Institutionalization of the BRICS discourse:

How does the NDB embody the group’s views on global financial governance?

Download .pdf

The architecture of global financial governance has recently been complemented by emerging economies’ efforts to coordinate policies, as exemplified by new coalitions of states and a new set of non-Western international institutions. BRICS, in its turn, has made a significant contribution in this direction by establishing the New Development Bank — an alternative to traditional mechanisms of financing development projects with an emphasis on sustainability. As a representative of the growing cooperation of the BRICS countries in recent decades, the NDB highlights most of the group’s views on financial governance. This paper applies a qualitative/analytical approach to the BRICS and NDB Communiqués and practices in order to demonstrate how the bank has managed to successfully institutionalize the group’s discourse over time.

JEL classification: F02, F50, F55, O19.
  • Acharya, A. (2017). Global governance in a multiplex world. European University Institute: Robert Schuman Centre for Advanced Studies (pp. 1–17).
  • Barnett, M., & Durvall, R. (2005). Power in international politics. International Organization, 59, 39–75.
  • Barone, B., & Spratt, S. (2015). Development banks from the BRICS. Institute of Development Studies.
  • Berejikian, J. D. (2002). Model building with prospect theory: A cognitive approach to international relations. Political Psychology, 23(4), 759–786.
  • Bijian, Zheng. (2005). China’s “Peaceful rise” to great-power status. Foreign Affairs, 84(5), 18–24.
  • Bueno, E. (2019). The New Development Bank (NDB) in the context of Global Governance Reform: Complementing the efforts of existing institutions in financing infrastructure projects and sustainable development. In International Legal Aspects of BRICS. Editora D’Plácido.
  • Cynthia, R., Armijo, L., & Katada, S. (2018). The BRICS as a club. In Cynthia, R., Armijo, L., Katada, S. The BRICS and collective financial statecraft. Oxford University Press (pp. 1–23).
  • Cooper, R. (1996). The post-modern state and the world order. Demos.
  • Elias, J., & Sutch, P. (2007). International relations: The basics. Routledge.
  • Fernandes, G., & Freitas, V. (2020, August 28). O escritório do Banco dos BRICS no Brasil. Uma Nova
  • Oportunidade. Grupo de Estudos sobre os BRICS (GEBRICS).
  • Ikenberry, G. J. (2018). The end of liberal international order? International Affairs 94(1), 7–23.
  • Labbé, S. (2018). Once seen as edging out US dominance, do BRICS still hold weight?
  • Lagutina, M. L. (2019). BRICS in a world of regions. Third World Thematics: A TWQ Journal.
  • Maringoni, G., & Ribeiro, J. (2019). O Banco e o Arranjo de Reserva dos BRICS em Perspectiva. Brazilian Journal of International Relations, 8(2), 406–426.
  • Mazarr, M. J., Blake, J. S., Casey, A., McDonald, T., Pezard, S., & Spirtas, M. (2018). Understanding the emerging era of international competition: Theoretical and historical perspectives. RAND Corporation: Research Report, RR-2726-AF (pp. 1–46).
  • Naim, M. (2000). Washington consensus or Washington confusion? Foreign Policy, 118, 86–103.
  • Rodrik, D. (2006). Goodbye Washington consensus, hello Washington confusion? A review of the World Bank’s economic growth in the 1990s: Learning from a decade of reform. Journal of Economic Literature, 44, 973–987.
  • Sergunin, A. (2019). Theorizing BRICS: Critical perspectives. In International legal aspects of BRICS. Editora D’Plácido
  • Stuenkel, O. (2017). BRICS e o Futuro da Ordem Global. Paz e Terra.
  • Stuenkel, O. (2018). O Mundo Pós-Ocidental: Potências Emergentes e a Nova Ordem Global. Zahar.
  • Tisdall, S. (2012, March 29). Can the BRICS create a new world order? The Guardian.
  • Tkachenko, S. (2017). International political economy. In N. Tsvetkova (Ed.), Russia and the world: Understanding international relations. Lexington Books (pp.79–102).
  • Wolf, M. (2019, June). Today and tomorrow: To meet future challenges, the IMF must have strong backing from its members. Finance & Development.
  • Xin, Li, Brødsgaard, K. E., & Jacobsen, M. (2009). Redefining Beijing consensus: Ten economic principles. China Economic Journal, 2(3), 297–311.