Multilateral development banks (MDBs) occupy an important strategic place in global economic governance. Since the creation of the first multilateral development bank—the International Bank for Reconstruction and Development (IBRD)—MDBs have emerged in three waves, each time as a result of major changes in the world arena. The creations of the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB) represent the third and latest wave of MDBs. These new development banks have arisen as a consequence of a historic shift in global economic power from developed countries to emerging economies and more specifically related to the increase in China’s economic might. This paper focuses on explaining the motivation of the founding countries in establishing these two financial institutions, and the historical landscape that enabled the developing countries to create new financial bodies despite some scepticism and criticism coming from western audience. The author identifies major factors underlying the creation of the AIIB and the NDB. Since both the AIIB and to a lesser extent the NDB are China-promoted financial bodies, the paper also seeks to reveal what national interests and objectives Beijing has been pursuing in creating and promoting these two financial institutions.
|Название основной публикации||Shedding light on a changing international order|
|Подзаголовок основной публикации||Thejretical and empirical challenges|
|Редакторы||Elise Feron, Marko Juutinen, Jyrki Kakonen, Karim Maiche|
|ISBN (электронное издание)||9789520314538|
|ISBN (печатное издание)||9789520314521|
|Состояние||Опубликовано - 2020|
Leksyutina, Y. (2020). The creation of the NDB and the AIIB as a third wave of multilateral development banks: what stands behind? В E. Feron, M. Juutinen, J. Kakonen, & K. Maiche (Ред.), Shedding light on a changing international order : Thejretical and empirical challenges (стр. 175-197). TAPRI.