The effects of exchange rate volatility on trade flows in BRICS countries
- Authors: Domela, Lehlohonolo
- Date: 2022-04
- Subjects: Foreign exchange rates--Developing countries , Economic development -- BRIC countries
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/57632 , vital:58188
- Description: This study investigates the impact of exchange rate volatility on trade flows in Brazil, Russia, India, China and South Africa (BRICS), for the period 2009:M1 to 2019: M12. The generalized autoregressive conditional heteroskedasticity (GARCH) and the exponential-GARCH are used to generate two different measures of exchange rate volatility. To capture the short and long-term symmetric and asymmetric relationships, the linear and nonlinear autoregressive distributed lag (ARDL) models were employed. The ARDL bounds test detected the long-run relationships in all estimated models excluding China’s exports model. The linear and nonlinear ARDL coefficients provided mixed results regarding the influence of exchange rate volatility on BRICS’ trade flows. However, from the general perspective, the majority of the estimated coefficients indicate that the exchange rate volatility positively affects both imports and exports in the short and long-run. Moreover, the long-run asymmetric relationships are found in all the models regardless of the volatility measure applied excluding Brazil where no asymmetric effects were identified. The Granger causality test revealed that volatility granger causes imports in most BRICS economies. Accordingly, this study recommends that BRICS economies should adopt effective exchange rate systems that are considerate of other macroeconomic variables found to have a significant impact on trade flows, irrespective of the volatility levels instigated as there is a positive relationship between exchange rate volatility and trade in BRICS nations. Moreover, through further monetary policy interactions, the BRICS cohort can establish a strong currency union to rival the US dollar and euro in the foreign exchange market to hence trade within the bloc and internationally. , Thesis (MA) -- Faculty of Business and Economic science, 2022
- Full Text:
- Date Issued: 2022-04
- Authors: Domela, Lehlohonolo
- Date: 2022-04
- Subjects: Foreign exchange rates--Developing countries , Economic development -- BRIC countries
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/57632 , vital:58188
- Description: This study investigates the impact of exchange rate volatility on trade flows in Brazil, Russia, India, China and South Africa (BRICS), for the period 2009:M1 to 2019: M12. The generalized autoregressive conditional heteroskedasticity (GARCH) and the exponential-GARCH are used to generate two different measures of exchange rate volatility. To capture the short and long-term symmetric and asymmetric relationships, the linear and nonlinear autoregressive distributed lag (ARDL) models were employed. The ARDL bounds test detected the long-run relationships in all estimated models excluding China’s exports model. The linear and nonlinear ARDL coefficients provided mixed results regarding the influence of exchange rate volatility on BRICS’ trade flows. However, from the general perspective, the majority of the estimated coefficients indicate that the exchange rate volatility positively affects both imports and exports in the short and long-run. Moreover, the long-run asymmetric relationships are found in all the models regardless of the volatility measure applied excluding Brazil where no asymmetric effects were identified. The Granger causality test revealed that volatility granger causes imports in most BRICS economies. Accordingly, this study recommends that BRICS economies should adopt effective exchange rate systems that are considerate of other macroeconomic variables found to have a significant impact on trade flows, irrespective of the volatility levels instigated as there is a positive relationship between exchange rate volatility and trade in BRICS nations. Moreover, through further monetary policy interactions, the BRICS cohort can establish a strong currency union to rival the US dollar and euro in the foreign exchange market to hence trade within the bloc and internationally. , Thesis (MA) -- Faculty of Business and Economic science, 2022
- Full Text:
- Date Issued: 2022-04
Inflation, credit markets and economic growth: the case of BRICS Countries
- Authors: Barayi, Bavuyile
- Date: 2021-12
- Subjects: Economic development -- BRIC countries , Inflation (Finance) -- BRIC countries
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/53700 , vital:45714
- Description: The empirical study investigates the relationship between inflation, credit markets and economic growth in the context of Brazil, Russia, India, China and South Africa (BRICS) countries. The BRICS group consists of five emerging market economies and was first coined by Jim O’Neil of Goldman Sachs in 2001 whereby initially the bloc consisted of only Brazil, Russia, India, China, South Africa joined the BRICS group in 2010. The BRICS bloc was deemed to be the top fast-growing economies that showed great potential for growth. Consequent to the 2008 global financial crisis, there has been a large change in economic thinking as policy-makers have struggled to overcome the economic misfortunes caused by the crisis. Amongst the emerging countries, the BRICS countries have in effect, established a New Development Bank to play the role of the credit facilitator the BRICS countries and other emerging countries as well. This BRICS New Development Bank was established in 2014 and already has identified and funded some projects within the BRICS countries. Moreover, the main objective of this bank is to provide credit to be utilised for infrastructure, climate change measures, as well as to ensure sustainable development. Against this backdrop, the current study investigates the role played by credit and the extent of development in credit markets on enhancing growth in the BRICS countries, particularly looking at the levels of inflation that are conducive to credit market development. The study notes that in order for credit expansion to be successful, the credit received by a country must reflect positively on a country’s economic growth. In other words, with more credit coming into a country, the expected result is that there will also be a rise in economic growth. Furthermore, seeing that inflation erodes the value of money, this credit or these funds that a country receives may not have the expected influence on growth. Therefore, the study finds it imperative to investigate the levels at which inflation allows for credit expansion to promote growth in a country. Furthermore, central banks play an important role in credit markets via the interest rate channel and the study examines the role of monetary policy in credit markets of each of the BRICS countries by looking at the inflation targeting regime as well as the absence thereof within these countries. Moreover, BRICS central banks share more or less the same goal of maintaining price stability and low inflation through various monetary policy tools. Therefore, achieving this objective will allow a central bank to gain both investor and consumer confidence which plays a role in a country’s investment rates. Moreover, inflation that is not controlled results in uncertainty which makes investors hesitant and unwilling to embark on investments. Ha, Ivanova, Ohnsorge and Unsal (2019) associate a developed financial sector with low inflation, stating that stable inflation rates eliminate uncertainty and avoids the erosion of the value of money. The current study used an Autoregressive Distributed Lag (ARDL) model to examine the linear co-integration and Non-linear Autoregressive Distributed Lag (NARDL) for the non-linear empirical analysis of the relationship between inflation, credit markets and economic growth in BRICS countries. The non-linearity of this relationship is important to study as there has been many debates on the nature of the inflation-growth relationships with some studies implying that it is positive, some say it is a negative relationship and some say it is non-linear. The annual data time series is extracted from the World Bank Indicators and the Penn State database covering the period 1960-2019. The main variables used in the study are Inflation (CPI), Credit (Domestic Credit to Private Sector) and Economic growth (GDP). The study conducted various regressions including the total of five linear regressions which were run individually for each country, the non-linear regressions consisted of three regressions for each country which were on 1) Only Inflation partitioned, (2) Only Credit partitioned and (3) both Inflation and Credit were partitioned. The partitioning of the variables is made possible by the NARDL model which allows variables to be partially decomposed into negative and positive sums to identify thresholds of variables which have various effects on other variables. The overall findings of the study suggest that although inflation exerts various effects on growth, according to this study’s results, it does not have a significant impact on credit for all the countries except for China whereby credit in general is conducive to economic growth and Brazil where growth is enhanced when credit is declining. The study revealed that generally, inflation exerts a negative impact on growth, therefore, authorities must focus on keeping inflation rates low particularly for Russia, India and South Africa as Brazil’s results suggest that rising inflation is conducive to its economic growth in the long run. According to the findings of this study, credit does not have the significant impact on growth even under different inflation thresholds. Furthermore, this does not imply that the credit channel is a futile tool for authorities, the relationship between inflation, credit and growth particularly with the hypothesis that inflation enhances credit market development and therefore growth, is not significant. , Thesis (MCom) -- Faculty of Business and Economic Sciences, School of Economics, Development & Tourism, 2021
- Full Text:
- Date Issued: 2021-12
- Authors: Barayi, Bavuyile
- Date: 2021-12
- Subjects: Economic development -- BRIC countries , Inflation (Finance) -- BRIC countries
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/53700 , vital:45714
- Description: The empirical study investigates the relationship between inflation, credit markets and economic growth in the context of Brazil, Russia, India, China and South Africa (BRICS) countries. The BRICS group consists of five emerging market economies and was first coined by Jim O’Neil of Goldman Sachs in 2001 whereby initially the bloc consisted of only Brazil, Russia, India, China, South Africa joined the BRICS group in 2010. The BRICS bloc was deemed to be the top fast-growing economies that showed great potential for growth. Consequent to the 2008 global financial crisis, there has been a large change in economic thinking as policy-makers have struggled to overcome the economic misfortunes caused by the crisis. Amongst the emerging countries, the BRICS countries have in effect, established a New Development Bank to play the role of the credit facilitator the BRICS countries and other emerging countries as well. This BRICS New Development Bank was established in 2014 and already has identified and funded some projects within the BRICS countries. Moreover, the main objective of this bank is to provide credit to be utilised for infrastructure, climate change measures, as well as to ensure sustainable development. Against this backdrop, the current study investigates the role played by credit and the extent of development in credit markets on enhancing growth in the BRICS countries, particularly looking at the levels of inflation that are conducive to credit market development. The study notes that in order for credit expansion to be successful, the credit received by a country must reflect positively on a country’s economic growth. In other words, with more credit coming into a country, the expected result is that there will also be a rise in economic growth. Furthermore, seeing that inflation erodes the value of money, this credit or these funds that a country receives may not have the expected influence on growth. Therefore, the study finds it imperative to investigate the levels at which inflation allows for credit expansion to promote growth in a country. Furthermore, central banks play an important role in credit markets via the interest rate channel and the study examines the role of monetary policy in credit markets of each of the BRICS countries by looking at the inflation targeting regime as well as the absence thereof within these countries. Moreover, BRICS central banks share more or less the same goal of maintaining price stability and low inflation through various monetary policy tools. Therefore, achieving this objective will allow a central bank to gain both investor and consumer confidence which plays a role in a country’s investment rates. Moreover, inflation that is not controlled results in uncertainty which makes investors hesitant and unwilling to embark on investments. Ha, Ivanova, Ohnsorge and Unsal (2019) associate a developed financial sector with low inflation, stating that stable inflation rates eliminate uncertainty and avoids the erosion of the value of money. The current study used an Autoregressive Distributed Lag (ARDL) model to examine the linear co-integration and Non-linear Autoregressive Distributed Lag (NARDL) for the non-linear empirical analysis of the relationship between inflation, credit markets and economic growth in BRICS countries. The non-linearity of this relationship is important to study as there has been many debates on the nature of the inflation-growth relationships with some studies implying that it is positive, some say it is a negative relationship and some say it is non-linear. The annual data time series is extracted from the World Bank Indicators and the Penn State database covering the period 1960-2019. The main variables used in the study are Inflation (CPI), Credit (Domestic Credit to Private Sector) and Economic growth (GDP). The study conducted various regressions including the total of five linear regressions which were run individually for each country, the non-linear regressions consisted of three regressions for each country which were on 1) Only Inflation partitioned, (2) Only Credit partitioned and (3) both Inflation and Credit were partitioned. The partitioning of the variables is made possible by the NARDL model which allows variables to be partially decomposed into negative and positive sums to identify thresholds of variables which have various effects on other variables. The overall findings of the study suggest that although inflation exerts various effects on growth, according to this study’s results, it does not have a significant impact on credit for all the countries except for China whereby credit in general is conducive to economic growth and Brazil where growth is enhanced when credit is declining. The study revealed that generally, inflation exerts a negative impact on growth, therefore, authorities must focus on keeping inflation rates low particularly for Russia, India and South Africa as Brazil’s results suggest that rising inflation is conducive to its economic growth in the long run. According to the findings of this study, credit does not have the significant impact on growth even under different inflation thresholds. Furthermore, this does not imply that the credit channel is a futile tool for authorities, the relationship between inflation, credit and growth particularly with the hypothesis that inflation enhances credit market development and therefore growth, is not significant. , Thesis (MCom) -- Faculty of Business and Economic Sciences, School of Economics, Development & Tourism, 2021
- Full Text:
- Date Issued: 2021-12
The contribution of financial development to economic growth in BRICS countries
- Authors: Ruzive, Tafadzwa Mutsvedu
- Date: 2020-12
- Subjects: Economic development -- BRIC countries , BRIC countries -- Economic conditions
- Language: English
- Type: Doctorate's theses , text
- Identifier: http://hdl.handle.net/10948/57501 , vital:58028
- Description: Finance is a driver of growth, but only up to a certain extent. The debate about the influence of financial development on economic growth has been ongoing for more than a century. Since Schumpeter (1912) wrote about the happenings on Lombard Street, right up to the economists of today, there is growing interest in how financial development affects economic activity and hence economic growth. With economic growth gaining prominence in respect of development discourse, an inquiry into the finance-growth nexus has grown rapidly. The latest advances of the finance-growth nexus show a positive relationship between financial development and economic growth. However, in the face of recent financial crises and recessions, the validity of this conclusion has been put into doubt. In this regard, little research has been done globally pertaining to the limits of finance as a driver of growth globally, and within BRICS economies in particular. This research investigates the limits of the influence of financial development on economic growth in BRICS countries. Utilising indices of financial development in Panel Smooth Transition Regressions (PSTR), thresholds to the influence of finance on economic growth are identified for the stock market, the banking sector and financial inclusion initiatives undertaken in BRICS countries. The study found that economic growth is negatively related to stock market development at both low and high levels of stock market development; banking sector development is positively related to economic growth and total factor productivity at both low and high levels of banking sector development. Financial inclusion is positively related to economic growth at low levels of its development. This relationship becomes negative as financial inclusion initiatives grow larger. In a nutshell, stock market development should be pursued as a secondary economic growth policy, banking sector development should be spearheaded as a primary growth strategy. Financial Inclusion should be pursued as a primary growth driver until it reaches a point where it begins to detract from growth. The thresholds and speeds of transitions between low and high levels of financial development indicators should be considered as financial development targets and sequencing inputs for regional financial policy development in BRICS countries. , Thesis (PhD) -- Faculty of Business and Economic Sciences, 2020
- Full Text:
- Date Issued: 2020-12
- Authors: Ruzive, Tafadzwa Mutsvedu
- Date: 2020-12
- Subjects: Economic development -- BRIC countries , BRIC countries -- Economic conditions
- Language: English
- Type: Doctorate's theses , text
- Identifier: http://hdl.handle.net/10948/57501 , vital:58028
- Description: Finance is a driver of growth, but only up to a certain extent. The debate about the influence of financial development on economic growth has been ongoing for more than a century. Since Schumpeter (1912) wrote about the happenings on Lombard Street, right up to the economists of today, there is growing interest in how financial development affects economic activity and hence economic growth. With economic growth gaining prominence in respect of development discourse, an inquiry into the finance-growth nexus has grown rapidly. The latest advances of the finance-growth nexus show a positive relationship between financial development and economic growth. However, in the face of recent financial crises and recessions, the validity of this conclusion has been put into doubt. In this regard, little research has been done globally pertaining to the limits of finance as a driver of growth globally, and within BRICS economies in particular. This research investigates the limits of the influence of financial development on economic growth in BRICS countries. Utilising indices of financial development in Panel Smooth Transition Regressions (PSTR), thresholds to the influence of finance on economic growth are identified for the stock market, the banking sector and financial inclusion initiatives undertaken in BRICS countries. The study found that economic growth is negatively related to stock market development at both low and high levels of stock market development; banking sector development is positively related to economic growth and total factor productivity at both low and high levels of banking sector development. Financial inclusion is positively related to economic growth at low levels of its development. This relationship becomes negative as financial inclusion initiatives grow larger. In a nutshell, stock market development should be pursued as a secondary economic growth policy, banking sector development should be spearheaded as a primary growth strategy. Financial Inclusion should be pursued as a primary growth driver until it reaches a point where it begins to detract from growth. The thresholds and speeds of transitions between low and high levels of financial development indicators should be considered as financial development targets and sequencing inputs for regional financial policy development in BRICS countries. , Thesis (PhD) -- Faculty of Business and Economic Sciences, 2020
- Full Text:
- Date Issued: 2020-12
The determinants of economic growth in BRICS Countries
- Authors: Nyirenda, Chimwemwe
- Date: 2019
- Subjects: Economic development -- BRIC countries , BRIC countries -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/42946 , vital:36713
- Description: One of the key goals of the formation of BRICS (Brazil, Russia, India, China and South Africa) was to promote stability in trade and investment which would boost growth as the five BRICS countries recovered from the 2009 global financial crisis. This however has not been the case for all BRICS countries where only certain members have experienced a substantial increase in growth while others have experienced declining growth rates. The objective of this study was to analyse the determinants of economic growth in BRICS countries in order to investigate the causes of growth rates varying amongst the BRICS economies. This paper considered various economic theories for proximate and fundamental determinants of growth which included: The Harrod-Domar model, The Neoclassical Growth Theory, The Endogenous Growth Model, The New Growth Theory, Institutions and Economic Growth, Democracy, The Quality of Governance and Growth, Finance and Growth, Trade and Economic Growth and lastly Financial Openness and Growth. The study was conducted for a period covering from 1995 to 2016 and made use of the Autoregressive Distributed Lag (ARDL) model for the single-country analysis and Pooled Mean Group (PMG) was used for the panel analysis. In the single-country analysis, the descriptive statistics indicated that individually all of the BRICS members on average experienced positive GDP growth, positive investment (capital formation) and trade openness between 1995 to 2016. The single-country analysis made use of the ARDL Bounds test to investigate cointegration in each country and a long-run relationship was established in all BRICS countries except for China. The augmented Solow model was extended to incorporate both proximate and fundamental determinants of growth. The estimated results for the ARDL model found that capital and trade openness were significant in determining GDP growth for all of the BRICS countries except for China. FDI was insignificant in determining growth in BRICS countries except for India and the remaining variables gave mixed results between the countries. The error correction term (ECT) was significant and negative in all of the BRICS countries (except for China) which indicated that there was convergence. In the panel analysis, a long-run relationship was established using the KAO Residual cointegration test. The panel correlations test for BRICS revealed that GDP growth had a positive correlation with all the variables under analysis except for inflation which was in line with the anticipated correlations. The PMG estimated results for BRICS found that the proximate determinants (capital and labour) were both significant in determining growth in the long-run where capital had a positive relationship and labour had a negative relationship with growth. Trade openness, inflation and FDI were significant in determining growth in the long-run, though government expenditure was insignificant in determining growth. The error correction term for BRICS illustrated that there was convergence and 92% of the disequilibrium in the short-run is corrected each year. The analysis revealed that BRICS economies should adopt more policies that encourage domestic investment and trade in order to boost growth. Policies such as relaxing local corporation taxes can encourage domestic investment which will aid local businesses in competing against foreign competition. Countries such as Brazil, India and South Africa can adopt more policies that encourage the development and growth of SMME’s. An area for future research would be to incorporate a location variable into the fundamental determinants of growth where the analysis could be conducted per region in each of the BRICS countries, which would give a broader view on which regions are determining growth in BRICS countries.
- Full Text:
- Date Issued: 2019
- Authors: Nyirenda, Chimwemwe
- Date: 2019
- Subjects: Economic development -- BRIC countries , BRIC countries -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/42946 , vital:36713
- Description: One of the key goals of the formation of BRICS (Brazil, Russia, India, China and South Africa) was to promote stability in trade and investment which would boost growth as the five BRICS countries recovered from the 2009 global financial crisis. This however has not been the case for all BRICS countries where only certain members have experienced a substantial increase in growth while others have experienced declining growth rates. The objective of this study was to analyse the determinants of economic growth in BRICS countries in order to investigate the causes of growth rates varying amongst the BRICS economies. This paper considered various economic theories for proximate and fundamental determinants of growth which included: The Harrod-Domar model, The Neoclassical Growth Theory, The Endogenous Growth Model, The New Growth Theory, Institutions and Economic Growth, Democracy, The Quality of Governance and Growth, Finance and Growth, Trade and Economic Growth and lastly Financial Openness and Growth. The study was conducted for a period covering from 1995 to 2016 and made use of the Autoregressive Distributed Lag (ARDL) model for the single-country analysis and Pooled Mean Group (PMG) was used for the panel analysis. In the single-country analysis, the descriptive statistics indicated that individually all of the BRICS members on average experienced positive GDP growth, positive investment (capital formation) and trade openness between 1995 to 2016. The single-country analysis made use of the ARDL Bounds test to investigate cointegration in each country and a long-run relationship was established in all BRICS countries except for China. The augmented Solow model was extended to incorporate both proximate and fundamental determinants of growth. The estimated results for the ARDL model found that capital and trade openness were significant in determining GDP growth for all of the BRICS countries except for China. FDI was insignificant in determining growth in BRICS countries except for India and the remaining variables gave mixed results between the countries. The error correction term (ECT) was significant and negative in all of the BRICS countries (except for China) which indicated that there was convergence. In the panel analysis, a long-run relationship was established using the KAO Residual cointegration test. The panel correlations test for BRICS revealed that GDP growth had a positive correlation with all the variables under analysis except for inflation which was in line with the anticipated correlations. The PMG estimated results for BRICS found that the proximate determinants (capital and labour) were both significant in determining growth in the long-run where capital had a positive relationship and labour had a negative relationship with growth. Trade openness, inflation and FDI were significant in determining growth in the long-run, though government expenditure was insignificant in determining growth. The error correction term for BRICS illustrated that there was convergence and 92% of the disequilibrium in the short-run is corrected each year. The analysis revealed that BRICS economies should adopt more policies that encourage domestic investment and trade in order to boost growth. Policies such as relaxing local corporation taxes can encourage domestic investment which will aid local businesses in competing against foreign competition. Countries such as Brazil, India and South Africa can adopt more policies that encourage the development and growth of SMME’s. An area for future research would be to incorporate a location variable into the fundamental determinants of growth where the analysis could be conducted per region in each of the BRICS countries, which would give a broader view on which regions are determining growth in BRICS countries.
- Full Text:
- Date Issued: 2019
The influence of financial market development on economic growth in Brics countries
- Authors: Ruzive, Tafadzwa Mutsvedu
- Date: 2015
- Subjects: Financial services industry -- Marketing , Economic development -- BRIC countries
- Language: English
- Type: Thesis , Masters , MPhil
- Identifier: http://hdl.handle.net/10948/6594 , vital:21123
- Description: The debate about the influence of financial market development on economic growth has been ongoing for more than a century. Since Schumpeter (1912) wrote about the happenings on Lombard Street, right up to the economists of today, there is growing interest into how financial market development affects economic activity and hence economic growth. With economic growth gaining prominence in respect of development discourse, inquiry into the finance-growth nexus has grown rapidly. The latest advances of the finance-growth nexus show a positive relationship between financial market development and economic growth. In this regard, little research has been done globally pertaining to most recent economic developments, especially concerning the BRICS economies. This research investigates the influence of financial market development on emerging economies, BRICS and non-BRICS and to determine whether the openness of financial markets in BRICS economies contributed to higher growth trajectories compared to their non-BRICS counterparts. The research utilises the Generalised Method of Moments and an extended endogenous growth model to estimate the influence of a set of financial market indicators. The study found that higher levels of credit to the private sector and financial depth in the BRICS economies contributed to the higher levels of economic growth experienced in the BRICS compared to non-BRICs emerging economies.
- Full Text:
- Date Issued: 2015
- Authors: Ruzive, Tafadzwa Mutsvedu
- Date: 2015
- Subjects: Financial services industry -- Marketing , Economic development -- BRIC countries
- Language: English
- Type: Thesis , Masters , MPhil
- Identifier: http://hdl.handle.net/10948/6594 , vital:21123
- Description: The debate about the influence of financial market development on economic growth has been ongoing for more than a century. Since Schumpeter (1912) wrote about the happenings on Lombard Street, right up to the economists of today, there is growing interest into how financial market development affects economic activity and hence economic growth. With economic growth gaining prominence in respect of development discourse, inquiry into the finance-growth nexus has grown rapidly. The latest advances of the finance-growth nexus show a positive relationship between financial market development and economic growth. In this regard, little research has been done globally pertaining to most recent economic developments, especially concerning the BRICS economies. This research investigates the influence of financial market development on emerging economies, BRICS and non-BRICS and to determine whether the openness of financial markets in BRICS economies contributed to higher growth trajectories compared to their non-BRICS counterparts. The research utilises the Generalised Method of Moments and an extended endogenous growth model to estimate the influence of a set of financial market indicators. The study found that higher levels of credit to the private sector and financial depth in the BRICS economies contributed to the higher levels of economic growth experienced in the BRICS compared to non-BRICs emerging economies.
- Full Text:
- Date Issued: 2015
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