Abstract
With a greater degree of integration than ever before in areas such as trade, the environment, migration, etc., international institutions have emerged in an attempt to achieve greater cohesion and regulation among the plethora of global actors and issues that exist today. The consideration of international institutions and actors in terms of a network of interrelated bodies is referred to as a regime complex. One of these institutions is the BRICS Bank, or the New Development Bank (NDB), forged by the BRICS nations, namely Brazil, Russia, India, China, and more recently, South Africa. By applying different frameworks for considering the role and influence of institutional interplay within a greater regime complex, a clear link can be seen in how international institutions effect one another, their development, structures, and objectives.
Highlights
With a greater degree of integration than ever before in areas such as trade, the environment, migration, etc., international institutions have emerged in an attempt to achieve greater cohesion and regulation among the plethora of global actors and issues that exist today
One of the international institutions that has recently come into existence and joined the web of international institutions is the BRICS Bank, or the New Development Bank (NDB), forged by the BRICS nations, namely Brazil, Russia, India, China, and more recently, South Africa
The increasing number of international institutions and the resulting overlap of rules and norms clearly demonstrates the significance of institutional interplay in the development of international institutions within a global regime complex
Summary
With a greater degree of integration than ever before in areas such as trade, the environment, migration, etc., international institutions have emerged in an attempt to achieve greater cohesion and regulation among the plethora of global actors and issues that exist today. The BRICS countries have a shared goal towards infrastructure investment in developing countries and in creating a more influential and significant voice for other emerging and developing countries This second objective is an important one, because the BRICS countries are highlighting the insufficiencies of the existing international institutions in providing a suitable forum for said emerging and developing countries, and are indirectly defining the NDB in terms of other international institutions as well. Theories of international relations will be applied to the case of the NDB, examining both national and institutional incentives for participating in a new financial institution This analysis will show that while the union between the individual BRICS nations best fit the realist argument for international cooperation, the reasoning behind the formation of the NDB itself is less obvious. The conclusion will summarize that institutional interplay did influence the development of the NDB and that the international relations theory which best explains the formation of the NDB will only become clear once the institution moves beyond its developmental phase
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