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

Author

Listed:
  • Luis Orgaz

    () (Banco de España)

  • Luis Molina

    () (Banco de España)

  • Carmen Carrasco

    () (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.

Suggested Citation

  • Luis Orgaz & Luis Molina & Carmen Carrasco, 2011. "The growing weight of the emerging economies in the world economy and governance. The case of the BRICs," Occasional Papers 1101, Banco de España;Occasional Papers Homepage.
  • Handle: RePEc:bde:opaper:1101
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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/11/Fich/do1101.pdf
    File Function: First Spanish version, March 2011
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    More about this item

    Keywords

    emerging economies; BRIC; IMF; G20; global governance;

    JEL classification:

    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other

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