The Growing Weight of the Emerging Economies in the World Economy and Governance: The Case of the BRICs

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.

Note: Downloadable document is in Spanish.

Keywords: emerging economies, BRIC, IMF, G 20, global governance

JEL Classification: F50, F53, F59