technology: Opportunities for Sustainable Development Goals (SDGs) in Indonesia. El Barka: Journal of Islamic …. https://jurnal.iainponorogo.ac.id/index.php/elbarka/article/view/4739
He, Y., Nakajima, T., & Hamori, S. (2020). Can brics’s currency be a hedge or a safe haven for energy portfolio- an evidence from vine copula approach. Singapore Economic Review, 65(4), 805–836. Scopus. https://doi.org/10.1142/S0217590820500174
Larionova, M., & Shelepov, A. (2022). BRICS, G20 and global economic governance reform. International Political Science Review, 43(4), 512–530. https://doi.org/10.1177/01925121211035122
Latino, A. (2017). The new development bank: Another BRICS in the wall? In Account., Transpar. And Democr. In the Funct. Of Bretton Woods Inst. (pp. 47–69). Springer International Publishing; Scopus. https://doi.org/10.1007/978-3-319-57855-2_4
Maldonado, W. L., Tourinho, O. A. F., & de Abreu, J. A. B. M. (2018). Cointegrated Periodically Collapsing Bubbles in the Exchange Rate of “BRICS.” Emerging Markets Finance and Trade, 54(1), 54–70. Scopus. https://doi.org/10.1080/1540496X.2016.1229179
Mittal, A., Sehgal, S., & Mittal, A. (2019). Dynamic currency linkages between select emerging market economies: An empirical study. Cogent Economics and Finance, 7(1). Scopus. https://doi.org/10.1080/23322039.2019.1681581
Mroua, M., & Trabelsi, L. (2020). Causality and dynamic relationships between exchange rate and stock market indices in BRICS countries: Panel/GMM and ARDL analyses. Journal of Economics, Finance and Administrative Science, 25(50), 395–412. Scopus. https://doi.org/10.1108/JEFAS-04-2019-0054
Naresh, G., Vasudevan, G., Mahalakshmi, S., & Thiyagarajan, S. (2018). Spillover effect of US dollar on the stock indices of BRICS. Research in International Business and Finance, 44, 359–368. Scopus. https://doi.org/10.1016/j.ribaf.2017.07.105
Nuryadin, M. F. L., Pangeran, M. R., & Syaifullah, S. (2023). THE ANTECEDENTS OF EMPLOYEE GREEN BEHAVIOUR IN THE SOCIETY 5.0 ERA. FINANCIAL: JURNAL AKUNTANSI, 9(1), 112–119.
Peter Leo Deepak, J., & Amudha, R. (2017). Impact of forex swap among BRICS: Post global financial crisis. Journal of Advanced Research in Dynamical and Control Systems, 9(Special Issue 7), 224–229. Scopus.
Phiri, A. (2022). Changing efficiency of BRICS currency markets during the COVID-19 pandemic. Economic Change and Restructuring, 55(3), 1673–1699. Scopus. https://doi.org/10.1007/s10644-021-09363-3
Qabhobho, T. (2023). Assessing the Asymmetric Effect of Local Realized Exchange Rate Volatility and Implied Volatilities in Energy Market on Exchange Rate Returns in BRICS. International Journal of Energy Economics and Policy, 13(2), 231–239. Scopus. https://doi.org/10.32479/ijeep.13685
Rao, B. M., & Padhi, P. (2020). Macroeconomic costs of currency crises in BRICS: an empirical analysis. Macroeconomics and Finance in Emerging Market Economies, 13(3), 223–243. Scopus. https://doi.org/10.1080/17520843.2020.1749103
Rehman, F. U., & Islam, M. M. (2023). Financial infrastructure—total factor productivity (TFP) nexus within the purview of FDI outflow, trade openness, innovation, human capital and institutional quality: Evidence from BRICS economies. Applied Economics, 55(7), 783–801. https://doi.org/10.1080/00036846.2022.2094333
Saji, T. G. (2019). Can BRICS Form a Currency Union? An Analysis under Markov Regime-Switching Framework. Global Business Review, 20(1), 151–165. Scopus. https://doi.org/10.1177/0972150917721835
Syaifullah, S., Sari, N. S., & Hasniati, H. (2024). Capitalism in the UK: A perspective from marxist political economy Capitalism in the UK: a perspective from marxist political economy by Mike Campbell, Routledge, 2023, 206 Pages, USD 111,12(Hardback), ISBN: 9781032422121: by Mike Campbell, Routledge, 2023, 206 Pages, USD 111,12 (Hardback), ISBN: 9781032422121. Review of Political Economy, 1–4. https://doi.org/10.1080/09538259.2024.2312354
Thaker, M. M. T. (2018). A qualitative inquiry into cash waqf model as a source of financing for micro enterprises. ISRA International Journal of Islamic …, Query date: 2024-04-24 16:45:41. https://doi.org/10.1108/IJIF-07-2017-0013
Topcu, E., Altinoz, B., & Aslan, A. (2020). Global evidence from the link between economic growth, natural resources, energy consumption, and gross capital formation. Resources Policy, 66, 101622.
Triyawan, A., Ahmad, N., Haris, A., & Hadi, N. A. (2022). The Implementation of Productive Waqf in Pesantren Gontor. Fakulti Ekonomi dan Muamalat ….
Wang, T., Li, Y., Kang, M., & Zheng, H. (2019). Exploring individuals’ behavioral intentions toward donation crowdfunding: Evidence from China. Industrial Management & Data Systems, 119(7), 1515–1534. https://doi.org/10.1108/IMDS-10-2018-0451
Yuan, C., & Chen, R. (2015). Policy transmissions, external imbalances, and their impacts: Cross-country evidence from BRICS. China Economic Review, 33, 1–24. Scopus. https://doi.org/10.1016/j.chieco.2014.12.006
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2024-11-19
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