Open AccessEstablishing the New Development Bank as an integrating mechanism for the BRICS countries
Author(s) -
T. B. Tyulebekov,
E. L. Nechayeva
Publication year - 2020
Publication title -
l.n. gumilev atyndaġy euraziâ u̇lttyk̦ universitetìnìn̦ habaršysy. saâsi ġylymdar, ajmak̦tanu, šyġystanu, tùrkìtanu seriâsy
Language(s) - English
Resource type - Journals
eISSN - 2617-605X
pISSN - 2616-6887
DOI - 10.32523/2616-6887/2020-133-4-149-156
Subject(s) - institution , investment (military) , financial integration , politics , financial institution , mechanism (biology) , economics , developing country , investment banking , business , economic system , international economics , financial market , financial system , finance , economic growth , political science , philosophy , epistemology , law
The establishment of the New Development Bank institute within the framework of the political union of the BRICS countries provides for integration opportunities using investment instruments without the participation of dominant western financial institutions. In addition, the emergence of a new institution consolidating the interaction of the intensively developing economies of the BRICS countries undoubtedly influences the reform of the unipolar structure of the traditional structures of the World Bank. Taking into account the prevailing preconditions for the creation of new integration associations and the needs of developing economies not only in additional investment inflows, but also in making strategic decisions and participating in the distribution of resources, the institution of the New Development Bank within the political association of the BRICS countries is a mechanism that can eliminate the existing imbalance in world politics, and also represents a quite profitable alternative for diversifying the sources of financing the economies. The article describes the prerequisites for establishment, the principles of activity and the demand for the investment and financial mechanism of the New Development Bank, taking into account integration prospects and the expansion of BRICS.