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The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?

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  • Jan Kregel

Abstract

The term BRIC was first coined by Goldman Sachs and refers to the fast-growing developing economies of Brazil, Russia, India, and China--a class of middle-income emerging market economies of relatively large size that are capable of self-sustained expansion. Their combined economies could exceed the combined economies of today's richest countries by 2050. However, there are concerns about how the current financial crisis will affect the BRICs, and Goldman has questioned whether Brazil should remain within this group. Senior Scholar Jan Kregel reviews the implications of the global crisis for developing countries, based on the factors driving global trade. He concludes that there is unlikely to be a return to the extremely positive conditions underlying the recent sharp increase in growth and external accounts. The key for developing countries is to transform from export-led to domestic demand-led growth, says Kregel. From this viewpoint, Brazil seems much better placed than the other BRIC countries.

Suggested Citation

  • Jan Kregel, 2009. "The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?," Economics Public Policy Brief Archive ppb_102, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_102
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    Cited by:

    1. Fernando J. Cardim de Carvalho, 2016. "The Narrow Path for Brazil," Economics Policy Note Archive 16-2, Levy Economics Institute.
    2. Devin Thomas Rafferty, 2017. "“In Case of Emergency, Break-Open Glass†: The IMF’s “New†Institutional View, Financial Instability, and Financing Development Processes," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 543-550, December.
    3. Fernando J. Cardim De Carvalho, 2016. "Looking into the abyss? Brazil at the mid-2010s," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 39(1), pages 93-114, January.
    4. Tanweer Akram & Syed Al-Helal Uddin, 2021. "An empirical analysis of long-term Brazilian interest rates," PLOS ONE, Public Library of Science, vol. 16(9), pages 1-20, September.
    5. Mariana Mazzucato & Caetano C.R. Penna, 2016. "Beyond market failures: the market creating and shaping roles of state investment banks," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 19(4), pages 305-326, October.
    6. Felipe Rezende, 2015. "Why does Brazil’s banking sector need public banks? What should BNDES do?," PSL Quarterly Review, Economia civile, vol. 68(274), pages 239-275.
    7. Chin-Hong Puah & Rayenda Khresna Brahmana & Kai-Hung Wong, 2015. "Revisiting Stock Market Integration Pre-Post Subprime Mortgage Crisis: Insight From BRIC Countries," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 61, pages 120-130, August.
    8. Tanweer Akram & Syed Al-Helal Uddin, 2020. "An Empirical Analysis of Long-Term Brazilian Interest Rates," Economics Working Paper Archive wp_956, Levy Economics Institute.

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