@article{2014:prado:the_brics_,
title = {The BRICS Bank’s potential to challenge the field of development cooperation},
year = {2014},
note = {The five fast-growing economies, known collectively as BRICS, have
recently announced their intention to create their own development
bank. The so-called BRICS Bank will be the first world multilateral
development bank controlled solely by emerging economies. This paper
asks whether the new bank has the potential to bypass the World Bank,
destabilizing the current development finance framework. Specifically,
if the BRICS Bank project succeeds, what are the possible scenarios
for the field of development cooperation? To map these scenarios, we
propose a typology of practices in development finance, drawing from
operations of the World Bank and national development banks in Brazil
and China. Assuming that the BRICS Bank is likely to adopt one of the
practices currently used by Brazil or China, we speculate about the
outcomes of the interaction between the BRICS Bank and the World Bank
and their respective practices. Acknowledging that it is still
uncertain what these outcomes will be, in part due to the
uncertainties regarding how the BRICS Bank will operate, this paper
provides a map of possible scenarios.},
journal = {VRÜ Verfassung und Recht in Übersee},
pages = {147--197},
author = {Prado, Mariana Mota and Salles, Fernanda Cimini},
volume = {47},
number = {2}
}