The Rationale And Need Of New Financial Institutions: A China-Led Brics Initiative
With slow growth in the North, the conditionality and limits of existing financial institutions, it opens more innovative ways to increase the trade volume, for financing infrastructure deficits and better utilize and channels the world’s savings surplus. China-led new financial institutions, New Development Bank, Contingent Reserve Arrangement, Asian Infrastructure and Investment Bank and the New Silk Road Fund have been established recently. With an eye to the vast investment requirement in the developing countries expecting more than one trillion dollar per year for infrastructure itself, the size of the new institutions envisage financing capacity so far remains quite insignificant. But the steps towards this innovation may gradually build up in size could play a significant role in the international financial market and there would be success stories of the new financial institutions. For India also it’s a great opportunity for financial supports towards infrastructural and other development aspects by maintaining a good trade relationship with China.
Aiyar, Swaminathan A. (2015). "Why US Allies Are Happy To Join the AIIB." The Diplomat.
Arora, V., and A. Vamvakidis. (2011)., “China’s Economic Growth: International Spillovers,” China & World Economy. 19 (5): 31– 46.
Bhattacharya, A., Oppenheim, J. and Stern, L. N. ( 2015). “Driving Sustainable Development Through Better Infrastructure: Key Elements of A Transformation Program”. Working Paper No.91, July 2015, Global Economy and development at Brookings, Washington DC.
Bhattacharya, A and M. Romani .(2013). "Meeting the Infrastructure Challenge: The Case For A New Development Bank " Prepared for the G-24 Technical Group Meeting.
Buiter, W., and Lankes, H. P.(2001). “International Financial Institutions – Adapting to a World of Private Capital Flow”, European Bank Reconstruction Development Working Paper, 2001.
Chhibber, A. (2015), ‘China’s One Belt One Road Strategy: The New Financial Institutions and India’s Options’. Working Paper No. 2015-155, NIPFP, New Delhi.
China .(2014). “Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road” issued by the National Development and Reform Commission, Ministry of Foreign Affairs, and Ministry of Commerce, March 25.
European Bank of Reconstruction and Development (EBRD). Transition Report 1996 and 2000. London.
Das, Dilip K. (1986). Migration of Financial Resources to Developing Countries, The Macmillan Press Ltd, London, and St. Martin’s Press, Inc., New York.
De Larosière, J.(1996)., “Financing development in a world of private capital flows the challenge for MDBs in working with the private sector”. Per Jacobsson lecture, 29 September 1996 at the Annual Meeting of the World Bank and IMF.
Dollar, D .(2015). "What the AIIB can learn from World Bank shortcomings", Brookings Institution, Washington DC.
Esteban M. and M. Otero-Iglesias .(2015)., “What Are The Prospects for the New Chinese-led Silk Road and the Asian Infrastructure Investment Bank” Elcano Royal Institute, Madrid
Griffith-Jones, Stephany. (2015). "The BRICS Development Bank - A dream come true?" UNCTAD, Geneva.
G-24 Working Paper. (2015) “Development through Better Infrastructure: Key Elements of A Transformation Program”. G-24 Organization, Brookings Institution.
Lankes, H. P. and N. Stern. (1997). “Capital flows to Eastern Europe and the Former Soviet Union”, European Bank Reconstruction Development. Working Paper 27, February.
Maddison, Angus. (2007). “Historical Statistics for the World Economy”. Available on www.ggdc.net/maddison/Historical_Statistics/horizontal-file_03-2007.xls. Accessed on 01 March 2016.
Moyo, D .(2012). “China's Race for Resources and What it means For us”. London, Allen Lane.
Mwase, N. and Yang, Y.(2012). "BRICS' Philosophies For Development Finance and Their Implications for LIC's" IMF Working Paper, WP/12/74.
Straub, S. (2008). "Infrastructure and Growth in Developing Countries; Recent Advances and
Research Challenges". World Bank Policy Research Working Paper No. 4460.
United Nations Conference on Trade and Development (UNCTAD). World Investment Report. Geneva. Various issues.
The World Bank. (2000). Global Development Finance. Washington DC.
The World Bank. (2002). Global Development Finance. Washington DC.
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution 3.0 License.