Brazil, Russia, India, China, South Research Articles

Economic and Political Factors in Defense Strategy Formulation: a BRICS Country Perspective

This narrative provides a comprehensive analysis of the economic, political, and diplomatic factors influencing defense strategy formulation within the BRICS (Brazil, Russia, India, China, South Africa) context. Drawing on a wide range of sources, the narrative explores the historical evolution and recent shifts in BRICS defense strategies, highlighting the diverse approaches of member nations. The research adopts a qualitative descriptive approach, systematically gathering secondary data from academic journals, governmental reports, and reputable websites. The analysis focuses on the interplay between economic conditions, political dynamics, and defense strategy formulation in BRICS nations, providing nuanced insights into how these factors shape defense policies. It examines the influence of economic dependency on defense policies, emphasizing the role of economic stability in sustaining robust defense capabilities. Additionally, the narrative delves into the impact of political systems and leadership dynamics on defense strategy formulation, as well as the significance of diplomatic relations and security considerations. The findings underscore the complex interplay between economic, political, and defense factors within the BRICS framework, with implications for regional stability and resilience. The study finds that economic dependency is a pivotal factor in shaping BRICS defense strategies, with economic stability underpinning the capacity for robust defense capabilities. Political systems and leadership dynamics also play a crucial role, with centralized systems facilitating assertiveness and democratic frameworks emphasizing consensus-building. Diplomatic relations and security cooperation are integral to these strategies, highlighting the importance of strategic collaboration in addressing shared security challenges. The expansion of BRICS introduces new dynamics, particularly in energy investment and trade, requiring adaptive strategies to maintain stability and resilience. Finally, the narrative suggests future research directions to further explore these dynamics and enrich our understanding of BRICS defense strategies in the evolving global security landscape.

BRICS TENDENCIES TOWARDS REDEFINING THE GLOBAL ECONOMIC ORDER

The paper analyzes the tendencies of BRICS (Brazil, Russia, India, China, South Africa) as an informal block for the creation of a new global economic and political reality. Former superpowers and economies with the most pronounced growth trends are today gathered around a common idea - the creation of an alternative global order. Propagating their vision of the modern world, the BRICS member states seek to change the current constellation of forces at the global level, shift the center of world power from the Euro-Atlantic region and create functional multilateralism. Using the idea and concept of the New Silk Road, China is strengthening its influence in an area where it was not represented during the first decade of the 21st century. Russia is building a new global position based on its energy potential and military cooperation with non-European countries Brazil, India and the Republic of South Africa use instruments of economic diplomacy to further strengthen competitive activities. Brazil is focused on the growth of the trade exchange of agricultural products, above all, fruit. India is repositioning itself globally on the basis of industrial production in the field of information and communication technologies. The Republic of South Africa, as the most developed country in Africa, finds the basis for a new role on the international stage in natural resources and a developed mining sector. The individual influence that the states of this forum have in the global framework is strengthened by joint and coordinated action within the most important global institutions. Certain changes have been made in the quota system of the International Monetary Fund, the issue of the election of leading individuals of the World Bank Group and the World Trade Organization is increasingly topical, as well as the reform of the United Nations Organization, all as a result of the influence of the BRICS countries in the aforementioned institutions.

Sibling Authors Propose Bipolar Disorder Of Publishing Biomedical Research: With MEDLINE Footprint Imploding And Retraction Footprint Fudging, Can Pursuit For PubMed® Footprint Challenge Humane Human Imprinting By Physician Scientists?

With continents and oceans in-between, sibling authors, one from a BRICS (Brazil, Russia, India, China, South Africa) nation and other from a G7 (Canada, England, France, Germany, Italy, Japan, United States) nation, propose christening bipolar disorder of publishing biomedical research.

Türkiye ve BRICS İhracatının Ülke Bazlı Yoğunlaşması ve AB-28 Pazarına İhracat Benzerliği

The aim of the study is to examine the country-based concentration of exports of Türkiye and BRICS (Brazil, Russia, India, China, South Africa) and export similarity to the European Union (EU) common market. Data were obtained from the International Trade Center Trademap database. In the study, according to the data of 2021, Türkiye and the first five countries in the export of BRICS are included. While the country-based concentration of Türkiye and BRICS for the period 2001-2021 was analyzed using the Gini-Hirschman Index (GHI), the Export Similarity Index (ESI) was used for export similarity to the EU common market. The results of the study show that while the product variety in Türkiye's exports to the United Kingdom, the United States, and Germany has increased significantly over time, the product variety in exports to Italy and Spain shows a fluctuating course, according to the coefficient values calculated by the GHI method. While there was no major change in product diversity in BRICS exports to the USA, Japan and South Korea during the period under review, product diversity in exports to Hong Kong showed a fluctuating course, but product diversity decreased significantly in 2021. There is no radical change in product diversity in BRICS exports to China. The fact that the exports of Türkiye and BRICS to the EU market have an ESI value of 60.75 means that they are in competition in the relevant product groups and pose a threat to each other.

Status Competition: The BRICS’ Quest for Influence in Global Governance

The 14th Brazil Russia India China South Africa (BRICS) Summit hosted by China on the 23rd and 24th of June 2022 has significance for world politics and global governance. Emerging powers or rising powers have in recent times had significance in terms of global governance. The emergence of rising powers and the subsequent shift in power from the Global North to the Global South can be seen as the new transformations that are occurring in the international order. New groupings such as the G7, G20, BRICS, Malaysia, Indonesia, Republic of Korea, Turkiye, Australia (MIKTA) and the Shanghai Cooperation Organizations have now become significant players in the realm of global governance. They can also be seen as catalysers for the shifting of influence in terms of global governance. In this article, the shifting influence of power from the North to the South will be analysed in the context of status competition. The article would subsequently assess the BRICS grouping in terms of its quest for influence in global governance. Additionally, the article would also assess if this choice to achieve influence in global governance could result in the emergence of conflict between established powers and rising powers.

Examining the Determinants of Foreign Direct Investment in BRICS

Purpose: The study’s objectives were twofold. Firstly, to examine the determinants of foreign direct investment in BRICS (Brazil, Russia, India, China, South Africa). Secondly, the study explored whether the complementarity between trade openness and infrastructural development was one of the drivers of foreign direct investment inflows into BRICS during the period under study.
 Design/Methodology/Approach: The study used fixed effects, dynamic ordinary least squares (dynamic OLS) and the fully modified ordinary least squares (FMOLS) with data ranging from 1994 to 2020.
 Findings: Trade openness (FMOLS, dynamic OLS, fixed effects), economic growth (FMOLS) and exchange rates (fixed effects, FMOLS) were found to have had a significant positive effect on foreign direct investment inflow into BRICS. The study also noted that the influence of inflation (fixed effects), financial development (fixed effects, FMOLS) and human capital development (FMOLS, fixed effects) on foreign direct investment was significantly negative.
 Implications/Originality/Value: To attract more foreign direct investment inflows into their countries, BRICS authorities are urged to develop and implement policies geared towards enhancing trade openness, economic growth and strength of their local currencies.

The Impact of Income Inequality, Renewable Energy Consumption, Non-Renewable Energy Consumption and Per Capita Income on Poverty: Evidence from BRICS Economies

The main purpose of this study is to investigate the role of income inequality, per capita renewable and per capita non-renewable energy consumption, per capita income on poverty reduction in BRICS (Brazil, Russia, India, China, South Africa) countries over the period between 1991–2019. This study used second-generation panel data methodologies taking into account cross-dependence between countries, which gives more accurate results. The outcomes of the panel ARDL unveiled that while an increase in income inequality and per capita non-renewable energy consumption increases poverty, an increase in growth and per capita renewable energy consumption decreases poverty. Based on the findings, policymakers should focus their efforts on developing an appropriate energy strategy that highlights the necessity of a renewable energy-driven economy powered by energy-saving technologies.

BRICS Capital Markets Co-Movement Analysis and Forecasting

The present study analyses BRICS (Brazil, Russia, India, China, South Africa) capital markets in both time and frequency domain using wavelets. We used artificial neural network techniques to forecast the co-movement among BRICS capital markets. Wavelet coherence and clustering estimates uncover the interesting dynamics among the BRICS capital markets co-movement. A wavelet coherence diagram shows a clear contagion effect among BRICS nations, and it favors short period investments over longer period investments. Overall study estimates indicate that co-movement among BRICS nations significantly differs statistically at different levels. Except for China during the great financial crisis period, significant levels of co-movement were observed between other BRICS nations and that lasted for a longer period of time. A wavelet clustering diagram demonstrates that investors would not get any substantial benefits of diversification by investing only in the ‘Russia and China’ or ‘India and South Africa’ capital markets. Lastly, the study attempts to forecast the BRICS capital market co-movement using two different types of neural networks. Further, RMSE (Root Mean Square Error) values confirm the correctness of the forecasting model. The present study answers the key question, “What kind of integration and globalization framework do we need for sustainable development?”.

Beyond the UNFCCC North-South divide: How newly industrializing countries collaborate to innovate in climate technologies

While the Global North is historically responsible for the majority of greenhouse gas emissions in the atmosphere, Newly Industrializing Countries (NICs) are expected to overtake developed country emissions in the coming years. At the same time, NICs are climbing the ladder of the global economy, increasing their competitiveness on the global stage and catching up with technological competencies of developed economies. Against this background, this paper explores innovation and collaboration in Climate Change Mitigation Technologies (CCMTs) in NICs. The research question is whether the propensity to innovate and diffuse CCMTs is impacted by technological collaboration with two highly developed countries, Germany and The United States. The sample of NICs includes the BRICS (Brazil, Russia, India, China, South Africa) plus Israel, Mexico, and Turkey, in a panel from 1995 to 2015. The empirical results suggest that collaboration with both Germany and the U.S. is highly significant for domestic CCMT innovation in NICs. These findings are important because, stepping beyond the literature on the merits and drawbacks of global climate governance tools such as the Clean Development Mechanism (CDM) and related UNFCCC processes, they show that collaboration for climate and environmental technologies could become a key tool to significantly improve the chances to stay in line with the Paris Climate Agreement. Finally, the policy advice for NICs and developing countries is to, above all else, focus on incubating strong technological innovation systems, including strengthening domestic Intellectual Property Rights (IPR), as well as to enhance technological collaboration with developed countries.

A Comparative Review of Education Policy in Brazil and South Africa: Divergent Trends in Inequality

The literature identifies that education policies in Brazil are the backbone of their success in reducing inequality as measured by the GINI index. Since 1994, Brazil is the only BRICS (Brazil, Russia, India, China, South Africa) nation to achieve this. This article presents a comparative study of South Africa and Brazil, and the policies applied towards achieving the Sustainable Development Goals (SDG) of ensuring inclusive and equitable quality education and promoting lifelong learning opportunities for all. Using the analytical framework of the SDG, the strategies of South Africa, and Brazil regarding education are considered in order to identify patterns and themes that can potentially explain the divergence of inequality trends of the two nations. The overarching finding is that subtle differences in education policies perpetuate inequality in South Africa, whereas analogous policies contribute to equality in Brazil. The main contribution of this study is that it locates faults in otherwise well-meaning education policies in South Africa. Keywords: comparative education, policies, Brazil, South Africa, inequality

Value-at-risk (VAR) estimation and backtesting during COVID-19: Empirical analysis based on BRICS and US stock markets

Value-at-risk (VaR) is the most common and widely used risk measure that enterprises, particularly major banking corporations and investment bank firms employ in their risk mitigation processes. The purpose of this study is to investigate the value-at-risk (VaR) estimation models and their predictive performance by applying a series of backtesting methods on BRICS (Brazil, Russia, India, China, South Africa) and US stock market indices. The study employs three different VaR estimation models, namely normal (N), historical (HS), exponential weighted moving average (EMWA) procedures, and eight backtesting models. The empirical analysis is conducted during three different periods: overall period (2006–2021), global financial crisis (GFC) period (2008–2009), and COVID-19 period (2020–2021). The results show that the EMWA model performs better compared to N and HS estimation models for all the six stock market indices during overall and crisis sample periods. The results found that VaR models perform poorly during crisis periods like GFC and COVID-19 compared to the overall sample period. Furthermore, the study result shows that the predictive accuracy of VaR methods is weak during the COVID-19 era when compared to the GFC period.

Introduction: ‘The BRICS, Global Governance, and Challenges for South–South Cooperation in a Post-Western World’

Over the past decades, the BRICS (Brazil, Russia, India, China, South Africa) countries have experienced significant economic growth. However, their political voices in global governance have not grown on par with their economic surge. The contributions to the symposium ‘The BRICS, Global Governance, and Challenges for South–South Cooperation in a Post-Western World’ argue there is a quest for emerging markets and developing countries to play a more significant role in global governance. There is a widening gap between the actual role of emerging markets and developing countries in the global system and their ability to participate in that system. However, for the moment, various domestic and international political-economic challenges limit this quest. To understand why this is the case, one should understand the BRICS phenomenon in the broader context of the global power shift towards the Global South.

URBANIZATION, ENVIRONMENTAL DEGRADATION AND ECONOMIC GROWTH NEXUS IN BRICS ECONOMIES

This research aims to investigate the nexus between urbanization environmental degradation and economic growth in BRICS (Brazil, Russia, India, China, South Africa) economies. This relation is still under question. Some researcher shows positive affiliation of urbanization with economic growth and environmental degradation while some show negative. But truth is that urbanization environmental degradation and economic growth are correlated to each other. For the analysis, data is taken from the period 1990 to 2018. Two models are created the first model shows the urbanization nexus with economic growth and the second is showing the nexus of environmental degradation and economic growth. The GDP is the dependent variable in both model and independent variable are labor force participation rate, carbon dioxide emission, gross fixed capital formation, trade openness, exchange rate, school enrollment, real interest rate, urbanization growth, and poverty headcount. Annual data is collected from the world indicator file. To check the correlation between variables, panel co-integration analyses such as Pedroni co-integration test, and Kao residual co-integration tests are applied. Panel co-integration tests are employed on two models separately. Both FMOLS models estimated the relevance. A causality test is also applied. The concluding effect shows that in BRICS urbanization has a positive effect on economic growth and a negative effect of environmental degradation on economic growth. The current study base on the least considered variables panel cointegration test FMOLS technique is used.

Scenarios for BRICS Evolution in Light of the India–China Conflict

AbstractWhat is the future of the BRICS (Brazil–Russia–India–China–South Africa) group? BRICS has transformed in record time from a global non‐entity into an informal institution that pursues global policy leadership, features extensive policy coordination among five powerful countries, and creates its own organizations. While BRICS momentum seemed unstoppable, a militarized dispute between India and China in 2020 raised questions about the group’s future. This contribution concludes the Special Section by arguing that the BRICS group is not broken. Instead, it faces a range of strategic, geopolitical and operational challenges: how it addresses them will define its future trajectory and its impact on global governance. This essay analyses the situation from a conflict resolution perspective while bringing together insights from the five BRICS countries. It conceptualizes new directions for the BRICS group. Two possible internal conflict management scenarios are outlined: circumventing conflict and making institutional adjustments. Yet the real test of the group’s resilience is its ability to exert collective leadership and improve global governance. BRICS’ response to COVID‐19 and to the challenge of sustainable development offers insights into the group’s ability to advance community goals.

Macroeconomic Determinants of Energy Consumption in BRICS (Brazil, Russia, India, China, South Africa)

Purpose: The study investigates the determinants of energy consumption in BRICS countries. Design/Methodology/Approach: The study is using panel data analysis methodology (fixed effects, FMOLS, pooled OLS, random effects) with panel data ranging from 1996 to 2018. Findings: Under fixed effects, financial development was found to have a significant positive influence on energy consumption in model 1 and a significant negative effect on energy consumption in model 3. Human capital development, financial development, the interaction between financial and human capital development and economic growth were all found to have had a significant positive influence on energy consumption across all the four models. FDI had a significant positive effect on energy consumption in model 1 and 2 whilst infrastructural development had a significant positive influence on energy consumption in model 1, 3 and 4. Under random effects, financial development influenced energy consumption in a significant positive manner in model 2 and 3. Both human capital development and the interaction term separately had a significant positive impact on energy consumption across all the four models whilst trade openness and infrastructural development’s influence on energy consumption was positive and significant in model 1 and 3. Yet economic growth and FDI were found to have had a significant positive influence on energy consumption in model 1 and 4. Under FMOLS, four variables which had a significant positive effect on energy consumption across all the four models include human capital development, the interaction term, economic growth and infrastructural development. Practical implications: BRICS countries are therefore urged to design and implement policies aimed at enhancing human capital development, the complementarity between financial and human capital development, economic growth, and infrastructural development in order to increase renewable and fossil fuel energy usage (energy usage that preserves the ecosystem and promotes sustainable growth). Originality value: It considers the fact that the relationship between energy consumption and its determinants is not of a linear nature (is non-linear).

Do Competition, Size, and Development Indicators Matter for the Efficiency of BRICS Banks?

This study investigates the effect of competition, size, and development indicators on efficiency using the panel data of 1137 BRICS (Brazil, Russia, India, China, South Africa) banks over sixteen years 2000-2015. The core finding of the two-step system generalized methods of moments (2GMM) are: (i) Both competition and size have a significant positive association with the efficiency of BRICS banks. (ii) No significant association between inflation and efficiency is observed; whereas, economic progression (gross domestic products) has a positive effect on the efficiency of revenue and inverse effect on cost efficiency. (iii) The interim term size and competition have a homogeneous effect on each type of efficiency; however, the outcomes are heterogeneous when efficiency measures change. Finally, the study evidences the nonlinear relationship of competition, size, and development indicators of BRICS banks.

Measuring contagion during COVID-19 through volatility spillovers of BRIC countries using diagonal BEKK approach

PurposeThe outbreak of the coronavirus disease 2019 (COVID-19) pandemic is an unprecedented shock to the BRICS (Brazil, Russia, India, China, South Africa) economy and their financial markets have plummeted significantly due to it. This paper adds to the recent literature on contagion due to spillover by uniquely examining the presence of pairwise contagion or volatility transmissions in stock markets returns of India, Brazil, Russia, China and USA prior to and during COVID-19 pandemic period.Design/methodology/approachIn this study, the generalised autoregressive conditional heteroskedasticity (GARCH) by Bollerslev (1986) under diagonal parameterization is used to estimate multivariate GARCH framework also known as BEKK (Baba EngleKraft and Kroner) model on stock market returns of BRIC nations and the US.FindingsThe empirical results show that the model captures the volatility spillovers and display statistical significance for own past mean and volatility with both short- and long-run persistence effects. Own volatility spillovers (Heatwave phenomenon) have been found to be highest for the US, China and Brazil compared to Russia and India. The coefficients indicate persistence of volatility for each country in terms of its own past errors. The highest and long-term spillover effect is found between US and Russia. The results recommend that Russia is least vulnerable to outside shocks. Finally after examining the pairwise results, it is suggested that the BRIC countries stock indices have exhibited volatility spillover due to the COVID-19 pandemic.Research limitations/implicationsThe study may be extended to include other emerging market economies under a dynamic framework.Practical implicationsResearchers and policymakers may draw useful insights on cross-market interdependencies regarding the spillovers in BRIC countries' stock markets. It also helps design international portfolio diversification strategies and in constructing optimal portfolios during COVID and in a post-COVID world.Originality/valueCOVID-19 has been an improbable event in the history of the world which can have a large impact on the financial economies across the emerging countries. This event can be deemed to be informative enough to measure the co-movements of the equity markets amongst cross-country return series, which has not been investigated so far for BRIC nations.

With Frenemies Like These: Rising Power Voting Behavior in the UN General Assembly

AbstractThe rise of non-Western powers has led to competing claims about how these states act among each other and how they behave vis-à-vis established powers. Existing accounts argue that the rising powers are a heterogenous group of competing states and that they are socialized into the existing Western-centered order. This article challenges these claims, arguing that the rising powers are dissatisfied with the international status quo and that they have begun to form a bloc against the established powers. The authors contend that this dissatisfaction arises from their lack of influence on the international stage, their status in the international hierarchy and the norms that sustain the current international order. They maintain that the formation of a rising powers bloc is driven by the countries’ economic growth and international dynamics, fostering their institutionalization as IBSA (India, Brazil, South Africa) and BRICS (Brazil, Russia, India, China, South Africa). To support this argument, the study combines spatial modeling techniques to analyze rising power voting behavior in the UN General Assembly over the period 1992–2011.

The Coronavirus Will Not Change the long-Term Upward Trend of China’s Economic Development

The author investigates the impact of COVID‑19 and macro-policy adjustment on China’s economic development. The aim is to describe the situation and trend of China’s economic development before and after COVID‑19. The research method is the comparative data analysis. The study shows that in response to COVID‑19, the Chinese government, on the one hand, has accelerated its opening-up, taken the opportunity of fighting against the pandemic to provide medical assistance to and cooperate with other countries, and actively promoted the building of a community with a shared future for mankind and the process of globalization. On the basis of the Belt and Road Initiative and multilateral, regional, and subregional cooperation mechanisms such as the United Nations, Shanghai Cooperation Organization, BRICS (Brazil, Russia, India, China, South Africa), G20 (Group of 20), and APEC (Asia-Pacific Economic Cooperation), China and the Eurasian Economic Union began to cooperate more frequently and the trade relations between Japan, South Korea, and European developed countries became closer. Meanwhile, committed to building a global interconnection partnership, China actively participates in global economic governance and provides various public products. The Chinese government has proposed “Six Guarantees” on the basis of “Six Stability”. In order to achieve the purpose of stabilizing foreign trade and expanding imports, China has imposed various measures to accelerate the liberalization and facilitation of international trade and investment, such as implementing the new version of the “Foreign Investment Law”, establishing free trade zones, and promoting its experience and organizing international import expositions. Additionally, the Chinese government also implemented targeted fiscal and monetary policies, increased support for enterprises, especially small and medium-sized enterprises, and promoted the construction of “new infrastructure” and innovation of business model, which have formed the driving forces for the transformation of the economic development model in China from traditional business to cloud business, from traditional marketing to live streaming marketing, from traditional sales to online sales. The author concluded thatChina’s adjustment of macro policies in response to COVID‑19 was effective and played an important role in the resumption of production and life, stabilizing foreign trade activities, releasing domestic demand and promoting stable and sustained growth of the economy

Technology, Poverty, and Education within the BRICS’ Context

Purpose: The study investigated the impact of information and communication technology (ICT) on poverty and if education enhanced the influence of ICT in BRICS (Brazil, Russia, India, China, South Africa). Design/Approach/Methodology: Fixed effects, pooled ordinary least squares (OLS) and panel fully modified ordinary least squares (FMOLS) were used with data ranging from 1994 to 2015. Findings: ICT was found to have alleviated poverty only under the fixed effects approach whilst education had a reduction effect on poverty across all the three econometric estimation techniques used. Although not statistically significant, ICT and the interaction term were found to have reduced poverty under both the pooled OLS and FMOLS. Moreover, consistent with others education was found to be important in enhancing the impact of ICT on poverty alleviation under the fixed effects in BRICS nations. Practical Implication: BRICS nations are therefore urged to invest more in strengthening education and ICT systems in order to disentangle the people from the vicious cycle of poverty. Originality/Value: The study is unique because to the best of the authors’ knowledge, it is the first paper to explore the effect of the complementarity between ICT and education on poverty alleviation. The paper is also unique in the sense that it considered the dynamic characteristics of poverty data, commonly referred to as the vicious cycle of poverty.