The greatly improved economic fundamentals of the major emerging economies over the last decade have propelled several emerging banks into the ranks of the largest. Despite their importance in the global economy, the internationalization of emerging market banks remains an understudied phenomenon. This article examines factors that may internationalization strategies of emerging market banks in the private banking sector, both when going abroad (take-off) and upon arrival in a host country (landing). The private banking interest given its importance in many leading nancial centers around the crisis, several recent scandals, and a fast-changing regulatory environment. We highlight the internationalization strategies of two banks from emerging countries, China and Brazil, and their experience in traditional private banking sector. These two cases highlight factors that may successful internationalization such as prior industry experience, existing client base, entry strategy, ownership type, valuable implications for managers from other emerging economies by providing a better understanding of how emerging market banks expand internationally. Growing wealth in emerging marketsGlobal wealth continues to grow and to produce an increasingly large number of high net worth individuals (HNWIs), especially in emerging countries. A dramatic shift in global wealth distribution is currently taking place around the world, mainly in the Asianumber of HNWIs is growing faster than the rate of GDP in most countries. Many of these individuals are entrepreneurs who demand access to the same investments and services offered to their counterparts in developed countries. Some of this new wealth has found its way to the leading private banking centers around the world. Several well-capitalized and wellmanaged emerging banks are gradually entering a select group of major institutions in international private banking to claim their share of this lucrative sector, encouraged by the fact that more and more of the HNWI universe is composed of citizens and residents from emerging economies. This represents challenges and opportunities for both emerging market banks (EM-banks) and traditional banks.Banks must be prepared to handle increasingly sophisticated demands from this new emerging entrepreneurial class (including both personal and corporate clients). All major institutions in private banking aspire to provide a global range of products and services and to capture an increasing number of these valuable clients. An attractive option for large emerging banks is to internationalize and gain the necessary private banking knowledge abroad in order to assimilate useful business knowmanagement business who from any upgrade in a global brand and reputation).

Rev. Bras. polít. Int. 57 (special edition): 138-156 [2014] Since at least the beginning of the Great Recession there has been considerable scholarly attention given to South-South relations. Although the deepening relations between developing countries is, in many ways, a continuation of earlier moments, discussions, and projects (such as the Non-Aligned Movement), the rise of China, the resurgence of Russia, and the emergence of Brazil and India, and to a lesser extent Turkey, Indonesia, and other countries-many of which may be considered middle powers (Gilley and O'Neil forthcoming)-have led to much greater visibility for South-South relations (Alexandroff and Cooper 2010).South-South relations have often been framed by academics and policymakers in traditional realist terms which assume a zero-sum world and the centrality of the US, the actor with the greatest material capabilities. These premises suggest that better relations between China and Brazil (or India, Egypt, or Angola) mean less US influence in that country, region, and the world. Not only must the rise of China (or Brazil and others) signal a decline in US power but so do the deepening itself of South-South relations.1 The present essay suggests that this interpretation neither explains South-South relations nor the intentions of foreign policy actors in the global South. Focusing on the foreign policy formulation of China and Brazil-two important "new" actors in global governance and in African

O texto apresenta a análise de livros escritos por três ex-assessores do governo Barack Obama - Tough Love: My Story of the Things Worth Fighting For, de Susan Rice, The Education of an Idealist: A Memoir , de Samantha Power e The World as It Is: A Memoir of the Obama White House, de Ben Rhodes -, e busca demonstrar como todos eles conseguem apresentar muitos dos debates internos daquela administração, bem como revelar as limitações de sua política externa.

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