The growing weight of the emerging economies in the world economy and governance. The case of the BRICs

Luis Orgaz (), Luis Molina Sánchez and Carmen Carrasco ()
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Luis Orgaz: Banco de España
Carmen Carrasco: Banco de España

No 1101, Occasional Papers from Banco de España

Abstract: This paper examines the growing relevance of emerging and developing economies for the global economy, paying special attention to the BRIC (Brazil, Russia, India and China). The paper also reviews the participation of these countries in some key multilateral institutions for global governance, and compares it to its actual economic weight. An enhanced role in the decision making process of these multilateral institutions is indeed one of the primary objectives of the BRIC group. Finally we elaborate on some other global questions in which these countries also have common interests -like international reserves accumulation, international trade and climate change negotiations- and in which their increased participation has to go hand in hand with a greater consideration of collective interests.

Keywords: emerging economies; BRIC; IMF; G20; global governance (search for similar items in EconPapers)
JEL-codes: F50 F53 F59 (search for similar items in EconPapers)
Pages: 51 pages
Date: 2011-03
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Persistent link: https://EconPapers.repec.org/RePEc:bde:opaper:1101

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