BRICS Nations Research Articles

IMPACT OF THE BRICS ON THE RUSSIAN ECONOMY AND TRADE

This study explores the influence of the BRICS nations on the Russian economy, with a specific focus on trade dynamics and their impact on Russia's Gross Domestic Product (GDP) growth. Through a comprehensive analysis spanning from 2011 to 2022, this study delves into the volume of trade between Russia and each BRICS country, assessing the stability, trends, and sectoral composition of these trade relationships. The study utilizes regression analysis to evaluate the correlation between Russia's economic indicators and its trade activity within the BRICS framework. The findings indicate a significant impact of trade with BRICS countries on Russia's economic performance, particularly highlighting the role of exports and imports in driving GDP growth. The research also forecasts Russia's GDP from 2023 to 2025, providing insights into the potential future economic trajectory based on trade patterns with BRICS nations. This study contributes to understanding the strategic importance of the BRICS alliance for Russia's economic landscape, suggesting that continued and diversified trade relations within this group could be key to Russia's economic prosperity.

Unveiling the ESG-dividend nexus: the moderating role of investor protection and regulatory enforcement

PurposeThe mounting focus on environmental, social and governance (ESG) factors in business has sparked substantial curiosity in understanding the nexus between ESG and the companies’ strategic decisions. This study aims to investigate the influence of firms’ ESG disclosure scores on their dividend payout. Furthermore, it examines the nuanced dynamics of this relationship by exploring the moderating role of the country’s investor protection regulations and regulatory enforcement.Design/methodology/approachThis study uses pooled ordinary least square regression with year, industry and country effects. It analyzes a balanced panel data set of 192 non-financial firms drawn from the primary equity indices of BRICS nations. This study examined the data of six years spanning 2015–2020.FindingsThe findings discover a significantly positive relationship between ESG scores and dividend payout ratio, conveying that firms with higher ESG scores allocate more of their profits as dividends. Furthermore, the finding reveals that country-level robust investor protection and effective regulatory enforcement mechanisms undermine the positive association between ESG ratings and payouts of dividends, suggesting that the ESG disclosure of firms operating in a setting characterized by enhanced investor safeguards and stricter regulatory oversight will exert less influence on their dividend decisions.Originality/valueTo the best of the authors’ knowledge, this is the first study to concentrate on the ESG–dividend nexus in the BRICS countries. Furthermore, this study used each country’s investor protection index and regulatory enforcement scores to comprehend the influence of country-level legal frameworks in shaping the relationship between ESG and dividend decisions, thus adding value to the existing literature on corporate sustainability.

BRICS economic integration: Prospects and challenges

ABSTRACT Amid the evolving global economic landscape, the BRICS nations (Brazil, Russia, India, China, and South Africa) have emerged as proponents of economic multilateralism, challenging traditional paradigms of economic governance and integration. This article explores the prospects and challenges of economic integration among the BRICS nations, with specific reference to calls for an optimum currency area (OCA). With diverse economic capacities and global aspirations, these countries face significant challenges in policy coordination and structural alignment. This comprehensive literature analysis reveals the potential for and the complexity of achieving economic integration among the BRICS, underscoring the necessity for enhanced cooperation and policy harmonisation. Achieving economic integration, including the establishment of a common currency, requires an understanding of the national and collective economic goals, disparities and challenges. Offering insights into the BRICS’ role in reshaping the global economic system, this analysis contributes to the discourse on economic integration among developing and emerging economies.

金砖国家科学数据发展政策与规划

As a strategic resource to support scientific research, social governance and economic development, scientific data functions not only as a driving force for promoting scientific research and innovation, but also as a major strategic resource for reshaping national science and technology levels and productivity. Moreover, it plays an important role in promoting efficient economic growth and fostering sustainable regional development. Using Russia, Brazil, Indian and South Africa as case studies, this paper summarizes the development policies, support and regulatory bodies, management measures and future plans with regard to scientific data in the four countries. The findings show that BRICS governments have different perspectives and needs for scientific data, leading them to establish different levels of support and regulatory agencies based on their individual national conditions. This has resulted in the formulation of a series of distinct scientific data development policies across the BRICS nations. At the same time, it is found that BRICS nations attach great importance to scientific data due to its rapid development, immense potential and strong sustainability, and the construction of the BRICS cooperation mechanism has played a positive role in promoting mutual cooperation and efficient development across regions. This study hold significant reference value for the formulation of scientific data-related policies and planning in China.

Dynamic connectedness among the BRICS markets and the recent pandemic: an application of TVP-VAR approach

PurposeThis study analyses the impact of the Covid-19 on stock market performance of BRICS nations together. BRICS countries comprise almost 30% of the global GDP and around 50% of the world’s economic growth. As BRICS nations have gained the attraction as financial investment destinations, their financial markets have apparently been as potential opportunities for foreign portfolio investors. While there is extensive research on the impact of the Covid-19 pandemic on individual economies and global financial markets, this paper is among the first to systematically investigate the dynamic connectedness of these emerging economies during the pandemic using the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach.Design/methodology/approachWe categorise our data into two distinct periods: the pre-Covid period spanning from January 1, 2018, to March 10, 2020, and the Covid crisis period extending from March 11, 2020, to June 4, 2021. To achieve our research objectives, we employ the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach to assess dynamic connectedness.FindingsOur findings reveal that among the BRICS nations, Brazil and South Africa serve as net transmitters of shocks, while China and India act as net receivers of shocks during the Covid crisis. However, the total connectedness index (TCI) has exhibited a notable increase throughout this crisis period. This paper makes several notable contributions to the academic literature by offering a unique focus on BRICS economies during the Covid-19 pandemic, providing practical insights for stakeholders, emphasising the importance of risk management and investment strategy, exploring diversification implications and introducing advanced methodology for analysing interconnected financial markets.Research limitations/implicationsThe results have important implications for the investors, the hedge funds, portfolio managers and the policymakers in BRICS stock markets. The investors, investment houses, portfolio managers and policymakers can develop investment strategies and policies in the light of the findings of this study to cope up the future pandemic crisis.Originality/valueThis study is one of its kind that examines the dynamic connectedness of BRICS with recently developed TVP-VAR approach across pandemic crisis.

Nexus between fintech, green finance and natural resources management: Transition of BRICS nation industries from resource curse to resource blessed sustainable economies

This article offers a comprehensive overview of the rapidly expanding literature on the resource curse phenomenon, in which nations wealthy in natural resources (such as the BRICS) have slower rates of sustainable monetary growth compared to those with less natural resources. This study lays the groundwork for the future of green finance by creating a theoretical basis for the application of fintech to the financial sector. Furthermore, the current research study contributes a fresh paradigm to the natural resource curse literature by exploring the investment and real exchange rate channels, by which green investment and green financing help to alleviate the resource curse. The study proposes a decision-making framework for executives in resource and non-resource sectors subject to the governments of BRICS nations. The research shows that if BRICS nations increase their green investment, they may break free of the resource curse that has plagued them. Findings also show that the development of highly competitive green goods and practices may impede real exchange appreciation, which is consistent with the Dutch disease theory (DDT). The results show, in the end, that the divergent policies of BRICS countries, based on Resource curse theory (RCT) and DDT, would steer enterprise managers towards attaining resource benefit together with sustainable social welfare objectives. Present findings from the study will steer the banking sector strategies to optimise the loan allocation of cash schemes while enabling assessment and supervisory initiatives for coordinating the green transition and strengthening amongst sectors (resource and non-resource). In order to direct the green development of the financial sector and services into the actual economy, green finance policies must be updated and put into practice on a frequent basis. Finally, the current study's management implications include directing industry strategies towards sustainable economic development where the elements responsible for unsustainable economic growth are identified using RCT and DDT.

Does tourism development, financial development and renewable energy drive high-quality economic development?

Tourism development is generally agreed upon to be a key tool in promoting economic growth, and green development has emerged as a significant idea and an efficient approach to accomplish this goal in a manner that is environmentally responsible. It is common knowledge that making the switch to renewable sources of energy may act as a catalyst for economic development in both developed and developing nations. Therefore, people all over the globe are beginning to realize the significance of advancing renewable energy's rising importance that suggests that it will be used extensively in the years to come. The purpose of this study is to examine the effect that increasing tourism and adopting renewable energy sources impact on green economic growth development in the region using the AMG test BRICS nations from 2001 to 2022. This research additionally makes use of a rigorous check by means of the CCEMG exam and the DCCEMG test. According to the findings, green economic growth is influenced favorably by the expansion of the tourist industry, renewable energy, and the digital economy, but urbanization and the rise financial industry are detrimental to green economic growth. D-H panel causality test results show that tourism development is causally related to green economic growth, green economic growth to urbanization, and green economic growth to the usage of renewable energy sources. According to these results, the management authorities of BRICS nations should embrace policies of green growth while also controlling environmental pollution in order to achieve sustainable economic development whereas in rural areas. The findings have major policy implications for the nations that make up the BRICS bloc. These implications pertain to the enhancement of tourist development, the digital economy (DIG), and financial institutions, all of which have the potential to improve environmental quality.

Can ESG disclosures promote firms going concern? Evidence from BRICS countries

AbstractThis study examines the moderating role of managerial ownership on environmental, social and governance (ESG) disclosures and the going concern of chemical manufacturing firms in Brazil, Russia, India, China, and South Africa (BRICS) countries. We employed a quantitative research methodology, using panel data from 236 listed firms operating in the chemical manufacturing sector between 2007 and 2022. For the analysis, we utilized the Augmented Mean Group and the Common Correlated Effects Mean Group estimators. The results showed that ESG disclosures significantly impact the continued existence of chemical manufacturing companies in BRICS nations. Additionally, high managerial ownership exerts a significant positive influence on the association between ESG disclosures and the going concern of chemical manufacturing firms. The findings affirm the need for businesses to disclose their ESG issues to stakeholders to ensure carbon neutrality goals for BRICS. Hence, it is recommended that policymakers and business owners promote and incentivize managerial ownership, recognizing its pivotal role in enhancing the positive relationship between ESG disclosure and firms' continuity, thereby contributing to the realization of carbon neutrality goals in the BRICS region.

A Review of Green Innovation and Environmental Performance in BRICS Nations

This research aims to assess the literature on green innovations towards environmental performance within the framework of the BRICS economies. Innovation is now associated with both sustainable development on the environment and long-term economic success. The influence of technical advancements or inventions with an environmental focus on the quality of the environment is crucial in this regard. The literature and empirical data on the topic are reviewed and summarized in this work. First an overview of Green Innovations and Environmental performance in BRICS countries is given. Second, using concepts and theoretical stances from the published literature, the articles will be indexed. Along with explaining how and why these processes work, this article also discusses their theoretical foundations. Third, three product categories are suggested for more investigation in this paper. Through a critical analysis and synthesis of existing theory and research on green innovation and the environment, this study makes a contribution to the field of innovations and the environment.

Fostering green economic growth through sustainable management of natural resources

This study examines the importance of promoting environmentally friendly economic growth by effectively managing natural resources. It specifically focuses on the period from 2005 to 2014 in the BRICS nations. By employing the sophisticated Propensity Score Matching with Difference-in-Differences (PSM-DID) model, our research reveals intricate relationships between sustainable practices and the advancement of green economic development. The research reveals that the strategic and environmentally conscious management of resources positively impacts the economic growth of BRICS countries. The study highlights the importance of specific policy interventions, urging a coordinated effort to promote sustainable resource practices. This research contributes to the literature on sustainable development and environmentally conscious economic growth by providing detailed and sophisticated insights into the underlying dynamics. It is a solid basis for making well-informed policy decisions in the changing global context.

BRICS 15 Years On: Challenges and Opportunities for Emerging Countries in the Shifting Global Institutional Landscape

Since the onset of the 2008 financial crisis, the concept of multipolarity has regained prominence, driven by the persistent demands of emerging economies for increased representation and involvement within multilateral institutions. Since 2009, BRICS nations have orchestrated collaborative economic strategies to recalibrate their positions on the global stage. This article seeks to examine the positioning of new entities such as the New Development Bank (NDB) and China-led initiatives within a landscape characterized by the coexistence of traditional structures primarily led by the US and Europe. Against the backdrop of recent global developments, the research endeavors to elucidate the effective role of BRICS in the contemporary international arena, fifteen years since their inception. Specifically, it explores whether current international transformations align with BRICS' aspirations. The investigation employs theoretical frameworks from International Political Economy (IPE), particularly focusing on the dynamics of international multilateral frameworks.

Evaluating sustainable efficiency: A study on transportation systems in South America using data envelopment analysis

The transport sector is pivotal in fostering economic growth and environmental sustainability. Extensive research has scrutinized various transportation modes individually, yet a holistic assessment encompassing all modes while considering CO2 emissions needs to be more conspicuously present. Our study employs Data Envelopment Analysis (DEA) to evaluate the efficacy of transportation policies in South American nations in the context of United Nations-established sustainable development goals. Our overarching objective is to classify the sustainability status of South American countries' transport sectors and to establish benchmark models rooted in the six dimensions of sustainability. Methodologically, our analysis integrates operational transportation metrics, Gross Domestic Product per capita, Human Development Index, and CO2 emissions from transportation systems. Additionally, we draw comparative insights by juxtaposing South American countries against the G8 and BRICS nations. The rigorous application of DEA coupled with bootstrap validation fortifies the reliability of our findings. Our results bring to light these findings, positioning South American countries closer to their developed counterparts. Notably, the sustainable development models of Chile and Uruguay emerge as prominent exemplars. This study underscores the pressing demand for holistic and integrated development strategies to attain more sustainable outcomes across South American nations in a faster way. In conclusion, our research fills a conspicuous void in the extant literature by furnishing a comprehensive evaluation of transportation policy performance in South America. Based on a robust methodology, this empirical evidence offers valuable insights for policymakers striving to advance sustainable regional development.

The impact of artificial intelligence (AI) on employment and economic growth in BRICS: Does the moderating role of governance Matter?

The BRICS countries, namely Brazil, Russia, India, China, and South Africa, are committed to achieving and sustaining Sustainable Development Goal (SDG) 8 of the United Nations, which focuses on sustainable economic growth and productive employment and decent work for all. However, the empirical research question on how to effectively harness the use of artificial intelligence (AI) in the presence of governance dynamics is yet to be addressed in the literature, particularly concerning the BRICS economy. Hence, it is crucial to examine the impact of AI investment on employment and economic growth in the BRICS countries from 2012 to 2022, taking into account the moderating role of overall governance as well as specific governance indicators such as political governance, institutional governance, economic governance etc. Cross-Sectional Augmented Autoregressive Distributed Lag (CS-ARDL) technique is used to analyze the data. The findings of the study suggest a long-run equilibrium relationship among the variables analyzed in both the employment and growth models. The causality results for our main variables of interest differ in the employment-growth models. Based on the CS-ARDL results, the study recommends that BRICS governments and policymakers prioritize and enhance the integration of AI into their governance systems to promote employment and stimulate growth in both the short- and long-term. However, the study cautions against overlooking interaction between AI and general governance as it did not demonstrate support for growth, it is crucial to implement robust measures to mitigate any potential negative effects arising from AI's interaction with political and institutional governance. Therefore, the study proposes the formulation of AI-friendly governance policies among BRICS nations to stimulate employment and growth, recognizing the embryonic status of AI as a pivotal technology in the Fourth Industrial Revolution.

Evolution of Cooperation among BRICS Countries in Global Climate Governance: From UNFCCC to the Paris Agreement

In the complex world of international negotiations, nation-states often navigate a spectrum of political relationships, from alliances and partnerships to competition and rivalry. Despite their diverse backgrounds and interests, the BRICS countries collectively constitute a significant proportion of global greenhouse gas emissions. Drawing upon the principles of neoliberal institutionalism, this study delves into the origins of the BRICS cooperation mechanism and its impact on climate cooperation among its member states. Our analysis traces the climate policies of BRICS nations since the inception of the UNFCCC in 1992, taking into consideration factors such as their level of economic development, environmental vulnerability, and the broader international political context. We argue that these three factors primarily shape the dynamics of alliance and partnership within BRICS regarding climate governance, although underlying competition may also influence collaborative efforts. This study aims to stimulate further theoretical discourse on the formation of political alliances within the context of global climate governance.

Economic and non-economic determinants of renewable energy consumption (REC): evidence from BRICS nations

Purpose This study aims to identify the various economic and non-economic determinants of renewable energy consumption (REC) in Brazil, Russia, India, China and South Africa (BRICS). Due to the adverse effect of carbon emission on the environment, every country is trying for a transition from fossil fuel towards renewable energy. Renewable energy plays a crucial role in reducing carbon emission and combating climate change. Understanding the determinants that influence REC helps to promote this transition. Design/methodology/approach The study is based on an unbalanced panel data over the period 2002–2019 for all five BRICS nations. The panel corrected standard error (PCSE) method has been adopted to examine the determinants of REC. Findings Industrialization, population growth and foreign direct investment (FDI) are found to be significant economic determinants of REC while patent on environmental technologies, political instability and industrial design are significant non-economic determinants of REC in the BRICS nations. Research limitations/implications The findings imply that to increase REC in BRICS nations, policymakers should incentivize industries for investments in renewable energy, attract FDI aligned with environmental regulations, raise population awareness through training, enforce industrial design standards, establish fair technology transfer frameworks to overcome patent barriers and create stable, long-term renewable energy policies with risk mitigation instruments to address political instability. Originality/value The study captures the effect of patents on environmental technologies and industrial design on the consumption of renewable energy. Thus, the novelty lies in investigating unexplored variables in the previous literature likely to affect REC.

Revisiting capital flow drivers: Regional dynamics, constraints, and geopolitical influences

Our study revisits the drivers of capital flow movement by considering push, pull, and contagion factors for two distinct economic areas: BRICS and a group of European countries. This research was prompted by intensified regional integration and geopolitical challenges, which led to a concentration of regional investments. Major geopolitical events, such as Russian sanctions and the US–China conflict, have spurred capital shifts from affected areas. Based on our regional perspective analysis, we introduce capital flow constraints as an additional driver of capital movement. Our panel data analysis reveals two key insights: Firstly, unlike Europe, which mainly generates outflows, BRICS nations primarily attract capital inflows driven by internal and global influences. Secondly, BRICS exhibits higher sensitivity to capital inflow constraints, whereas Europe is more responsive to outflow constraints. Overall, our research highlights the distinct capital flow trends in BRICS and Europe, driven by their unique economic and geopolitical contexts.

Evidence mechanism for promoting natural resources and green recovery through green economy: Sustainable assistance in finance

This study provides a comprehensive analysis of the role of green economics in the management of natural resources and the promotion of green recovery in the BRICS countries (Brazil, Russia, India, China, and South Africa) over the period 1990–2020. Utilizing the Generalized Method of Moments (GMM) and Fixed Effect models, the research investigates the impact of green economic policies and practices on the sustainable management of natural resources and the enhancement of environmental recovery in these emerging economies. The study highlights how the adoption of green economics has influenced resource efficiency, reduced environmental degradation, and promoted sustainable development within the BRICS nations. The findings reveal significant variations in the effectiveness of these policies across different countries, reflecting the diverse economic, environmental, and social contexts within the BRICS. The research contributes to the understanding of green economics as a pivotal factor in driving natural resource sustainability and green recovery, offering valuable insights for policymakers and stakeholders in emerging economies.

Towards the Quest to Reduce Corruption in BRICS Nations: Is There a Synergy Between Corruption and Economic Growth?

Towards the Quest to Reduce Corruption in BRICS Nations: Is There a Synergy Between Corruption and Economic Growth?

Trends and age-period-cohort effect on the incidence of falls from 1990 to 2019 in BRICS

BackgroundThe increasing burden of falls in BRICS countries warrants a comprehensive investigation to understand the dynamics and trends. This study utilized data from the Global Burden of Disease Study (GBD) 2019 to assess fall incidence rates in Brazil, Russia, India, China, and South Africa (BRICS) to provide valuable insights for the development of targeted prevention and management strategies. MethodsData from the GBD 2019 were employed to estimate fall incidence rates. The study utilized age-period-cohort (APC) model analysis, implemented using R 4.3.0 software and the R package apc, to examine fall incidence trends from 1990 to 2019. ResultsIn 2019, the BRICS nations collectively reported 32.32 million fall cases. The overall fall incidence rate increased from 2681.7 per 100,000 people in 1990–2896.3 per 100,000 people in 2019. China and India exhibited escalating trends, with China experiencing the highest growth rate at 21%, followed by India at 5.8%. South Africa displayed a comparatively lower overall incidence rate increase. Notably, the 90–94 age group in China exhibited the most significant deterioration, with men and women experiencing annual increases of 4.23% and 1.77%, respectively. Age effects indicated a higher susceptibility to falls among preschool children and the elderly. Period effects revealed no improvement in the fall state for India (2005–2019) and China (2015–2019). Cohort effects adversely impacted the incidence rate for individuals born earlier in South Africa. ConclusionThe present study highlights a consistent upward trend in fall incidence rates across BRICS countries from 1990 to 2019. With an aging population, the burden of fall-related diseases is on the rise in these nations. Our results underscore the necessity of formulating evidence-based disease prevention and management approaches tailored to the distinctive demographic attributes of each nation. Addressing these trends is crucial for mitigating the growing impact of falls on public health in BRICS countries.

Effect of Public Investment on Health Population: A Review of BRICS Countries

This research aims to investigate the perspectives offered by the literature on health population in relation to public investment, Foreign Direct Investment, and Economics Policy Uncertainty in emerging nations. This paper explores and summarizes current theoretical and empirical studies on the issue. It begins by providing a summary of public investment, foreign direct investment, and HP in the BRICS nations. The literature is identified in a second way, utilizing conceptual and practical knowledge from published works. Furthermore, this paper clarified theoretical methodologies that describes how these strategies function. This work advances the fields of public investment, health population, foreign direct investment, and economic policy.