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Expert briefing
Publication date: 11 September 2015

Prospects for a change the BRICS' trade strategies.

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Article
Publication date: 14 May 2021

Feng Jiang, Chaofan Chen, Qingxin Lan and Zhaoyi Zhu

The purpose of this paper is to analyze whether China's exports can effectively improve the global competitiveness of other BRICS countries' exports from the perspective…

Abstract

Purpose

The purpose of this paper is to analyze whether China's exports can effectively improve the global competitiveness of other BRICS countries' exports from the perspective of intra-BRICS export trade.

Design/methodology/approach

This paper extends the multinational trade model and analyzes the mechanism of the technological upgrading effect from the perspective of dynamic general equilibrium theory. In addition, this paper uses the export panel data of 217 products with three-digit SITC codes from China to other BRICS member countries from 2000 to 2016 and constructs a dynamic empirical model for parameter estimation.

Findings

The results show that China's exports to other BRICS member countries can effectively promote the technological improvement of other BRICS member countries' export products. In particular, the formal establishment of the BRICS organization in 2010 has significantly improved the efficiency of China's export technology optimization.

Originality/value

In the background of the prevalence of anti-globalization and the proliferation of protectionism, this paper proves that the deepening of trade cooperation between other BRICS members with China can help optimize their own international trade competitiveness and allow China's development dividend to benefit more countries and people.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Abstract

Details

The Challenge of Bric Multinationals
Type: Book
ISBN: 978-1-78635-350-4

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Book part
Publication date: 24 November 2016

Valeria Gattai and Piergiovanna Natale

In this chapter, we document the growing importance of FDI from BRIC countries in relation to FDI from both developed and developing countries and investigate the types of…

Abstract

Purpose

In this chapter, we document the growing importance of FDI from BRIC countries in relation to FDI from both developed and developing countries and investigate the types of firms that are responsible for BRIC FDI.

Methodology/approach

We follow a two-step empirical approach. First, we provide macro evidence on FDI from BRIC countries. We use UNCTAD data to highlight the patterns of FDI flows and stocks. Second, we provide firm-level evidence on FDI. Using ORBIS data, we elaborate a rich taxonomy of FDI that accounts for the decision to invest abroad and for the location, ownership, and number of foreign subsidiaries. Thus, we characterize BRIC multinationals’ involvement in FDI and examine the relationship between FDI and performance at the firm level.

Findings

We unveil new facts about BRIC multinationals. BRIC multinationals are in the minority in their home countries, but they outperform domestic enterprises. Within the group of BRIC investors, those firms that invest in developing countries, that operate in joint ventures, or that have more than five foreign subsidiaries are in the minority, but they outperform those firms that select other FDI strategies.

Research limitations/implications

Our estimates document a positive and robust correlation between FDI and performance; however, the cross-sectional nature of our data does not permit a proper causality analysis.

Originality/value

Our work contributes to the International Economics literature on internationalization and firm performance as well as to the International Business literature on FDI from emerging economies. With respect to the former, we innovate by studying the relation between FDI strategies and firm performance. In relation to the latter, we innovate by introducing firm-level data and a cross-country approach that lets us illustrate the roles and features of FDI from BRIC countries.

Details

The Challenge of Bric Multinationals
Type: Book
ISBN: 978-1-78635-350-4

Keywords

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Book part
Publication date: 24 November 2016

Duane Windsor

The research question is how home country corruption and nationalism may affect operations of BRIC multinational enterprises. BRIC composition permits a comparison of two…

Abstract

Purpose

The research question is how home country corruption and nationalism may affect operations of BRIC multinational enterprises. BRIC composition permits a comparison of two authoritarian regimes and two constitutional democracies. Each BRIC features a different combination of corruption and nationalism. The chapter adds South Africa information for two limited reasons. First, from 2010 South Africa is a member of the BRIC summit process. South Africa is an important entry point to Africa, for BRIC multinationals and particularly for China. Second, concerning corruption and nationalism South Africa is analytically useful as a control context that helps illustrate but does not appear to change highly exploratory BRIC findings.

Methodology/approach

The chapter draws on limited literature and information concerning corruption and nationalism in BRICs to suggest tentative possibilities. Transparency International provides bribe payers index estimates for 28 large economies, with important multinational enterprises, and corruption perceptions index estimates including those 28 countries. These estimates include the four BRICs and South Africa. The available sources suggest some suggested findings about varying impacts of home country corruption and nationalism on operations of BRIC multinationals.

Findings

China and Russia are authoritarian regimes in transition from central planning-oriented communist regimes. They are global military powers, expanding influence in their respective regions. Brazil, India, and South Africa are constitutional democracies. India, a nuclear-armed military power, seeks a regional leadership role in South Asia. Brazil and South Africa are key countries economically in their regions. BRIC multinationals are positioned between home country and host country conditions. Chinese and Russian multinationals may reflect a stronger nationalistic tendency due to home country regimes and ownership structure.

Originality/value

The chapter is an original but highly exploratory inquiry into impacts of corruption and nationalism on BRIC multinationals. Extant BRIC literature tends to understudy effects of home country corruption and nationalism on managerial mindset and incentives in either commercial or state-owned enterprises.

Details

The Challenge of Bric Multinationals
Type: Book
ISBN: 978-1-78635-350-4

Keywords

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Book part
Publication date: 24 November 2016

Bipin Kumar

The main purpose of this chapter is to explore the role BRICS countries have played in the formation of regional (free) trade agreements. The present chapter tries to…

Abstract

Purpose

The main purpose of this chapter is to explore the role BRICS countries have played in the formation of regional (free) trade agreements. The present chapter tries to understand and document recent developments and directions taken by the BRICS countries either individually or in aligning with each other at the regional and mega-regional levels.

Methodology/approach

The chapter is largely empirical and descriptive to analyse the recent RTAs policies of the BRICS countries.

Findings

This chapter provides in particular as assessment of the impact on BRICS countries of the three recent Mega-RTAs; that is TPP, TPIP and RCEP. For this purpose, an attempt had been made to find out the commonalties and divergences in the RTAs policies of the BRICS countries.

Design

The chapter is divided into six sections. After a brief introduction, the second section deals with the reasons for countries entering into RTAs. The third section documents the directions of the current negotiations on Mega-RTAs and its (potential) geographical implications for the BRICS countries. The fourth and the fifth sections deal with the current status of these RTAs and their noticeable impact on the response of the BRICS countries. The final section concludes the research with suggestions and recommendations.

Originality/value

RTAs and Mega-RTAs frameworks have been useful for BRICS countries. This recent development in trade negotiations can be regarded as promising for them.

Details

The Challenge of Bric Multinationals
Type: Book
ISBN: 978-1-78635-350-4

Keywords

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Book part
Publication date: 1 March 2016

Constantin Gurdgiev and Barry Trueick

At the onset of the Global Financial Crisis in 2007–2008, majority of the analysts and policymakers have anticipated contagion from the markets volatility in the advanced…

Abstract

Purpose

At the onset of the Global Financial Crisis in 2007–2008, majority of the analysts and policymakers have anticipated contagion from the markets volatility in the advanced economies (AEs) to the emerging markets (EMs). This chapter examines the volatility spillovers from the AEs’ equity markets (Japan, the United States and Europe) to the four key EMs, the BRIC (Brazil, Russia, India and China).

Methodology

The period under study, from 2000 through mid-2014, reflects a time of varying regimes in markets volatility, including the periods of dot.com bubble, the Global Financial Crisis and the European Sovereign Debt Crisis, the Great Recession and the start of the Russian-Ukrainian geopolitical crisis. To estimate volatility cross-linkages between the AEs and BRIC markets, we use multivariate GARCH-BEKK model across a number of specifications.

Findings

We find that, the developed economies weighted return volatility did have a significant impact on volatility across all four of the BRIC economies returns. However, contrary to the consensus view, there was no evidence of volatility spillover from the individual AEs onto BRIC economies with the exception of a spillover from Europe to Brazil. The implied forward-looking expectations for markets volatility had a strong and significant spillover effect onto Brazil, Russia and China, and a weaker effect on India.

Practical Implications

The evidence on volatility spillovers from the AEs markets to EMs puts into question the traditional view of financial and economic systems sustainability in the presence of higher orders of integration of the global monetary and financial systems. Overall, data suggest that we are witnessing less than perfect integration between BRIC economies and AEs markets to-date can offer some volatility hedging opportunities for investors.

Originality

Our chapter contributes to the growing literature on volatility spillovers from the AEs to the EMs in a number of ways. Firstly, we provide a formal analysis of the spillovers to the BRIC economies over the periods of recent crises. Secondly, we make new conclusions concerning longer-term spillovers as opposed to higher frequency volatility contagion covered by the previous literature. Thirdly, we consider a new channel for volatility contagion – the trade-weighted AEs volatility measure.

Details

Lessons from the Great Recession: At the Crossroads of Sustainability and Recovery
Type: Book
ISBN: 978-1-78560-743-1

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Article
Publication date: 24 February 2021

Sana Zia

This paper aims to investigate the current status of research output published in open access (OA) journals from Brazil, Russia, India, China and South Africa (BRICS

Abstract

Purpose

This paper aims to investigate the current status of research output published in open access (OA) journals from Brazil, Russia, India, China and South Africa (BRICS) countries from 2010 to 2019 and compare their performances in terms of OA research output.

Design/methodology/approach

Papers contributed by the researchers of BRICS countries were searched using an advanced search option in the Web of Science core collection database. The retrieved results were restricted to the “journal articles” published in the “English language” during the time period of 2010 to 2019. After that, the selected papers were again refined by using the “open access” section to identify the research output of BRICS countries published in OA journals.

Findings

Total 2,219,943 papers were published from BRICS countries, out of which 402,199 articles were published in OA journals and South Africa has published the highest number of research output in OA journals (31%). Although, there has been a constant increasing growth of research output published in OA journals in BRICS countries from 13,300 papers in 2010 to 82,310 articles in 2019. Engineering and Technology have published the maximum number of papers in OA journals. Researchers of BRICS countries mostly contributed their OA research output in journals published from the USA and Scientific Reports (UK) is identified as one of the leading OA journals. Additionally, among all the BRICS countries, China is found as the promising leader in terms of OA journals publications, the maximum share i.e. 71.25 per cent of total 402,199 OA journal publications have been produced by the highest number 137 (23.41%) of institutions of China and Chinese Academy of Sciences (China) is leading institution with 39,036 papers published in OA journals.

Research limitations/implications

This study is limited to BRICS countries, but it offers theoretical implications for extending its scope to different countries. This study may be used for raising awareness of OA among researchers of BRICS countries and encouraging them to contribute their research work in OA journals. The findings of this study are useful and meaningful in understanding the comparative status of research across countries, disciplines, journals and institutions.

Originality/value

This is the first study in BRICS countries focusing on the research output published in OA journals.

Details

Global Knowledge, Memory and Communication, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9342

Keywords

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Article
Publication date: 1 February 2021

Priya Gupta and Parul Bhatia

For more than four decades, persistent economic activities and a focused growth strategy resulted in significant infrastructural and other favorable economic and…

Abstract

Purpose

For more than four decades, persistent economic activities and a focused growth strategy resulted in significant infrastructural and other favorable economic and institutional changes in the world's developing nations. High-quality growth is not just a function of sound economic policies but also implementing a broad range of social policies. The BRICS (Brazil, Russia, India, China and South Africa) nations have proven their testimony on both these factors. Following their path are some other emerging economies like N-11 (or Next Eleven propounded by Goldman Sachs (2005) Report), which this present study tries to examine as successors of BRICS.

Design/methodology/approach

Along with panel data regression modelling, the study has applied econometric procedures robust to heterogeneities across various nations and have been able to produce more reliable results that can be generalized for other similar groups of countries. 11 independent variables (both economic and institutional) have been used to meet the study's objective for a period of 34 years (1985–2018).

Findings

The findings of the study reveal that the governments of both the group of countries must work toward their macro-economic stability factors (external debt stocks), technological capabilities (mobile and fixed broadband subscriptions), human capital (health expenditure) and political conditions (mainly the rule of law) to enhance their sustainable economic growth.

Research limitations/implications

This study enhances knowledge of the determinants of economic growth in emerging countries. Firms from BRICS and N-11 may better understand the factors influencing their internationalization process (both economic and institutional). The study is significant not just for the researchers but also for the policymakers of the BRICS and N-11 to understand in which areas their country is leading or lagging. The study is useful even for the policymakers of other emerging countries of the world who might take lessons from these nations (especially BRICS) and follow their success path. This study helps the governments of other groups of emerging countries such as PIN (Pakistan, Indonesia and Nigeria); MINT (Mexico, Indonesia, Nigeria and Turkey); CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa), etc. which can follow the path of BRICS economies in growth and formulate policies to increase their economic growth accordingly. At the enterprise level, it helps MNCs understand BRICS and N-11 markets and formulating entry and growth strategies in these most emerging countries of the world.

Originality/value

The present study is unique. It tries to investigate the projections of the Goldman Sachs report after 15 years of its release. It tries to determine the factors responsible for the economic development in the N-11 countries with advanced econometric techniques. Majorly, the focus is to comparatively analyze the growth trajectory for BRICS and N-11 nations and suggest whether N-11 has the potential to become successors of BRICS. A concentrated effort to examine the most significant drivers (both economic and institutional), which may lead to economic progression, has been made in this study.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

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Book part
Publication date: 24 November 2016

Luis Alfonso Dau and David Wesley

The goal of this chapter is to discuss the managerial implications of regulatory reforms in BRICS countries and how those reforms affect the strategy and performance of…

Abstract

Purpose

The goal of this chapter is to discuss the managerial implications of regulatory reforms in BRICS countries and how those reforms affect the strategy and performance of BRICS multinationals. In particular, we consider (1) how firms may learn from the institutional and competitive changes at home that accompany pro-market reforms and use this knowledge to venture out successfully across borders, (2) how firms may learn through their international operations as a means to enhance their competitiveness and responsiveness to reforms in their home market, and (3) how BRICS multinationals differ from other emerging market multinationals.

Methodology

The chapter is primarily conceptual and relies heavily on case studies, interviews, and public financial data.

Findings

Ultimately, reforms are implemented by the state, but the strategic responses of managers to these reforms are largely what determine whether their firms will survive and thrive under the new and evolving regulatory conditions. BRICS firms are particularly well positioned to take advantage of reforms within their own countries and in other emerging markets, including other BRICS nations.

Originality/value

The chapter underscores the importance of aligning strategy with home and host market policies and environments.

Research Limitations

The observations presented are conceptual and have not been verified quantitatively. We rely heavily on historical observation and, therefore, much of the analysis is selective to those firms and may not apply to other firms.

Details

The Challenge of Bric Multinationals
Type: Book
ISBN: 978-1-78635-350-4

Keywords

1 – 10 of over 2000