Institutionalization of the BRICS discourse:

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

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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.
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