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The BRICS Coming of Age and the New Development Bank

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  • 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
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    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. Bas Hooijmaaijers, 2021. "The BRICS Countries’ Bilateral Economic Relations, 2009 to 2019: Between Rhetoric and Reality," SAGE Open, , vol. 11(4), pages 21582440211, October.
    4. 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.

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