Abstract

MOLINARI, Andrea  and  PATRUCCHI, Leticia. Rompiendo el molde: logros y desafíos de los nuevos bancos de desarrollo. Ciclos hist. econ. soc. [online]. 2020, vol.31, n.54, pp.131-155. ISSN 1851-3735.

Over the last decades, the map of regional and multilateral financial actors has shown a great dynamism. In addition to the reform and growth of the existing multilateral development banks, the emergence of new institutions has been gaining increasing attention. This responds to their challenge to analyze changes or continuities in global economic governance. This paper explores to what extent two of these initiatives constitute institutional innovations to the traditional development bank. SpecificaUy, we analyze BRICS’ New Development Bank (NDB) and the Asian Investment Bank in Infrastructure (AIIB) in those aspects linked to their representative legitimacy and resource dependence. Based upon their constitutive, strategic and operational documents, we characterize and compare their institutional models in these two dimensions. We observe some new features in their governance and financial design according to the preexisting multilateral financing map, but also they show different institutional arrangements. This seems to take a more disruptive form in the case of the NDB.

Keywords : development banks; financing; new global actors.

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