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BRICs’ Philosophies for Development Financing and their Implications for LICs

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  • Yongzheng Yang
  • Nkunde Mwase

Abstract

Flows of development financing from the BRICs (Brazil, Russia, India, and China) to low income countries (LICs) have surged in recent years. Unlike aid from traditional donors, BRICs (excluding Russia) view their financing as primarily based on the principles of South-South cooperation, focusing on mutual benefits without attachment of policy conditionality. This paper provides an overview of the philosophies and modalities of BRIC financing and examines their implications for LIC economies and future LIC-BRIC engagement.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/74.

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Length: 25
Date of creation: 01 Mar 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/74

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Keywords: Conditionality; Low-income developing countries; development financing; debt sustainability; debt relief; public investment; commodity prices; international finance; investors; debt management strategy; foreign aid; debt management; investment management; debt sustainability analysis; bilateral donors; domestic savings; debt problems; direct investment; indirect channels; debt accumulation; debt data; foreign direct investment; debt situation; investment analysis; public finances; debt burdens; long-term debt; investment projects;

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References

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  1. Cassimon, Danny & Claessens, Stijn & Campenhout, Bjorn van, 2007. "Empirical Evidence on the New International Aid Architecture," Proceedings of the German Development Economics Conference, Göttingen 2007 2, Verein für Socialpolitik, Research Committee Development Economics.
  2. Alemayehu Geda & Atnafu Meskel, 2008. "China and India's Growth Surge: Is it a curse or blessing for Africa? The Case of Manufactured Exports," African Development Review, African Development Bank, vol. 20(2), pages 247-272.
  3. Stephane Straub, 2011. "Infrastructure and Development: A Critical Appraisal of the Macro-level Literature," Journal of Development Studies, Taylor & Francis Journals, vol. 47(5), pages 683-708.
  4. Christopher Adam & David Bevan, 2004. "Aid and the Supply Side: Public Investment, Export Performance and Dutch Disease in Low Income Countries," Economics Series Working Papers 201, University of Oxford, Department of Economics.
  5. Thierry Tressel & Alessandro Prati, 2006. "Aid Volatility and Dutch Disease," IMF Working Papers 06/145, International Monetary Fund.
  6. Juliet Elu & Gregory Price, 2010. "Does China Transfer Productivity Enhancing Technology to Sub-Saharan Africa? Evidence from Manufacturing Firms," African Development Review, African Development Bank, vol. 22(S1), pages 587-598.
  7. Nkunde Mwase, 2011. "Determinants of Development Financing Flows From Brazil, Russia, India, and China to Low-Income Countries," IMF Working Papers 11/255, International Monetary Fund.
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Cited by:
  1. Austin Strange & Bradley Parks & Michael J. Tierney & Andreas Fuchs & Axel Dreher & Vijaya Ramachandran, 2013. "China’s Development Finance to Africa: A Media-Based Approach to Data Collection," Working Papers 323, Center for Global Development.

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