IDEAS home Printed from https://ideas.repec.org/a/bla/glopol/v9y2018i4p578-585.html
   My bibliography  Save this article

The BRICS Coming of Age and the New Development Bank

Author

Listed:
  • Sergio Gusmão Suchodolski
  • Julien Marcel Demeulemeester

Abstract

The robust economic growth of developing countries revived discussions about the need for a global financial architecture that is more representative of today's economic and political realities. The world is now markedly different from the moment the Bretton Woods institutions were created. The BRICS now account for a substantive share of global GDP, however, this was not reflected in equivalent voting power in existing multilateral institutions. As a response, they created institutions like the New Development Bank (NDB) and the Contingent Reserve Agreement (CRA), symbolizing a shift of economic and political power towards emerging countries. Against this backdrop, this paper explores the growing importance of BRICS countries as contributors to the global economy and to global governance. Using NDB as a case‐study, the paper explores the origins of the Bank and attempts to answer why a new institution was needed, elaborating on five practical examples in which NDB could contribute with innovations to the modus operandi of multilateral development banking. The authors argue that out of all multilateral development banks created in the past decades, the NDB has the largest potential to catalyze changes in the Bretton Woods institutions and to grow as an alternative to them.

Suggested Citation

  • Sergio Gusmão Suchodolski & Julien Marcel Demeulemeester, 2018. "The BRICS Coming of Age and the New Development Bank," Global Policy, London School of Economics and Political Science, vol. 9(4), pages 578-585, November.
  • Handle: RePEc:bla:glopol:v:9:y:2018:i:4:p:578-585
    DOI: 10.1111/1758-5899.12600
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/1758-5899.12600
    Download Restriction: no

    File URL: https://libkey.io/10.1111/1758-5899.12600?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tao Liu & Benjamin Quasinowski & André Soares, 2020. "The Emulation and Adaptation of a Global Model of Clinical Practice Guidelines on Chronic Heart Failure in BRICS Countries: A Comparative Study," IJERPH, MDPI, vol. 17(5), pages 1-21, March.
    2. Hang Luo & Lize Yang, 2021. "Equality and Equity in Emerging Multilateral Financial Institutions: The Case of the BRICS Institutions," Global Policy, London School of Economics and Political Science, vol. 12(4), pages 482-508, September.
    3. Fikadie Damtie Yiblet, 2024. "Unlocking New Opportunities: BRICS Partnership and Its Implications for Economic Development in African Countries," Journal of Entrepreneurship and Business Innovation, Macrothink Institute, Journal of Entrepreneurship and Business Innovation, vol. 11(1), pages 1-37, December.
    4. Bas Hooijmaaijers, 2021. "The BRICS Countries’ Bilateral Economic Relations, 2009 to 2019: Between Rhetoric and Reality," SAGE Open, , vol. 11(4), pages 21582440211, October.
    5. Alvaro Mendez, 2024. "Latin American agency: The New Development Bank, Uruguay's accession and Brazilian influence," Global Policy, London School of Economics and Political Science, vol. 15(2), pages 405-413, May.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:glopol:v:9:y:2018:i:4:p:578-585. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/lsepsuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.