An article authored by Pardee Center Faculty Fellow Kevin Gallagher was distributed this week via the Globalist and appeared in the Japan Times, China Daily, South Africa Business Report, Philippine Daily Inquirer and a number of other news outlets in emerging nations. In the article, titled “BRICS: Towards a Rio Consensus“, Prof. Gallagher argues that the meeting of leaders from BRICS nations – Brazil, Russia, India, China, and South Africa – could result in a beneficial new financial arrangement that fills a gap left by existing institutions.
According to Prof. Gallagher, the meeting will be historic if plans to create a new Development Bank and Foreign Exchange Fund come to fruition. This new institution would rival the World Bank and International Monetary Fund by offering an alternative to the “Washington Consensus”, which offers countries financial assistance but at a cost of deregulation.
Prof. Gallagher is the author of numerous Pardee Center publications (including an upcoming Pardee Center Task Force Report on capital account liberalization in China) and is the co-director of the Pardee Center’s Global Economic Governance Initiative, which strives to advance policy-relevant knowledge about economic governance for financial stability, human development, and the environment. The Initiative is co-sponsored by the Boston University Center for Finance, Law & Policy.