Финансы и кредит ISSN 2311-8709 (Online) ISSN 2071-4688 (Print) World Monetary System ALTERNATIVE APPROACHES OF THE BRICS COUNTRIES TO THE INTERNATIONAL FINANCIAL ARCHITECTURE REFORM Mikhail V. ZHARIKOV Russian Customs Academy, Lyubertsy, Moscow Region, Russian Federation michaelzharikoff@gmail.com Article history: Received 11 March 2015 Accepted 25 April 2015 Keywords: international financial architecture, BRICS Development Bank, alternative approaches, financing, developing countries, financial minilateralism Abstract Importance Contemporary international financial institutions, like the International Monetary Fund, the World Bank, the Asian Development Bank, etc., do not have substantially effective mechanisms to support the global financial stability. <...> Therefore, there is a need for alternative approaches to organization and functioning of the international system of currency and finance (the international financial architecture). <...> At present, such approaches are being developed at the level of multilateral dialogue of the BRICS countries. <...> Objectives The objective of the work is to develop proposals helping formulate alternative approaches of the BRICS countries to reforming the contemporary international financial architecture. <...> Methods Using a comparative analysis of activities performed by international financial institutions, I have developed alternative approaches to optimizing the structure, portfolio of credit instruments, disclosure and transparency of financial information of the BRICS Development Bank. <...> Results I have specified the substance of the financial minilateralism category, demonstrated its unique features as an alternative approach to reforming the international financial architecture. <...> Conclusions and Relevance I conclude that the BRICS countries should strengthen their cooperation in the financial sphere on the basis of minilateral financial institutions, such as the BRICS Development Bank. <...> Avdokushin E.F., Kovalenko V.N. Perspektivy internatsionalizatsii kitaiskogo yuanya: mozhet li yuan’ stat’ mirovoi valyutoi? [Prospects for internationalization of the Chinese yuan: will the yuan be able to become a world currency?]. <...> Andreev V.P. Internatsionalizatsiya yuanya: promezhutochnye itogi i perspektivy [The yuan’s internationalization: interim results and prospects]. <...> Andreev V.P. Internatsionalizatsiya yuanya: novye vozmozhnosti [The yuan’s internationalization: new opportunities]. <...> Binder A.I. Nekotorye aktual’nye aspekty transformatsii yuanya v mirovuyu valyutu [Some urgent aspects <...>