The Global Expansion of AIIB_Why have Latin American countries joined the AIIB?
Author
Wang, Xinru
Term
4. term
Publication year
2022
Abstract
The Asian Infrastructure Investment Bank (AIIB) is the first multilateral financial institution initiated by China. Founded in 2015, it has grown to include more than 100 members worldwide. Countries from Latin America are an important part of this expansion: Argentina, Brazil, Chile, Ecuador, Peru, and Uruguay have joined as non‑regional members (countries outside Asia), while Bolivia and Venezuela remain prospective members. Despite skepticism and discouragement from the U.S. government, the AIIB has extended into Latin America, often seen as part of the United States’ traditional sphere of influence. This thesis examines why Latin American countries choose to join the AIIB. It uses three theories as analytical tools: power transition theory (which looks at shifts in the global balance of power), neoliberal institutionalism (which explains how international institutions foster cooperation), and international public goods theory (benefits that can be widely shared). The ongoing shift in power between the United States and China provides the international backdrop for decisions in Latin America. Against this background, AIIB’s appeal includes institutional advantages, financing for infrastructure and related projects, and the ability to complement the existing multilateral development banking system. Based on these insights, the thesis offers practical suggestions for overcoming obstacles to the AIIB’s further expansion in Latin America.
Den Asiatiske Infrastruktur- og Investeringsbank (AIIB) er den første multilaterale finansinstitution, der er taget initiativ til af Kina. Den blev oprettet i 2015 og har siden udvidet med over 100 medlemmer verden over. En række latinamerikanske lande spiller en central rolle i denne udvikling: Argentina, Brasilien, Chile, Ecuador, Peru og Uruguay er ikke‑regionale medlemmer (lande uden for Asien), mens Bolivia og Venezuela fortsat er potentielle medlemmer. På trods af skepsis og modstand fra den amerikanske regering har AIIB også nået Latinamerika, som ofte betragtes som USA’s traditionelle indflydelsessfære. Afhandlingen undersøger, hvorfor latinamerikanske lande vælger at tilslutte sig AIIB. Den anvender tre teorier som analyseværktøjer: magttransitions-teori (der ser på skift i global magtbalance), neoliberal institutionalisme (der forklarer, hvordan internationale institutioner kan fremme samarbejde), og teorien om internationale offentlige goder (fordele, der kommer mange lande til gode). Det igangværende magtskifte mellem USA og Kina danner den internationale ramme for beslutningerne i Latinamerika. I dette lys tiltrækker AIIB’s fordele: institutionelle styrker, finansiering af infrastruktur og relaterede projekter samt evnen til at supplere det eksisterende system af multilaterale udviklingsbanker. På den baggrund giver afhandlingen konkrete forslag til at håndtere de barrierer, der står i vejen for AIIB’s videre udbredelse i Latinamerika.
[This apstract has been rewritten with the help of AI based on the project's original abstract]
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