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The Asian Infrastructure Investment Bank : Multilateralism on the Silk Road

Author

Listed:
  • Mike Callaghan
  • Paul Hubbard

Abstract

China’s first attempt to establish a multilateral financial institution was met with some suspicion and caution in the west. According to one interpretation, China is frustrated with the United States’ reluctance to cede it power at the International Monetary Fund (IMF) and the World Bank, and so is attempting to usurp the United States’ economic leadership by creating its own institutions to rival the Bretton Woods institutions, starting with the Asian Infrastructure Investment Bank (AIIB). The AIIB, according to its critics, will not be a true multilateral institution committed to common objectives. Instead it will be a vehicle for China to advance its own unilateral strategic objectives in Asia at the expense of the US.

Suggested Citation

  • Mike Callaghan & Paul Hubbard, 2016. "The Asian Infrastructure Investment Bank : Multilateralism on the Silk Road," Finance Working Papers 25355, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:financ:25355
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    File URL: http://www.eaber.org/node/25355
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    Citations

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    Cited by:

    1. Lauren A. Johnston, 2019. "The Belt and Road Initiative: What is in it for China?," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 6(1), pages 40-58, January.
    2. Ayse Kaya & Byungwon Woo, 2022. "China and the Asian Infrastructure Investment Bank (AIIB): Chinese Influence Over Membership Shares?," The Review of International Organizations, Springer, vol. 17(4), pages 781-813, October.
    3. Margot Schüller & Jan Peter Wogart, 2017. "The emergence of post-crisis regional financial institutions in Asia—with a little help from Europe," Asia Europe Journal, Springer, vol. 15(4), pages 483-501, December.
    4. Peter Drysdale & Adam Triggs & Jiao Wang, 2017. "China's New Role in the International Financial Architecture," Asian Economic Policy Review, Japan Center for Economic Research, vol. 12(2), pages 258-277, July.
    5. Osman TEKİR & Nesrin DEMİR, 2018. "The Impact of the New Silk Road Project on the Global System as an Economic and Political Instrument," Sosyoekonomi Journal, Sosyoekonomi Society, issue 26(38).
    6. Hongying Wang, 2019. "The New Development Bank and the Asian Infrastructure Investment Bank: China's Ambiguous Approach to Global Financial Governance," Development and Change, International Institute of Social Studies, vol. 50(1), pages 221-244, January.
    7. Weiqiang Lin & Qi Ai, 2020. "‘Aerial Silk Roads’: Airport Infrastructures in China's Belt and Road Initiative," Development and Change, International Institute of Social Studies, vol. 51(4), pages 1123-1145, July.
    8. Silvia Menegazzi, 2017. "Global Economic Governance between China and the EU: the case of the Asian Infrastructure Investment Bank," Asia Europe Journal, Springer, vol. 15(2), pages 229-242, June.
    9. Kaya, Ayse & Kilby, Christopher & Kay, Jonathan, 2021. "Asian Infrastructure Investment Bank as an instrument for Chinese influence? Supplementary versus remedial multilateralism," World Development, Elsevier, vol. 145(C).
    10. Parvaneh Sobhani & Hassan Esmaeilzadeh & Seyed Mohammad Moein Sadeghi & Isabelle D. Wolf & Azade Deljouei, 2022. "Relationship Analysis of Local Community Participation in Sustainable Ecotourism Development in Protected Areas, Iran," Land, MDPI, vol. 11(10), pages 1-16, October.
    11. Xiu-Mei Fu & Shan-Shan Jiang & Na Wang & Shi-Qi Wang & Chang-Yun Wang, 2018. "The Research on International Development Path of China’s Marine Biopharmaceutical Industry," Sustainability, MDPI, vol. 10(2), pages 1-17, February.
    12. Jelena M. Andrić & Jiayuan Wang & Ruoyu Zhong, 2019. "Identifying the Critical Risks in Railway Projects Based on Fuzzy and Sensitivity Analysis: A Case Study of Belt and Road Projects," Sustainability, MDPI, vol. 11(5), pages 1-18, March.
    13. Gu, Jing & Renwick, Neil & Xue, Lan, 2018. "The BRICS and Africa's search for green growth, clean energy and sustainable development," Energy Policy, Elsevier, vol. 120(C), pages 675-683.
    14. Robert J. Hanlon, 2017. "Thinking about the Asian Infrastructure Investment Bank: Can a China-Led Development Bank Improve Sustainability in Asia?," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 4(3), pages 541-554, September.
    15. Muhammad Khalil Khan & Imran Ali Sandano & Cornelius B. Pratt & Tahir Farid, 2018. "China’s Belt and Road Initiative: A Global Model for an Evolving Approach to Sustainable Regional Development," Sustainability, MDPI, vol. 10(11), pages 1-20, November.
    16. Hugo Oriola & Jamel Saadaoui, 2024. "How do geopolitical interests affect financial markets reaction to international institution projects?," Working Papers of BETA 2024-25, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

    More about this item

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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