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Development Banks and Regional Powers: An Analytical Framework
[working paper]
Abstract Why do regional powers such as Brazil, South Africa, or Russia undertake different collective strategies to supply public goods in their regions of influence? When do those states prefer to delegate competences to existent multilateral financial institutions, such as regional development banks (RDBs... view more
Why do regional powers such as Brazil, South Africa, or Russia undertake different collective strategies to supply public goods in their regions of influence? When do those states prefer to delegate competences to existent multilateral financial institutions, such as regional development banks (RDBs), and when do they prefer to make use of their own national financial instruments? Why do those states create new RDBs that challenge the existing ones? The article builds and tests a set of hypotheses based on the interplay between capabilities and legitimacy to help answer these questions using contemporary South America as a case study. Through a process tracing analysis carried out for the period 2000–15, the article explains the different strategies undertaken by two states, Brazil and Venezuela, to supply infrastructure in the region, ranging from the use of the Brazilian National Development Bank to the creation of a new Bank of the South. It is suggested that the low capabilities and legitimacy expectations of both states explain the rising importance of external actors in the supply of regional public goods that we are currently witnessing in South America.... view less
Keywords
nonmarket good; South America; case study; regionalism; developing country; fiscal policy; investment; infrastructure; legitimacy; promotion of development; Brazil; Venezuela; bank; political strategy
Classification
International Relations, International Politics, Foreign Affairs, Development Policy
Free Keywords
Regional powers; Development banks; RDBs; South America; Brazil; Venezuela; Bank of the South; IDB; CAF
Document language
English
Publication Year
2016
City
Berlin
Page/Pages
37 p.
Series
KFG Working Paper Series, 77
ISSN
1868-7601
Status
Primary Publication; peer reviewed
Licence
Deposit Licence - No Redistribution, No Modifications