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This study aims to analyze the effect of banking stability, exchange rates, and external debt on economic growth in BRICS countries (Brazil, Russia, India, China, and South Africa) during the period 2011-2020. The data used in this study is panel data from five BRICS countries, obtained from the International Monetary Fund (IMF) and the World Bank. The method used is a panel data regression model using the Fixed Effect method. This model makes it possible to account for the fixed effects of time as well as the fixed effects of individual states in regression analysis. The results of the analysis show that banking stability has a significant negative influence on economic growth in BRICS countries. On the other hand, exchange rates and external debt have a significant positive impact on economic growth. These findings indicate that policies that promote banking stability, prudent exchange rate management, and effective use of external debt can support sustainable economic growth in BRICS countries. The results of the analysis show that banking stability has a significant negative influence on economic growth in BRICS countries. On the other hand, exchange rates and external debt have a significant positive impact on economic growth. These findings indicate that policies that promote banking stability, prudent exchange rate management, and effective use of external debt can support sustainable economic growth in BRICS countries. [ABSTRACT FROM AUTHOR]

Sustainable development goals, particularly number 7, clearly urges economies over the globe to multiple their efforts in order to improve efficiency. Although witnesses stressed out the importance of energy efficiency and claimed that when it is improved drastically, it triggers economic growth, however, the reported evidences to support the claim are mixed. In BRICS scenario, economies are experiencing the change from high-speed growth to high quality growth, due to which it is equally important to look into green investment as it is an essential tool to build high quality economic growth. Although green investment targets energy conservation as well as ecological deficit as it main goal. However, limited literature claims that it affects economic growth as well. Thus, the present study aims to assess green investment, energy efficiency, and economic growth (EG) and their impact on economic freedom index of the BRICS countries. Methods of Moments-Quantile-Regression (MMQR) approach is applied to explore the association between the understudy constructs in the time span of 2001-2020. Interestingly, it is revealed that green investment, energy efficiency and renewable energy are positively related with economic freedom index of the BRICS countries. With the evidences, the study proposes a conclusive remark to spur development across the countries. [ABSTRACT FROM AUTHOR]

Purpose – The theoretical debate of corruption’s impact on economic growth remains unsettled, making it an empirical question. This study aims to investigate corruption’s effect on BRICS countries’ economic growth. Design/methodology/approach – A panel dataset on BRICS countries spanning 1996 to 2020 was used. Bias-corrected estimators in small dynamic panels were employed to estimate a growth model as a linear-quadratic function of corruption that accounts for cross-sectional dependence, endogeneity and unobserved heterogeneity due to country and time-specific characteristics. Findings – The results indicate that corruption is detrimental to economic growth in BRICS countries; the quadratic relationship implies corruption is less prevalent in some countries than others. Thus, governments of BRICS countries are encouraged to embark on anti-corruption policies to boost their economic performance. Originality/value – An important limitation of corruption studies is the difficulty in measuring real corruption experiences due to the secretive nature of corruption and the fact that corruption is known not to leave a paper trail. For the uncertainty of the index estimates, the analysis used a continuous corruption composite score measuring the standard deviation of the extent to which public power is exercised for public gain. Furthermore, estimation and inference are robust to small dynamic panels with a general form of cross-sectional dependence. [ABSTRACT FROM AUTHOR]

This paper's main objective is to investigate the effect of stock market growth and green energy on GHG emissions. Further, this research empirically analyzes the effects of renewable energy consumption on CO2 emissions in the EKC hypothesis using data from BRICS countries (China, India, Russia, Brazil, and South Africa) from 1990 to 2019. The empirical analysis was carried out on the second-generation unit root test. The bootstrap panel integration method is used to verify long-term equilibrium connections between elements of all four models. The empirical results confirm a significant long-run flexibility study's findings that green energy improves environmental circumstances by lowering carbon pollution levels across the panel regions. Additionally, renewable energy consumption significantly decreases carbon dioxide emissions and increases financial output through the panels. Instead, the stock market expansion index fell carbon pollution in BRICS countries while increasing carbon pollution in India member country. In general, fixed capital formation and economic expansion degrade environmental quality by rising carbon pollution concentrations. This paper's results have significant and effective policy implications for promoting renewable energy consumption sources to help reduce CO2 emissions and ensure sustainable economic growth in the BRICS nations. [ABSTRACT FROM AUTHOR]

Sustainable development goal (SDG) achievement has gained increasing trend due to the current economic uncertainty that demands the attention of scholars, practitioners, and regulators. Hence, the study examines the environmental, social, and governance (ESG) responsibilities and economic development such as economic growth, net national income and FDI on the SDG achievements in BRICS countries. The secondary data is considered for the study which was collected from various resources like SDG reports published by the united nation and World Bank Indicators (WDI) from 1991 to 2020. The current research has checked them without structural breaks stationarity using Dickey-Fuller (ADF) test, Phillips–Perron (PP) test, and Kwiatkowski–Phillips–Schmidt–Shin (KPSS), while stationarity with structural breaks has been examined using the 'zivot-andrews' test. The study also employed the ARDL technique to verify the association among the constructs. The findings revealed that ESG responsibilities, economic growth, net national income, FDI, and inflation positively correlate with SDG achievements in BRICS countries. This article provides help to the regulators while making policies related the SDG achievement. [ABSTRACT FROM AUTHOR]

This article discusses the changes in carbon productivity and economic growth patterns in China. We calculated carbon productivity using panel data from BRICS and G7 countries between 2001 and 2019 and developed a methodology to estimate economic growth patterns by combining carbon productivity and economic growth. As the world's top carbon emitter, China can combat global climate change by increasing carbon productivity. We show that (i) China has a high growth rate of carbon productivity; however, the carbon productivity level only accounts for about 20% of developed countries. (ii) When determining economic growth patterns from a low-carbon perspective, China has transitioned from high-carbon type II to low-carbon type III. However, low-carbon economic growth is common in developed countries, and (iii) it can improve carbon productivity by reducing energy-averaged carbon emission factors. It assists the government in determining how to implement low-carbon economic development policies by examining economic growth from a low-carbon perspective. [ABSTRACT FROM AUTHOR]

Science symbolises education as an integral element in attaining environmental sustainability. Even after having elite-level human intelligence, this universe faces adverse effects of ecological deprivation. Therefore, this study specifically investigates the role of ecological innovation and economic growth on educational performance in BRICS nations. The present study selected the recent year's data of BRICS nations to explore the repercussions of ecological innovation and the countries' GDP income, and chooses the potential statistical technique name CS-ARDL method. In addition, this study uses other testing tools such as the CD test, unit root analysis tests, Westerlund and Edgerton test, and Bai and Silvestre-I-Carrion cointegration test to explore the role of these variables on educational performance. The estimated outcomes of the unit root test and CD test signify the structural breaks and heterogeneity in the data, but later Pesaran and Yamagata (2008) test resolved the relative issues. Therefore, long-run and short-run analyses of the CS-ARDL method identified the positive and significant affluence of ecological innovation (GIN) and economic growth (GDP) on educational performance (EDU). Thus, some dynamic policies are introduced in the below section to nourish the educational system of BRICS countries with the help of ecological innovation and economic progression. [ABSTRACT FROM AUTHOR]

The current world is seeking balance between achieving economic and financial growth and shielding earth's environment. The 13th goal (climate action) among 17 Sustainable Development Goals (SDGs) is an outcome of the same concern. The ample body of the literature tries to analyse the inter-linkages among financial development, economic growth, globalisation and greenhouse gas (GHG) emissions, but their results do not reach a consensus. The BRICS (Brazil, Russia, India, China and South Africa) nations have emerged as a dominant force in recent years, but their growth stories are tainted with the increased environmental issues. The present study tries to analyse the same nexus from 1991 to 2020 using Autoregressive Distributed Lag (ARDL) approach for BRICS nations. The empirical findings suggest strong long-run and short-run positive implications of financial development, and negative implications of economic growth and globalisation on GHG emissions in all four nations except China. The study is distinct as it extensively analyses the interdependence between GHG emissions and financial development using 9 different sub-indices. [ABSTRACT FROM AUTHOR]

The idea behind the spillover effect of FDI on economic growth is based on the idea that multinational companies can bring technological innovation and rich knowledge to host countries. Therefore, FDI plays a vital role in technological innovations. This study aims to investigate the impact of foreign direct investment (FDI) on the technological innovation of BRICS countries from 2000 to 2020. This study uses the latest econometric techniques, such as the cross-sectional dependence (CD) test, second-generation unit root tests, panel cointegration tests and the Dumitrescu-Hurlin causality test. For long-run run estimation, this study uses the augmented mean group (AMG) panel estimator and the common correlated effects mean group (CCEMG) estimator for empirical analysis. The findings of the study show that foreign direct investment (FDI), trade openness, economic growth, and research & development expenditure positively impact technological innovation in BRICS countries. Also, the model's long-term causality and lagged error correction term (ECT) are significantly negative. Suggested policy measures will be helpful for BRICS economies in boosting technology innovation through FDI. [ABSTRACT FROM AUTHOR]

This paper investigates the effects of carbon emissions, renewable energy consumption, FDI, and exports on economic growth in BRICS countries from 2000 to 2018. The study uses other variables such as interest rates, labor force, trade openness, and gross domestic savings to determine the long-run relationship among variables. We employ several econometric techniques, such as ARDL, pool mean group (PMG), mean group (MG), and the Dumitrescu Hurlin panel causality tests, to draw empirical inferences. The estimation of the PMG model indicates that carbon emissions, renewable energy consumption, exports, FDI, and savings have a significant positive long-run impact on economic growth, while interest rates and trade openness affect economic growth negatively. FMOLS and DOLS results also confirm the robustness of PMG long-run results. Moreover, the Dumitrescu Hurlin panel causality results indicate a bi-directional causal relationship between carbon emissions and economic growth and between economic growth and foreign direct investment, also one-way causality from exports and labor force to economic growth. It implies that an increase in carbon emissions and FDI leads to an increase in economic growth, also increase in economic growth, the CO2 emissions and FDI increase in BRICS economies. Finally, the current study recommends a vital policy that the primary focus should target toward promoting renewable energy consumption, FDI, exports, and savings to boost economic growth in BRICS countries. [ABSTRACT FROM AUTHOR]

The article covers the prioritisation of Brazil, Russia, India, China, and South Africa (collectively referred to as the BRICS countries) in order to find out which of them is the most successful in terms of Sustainable Development Goal 8 (SDG8). For that purpose, the Analytic Hierarchy Process (AHP) and Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) methods were used. The AHP method was employed in order to assign suitable weights to the SDG8 indicators, and the TOPSIS and COPRAS methods were used for the prioritisation of BRICS countries. Based on the research results, China was the most progressive economy from 1991 to 2019 regarding economic growth and a decent work environment, while South Africa showed the lowest level of progress. [ABSTRACT FROM AUTHOR]

In this paper we investigate the causal relationship between foreign direct investment, trade openness and gross domestic product in BRICS countries over the period of 1990–2018. We applied auto regressive distributed lag model to test cointegration and the Dumitrescu and Hurlin Granger causality tests. Empirical results show that FDI and trade openness have a positive impact on long-term economic growth. We also find there is a long-run relationship from both real effective exchange rate and gross capital formation to economic growth. The main results of causality analysis reveal that there is bidirectional causality from foreign direct investment to economic growth, trade openness to foreign direct investment, and unidirectional causality from trade openness to foreign direct investment. [ABSTRACT FROM AUTHOR]

The study investigated the impact of the complementarity between mining and financial development on economic growth in BRICS (Brazil, Russia, India, China, South Africa) using the dynamic generalized methods of moments (GMM) approach with panel data ranging from 1995 to 2018. Extensive empirical research on the role of either (1) mining on economic growth or (2) financial development on economic growth have been done and it appears that their positive influence on economic growth is no longer debatable and is now a conclusive matter. What is still inconclusive is the non-linear influence (revealed by Arezki and Gylfason. 2011) of either mining or financial development on economic growth. In other words, previous research wrongly assumed that mining has a direct linear influence on economic growth, a view which this study disagrees with. The non-linearity between mining and economic growth is the basis upon which this study is hinged on. Both mining and financial development were individually found to have had a significant positive impact on economic growth in BRICS. However, the study also observed that economic growth of BRICS was enhanced by the complementarity between mining and financial development, consistent with an argument put forward by Bakwena and Bodman (2010). BRICS countries are therefore urged to concurrently develop and implement policies targeted at improving mining sector operations and financial development in order to enhance economic growth. Future studies can investigate the various channels that enhances the mining sector's influence on economic growth in BRICS. [ABSTRACT FROM AUTHOR]

Air transportation is important factor which helps to vibrate economic activities in any economy. This paper explore causal nexus between air transportation and economic growth in BRICS countries by using balanced panel date for the period 1993–2019. Numbers of air passengers and air freight are used as measures of air transportation. Panel time series econometric techniques coupled with panel Vector Error Correction Model and Dumitrescu and Hurlin tests are applied for causal analysis. Unidirectional long run causalities are found from air passengers and airfreight to economic growth in these countries. Likewise, one way short run causal relation from air transportation to economic growth is found in these countries. Based on the findings of this, there is economic significance of air transportation in these countries, hence, important policy implications are discussed. • Air transportation is an important factor which helps to vibrate economic activities in any economy. • This study explores causal nexus between air transportation and economic growth in BRICS countries. • Numbers of air passengers and air freight are used as measures of air transportation. • Unidirectional long and short run causality from air transportation to economic growth. • There is economic significance of air transportation in these countries. [ABSTRACT FROM AUTHOR]

This paper examines the bank lending channel, which considers how monetary authority actions affect the variation of loans. We focus on the BRICS (Brazil, Russia, India, China and South Africa) totalizing 1254 banks from five countries in the period 2000–2012 (totalizing 13 years). The empirical results show that the effect of money supply growth on the growth of loans is non-linear and inverted U-shaped. In this context, our results show empirical evidence expansionary monetary policies do not increase the propensity of economic agents to systematically take greater risks on the market. After a certain level of money stock, increases in the money supply do not lead to increased negotiated credit. [ABSTRACT FROM AUTHOR]

This paper empirically examined relevant data on BRICS CO2 emissions, financial development, and economic growth in the past 40 years, and analyzed the correlation between them. Using the cointegration test, it found that there is a clear correlation between the variables in China and South Africa, which show that there is a two-way relationship between CO2 emissions, financial development, and economic growth in both countries. Using the quantile regression method in the analysis, the results demonstrated that at the 0.6th quartile, South Africa's financial development had a negative impact on CO2 emissions, while Brazil's CO2 emissions had a negative impact on financial development. Economic growth was subsequently added as a control variable, and the quantile-on-quantile regression method was used to test the correlation between the financial development of the BRICS countries and their CO2 emissions. Finally, based on empirical conclusions, this paper proposed that BRICS countries should focus on sustainable economic development; when government departments formulate emission-reduction policies, they must reasonably consider the relationship between financial development and emission-reduction policies. [ABSTRACT FROM AUTHOR]

This study revisits the relationship between biomass energy and economic growth for the case of BRICS countries by adopting a newly introduced method: panel quantile regression with fixed effects via the method of moments. By applying this novel estimator based on the dataset from 1990 to 2017, our research provides a more detailed view of the heterogeneous impact of biomass energy production on different levels of economic growth of the BRICS countries. Specifically, our analysis results disclose that the influence of biomass energy production is insignificant at the 5th quantile, but it is positive and significant at the remaining quantiles. The impact of biomass energy extraction is also increasing gradually as quantile levels of economic growth increase. In addition to the above results, we also use the Dumitrescu-Hurlin causality test to confirm the bidirectional causal nexus between economic growth and biomass energy. These results are the basis for us to make some policy recommendations for BRICS countries. • Revisiting the link between biomass energy and economic growth of BRICS countries. • Panel quantile regression with fixed effects via the method of moments are applied. • A positive relation between biomass energy and economic growth is confirmed. • The impact of biomass energy on economic growth is greater in higher-income countries. • The bidirectional causal connection exists between economic growth and biomass energy. [ABSTRACT FROM AUTHOR]

The global focus on the use of renewable energy resources was mainly reignited by the signing of the Kyoto Protocol Agreement in 1997. Since then, the world has seen a great deal of progress in terms of the production and consumption of renewable energy. This in turn is rapidly powering economic growth and social development around the globe. Contrary to popular belief, the use of renewable energy is not limited to developed countries only. The developing countries are also rapidly endorsing renewable energy as a vital engine of economic growth and societal development. In this regard, even though renewable energy production and consumption are in their infancy in BRICS, these countries are taking concrete steps towards the development of renewable energy resources. The results of previous studies have indicated that with an increase in the GDP of a country its carbon footprint also tends to increase; the Brazil, Russia, India, China, and South Africa (BRICS) countries are no exception in this regard. One of the main challenges in research related to measuring the contribution of renewable energy towards economic growth is the use of a singular model or techniques that may not be appropriate for the generalization of the results. This study intends to overcome this challenge by application of multiple econometric-based models which include the "Cross Dependency" test, the unit root test, and "CIPS" (cross-sectional augmented IPS). Besides these the second generation, stochastic models based upon econometrics, such as the DOLS test (dynamic ordinary least square) and the FMOLS (fully modified ordinary least square) are also applied for verification of the contribution of renewable energy towards the economic growth of the BRICS countries. The novelty of the study mainly stems from fact that these models are seldom applied in tandem and especially in the BRICS countries. The results of the study indicate that the existence of the bi-directional relationship between the use of renewable energy and economic growth is mainly indicated by the increase in GDP, thus lending support to the feedback hypothesis. Moreover, the conservation hypothesis was proven by the existence of a unidirectional causality relationship between the use of renewable energy and CO2 emissions. Alongside these, the study also included sensitivity analysis to gauge the impact of the growth of GDP on the CO2 emissions of BRICS countries, and regression analysis was performed to create an EKC curve which was used to gauge not only the sensitivity but also to help in highlighting the impact of using renewable energy in controlling and reducing CO2 emissions, thus proving the EKC theory. Thus, it can be deduced that increase in CO2 emissions is of major concern for the BRICS countries, which has led them to increase the production of renewable energy. Based upon the findings of the present study it is recommended that policymakers should encourage the use of renewable energy by offering incentives in financial terms, such as interest-free or low-interest loans, subsidies and feed-in tariffs. [ABSTRACT FROM AUTHOR]