Is the BRICS Contingent Reserve Arrangement a Substitute for the IMF?

Russian President Vladimir Putin has hailed the new BRICS contingent reserve arrangement (CRA) as a substitute for the IMF, saying that it “creates the foundation for an effective protection of our national economies from a crisis in financial markets.” But does it? Under the terms of the arrangement, China can, without being on an IMF […]

BRICS Bank Will Not Solve Members’ Energy Issues

By Chris Dalby: From changing the nature of global politics to being a force for human rights, the announcement of the new BRICS development bank has been met with feverish anticipation by the global economic community. Its supporters have written that it will free the world from the grip of the U.S. dollar as reserve currency, while […]

Is the BRICS Bank More ‘Democratic’ Than the World Bank?

The launch of the new BRICS development bank “reflects the disparity and democratic deficiency in the global governance and is trying to restart, to rethink that,” according to Nobel economist Joseph Stiglitz.  But is the BRICS bank really more “democratic” than the World Bank, whose governance legitimacy its founders are challenging? As the Geo-Graphic above shows, […]

Hurling BRICS at the World Bank and the $

Brazil, Russia, India, China, and South Africa (the “BRICS”) made a splash last week with the official launch of their new development bank.  The backers made no secret of their intention to challenge the way things are done in the established international financial and monetary architecture. The irony is that India and China are the […]

BRICS and Mortals

Leaders of the BRICS–Brazil, Russia, India, China, and South Africa–meet in Rio today to swap World Cup stories and launch a long-discussed “BRICS Bank.” The bank creates two funds–a development lending facility (New Development Bank or NDB) backed by $50 billion in capital ($10 billion from each of the BRICs), and a $100 billion rescue […]

The Four Stages of Chinese Growth

From the early 1980s until now China has grown at a pace not matched since the four decades Argentina enjoyed before the First World War. In spite of some fairly goofy attempts a few years ago, however, to characterize China during this period as having followed a set of policies called the “Beijing Consensus”, these […]

Managing the Revenue From Natural Resources: What’s a Finance Minister to Do?

By Sanjeev Gupta and Enrique Flores: The Finance Minister answers her mobile. On the line is the Minister of Energy, who informs her that the country has struck oil and that he expects revenues from its sale to start flowing into the budget in the coming four years. While excited by the prospects of higher revenues—indeed the average […]

Reduced Speed, Rising Challenges: IMF Outlook for Latin America and the Caribbean

By Alejandro Werner The prospects for global growth have brightened in recent months, led by a stronger recovery in the advanced economies. Yet in Latin America and the Caribbean, growth will probably continue to slow, although some countries will do better than others. We analyze the challenges facing the region in our latest Regional Economic Outlook and discuss […]

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