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BRICS banking and the debate over sub-imperialism

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  • Patrick Bond

Abstract

Funded at $100 billion each, the BRICS Contingent Reserve Arrangement (CRA) and New Development Bank (NDB) represent ‘sub-imperial’ finance, insofar as, by all indications, they fit into – instead of providing alternatives to – the prevailing world systems of sovereign debt and project credits. Balance of payments constraints for BRICS members will not be relieved by the CRA, which requires an IMF intervention after just 30% of the quota is borrowed. In this context the NDB would appear close to the Bretton Woods Institution model, promoting frenetic extractivist calculations based on US dollar financing and hence more pressure to export.

Suggested Citation

  • Patrick Bond, 2016. "BRICS banking and the debate over sub-imperialism," Third World Quarterly, Taylor & Francis Journals, vol. 37(4), pages 611-629, April.
    • Handle: RePEc:taf:ctwqxx:v:37:y:2016:i:4:p:611-629
    DOI: 10.1080/01436597.2015.1128816
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    Cited by:

    1. Zavyalova, Natalya, 2017. "BRICS money talks: Comparative socio-cultural communicative taxonomy of the New Development Bank," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 248-266.
    2. A. I. Salitsky & N. K. Semenova, 2019. "Rise of China and Russian-Chinese Rapprochement," Outlines of global transformations: politics, economics, law, Center for Crisis Society Studies, vol. 12(1).
    3. Eric Helleiner, 2019. "Multilateral Development Finance in Non‐Western Thought: From Before Bretton Woods to Beyond," Development and Change, International Institute of Social Studies, vol. 50(1), pages 144-163, January.
    4. Светличный А. И., 2018. "Устойчивое Развитие И Новый Банк Развития Брикс: Анализ И Перспективы," Вопросы государственного и муниципального управления // Public administration issues, НИУ ВШЭ, issue 1, pages 68-88.
    5. Alexandr Svetlicinii, 2018. "Sustainable Development and New Development Bank BRICS: Analysis and Perspectives," Public administration issues, Higher School of Economics, issue 1, pages 68-88.
    6. Ilene Grabel, 2019. "Continuity, Discontinuity and Incoherence in the Bretton Woods Order: A Hirschmanian Reading," Development and Change, International Institute of Social Studies, vol. 50(1), pages 46-71, January.
    7. Roberto Lampa, 2022. "Verso la disgregazione del sistema monetario post 1971? I paesi in via di sviluppo e l'impatto delle sanzioni belliche sulla dollar hegemony (Towards the disintegration of post 1971 monetary system? D," Moneta e Credito, Economia civile, vol. 75(298), pages 149-161.

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