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.
Agence française de développement Papiers de rechercheLes Papiers de Recherche de l'AFD ont pour but de diffuser rapidement les résultats de travaux en cours. Ils s'adressent principalement aux chercheurs, aux étudiants et au monde académique. Ils couvrent l'ensemble des sujets de travail de l'AFD : analyse économique, théorie économique, analyse des politiques publiques, sciences de l'ingénieur, sociologie, géographie et anthropologie. Une publication dans les Papiers de Recherche de l'AFD n'en exclut aucune autre. Les opinions exprimées dans ce papier sont celles de son (ses) auteur(s) et ne reflètent pas nécessairement celles de l'AFD. Ce document est publié sous l'entière responsabilité de son (ses) auteur(s). AFD Research PapersAFD Research Papers are intended to rapidly disseminate findings of ongoing work and mainly target researchers, students and the wider academic community. They cover the full range of AFD work, including: economic analysis, economic theory, policy analysis, engineering sciences, sociology, geography and anthropology. AFD Research Papers and other publications are not mutually exclusive. The opinions expressed in this paper are those of the author(s) and do not necessarily reflect the position of AFD. It is therefore published under the sole responsibility of its author(s).
O presente artigo nasceu da reflexão sobre o papel do sistema financeiro e de seu braço de fomento, realizada no âmbito das comemorações de 75 anos da Faculdade de Economia e Administração da Universidade de São Paulo – FEA/USP. Naquele contexto, instigou-se a reflexão sobre o papel do sistema financeiro na retomada da economia pós-COVID e da implantação das agendas Globais de Desenvolvimento, em particular o Acordo de Paris e a Agenda 2030. Com base na evolução histórica e nas experiências recentes, argumenta-se que o Sistema Financeiro tem papel central – tanto por dar suporte à atividade econômica tornando-a mais dinâmica quanto por ser capaz de induzir os agentes na direção do modelo de desenvolvimento que se quer, através das condicionantes impostas à concessão de crédito. Portanto, o sistema financeiro - global, regional e local - que no passado recente foi parte do problema, converte-se nesse momento em parte essencial da solução. Dentro desse escopo, bancos regionais de fomento se destacam, ao conciliar sua missão histórica - atuação anticíclica, suporte a segmentos estratégicos - com a opção por gerar impacto social e ambiental. Eles exercem papel civilizatório. Trabalham na última milha de uma cadeia que converte finanças líquidas em projetos materiais portadores de futuro no território onde atuam. E isso em razão um maior conhecimento da dinâmica econômica do território e do melhor relacionamento que são capazes de estabelecer com os agentes que nele operam. O artigo foca a evolução do sistema financeiro neste o último século, em articulação aos grandes movimentos da economia mundial em uma síntese sobre seus papéis e, em especial, sobre o dos sistemas financeiros de fomento. Finalmente, os argumentos são ilustrados com a experiência recente do Banco de Desenvolvimento de Minas Gerais – BDMG – cuja missão consiste em ser banco de atuação local, mas também referência global em impacto. Palavras-chave: desenvolvimento – sistema financeiro – SNF – fomento - BDMG
Agence française de développement Papiers de rechercheLes Papiers de Recherche de l'AFD ont pour but de diffuser rapidement les résultats de travaux en cours. Ils s'adressent principalement aux chercheurs, aux étudiants et au monde académique. Ils couvrent l'ensemble des sujets de travail de l'AFD : analyse économique, théorie économique, analyse des politiques publiques, sciences de l'ingénieur, sociologie, géographie et anthropologie. Une publication dans les Papiers de Recherche de l'AFD n'en exclut aucune autre. Les opinions exprimées dans ce papier sont celles de son (ses) auteur(s) et ne reflètent pas nécessairement celles de l'AFD. Ce document est publié sous l'entière responsabilité de son (ses) auteur(s). AFD Research PapersAFD Research Papers are intended to rapidly disseminate findings of ongoing work and mainly target researchers, students and the wider academic community. They cover the full range of AFD work, including: economic analysis, economic theory, policy analysis, engineering sciences, sociology, geography and anthropology. AFD Research Papers and other publications are not mutually exclusive. The opinions expressed in this paper are those of the author(s) and do not necessarily reflect the position of AFD. It is therefore published under the sole responsibility of its author(s).
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