The emerging BRICS financial architecture: a catalyst for global governance reform?

Abstract

This article critically examines whether the BRICS Financial Architecture (BFA) offers a genuine alternative to the Global Financial Architecture (GFA) by introducing the concept of replicative institutionalism. Established after the 2008 financial crisis, the BFA—comprising the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA)—purportedly challenges Western-dominated financial institutions. However, this research demonstrates that the BFA reproduces rather than transforms global financial hierarchies through institutional mimicry and adherence to prevailing orthodoxies. The significance of this analysis extends beyond academic discourse by revealing how attempts at reform by emerging powers can inadvertently reinforce existing power structures, offering critical lessons for future institutional design. Without addressing fundamental asymmetries in governance and operational logics, alternative financial architectures risk becoming vehicles for symbolic rather than substantive change in global economic governance.