IDEAS home Printed from https://ideas.repec.org/p/lev/levppb/ppb_102.html
   My bibliography  Save this paper

The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?

Author

Listed:
  • Jan Kregel

Abstract

The term BRIC was first coined by Goldman Sachs and refers to the fast-growing developing economies of Brazil, Russia, India, and China--a class of middle-income emerging market economies of relatively large size that are capable of self-sustained expansion. Their combined economies could exceed the combined economies of today's richest countries by 2050. However, there are concerns about how the current financial crisis will affect the BRICs, and Goldman has questioned whether Brazil should remain within this group. Senior Scholar Jan Kregel reviews the implications of the global crisis for developing countries, based on the factors driving global trade. He concludes that there is unlikely to be a return to the extremely positive conditions underlying the recent sharp increase in growth and external accounts. The key for developing countries is to transform from export-led to domestic demand-led growth, says Kregel. From this viewpoint, Brazil seems much better placed than the other BRIC countries.

Suggested Citation

  • Jan Kregel, 2009. "The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?," Economics Public Policy Brief Archive ppb_102, Levy Economics Institute.
  • Handle: RePEc:lev:levppb:ppb_102
    as

    Download full text from publisher

    File URL: http://www.levyinstitute.org/pubs/ppb_102.pdf
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fernando J. Cardim de Carvalho, 2016. "The Narrow Path for Brazil," Economics Policy Note Archive 16-2, Levy Economics Institute.
    2. Mariana Mazzucato & Caetano C.R. Penna, 2014. "Beyond Market Failures: The Market Creating and Shaping Roles of State Investment Banks," Working Papers Series 7, Institute for New Economic Thinking.
    3. Fernando J. Cardim De Carvalho, 2016. "Looking into the abyss? Brazil at the mid-2010s," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 39(1), pages 93-114, January.
    4. Felipe Rezende, 2015. "Why does Brazil’s banking sector need public banks? What should BNDES do?," PSL Quarterly Review, Economia civile, vol. 68(274), pages 239-275.
    5. Chin-Hong Puah & Rayenda Khresna Brahmana & Kai-Hung Wong, 2015. "Revisiting Stock Market Integration Pre-Post Subprime Mortgage Crisis: Insight From BRIC Countries," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 61, pages 120-130, August.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lev:levppb:ppb_102. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elizabeth Dunn). General contact details of provider: http://www.levyinstitute.org .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.