Bulletin n. 2/2016
December 2016
INDICE
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Henderson John, Stephen Clarkson
    International Public Finance and the Rise of Brazil: Comparing Brazil’s Use of Regionalism with Its Unilateralism and Bilateralism
    in Latin American Research Review , Volume 51, Number 4, 2016 ,  2016 ,  43-61
    Within the extensive literature on international regionalism, the more limited academic work done on regional financial organizations (RFOs) tends to assume that, by pooling resources to address such common international economic issues as development funding and financial crises, RFOs contribute to economic stability in their parts of the global landscape. Although South America has led the pack in creating such RFOs, their effectiveness is limited by the asymmetry in economic heft of the continent’s governments. Rather than weighing the significance of financial regionalism in South America from the point of view of the majority, we assess whether and how this phenomenon has contributed to Brazil’s politico-economic rise to near-major-power standing on the world stage in the twenty-first century. Drawing on extensive interviews with Brazilian officials conducted in March 2013, we analyze three instances of South America’s international public finance: development lending, crisis lending, and payment systems. Our findings suggest that self-generated unilateral and bilateral financial initiatives have brought Brasília far more significant economic and political results than have RFOs, whose various incarnations have yielded the continental giant few economic and only minor political gains.
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