External Vulnerability and Financial Fragility in BRICS Countries: Non-Conventional Indicators for a Comparative Analysis**The opinions expressed herein by the authors do not represent the viewpoint of the institutions to which they are affiliated.

This article aims to discuss the possible use of other indicators of external vulnerability in addition to traditional ones, showing indications of financial fragility in the international insertion of the economies of emerging countries, specifically the so-called BRICS. The analysis presented for the BRICS (Brazil, Russia, India, China and South Africa) was limited to identifying foreign currency flows, leading to an analysis that can lead to conclusions regarding the greater or lesser degree of exposure of these economies to fluctuation in financing flows. In principle, if the accumulation of reserves is originated using third-party resources, in addition to representing a cost (particularly for countries with much higher domestic than foreign interest rates), their ability to maintain that liquidity inventory is not equal for all BRICS countries. As seen under this aspect, China and Russia seem to have greater autonomy in managing their reserves than the BIS (Brazil, India, and South Africa) countries.