The rise of emerging powers in the global development finance architecture: The case of the BRICS and the New Development Bank

The BRICS and Africa's search for green growth, clean energy and sustainable development

“…Consideration of the BRICS' difference in approach has also included evaluation of the role of South-South Cooperation (Risen, 2015;Stuenkel, 2013;Quadir, 2013), the post-2015 sustainable agenda and Sustainable Development Goals (SDGs) (Constantine and Pontual, 2015;Hackenesch and Janus, 2014), and its contribution to the Global Partnership for Effective Development Cooperation (Constantine et.al., 2015). A further central strand of analysis of the BRICS focuses on the group's emerging role and impact in financing development and the new multilateral development banks, (Dixon, 2015;Prado and Salles, 2014;Qobo and Soko, 2015;Griffith-Jones, 2014;Chin, 2014;Schablitzki, 2014;Watson et.al., 2013), the G20 (Wang, 2016;Callaghan and Hubbard, 2016;Humphrey, et.al., 2015;Reisen, 2015;Kauai, 2015;Chin and Quadir 2012;Chin 2012;Kharas, 2010;Chahoud, 2008). Beyond the initial focus on the BRICS as a solidifying grouping in international relations, there is increasing attention to the significance for the group's evolving profile and development of the differences between the economic and political trajectories of the respective members (Gu, et.al., 2016).…”

Can BRICS De-dollarize the Global Financial System?

“…Although existing literature has not explicitly discussed the robustness of BRICS' collective dedollarization initiatives, it has shown that BRICS has exercised "collective financial statecraft" to challenge the existing liberal international order (Roberts et al, 2017). In particular, institutions such as the NDB and the CRA are examples of BRICS' collective mobilization to reform global financial governance (Chin, 2014;Biziwick, Cattaneo, and Fryer, 2015;Qobo and Soko, 2015;Cooper, 2017;Suchodolski and Demeulemeester, 2018). BRICS has not only transformed the traditional power structures within the existing system, such as the World Trade Organization, but also served as the foundation for broader developing-country coalitions to challenge US hegemony (Hopewell, 2017).…”

Introduction: Beyond Aid – The Future of Development Cooperation

“…They have rapidly expanded the financing programmes of their development cooperation and launched new multilateral initiatives and South-South cooperation (Stuenkel 2013). From discourse to cooperation modalities to new institutions, the emerging powers have served as an influential driver of shifting development paradigms (Qobo and Soko 2015). Furthermore, as a result of its overseas activity, development finance has diversified beyond official development assistance (ODA), entering recipient countries through other channels such as investment and trade.…”