Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/121868
Authors: 
Reisen, Helmut
Year of Publication: 
2015
Citation: 
[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Publisher:] Springer [Place:] Heidelberg [Volume:] 95 [Year:] 2015 [Issue:] 4 [Pages:] 274-279
Abstract: 
Im vergangenen Jahr haben die BRICS-Staaten (Brasilien, Russland, Indien, China und Südafrika) die New Development Bank und asiatische Staaten die Asian Infrastructure Investment Bank (AIIB) gegründet. Beide Entwicklungsbanken werden umfangreich vom chinesischen Staat finanziert. Sie stehen in Konkurrenz zum Bretton-Woods-System und werden die globale Architektur der Entwicklungsfinanzierung nachhaltig ändern. Der Autor vertritt die Auffassung, dass die betroffenen Schwellenländer damit auf die misslungene Neuverteilung der Stimmrechte in den etablierten Organisationen reagieren. Er prognostiziert, dass ein Drittel der multilateralen Kredite von diesen neuen Entwicklungsbanken vergeben werden.
Abstract (Translated): 
What will be the future impact of the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB) on multilateral lending shares? Will these new multilateral banks, which were created in 2014 outside the established Bretton Woods system, help the BRICS countries to rebalance multilateral development financing away from Western dominance? The pressure for the BRICS to “exit” from the established international financial institutions rises with the past, present and expected failure for “voice” reform at these institutions. This paper quantifies excess demand for multilateral soft loans and the potential lending capacities of the NDB and AIIB to assess how much relative business – hence political influence – the existing institutions might lose in favour of the new competitors. It is estimated that the NDB and AIIB combined will attract sufficient co-financing to rival the established multilateral development banks in terms of annual lending. The paper concludes that the existing Bretton Woods system is likely to lose market share and preferred creditor status.
Subjects: 
Multilateral Development Banking
Infrastructure Finance
China Financial Diplomacy
JEL: 
F02
F35
F53
Persistent Identifier of the first edition: 
Document Type: 
Article

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