Brazil, Russia, India And China Countries Research Articles

Testing the Environmental Kuznets Curve Hypothesis in BRIC Countries

The relationship between economic growth and the environment is an issue that economists have emphasized in recent years. As the effects of environmental problems such as global warming, air pollution, increased use of natural resources, and CO2 emissions have been felt especially since the 1990s, environmental and energy issues have become of primary importance in the field of economic growth in international platforms. For this reason, environmental problems constitute the main agenda in the international arena today. The work of Kuznets (1955) has an important place in this field. In this study, it is aimed to test the Environmental Kuznets Curve hypothesis for the period covering 1980-2021 in BRIC (Brazil, Russia, India and China) countries. For this purpose, panel cointegration analysis was performed in the study, and according to the results, it was observed that the EKC hypothesis is not valid for BRIC countries and there is a U-shaped relationship between economic growth and CO2 emissions.

Trends in early phase clinical trials: A tale of exponential economic growth and access.

e18504 Background: There has been exponential economic growth in the BRIC (Brazil, Russia, India and China) nations in recent years, and outsourcing of clinical trials to these countries has occurred in tandem. Our study aimed to assess the current status of early phase oncology clinical trial recruitment in the BRIC countries, to assess the impact of these emerging economies and global markets in health care. Methods: We reviewed the open-access clinical trial registry, clinicaltrials.gov, for registered interventional recruiting early phase trials (Phase I/II) in the BRIC countries in adults and analyzed each country separately and collectively. We extracted descriptive data and established a database and proceeded to perform literature review and examine trends in early phase clinical trials. Results: We identified 888 recruiting early phase clinical trials in BRIC countries; China had 95% (842/888) of the trials, Brazil 1.5% (13/888), Russia 3.4% (30/888) and India 0.34% (3/888). For tumor specific studies, gastrointestinal (17%, 148/888), lung 11% (94/888) and breast (17%, 53/888) cancers were the most studied. Most trials were industry-sponsored (76%, 675/888); and most conducted in a single country (95%, 846). Industry-sponsored studies comprised 96% in China (635/842), 87% in Russia (26/30), 92% in Brazil (12/13), 67% (2/3) in India. Overall, immunotherapy agents in single and combination treatment strategies were the most common agent under investigation, with novel therapies such as CAR T-cell therapy (eg. CAR-T/TCR NK-CAR CAR-T/TCR-T Cell) being increasingly used in China (168 single agent trials, 30 trials in combination: 24% of trials in China). In contrast, CAR T-cell therapy trials were not yet in BRIC nations outside of China. Combination studies were frequent (33%, 293/888), and included a variety of combination strategies utilizing targeted therapies, immunotherapies, chemotherapies, antibody drug conjugates and novel biologics. Conclusions: Despite the economic explosion and shift of non-oncology clinical trials to BRIC nations, US and Europe continue to dominate in the design and conduct of early phase clinical trials in hematology and oncology. However, there has been exponential growth in early phase trial testing in China, which now accounts for 18.5% of the world’s population and has the majority (95%) of trials in BRIC nations. Contrastingly, India, which accounts for 17.7% of world’s population, has < 1% of BRIC nation trials. In keeping with trends in the US and Europe, there is a dominance of industry-sponsored studies in BRIC countries. Globally, early phase trials are increasing in their complexity with ongoing interest in immune modulation as a treatment strategy.

Time-varying herding spillover for emerging countries: evidence from BRIC countries and Turkey

PurposeThis study aims to investigate herding spillover in BRIC (Brazil, Russia, India and China) countries and Turkey under different regimes by using a time-varying approach.Design/methodology/approachThe authors used the structural change model of Bai and Perron (1998).FindingsThe results indicate that there is an evidence of herding behaviour in the Chinese stock market in two different regimes. These regimes cover the recent global financial crisis and the period of Hong Kong protests. We also report the evidence of herding behaviour in the Turkish stock market in the regime covering the COVID-19 period. Findings of herding spillover show that there is a two-way herding among Russia and China during crises and high volatile regimes. Similarly, there exists a cross-country herding among Brazil and India during crisis regimes. Also, there is herding spillover from Turkey to Russia, China and Brazil during the global financial crisis, post-European debt crisis and COVID-19 periods respectively. Furthermore, it is also evident that there is a herding spillover from Russia and China to India during the period covering COVID-19.Originality/valueTo the best of the authors' knowledge, this is the first study that uses structural change approach to identify herding behaviour spillovers from the US stock market to BRIC countries and Turkey and to investigate the cross-country herding behaviour among BRIC countries and Turkey.

Making China Modern: From the Great Qing to Xi Jinping

Making China Modern: From the Great Qing to Xi Jinping

(Invited) Agriculture 4.0: Development of Chemical and Biochemical Smart Sensors Systems for Sustainable Food Production

IntroductionWith the global population expected to grow to over 9.6 billion by 2050 it is a projected that a 50-60 % increase in food production will be required. In addition, the increasing wealth of the BRIC (Brazil, Russia, India and China) countries is driving the transition from traditional to more westernized high protein diets. A key challenge then, going forward, will be to close the food gap. This must be achieved against the backdrop of climate change & desertification, labor shortages and competition for energy, land & resources. It is clear then, that addressing this challenge will require the development of more efficient and sustainable food production techniques and processes. Digitizing the entire food chain using smart sensor systems would help enable such an approach. This convergence between the Internet of Things (IoT) and the agri-food industry requires sensor systems and technologies that provide real time data to producers and processers; required for rapid, but informed, decision making. To this end, we are using microelectronic fabrication approaches to develop advanced end-to-end chemical and bio-chemical nanosensor sensor systems specifically tailored to the needs of both producers and processors [1-3]. These sensor systems are being designed to be used by non-specialists and be rugged enough for field deployment [4, 5].Sensor DevelopmentOn-chip devices containing six gold microband electrodes, a gold counter and a platinum pseudo-reference electrodes were fabricated using standard nanofabrication processes on Si/SiO2 substrates as described in detail previously [6]. A custom built Teflon cell permit analysis of small sample volumes (~50 µL), see Fig 1. Gold contact pads were configured on-chip to permit electrical connection to the potentiostat via a microSD port. Chips could be easily plugged in/out enabling rapid analysis of multiple samples. Optical micrographs were acquired using a calibrated microscope (Axioskop II, Carl Zeiss Ltd.) with a charge-coupled detector camera (CCD; DEI-750, Optronics). Electrochemical experiments were carried out using an Autolab Potentiostat/ Galvanostat PGSTAT128N (Metrohm Ltd, Utrecht, The Netherlands) controlled by the Autolab NOVA software. All experiments employed a standard three-electrode cell configuration using a single gold nanoband as the working electrode, versus the on-chip gold counter and platinum pseudo-reference electrodes,. In this study, microband sensors were applied to the detection of Bovine IgG and anti-Fasciola antibodies in serum samples. On-chip microband electrodes were first cleaned using a mixed solvent clean process (acetone, isopropyl alcohol and DI water) for 15 minutes. Cyclic voltammetry was then employed for electropolymerisation of o-aminobenzoic acid (o-ABA, 50 mM in 0.5 M H2SO4) to create a carboxylic terminated polymer layer at the gold electrode surface. A fresh NHS/EDC mixture was prepared in 10 mM acetate buffer, pH 4.0 and subsequently deposited onto the polymerised electrodes, for approximately 30 min, to activate the surface. Concerning IgG, activated electrodes were modified with 1 ng/ml anti-Bovine IgG in 10 mM sodium acetate buffer, pH 4.0 (AB). Anti-IgG was incubated on the electrode for 15 min. Following deposition of these capture biomolecules, unbound active-sites on all electrodes were blocked with ethanolamine (1 M) for 20 minutes. A secondary blocking of 1 % NANNY care® goat based milk in PBS was used for the IgG assay, for a comparison. Results and Conclusions Electrochemical Impedance Spectroscopy (EIS) techniques allows for the monitoring of the increase of the Rct signal and was used to interrogate antigen binding. The reduction of the electron transfer causes an increase in the Rct as seen in Figure 2. Following exposure to igG antibodies an increase in impedance was observed. A semi-logarithmic relationship exists between the concentration of the target and the change in Rct. This correlates with the trend seen in the ELISA calibration plot. The Nyquist plot shows a much larger change in signal between each concentration of Bo IgG than the CV and thus EIS is widely used for evaluating immunosensors such as these.

The effect of economic policy uncertainty on BRIC tourism

ABSTRACT This study examines the effects of economic policy uncertainty (EPU) and tourism in Brazil, Russia, India and China (BRIC). It used a three-dimensional wavelet technique based on Granger causality analysis to investigate the relationship between EPU and tourism activities using the annual data between 1995 and 2018. The results show that the uncertainty about its economic policies will not only affect macroeconomic variables but also tourism. The EPU has short-run implications, as well as short-run, mid-run and long-run effects on international tourist arrivals. It can be recommended that the national security of the government and peace protocols be maintained by the government. Otherwise, the fall in tourism demand could impede the economic growth in the BRIC countries in the long-run.

Understanding incubation during foreign market entry: lessons learnt from an illustrative Danish case study

PurposeThis paper aims to discuss business incubation to enter foreign markets in Brazil, Russia, India and China (BRIC) countries through the lens of an “international business incubator” (IBI). International market expansion offers huge opportunities for companies to increase their revenue, but there are also challenging tasks such as the establishment of a business company and the occupation of a strategic position abroad. Practitioners consider this process as the act of incubation, but the theoretical discussion lags behind the practice-led debate.Design/methodology/approachAn illustrative, and theory-led, case study is presented that describes market expansion to BRIC countries through a network-based IBI. The empirical case is an illustrative Danish company with international operations in BRIC countries both with and without an IBI.FindingsInternational business incubation represents a process, which can be influenced through an IBI, and business networking during foreign market entry is shaped by IBI brokerage (bridging, bonding and protecting) in different phases. IBI activities that are embedded in business networking support a company’s endeavours in getting a foothold and acquiring a strategic position in BRIC markets and facilitates the market penetration.Research limitations/implicationsThe IBI’s activities to enter foreign markets should be thoroughly managed. Further studies should be conducted with cross-case comparisons and larger samples to reflect on the propositions established.Originality/valueBy linking the business networking theory with the practice-led understanding of business incubation, the study explores an under-conceptualised topic for international business and entrepreneurship scholars. The paper offers an initial understanding of how brokerage interacts with incubation during the entry of new markets.

Causality between Economic Policy Uncertainty and Tourism Using Three-dimensional Wavelet-based Approaches

ABSTRACT This study provides new insights into the relationship between economic policy uncertainty (EPU) and tourism activities in the BRIC (Brazil, Russia, India, and China) countries. We used continuous three-dimensional wavelets based on Granger causality analysis to investigate the relationship between EPU and tourism using the annual data. The finding shows that the relationships between the variables evolve through time and frequencies. We uncover significant wavelet coherence and strong lead–lag relationships changing over time, displaying low- to high-frequency cycles over the whole sample period.

Generalized Hyperbolic Distribution and Portfolio Efficiency in Energy and Stock Markets of BRIC Countries

Oil, also called black gold, is considered as the commodity which has the greatest impact on the world’s economy, and it has been studied in terms of its relationship and effects on macroeconomic variables such as Gross Domestic Product (GDP), inflation, trade balance, exchange rate and some others. Likewise, the relationship of oil with the financial market has been deepened and is very interesting in the case of emergent economies such as Brazil, Russia, India and China (BRIC) countries. There are many studies and approaches to this topic, but few of them focus on seeking investment opportunities through the diversification of these variables and therefore creating efficient portfolios using other distribution from the norm. This research proposes the construction of diversified portfolios with the returns of the indexes and oil mixes of the BRIC countries modeled under a Normal Inverse Gaussian (NIG) distribution, which is a notable member of the Generalized Hyperbolic (GH) family, and analyzing the effect on investment, by the inclusion of each variable into the portfolio. An important property of the GH family is that the correlations matrix of the returns is obtained from estimation of the parameters of empirical distribution through maximum likelihood. The results show in an optimal configuration, that each instrument of India, China and Brazil, contributes to the portfolio efficiency, in contrast to the index and oil mix of Russia, that do not contribute significantly.

(Invited) Agriculture 4.0: Development of Chemical and Biochemical Smart Sensors Systems for Sustainable Food Production

Introduction With the global population expected to grow to over 9.6 billion by 2050 it is a projected that a 50-60 % increase in food production will be required. In addition, the increasing wealth of the BRIC (Brazil, Russia, India and China) countries is driving the transition from traditional to more westernized high protein diets. A key challenge then, going forward, will be to close the food gap. This must be achieved against the backdrop of climate change & desertification, labor shortages and competition for energy, land & resources. It is clear then, that addressing this challenge will require the development of more efficient and sustainable food production techniques and processes [1]. Digitizing the entire food chain using smart sensor systems would help enable such an approach. This convergence between the Internet of Things (IoT) and the agri-food industry requires sensor systems and technologies that provide real time data to producers and processers; required for rapid, but informed, decision making. To this end, we are using microelectronic fabrication approaches to develop advanced end-to-end chemical and bio-chemical nanosensor sensor systems specifically tailored to the needs of both producers and processors [2]. These sensor systems are being designed to be used by non-specialists and be rugged enough for field deployment [3]. Sensor Development On-chip devices containing six gold microband electrodes, a gold counter and a platinum pseudo-reference electrodes were fabricated using standard nanofabrication processes on Si/SiO2 substrates as described in detail previously [4]. A custom built Teflon cell permit analysis of small sample volumes (~50 µL), see Fig 1. Gold contact pads were configured on-chip to permit electrical connection to the potentiostat via a microSD port. Chips could be easily plugged in/out enabling rapid analysis of multiple samples. Optical micrographs were acquired using a calibrated microscope (Axioskop II, Carl Zeiss Ltd.) with a charge-coupled detector camera (CCD; DEI-750, Optronics). Electrochemical experiments were carried out using an Autolab Potentiostat/ Galvanostat PGSTAT128N (Metrohm Ltd, Utrecht, The Netherlands) controlled by the Autolab NOVA software. All experiments employed a standard three-electrode cell configuration using a single gold nanoband as the working electrode, versus the on-chip gold counter and platinum pseudo-reference electrodes,. In this study, microband sensors were applied to the detection of Bovine IgG and anti-Fasciola antibodies in serum samples. On-chip microband electrodes were first cleaned using a mixed solvent clean process (acetone, isopropyl alcohol and DI water) for 15 minutes. Cyclic voltammetry was then employed for electropolymerisation of o-aminobenzoic acid (o-ABA, 50 mM in 0.5 M H2SO4) to create a carboxylic terminated polymer layer at the gold electrode surface. A fresh NHS/EDC mixture was prepared in 10 mM acetate buffer, pH 4.0 and subsequently deposited onto the polymerised electrodes, for approximately 30 min, to activate the surface. Concerning IgG, activated electrodes were modified with 1 ng/ml anti-Bovine IgG in 10 mM sodium acetate buffer, pH 4.0 (AB). Anti-IgG was incubated on the electrode for 15 min.. Following deposition of these capture biomolecules, unbound active-sites on all electrodes were blocked with ethanolamine (1 M) for 20 minutes. A secondary blocking of 1 % NANNY care® goat based milk in PBS was used for the IgG assay, for a comparison. Results and Conclusions Electrochemical Impedance Spectroscopy (EIS) techniques allows for the monitoring of the increase of the Rct signal and was used to interrogate antigen binding. The reduction of the electron transfer causes an increase in the Rct as seen in Figure 2. Following exposure to igG antibodies an increase in impedance was observed. A semi-logarithmic relationship exists between the concentration of the target and the change in Rct. This correlates with the trend seen in the ELISA calibration plot. The Nyquist plot shows a much larger change in signal between each concentration of Bo IgG than the CV and thus EIS is widely used for evaluating immunosensors such as these.

Review of Studies on Health Impact Assessment and Modelling from Transport Sector in the Context of BRIC Countries

Transportation has always played an integral role in the growth of our civilization and economic development. As much as transportation is a boon to the society, its detrimental effects on human health given the associated externalities such as sedentary lifestyle, exposure to air pollution, and injuries due to road crashes are incontestable. Many investigations have been carried out in the past to quantify the effect of transportation on human health. In this paper, the authors attempt to review these studies, specifically examining the methodologies adopted, and its utility in the context of developing economies. This is particularly crucial considering the characteristic differences between the transportation systems of developing and the developed economies. The primary goal of this paper is to identify methods to scientifically measure the impact of transportation on human health that can be applied in the developing economies’ context; such as the BRIC (Brazil, Russia, India, and China) countries. The scope of this study is restricted to methods that assess the impact of transportation on health through three pathways: (i) exposure to particulate matter (PM2.5), (ii) road traffic injuries, and (iii) physical inactivity. The disease burden for the pathways is calculated in Disability-Adjusted Life Years (DALYs). The authors also identify the existing gaps in the prevalent methodologies that need to be addressed while applying them in the developing economies’ context. Unavailability of extensive quality data in the developing economies is a major challenge for conducting similar health impact assessments. Most studies have overlooked the health impact of transportation on younger age groups (below 14 years of age), which is equally crucial in facilitating effective policy intervention. Finally, a customized methodology for the developing economies needs to acknowledge the quintessential behaviour of drivers that is a critical distinctive feature of their transportation system.

The Dynamic Nexus between GDP, Consumption and Exports of BRICS Countries: An ARDL Cointegration Analysis

The study empirically examines the consumption and export-led growth strategy of BRICS countries. The country-specific time series data have been used to examine the short and long-run impact between the gross domestic product (GDP), export and consumption from 1989 to 2016. The autoregressive distributed lag (ARDL) and error correction method are applied for the equilibrium-adjustment analysis. The ARDL bound test confirms the long-run cointegration between the variables of Brazil, Russia, India and China (BRIC) and fails to indicate any cointegration in South Africa series. Hence, the empirical evidence shows that both the strategies play a significant role in disequilibrium correction of BRIC countries whereas system analysis has been done in Brazil and Russia series. It implies that Brazil and Russian economic systems have bi-directional long-run causality. However, India and China series have uni-directional long-run causality from export and consumption to GDP whereas South Africa series has only short-run causality.

New vistas for marketing strategy: digital, data-rich, and developing market (D3) environments

The last decade has seen marketing strategy evolve rapidly in three major directions, which can be summarized in three Ds: digital, data-rich, and developing markets. The first D refers to “digital”; digital marketing strategy deals with firms’ judicious use of digital resources to create differentiated and sustainable value for customers. The second D is “data-rich”; digital marketing has made available to researchers unprecedented data on firm and customer behavior. The third D is “developing markets”; the issue of marketing strategy in a digital and data-rich context is particularly relevant in developing markets such as BRIC (Brazil, Russia, India, and China) countries. This article formally defines the scopes of the three Ds, identifies opportunities associated with three Ds, and highlights the work published in these areas that will hopefully trigger more research work in D3 environments.

Does renewable energy affect economic growth? Evidence from panel data estimation of BRIC countries

ABSTRACTSince the Kyoto Protocol Agreement 1997, the global community is striving towards implementing renewable energy practices and thereby contribute to the sustainability of growth. Committing to this cause, developed and emerging economies have been increasing the production and consumption of renewable energy in absolute terms. The growth hypothesis states that economic growth of the country is negatively affected when the share of renewable energy to total energy mix increases. While other hypotheses contradict with this notion and such contradiction has created a vacuum in the literature. This paper has the objective to study the impact of changes in the share of renewable energy to the total energy mix and test the validity of growth hypothesis applying to the BRIC (Brazil, Russia, India and China) countries. The study uses the secondary data covering the period 1990–2015. Share of renewable energy consumption in total energy consumption and share of renewable electricity output in total energy output have been taken as proxies to renewable energy, and economic growth is measured by GDP per capita. A panel regression model has been estimated and the result finds evidence to support the growth hypothesis. It is found that the decreasing share of renewable energy to the total energy might have contributed to the faster economic growth in BRIC region. It implies that in BRIC countries, if the share of renewable energy to total energy increases, the economic growth will have negative impact.

Are human capital, intellectual property rights, and research and development expenditures really important for total factor productivity? An empirical analysis

Purpose The purpose of this paper is to investigate the impact of human capital (HC), intellectual property rights (IPRs) and research and development (R&D) expenditures on total factor productivity (TFP), which leads to economic growth. Design/methodology/approach The panel data technique is used on a sample of 16 countries categorized into two groups, namely Brazil, Russia, India and China (BRIC) and Central and Eastern European (CEE) countries and, in order to make a comparison for the time period of 2007–2015, the researchers used a fixed effect model as an estimation method for regression. Findings The results indicate that HC, IPRs and R&D expenditures appear to be statistically significant and are strong factors in determining changes in TFP and exhibit positive results in all sample sets. Moreover, IPRs alone do not accelerate growth in an economy, especially taking the case of emerging nations. Originality/value Considering the importance of CEE and BRIC countries, and inadequate research on these regions with respect to current study’s variables and techniques, the present research provides valuable insights about the importance of HC, IPR and R&D activities and their impact on TFP, which leads to economic growth. IPRs create a fertile environment for R&D activities, knowledge creation and economic development. Distinct nations can attain better economic status via HC, R&D activities, innovation, trade and FDI, although the relative significance of these channels is likely to differ across countries depending on their developmental levels.

Leading sectors and structural dynamics: an input-output analysis contrasting the BRICs growth paths

<p>Although all the BRICs (Brazil, Russia, India and China) experienced a period of significant growth during the 2000s, their growth paths were far from homogenous. The growth path followed by Brazil and Russia was based on the production and export of primary goods, while in China and India the pattern of industrial development remained grounded in manufacturing exports and services, respectively. These distinct trajectories resulted in a vast range of interpretations about sectors that act as the relevant engines of growth. On the one hand, some economists supported the idea that expansion based on the production and export of commodities or services had no negative effect once these countries were exploiting their comparative advantages. Alternatively, the main argument of those who did not support economic growth based on primary product exports was that development is essentially a process of structural change, and sustained economic growth is associated with the capacity to diversify the structure of domestic production.</p><p>With the aim of analyzing the different growth paths of the BRIC countries in recent decades and their long-term consequences, this study assessed the potential of each sector to promote economic growth. Input-output tables were used to calculate each sector’s output multipliers, Rasmussen-Hirschman backward and forward linkage indexes, and pure normalized backward and forward linkage indexes with the aim of assessing which sectoral orientation has a higher potential to stimulate the economy as a whole. The results show that manufacturing is the sector where the multipliers are the highest, while they are the lowest in agriculture and mineral commodities. The findings corroborate the hypothesis that having a dynamic manufacturing sector is essential to promote economic growth. Moreover, the results show that forward linkages are larger than backward linkages for services and that modern services present slightly larger forward linkages than those observed for traditional services. In that way, the hypothesis that the output of services depends on production in other sectors, and hence that a service-oriented strategy is linked to manufacturing production and exports, is reinforced. <strong></strong></p>

A bibliometric analysis of literature on engineering research among BRIC countries

Purpose The purpose of this paper is to make a quantitative analysis and compare the scientific productivity in the area of engineering among the BRIC (Brazil, Russia, India and China) countries. Design/methodology/approach The data were collected from SCImago. Various parameters such as number of articles and citable articles, world share and rank, citations per paper and h-index, and international collaboration were analyzed. Findings There was a fluctuation trend in the pattern of international collaboration among the BRIC countries during the period. Among the top countries, China ranked first in the world in terms of number of articles in the field of engineering research, whereas India was at the 8th rank, Russia was at the 12th rank and Brazil was at the 18th rank. Among the BRIC countries, Russia slipped three positions from being at the 7th rank in 1996 to being at the 10th rank in 2016, while others improved their ranks. Originality/value The results of this study reveal publication trends and collaboration pattern of BRIC countries in the field of engineering which may be useful for the academic fraternity and decision makers.

On the exposure of the BRIC countries to global economic shocks

AbstractThe financial crisis led to a deep recession in many industrial countries. While large emerging countries recovered relatively quickly, their performance deteriorated in recent years, despite the modest recovery in advanced economies. The higher divergence of business cycles is closely linked to the Chinese economy. During the crisis, the Chinese fiscal stimulus prevented an abrupt decline in GDP growth not only in that country, but also in resource‐rich economies. Due to lower commodity demand, the environment became more challenging for many emerging markets in recent years. This view is supported by Bayesian structural VARs specified for the individual BRIC (Brazil, Russia, India and China) countries. The results reveal a strong impact of the international economy on GDP growth. However, in contrast to the other countries, China plays a crucial role in determining global trade and oil prices. Therefore, the Chinese economy exerts significant spillovers to the other countries under analysis. The change in the Chinese growth strategy puts additional reform pressure especially in countries with abundant natural resources.

International Real Estate Review

The paper investigates the effects of international diversification in reducing risk. A test is applied on real estate returns by analyzing global portfolios that invest in the real estate of Gulf Cooperating Countries (GCC). The correlations between markets are not low enough to produce effective diversification. Nine out of the twelve portfolios have produced high enough correlations that when opposite positions (long and short) are taken, only then we begin to see significant reduction in risk. When comparing the effects of the real estate of the GCC with those of the real estate of Brazil, Russia, India and China (BRIC) in the context of a global equity portfolio, both the real estate of the GCC and BRIC do not produce diversification benefits when a long position is taken in developed markets. Nonetheless, when taking a long position in the real estate of the GCC, effective diversification is found when taking a short position in the developed markets. A similar case can also be concluded when taking a long position in the real estate of the BRIC countries and shorting the developed markets. The results suggest serious concerns on effective diversification among global investors with the current long only exposure to real estate in the region and suggests the introduction of shorting financial instruments for active hedging and portfolio optimization.

Emerging markets: the impact of ICT on the economy and society

PurposeThe purpose of this research is to quantifiably measure the relationship between technological advancement, economic growth and societal employment trends across the Brazil, Russia, India and China (BRIC) countries, while also describing various government initiatives and policy steps taken to promote technology development.Design/methodology/approachThis paper examines the relationship between the United Nations’ International Telecommunication Union’s Information and Communication Technology (ICT) development Index (IDI), gross domestic product (GDP) and unemployment data. The paper also reviews the broadband and e-readiness components of each BRIC nation to further describe the policies in adoption of ICT.FindingsThis research concludes that there is in fact a significant positive correlation between technology (as measured by IDI) and economy (as measured by a nation’s GDP) and there is a significant negative correlation between technology (as measured by IDI) and a nation’s unemployment rate benefiting the society.Originality/valueThis research seeks to describe the impact of Information Communication Technology on economic and society indices in BRIC. Paper contributions include an empirical measurement and relationship between technological advancement, economic growth and employment trends across the BRIC countries, while also describing various government policy initiatives taken to promote technology.