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This study conducts an analysis of the interplay between governance quality, environmental expenditure of the government, and pollution emissions (measured as CO2 emissions) within the BRIC economies.

Utilizing the FMOLS model and marginal effects, we investigate the influence of governance quality and environmental expenditure on environmental quality (CO2 emissions) over the period 1996–2020. We took data for Brazil, Russia, India and China. We excluded South Africa due to its due to its small economic size relative to other BRIC economies, sluggish industrial growth and deteriorating foreign trade which gives contrast outliers to our data.

Results indicate that government investments in environmental protection contribute to a reduction in CO2 emissions. However, the effectiveness of these expenditures is contingent upon the quality of governance. This underscores the significance of robust governance for realizing meaningful reductions in air pollution through environmental spending. Further, increase in GDP per capita and the industrial sector's share of GDP are associated with a significant rise in CO2 emissions across BRIC economies. Conversely, FDI and trade openness exhibit a negative impact on CO2 emissions, with this effect gaining greater resilience when accounting for governance factors.

Like any other studies, the present study also suffers from some limitations. First, besides air quality, environmental quality encompasses multiple dimensions and various characteristics such as water purity, noise pollution, open space access, visual effects of buildings etc. But the present study included only CO2 (air quality) as a proxy of environmental quality due to various problems of data and methods. Second, CO2 (carbon dioxide) emission, which is the dependent variable in our model, is actually influenced by various quantitative and qualitative (both natural and man-made) factors. We included only nine independent variables. However, we could not include many variables due to lack of consistent data. Third, this study included only four countries – Brazil, Russia, India and China (BRIC) and excluded South Africa which is a member of the BRICS block due to its economic size, sluggish industrial growth and deteriorating foreign trade which gives contrast outliers to our data set of the four BRIC countries. Therefore, the future research may be carried out by addressing those issues for better understanding of the environmental problems, governance and policies thereon.

(i) Establish environmental governance committees – The four BRIC countries including South Africa should form a committee comprising government, civil society, and private sector representatives for comprehensive oversight and collaboration in environmental governance. (ii) Invest in capacity building for environmental institutions – Allocate resources to enhance environmental institutions' capacity through training, data improvement, and enforcement strengthening. (iii) Implement green procurement policies – Encourage green procurement in government agencies to drive demand for eco-friendly products and services, promoting sustainable practices. (iv) Incentivize green technology development – Offer tax credits or subsidies to stimulate green technology adoption, including renewable energy and sustainable agriculture. (v) Promote sustainable urban development – Prioritize sustainable urban strategies like public transportation investment and green space promotion to mitigate urbanizations' environmental impacts. (vi) Enhance cross-border cooperation – Foster collaboration on transboundary environmental issues among four BRIC nations including South Africa, including joint research and policy responses. (vii) Promote green finance and investment – Mobilize green finance to support sustainable development projects through instruments like green investment funds and bonds.

This study distinguishes itself by offering a unique analysis of both individual and combined effects of governance and environmental expenditure on environmental quality. Additionally, it encompasses various dimensions of governance, an aspect rarely explored in the BRIC countries.

This paper aims to analyze the downside risk for the stock indices of BRICS countries. The study also aimed to study the interrelationship, directional influence and interdependence among the stock exchanges of BRICS economies to provide insights for policymakers, fund managers, investors and other stakeholders.

The authors used Value at Risk (VaR) as an indicator of downside risk and time series econometrics for measuring the long run relationship, directional influence and interdependence.

The calculated VaR estimates, long-run linkages and strong interdependence among these indices especially with the returns of Brazil exerting a notable impact on the returns of other BRICS nations. These results emphasize the significance of taking into account cross-country spillover effects and domestic market dynamics in the context of portfolio management and risk assessment strategies. Further, from the extended results of variance decomposition analysis, the authors find that Brazil’s, China’s and South African stock market returns have a significantly lagged impact on their own stock market, while Russia’s and India stock market returns do not have a significantly lagged impact on their own stock markets.

To the best of the authors’ knowledge, this is the first study comprehensively analyzing the BRICS indices downside risk through the historical simulation method of VaR estimation, which is an unexplored area of risk management.

This study aims to examine the current status and different characteristic features of research data repositories established by BRICS nations in order to understand the research data infrastructure within BRICS countries.

The data were collected from the re3data repository (http://www.re3data.org/), focusing specifically on BRICS nations. The data were analyzed to grasp the current status of research data repositories in BRICS countries. The dataset was retrieved on March 2, 2024. A total of 195 Research Data Repositories (RDRs) originating from BRICS countries were identified and selected for comprehensive analysis.

As of March 2, 2024, re3data.org indexes a total of 3,192 Research Data Repositories (RDRs) worldwide, with BRICS nations contributing 195. China leads among BRICS nations, followed by India, Russia, and Brazil. Scientific and Statistical Formats are the most shared content categories, followed closely by Standard Office Documents. There is notable diversity in the subjects covered by RDRs across BRICS nations. English is the primary interface language, followed by Chinese and Portuguese. “House, tailor-made” software is widely used for creating RDRs, followed by Dataverse and DSpace. Fourteen metadata standards are found, with Dublin Core metadata being the most prevalent, followed by the DataCite Metadata Scheme. Most repositories are disciplinary, followed by institutional ones. Most repositories specify data upload types, with “restricted” being the most common, followed by closed types. Open access is predominant in data access, followed by restricted access and embargo periods, while a small number restrict access entirely.

The present study will help gauge the strengths and weaknesses of the RDRs of BRICS nations and also learn how open these RDRs are for data access and upload provisions. The study contributes to a broader comprehension of the accessibility and usability of research data within the BRICS community, ultimately fostering greater transparency, collaboration, and knowledge dissemination within the scientific community, thus fostering greater innovation and advancement in research endeavors. The study provides a nuanced understanding of the research data infrastructure within BRICS nations, highlighting key trends, strengths, and areas for potential improvement.

The purpose of this study is to explore the correlation between foreign direct investment (FDI) and carbon dioxide (CO₂) emissions in emerging economies, with a particular emphasis on Brazil, Russia, India, China and South Africa (BRICS) countries along with 10 the Organization for Economic Cooperation and Development nations.

This study uses quantitative research methods and econometric analysis to investigate the relationship between FDI inflows and CO₂ emissions in selected countries. Specifically, the research concentrates on assessing the impact of FDI on CO₂ emissions within the BRICS countries. By examining data spanning from 2000 to 2003, the study aims to shed light on the interaction between economic integration and environmental sustainability dynamics on a global scale.

The results of this study highlight notable contributors to CO₂ emissions within the BRICS countries, identifying Switzerland, Denmark and the UK as significant sources. These findings support the notion of a pollution haven, underscoring the influence of FDI in moulding environmental outcomes in developing economies.

Drawing from the study’s outcomes, suggestions are put forth to foster sustainable development strategies. It is recommended that BRICS nations prioritize the attraction of environmentally aware FDI to bolster efforts aimed at mitigating environmental harm.

This study adds to the ongoing discussion surrounding sustainable development by offering a concentrated analysis of how FDI influences CO₂ emissions within BRICS countries. Its novelty lies in questioning traditional assumptions about environmental accountability and emphasizing the necessity for cooperative endeavours between emerging and developed economies to effectively tackle global environmental issues.

This study aims to examine the role of Bilateral Investment Treaties (BITs) in attracting higher foreign direct investment (FDI) inflows into the major emerging economies namely Brazil, Russia, India, China and South Africa (BRICS) from the source developed, developing and other emerging economies over a period of 18 years from 2001 to 2018.

To estimate the results, panel data regression on a gravity-knowledge capital model has been used. To account for the problem of endogeneity we have used the two-step difference Generalised Method of Moments estimator proposed by Arellano and Bond (1991).

We find that contradictory to theory and expectations, BITs result in a fall in FDI inflows in BRICS economies. BITs ratified by BRICS economies are not able to provide a sound and secure investment environment to foreign investors, thereby discouraging FDI in these economies.

To the best of the authors’ knowledge, this study is the first to examine the impact of BITs on FDI inflows into the emerging BRICS economies. Further, the impact of BITs on FDI flows among developed nations, i.e. north-north FDI and from developed to developing countries, i.e. north-south FDI has already been studied by many researchers. But so far, no study has examined this impact on FDI among developing and emerging economies (south-south FDI), despite an increase in FDI flows among these economies. Therefore, this study seeks to overcome the limitations of previous studies and tries to find out the impact of BITs on FDI inflows in BRICS economies not only from source developed but also from source developing and other emerging economies.

Since 1960s it has been realized that the bilateral trade at international level cannot be explained solely by the classical and neoclassical models of trade based on inter-industry trade. There is an existence of export and import within the same industry among the trading partners. Intra-industry trade (IIT) for products and product groups has been empirically observed by several studies. However, there is not much literature available on IIT in services. So also, from country perspective many studies are based on IIT for advanced countries. There is not much empirical evidence available for IIT among the emerging economies. The study aims to analyze the IIT in tourism services for five major emerging economies constituting BRICS – Brazil, Russia, India, China, and South Africa. The group constitutes 41% of world population with 24% of world GDP and 16% share in world trade. The study used both static and dynamic approaches to measure the IIT between India and other BRICS nations between 2018 and 2020. To empirically estimate the IIT, the study employs Grubel and Lloyd index and Brülhart index (MIIT). The study reveals that India had a very high level of intra-tourism trade with Brazil and South Africa. While with China and Russian Federation it was moderate. Results denote a correlation between the theory of international trade and tourism. There is two-way trade in BRICS tourism flows.

Introduction: Political stability is an essential source of stock market dynamics. Investors are confident about countries that have higher political stability. Political stability in an economy enables investors to develop their ability to predict the future and thus to tend towards longer-term and permanent economic and financial activities.

Purpose: The study aimed to investigate the impact of political instability in BRICS countries and Türkiye on their stock market volatilities.

Methodology: The study analysed the univariate exponential generalised autoregressive conditional heteroskedasticity (EGARCH) Model. The model employed the credit default swap (CDS) 5-year USD Bond data of the BRICS countries and Türkiye to represent political instability. The daily stock exchange index return data from 1 January 2015 to 15 January 2023 was used for model estimation.

Findings: The results of the EGARCH model indicate that political instability is a crucial factor in stock market volatility. The coefficients suggest that when CDS increases in BRICS countries and Türkiye, the volatility of stock returns also increases. The analysis shows that the impact of political instability on the stock market of BRICS countries and Türkiye is not uniform. However, the significant effect of political instability on volatility is higher for Türkiye than for BRICS countries. This indicates that investors perceive the political risk of Türkiye to be greater than that of BRICS countries when investing in the stock market of Türkiye.

The authors investigate the impact of the US stock market on the economies of the BRICS and major industrialized economies (G7).

The authors construct the world economy and the vulnerability between economies using three economic integration variables: bilateral trade, bilateral direct investment and bilateral equity positions. Global vector autoregressive (GVAR) empirical studies usually adopt trade integration to estimate models. The authors complement these studies by using bilateral financial flows.

The authors summarize the results in four points: (1) financial integration variables increase the effect of the US stock market on the BRICS and G7, (2) the US shock produces similar responses in these groups regarding industrial production, stock markets and confidence but different responses regarding domestic currencies: in the BRICS, the authors detect appreciation of the currencies, while in the G7, the authors find depreciation, (3) G7 stock markets and policy rates are more sensitive to the US shock than the BRICS and (4) the estimates point out to heterogeneities such as the importance of industrial production to the transmission shock in Japan and China, the exchange rate to India, Japan and the UK, the interest rates to the Eurozone and the UK and confidence to Brazil, South Africa and Canada.

The results reinforce the importance of taking into account different levels of economic development.

The authors construct the world economy and the vulnerability between economies using three economic integration variables: bilateral trade, bilateral direct investment and bilateral equity positions. GVAR empirical studies usually adopt trade integration to estimate models. The authors complement these studies by using bilateral financial flows.