The BRICS and the Financing Mechanisms They Created

The BRICS and the Financing Mechanisms They Created

Progress and Shortcomings

By Paulo Nogueira Batista Jr.

Anthem Frontiers of Global Political Economy and Development

An insider’s account of the BRICS process and of the negotiation and implementation of the monetary fund and development bank BRICS created

PDF, 84 Pages

ISBN:9781839982071

October 2021

£23.99, $29.95

EPUB, 84 Pages

ISBN:9781839982088

October 2021

£23.99, $29.95

  • About This Book
  • Reviews
  • Author Information
  • Series
  • Table of Contents
  • Links
  • Podcasts

About This Book

The book provides an assessment of the first 12 years of BRICS cooperation, from 2008 to 2020, focusing on international financial governance issues and especially on the new financing mechanisms created by the BRICS, the BRICS monetary fund and the development bank. It is shown that Brazil, Russia, India and China, joined later by South Africa, share common traits that led them to cooperate in the reform of the existing international financial architecture, especially the G20 and the IMF. After 2012, in light of the difficulty of having the USA, the European and other advanced countries agreed to move from “tinkering at the margins” to fundamental reform of the Bretton Woods institutions. The BRICS took the momentous decision to establish their own monetary fund, named the BRICS Contingent Reserve Arrangement (CRA), and their own development bank, named the New Development Bank (NDB). The book goes on to describe the difficult negotiations among the BRICS between 2012 and 2014. Some of these difficulties revealed the weaknesses that would lead the CRA and the NDB to make slow progress in the first five years of their existence, from 2015 to 2010. The book provides an overview of the strong points and weaknesses of the initial phase of these financing mechanisms. While they still hold promise, much remains to be done to make the BRICS financing mechanisms fulfill their founders’ plans and intentions. The book ends with a brief discussion of the future of the BRICS as a cooperation mechanism, highlighting that, despite inevitable and foreseeable obstacles, joint action by the five countries is likely to remain an important feature of the international landscape in the decades to come.

The book may be of interest to multiple audiences as it lies at the intersection of economics, international relations and geopolitics. Written in accessible language, avoiding jargon, the book is targeted not only at specialists but also at non-specialists interested in these areas of knowledge and changes in the international economic and financial landscape at the outset of the twenty-first century. 

Reviews

“Nogueira's book is a fascinating insider's account of how the BRICS coalesced as a new geopolitical force in a post-Bretton Woods world and founded two new international financial institutions. The details of how the five countries negotiated among each other is an invaluable resource for current policymakers and future historians alike.” — Dr. Chris Humphrey is senior research associate at the Overseas Development Institute and senior scientist at the ETH Center for Development and Cooperation

Author Information

Paulo Nogueira Batista Jr. is an economist and former Vice-President of the New Development Bank in Shanghai and former IMF Executive Director in Washington.

Series

Anthem Frontiers of Global Political Economy and Development

Table of Contents

A Brief Note; 1. Introduction; 2. The BRICS Come Together; 3. Contingent Reserve Arrangement—CRA, the Monetary Fund of the BRICS; 4. The New Development Bank—NDB, Origins and Negotiations; 5. Whither the BRICS? Final Considerations; References; Index of Names.

Links

No Podcasts for this title.

Latest Tweets

  • Published this month, Uncertainty Bands explores the philosophy of economic forecasting under uncertainty.… https://t.co/hoDsDd6opt

    - 13:28:34 on 29/06/2022
  • Recently published Trends in Comparative Law and Economics is a short introduction to comparative law and economics… https://t.co/9AYx1MeMQg

    - 13:28:34 on 29/06/2022
  • Transpacific Connections a June title is about cross-cultural work combining studies and including new research on… https://t.co/wOlSnA0r9s

    - 13:28:34 on 29/06/2022
  • The Theatre of Fake News published this month argues that theatre and drama help us to understand the concern about… https://t.co/XPit3u1MT9

    - 13:28:34 on 29/06/2022
  • Recently published Popular Radicalism and the Unemployed in Chicago during the Great Depression re-evaluates the co… https://t.co/nhzhoAvQOE

    - 13:28:34 on 29/06/2022
  • Published in June, Poetics of Race in Latin America talks about a critically and theoretically innovative analysis… https://t.co/O3bVqyMt9k

    - 13:28:34 on 29/06/2022
  • Extending Hinge Epistemology has been recently published. It explores new applications and directions of hinge epis… https://t.co/SdIiT2LrMg

    - 13:28:34 on 29/06/2022
  • Recently published: This book helps to provide a better understanding of what has caused things to go wrong cultura… https://t.co/CDcAbzk0nI

    - 13:28:34 on 29/06/2022
  • 'Start Me Up and Keep Me Growing: Management Learnings from the Rolling Stones' by Bertold Bär-Bouyssiere is finall… https://t.co/CNVRTj5DSJ

    - 15:28:34 on 16/06/2022
  • At @NorwayinUK last week Geir-Egil Løken, Svein Tore Bergestuen, Asbjørn Rachlew discussed their new Anthem publica… https://t.co/TnPH4u4wMD

    - 15:28:34 on 01/06/2022

Comodo SSL