Determinants of development financing flows from Brazil, Russia, India, and China to low-Income countries by Nkunde Mwase published by IMF. “BRICs development financing flows have increased significantly and are expected to become more prominent in the post-crisis era. The degree of concessionality is negatively correlated with the amount of loans and positively correlated with better institutional indicators suggesting that the higher the risks, the higher the required returns that BRICs expect.”
