Latest Articles from BRICS Journal of Economics Latest 13 Articles from BRICS Journal of Economics https://brics-econ.arphahub.com/ Fri, 29 Mar 2024 17:46:31 +0200 Pensoft FeedCreator https://brics-econ.arphahub.com/i/logo.jpg Latest Articles from BRICS Journal of Economics https://brics-econ.arphahub.com/ Navigating the Transition to Inclusive Online Learning in BRICS and Africa https://brics-econ.arphahub.com/article/114685/ BRICS Journal of Economics 4(4): 389-410

DOI: 10.3897/brics-econ.4.e114685

Authors: Chetty Krish

Abstract: In response to COVID-19 lockdowns, universities in Africa and BRICS nations swiftly transitioned from contact to online learning to maintain academic progress. This article explores critical questions these institutions must address to develop effective long-term online learning policies, rooted in Swartz’s (2022) Navigational Capacities framework. It highlights the risk of deepening digital inequalities if the limitations of emergency remote learning are overlooked. Focusing on the experiences of the BRICS, Ghana, Uganda, and Ethiopia, the article analyses their online learning approaches during 2020 and 2021 amidst the pandemic. This analysis, through the Navigational Capacities lens, emphasises addressing key challenges such as technology access, affordability, and digital skills. Many universities initially transferred traditional teaching methods to online platforms without a pedagogical redesign to optimise digital tools, underscoring a need for a strategic shift. Going forward, universities must understand the requirements of an effective long-term online learning programme, weighing the economic costs of such an approach. Crucially, universities across BRICS and the Global South must continue to share knowledge about these experiences as they develop policies which define an effective long-term online learning programme.

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Research Article Fri, 22 Dec 2023 13:00:00 +0200
Russia as a country of BRICS: Issue of identification https://brics-econ.arphahub.com/article/98255/ BRICS Journal of Economics 4(3): 321-333

DOI: 10.3897/brics-econ.4.e98255

Authors: Petr Mozias

Abstract: The approach of development economics has been rarely used in the studies on the BRICS research agenda. This article is an attempt to fill this gap. According to development economics, the appearance of the BRICS association is fully justifiable, because large emerging economies have much in common. Russia is the most advanced country among the BRICS, even though some years ago it fell into the group of laggards in terms of economic growth, together with Brazil and South Africa. It may be partly explained by those countries’ adherence to neoclassical recipes of economic policy. It is believed, however, that national economic interests of all the five countries could be more effectively served by a combination of further pro-market reforms with public interventions to correct the inevitable market failures. That is why, for the Russian comparative advantages to be fully realized, the country should rely not so much on trade liberalization as on coordination among the BRICS governments in their actions aimed at trade and investment promotion.

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Research Article Tue, 12 Sep 2023 00:00:00 +0300
The features of logistics network structures and prospects for their transformation in the BRICS countries https://brics-econ.arphahub.com/article/109228/ BRICS Journal of Economics 4(3): 301-319

DOI: 10.3897/brics-econ.4.e109228

Authors: Arshad Mokhammad

Abstract: The ongoing global transformation processes have led to changes in logistics systems that are now being restructured at a new technological level. The formation of new inter-country groupings and the leap in the volume and quality of infrastructure have a key impact on logistics parameters; the increases in risk and uncertainty make it necessary to diversify supply capabilities and create reserve capacities in order to balance unforeseen situations. The paper first examines the formation of new logistics networks and diversification of existing ones using the evidence both from the BRICS countries, primarily Russia, India and China, and from candidates for accession to this organization; then, it analyses the prospects of their integration in the new geopolitical and technological environment. The study is based on the systematic approach, using comparative analysis and statistical methods; it aims to assess the prospects for cooperation between Eurasian members of BRICS in the field of logistics systems and to identify the national specifics of their financing, design and formation. The paper systematizes information on industry, maritime, air and land transport, paying special attention to the shipping of hydrocarbons and developing of latitudinal and meridional corridors on a new technological basis. It also gives an overview of the benefits gained from complex integrated initiatives and transformation of the logistics industry as a whole.

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Research Article Tue, 12 Sep 2023 00:00:00 +0300
China’s Capital Formation in the Volatile Time https://brics-econ.arphahub.com/article/105980/ BRICS Journal of Economics 4(2): 265-283

DOI: 10.3897/brics-econ.4.e105980

Authors: Leonid M. Grigoryev, Darya Zharonkina

Abstract: China’s capital formation is an important theme, which, however, so far received only limited attention of researchers. The purpose of this study is to explore the major characteristics of the uniquely high rate of capital formation, close to 45% of GDP, that for many years has supported growth and structural changes in China. Data show that the official plans to alter the GDP structure by shifting the focus from investment to domestic consumption have not materialized. The shifts in the structure of capital investments demonstrate the country’s modernization strategy and tactics, but they have not led to significant changes in the key macro proportions, so export remains crucial for economic growth and investments. Today, the country concentrates capital expenditures in machine industry and in the advanced branches of manufacturing. The real estate segment experiences financial difficulties, which may cause its GDP share to decline. Shifts in manufacturing investments reflect the focus of the Chinese authorities’ decision-making, as well as their reaction to market signals. Although some proportions and correlation coefficients between profits, revenues and investments by industry remained fairly stable for a long time, the turbulent years of 2020-2022 prompted both declines and revivals in industrial investments with a changed structure. This paper offers an analysis of large statistical material on the sectors of the Chinese economy including manufacturing, its dynamics and structure, thus creating a clearer picture of the Chinese industries’ investment behavior as a way to adapt to new trends or withstand various shocks. The work has its limitations since statistical evidence is available on a smaller set of indicators than that for many other market economies.

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Research Article Fri, 30 Jun 2023 18:06:00 +0300
Carbon Dioxide Emissions Reduction Efficiency and Growth Potential (A Case of Pakistan and China) https://brics-econ.arphahub.com/article/93805/ BRICS Journal of Economics 4(2): 243-263

DOI: 10.3897/brics-econ.4.e93805

Authors: Danial Zahid Shafique, Kexin Bi, Alina Steblyanskaya, Sajjad Hussain

Abstract: The current study undertakes an empirical investigation aiming to find out how ecological, economic and environmental factors, such as energy consumption, GDP growth rate, and ecological footprint per person, influence CO2 emission in the CPEC region. The study relies on the panel data series for Pakistan and China over the period of 1980-2030, because the year 2030 is the most probable time of the CPEC project completion. The forecasted values of the respective factors with possible influence of CPEC projects assisted the authors in gaining a clearer picture of their interrelationship. According to regression results, energy consumption and production have been significant positive determinants of CO2 emission, while energy intensity has had a considerable negative impact on this emission. Among economic factors, the dynamics of GDP, GPI, per capita income, HDI, unemployment rate, and GINI coefficient are found to have made a positive impact on CO2 emission; as to GDP growth, the regression unexpectedly showed its insignificant negative impact. Among ecological factors, the expenditures on environmental protection appear to be negative determinants of CO2 emission, while environmental footprint and costs of elimination of natural disasters positively impact the CO2 emission. The mediation analysis showed that the population growth would be the key factor of influence on CO2 emission. It is therefore recommended that, being a developing economy, Pakistan should reconsider its strategies towards CPEC projects, especially those involving coal energy production which may accelerate the CO2 emission in the country and lead to additional costs in terms of natural hazards and climate change.

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Research Article Fri, 30 Jun 2023 18:05:00 +0300
Factors determining participation of developing countries in global value chains https://brics-econ.arphahub.com/article/101915/ BRICS Journal of Economics 4(2): 225-242

DOI: 10.3897/brics-econ.4.e101915

Authors: Liudmila Chikhun, Igor Romanov

Abstract: The paper examines the key economic and institutional factors that determine the participation of developing countries in global value chains (GVCs). To assess the impact of a number of factors on the foreign value added in export of developing countries, an econometric model for 84 countries for the period 1999-2018 is used. Obtained results indicate that developing countries with higher per capita income, more developed manufacturing industry, more open economy, less administrative burden on business and those actively engaged in foreign direct investment (FDI) activities demonstrate higher upward participation in the GVCs. It is also shown that trade liberalization and investments in foreign production strengthen the positions of developing countries in the GVCs in the long term. Based on these findings, recommendations are formulated for the state policy of these countries in order to accelerate their integration into more complex stages of the GVCs.

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Research Article Fri, 30 Jun 2023 18:04:00 +0300
Post-Covid Brazil and the new government: Economy and foreign policy https://brics-econ.arphahub.com/article/99448/ BRICS Journal of Economics 4(1): 97-116

DOI: 10.3897/brics-econ.4.e99448

Authors: Carlos Eduardo Carvalho, Tatiana Massaroli de Melo, William Daldegan

Abstract: The Brazilian economy has more continuity than ruptures in the end of the pandemic as well over former Bolsonaro’s government closure. Positive economic indicators since 2021 were followed by a further slowdown at the end of 2022, keeping the pattern of weak growth moments in the midst of a near stagnation trend. The export of goods based on natural resources remains a positive factor as in the previous decades, though with the same problems of low leverage capacity of productivity diffusion to other sectors. The public sector faces great difficulties when trying to promote growth and modernization because of fiscal rigidity aggravated by mandatory expenses and varied resistance to cutting spending and redirecting expenses caused by conflicts that are hard to coordinate. After a brief presentation of the economic indicators at the end of 2022, the paper highlights three elements that condition the economic policy in the post-Covid Brazil: the rigidity of fiscal framework; export industry performance and deindustrialization; resumption of the foreign policy that will allow the country to benefit from the international scenario.

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Research Article Fri, 31 Mar 2023 17:30:00 +0300
Editorial for Special Issue On COVID-19: Its Impact on BRICS Economies https://brics-econ.arphahub.com/article/103662/ BRICS Journal of Economics 4(1): 1-7

DOI: 10.3897/brics-econ.4.e103662

Authors: Badar Alam Iqbal

Abstract: Need to be written 

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Editorial Fri, 31 Mar 2023 17:30:00 +0300
How Russia’s trade with China influences carbon dioxide emissions in Russian regions https://brics-econ.arphahub.com/article/91170/ BRICS Journal of Economics 3(4): 271-298

DOI: 10.3897/brics-econ.3.e91170

Authors: Alina Steblyanskaya, Artem Denisov, Sergey Bobylev, Svetalna Razmanova

Abstract: The Sino-Russian partnership has become one of the hottest issues in contemporary international politics. Significantly, the highest potential is in the movement of both countries to Carbon Neutrality. China pursues the goal to reach its carbon peak by 2030, aiming to achieve net-zero carbon dioxide emissions. The Russian government is also involved in new programs concerning emissions reduction. The two countries plan to collaborate on a new level of responsibility and transregional interconnection. The paper aims to analyze the influence of Russia’s trade with China on carbon dioxide emissions in Russian regions. The authors present a review of carbon dioxide emissions between the two countries, explore the processes of trade in several categories of products and outline forward forecast tendencies. The paper uses complicated forecasting modeling in Python to assess the prospects of trade collaboration between Russia and China untill 2030. It makes forecasts of the volumes of carbon dioxide emissions and environmental trends till 2030. The research results show that the highest levels of emissions are observed in the industries “Mineral products”, “Chemical products” and “Animal husbandry and fishing products and services”, while “Wood works and furniture”, and “Agriculture products and services” produce considerably fewer emissions.

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Research Article Fri, 30 Dec 2022 17:00:00 +0200
Return of Coal: A Short Visit or a Long Stay? https://brics-econ.arphahub.com/article/94712/ BRICS Journal of Economics 3(4): 209-229

DOI: 10.3897/brics-econ.3.e94712

Authors: Dzhanneta Medzhidova

Abstract: Despite the existence of global targets to slow the pace of climate change, coal remains one of the most commonly used fuels that accounts for over 25% of the global energy supply and consumption. Multiple factors explain why coal is still widely used: its relatively low prices, availability in developing countries, low transportation costs and path dependence, i.e. the existing energy infrastructure. Coal consumption in developing (non-OECD) countries has been rising thanks to the processes in India and China but in 2021, however, it increased in the OECD countries as well. The uneven and often atypical post-COVID-19 recovery driven by manufacturing created disruptions in energy markets with high and volatile prices of coal’s main substitute - natural gas. The first in history and hence unexpected slowdown in the RES supply in 2021 added to the reversal of trends exactly at the time of the COP26 in Glasgow. The goal of our study is to examine the coal markets in the new complex environment determined by both economic and political factors: high commodity prices, rising inflation, decelerating economic growth, and sanctions against exporters. In this paper we analyze the major trends before 2020, the current processes, and their implications for the future in the context of choice between economic development and energy transition including the issue of stranded assets and their possible reopening.

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Research Article Fri, 23 Dec 2022 11:16:00 +0200
Foreign direct investments in the BRICS countries and internationalization of Chinese capital https://brics-econ.arphahub.com/article/96300/ BRICS Journal of Economics 3(3): 129-142

DOI: 10.3897/brics-econ.3.e96300

Authors: Bruno De Conti, Antônio Carlos Diegues

Abstract: This article aims to analyze the economic integration of the BRICS countries through foreign direct investments (FDI) since the first summit of the group in 2009. The investigation shows that this integration is very asymmetric due to the preponderance of Chinese investments in other BRICS countries. Hence, the paper sets an associated objective, focusing on the evaluation of diverse patterns of internationalization of Chinese capital and its impact on the investments within the bloc. In line with these goals, the paper’s methodology involves several progressive steps. First of all, we are developing a data analysis of FDI in BRICS. Given the absolute dominance of China’s investments within the bloc, we are shifting the focus to these Chinese outward foreign direct investments (OFDI). In order to cope with this requirement, we are promoting qualitative and quantitative analysis. The qualitative analysis consists in the perception of heterogenous motivations that induce the internationalization of Chinese capital through examining the strategies of three groups of economic agents in China: (1) state-owned enterprises (SOE) operating in traditional sectors, (2) big companies preponderantly oriented on the domestic market, and (3) technology-based companies. The quantitative analysis lies in the scrutiny of the available data on Chinese investments in other BRICS countries. As a result, the main contribution of this article lies in the characterization of heterogeneous strategies of the internationalization of Chinese capital and their analysis within the framework of the asymmetric productive integration within BRICS.

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Research Article Tue, 8 Nov 2022 13:46:00 +0200
Brazil’s viewpoints on international organizations: Political aspects https://brics-econ.arphahub.com/article/81072/ BRICS Journal of Economics 3(1): 73-91

DOI: 10.3897/brics-econ.3.e81072

Authors: Valdir da Silva Bezerra

Abstract: Recent (geo)political tensions, the impact of the Covid-19 pandemic and the rise of nationalism worldwide have brought to the forefront processes of (de)globalization both in social, political, and economic terms. In this context, we place questions: How have Brazil’s views on international organizations changed over the years and why does it matter when it comes to understanding the country’s recent contribution to the processes of (de)globalization? To answer the aforementioned questions, this article discusses some of Brazil’s main points of view on international organizations (IOs) from a historical perspective. Therefore, we aim to analyze the criticism and political positions of Brazil regarding the most relevant IOs over time, from the League of Nations to the United Nations and the Bretton Woods institutions. Additionally, this paper addresses Jair Bolsonaro’s (de)globalization positions, especially in view of his peculiar foreign policy oriented towards the contestation of the system. As a concluding point, we provide sufficient evidence on Bolsonaro’s political inclination towards processes of (de)globalization based on his contempt for the so-called ‘globalism’, as well as his nationalistic rhetoric.

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Research Article Mon, 16 May 2022 17:36:00 +0300
Determinants of FDI inflows to West Africa: Prospects for regional development and globalization https://brics-econ.arphahub.com/article/83129/ BRICS Journal of Economics 3(1): 27-51

DOI: 10.3897/brics-econ.3.e83129

Authors: Ololade Mistura Aromasodun

Abstract: Abstract This paper examines the determinants of foreign direct investment (FDI) inflow into West Africa. FDI is regarded as the central engine for growth. Such inflows are not often satisfactory, both in terms of their volume and in terms of their sectoral distribution, particularly in developing countries. The study carried out a unit root test using the Im-Pesaran-shin (IPS) method, which revealed that four out of many variables were stationary at first difference, while other variables were stationary at level. Consequently, the Kao co-integration test methodology was used to analyze the long-run relationship. Thus, the regression analysis was carried out using the Panel ARDL method in an equation with a 50-year observation period. Concerning the remaining seven equations with shorter time series observations, the Pooled OLS estimation method was used to analyze the factors determining the inflow of FDI. The results indicate that financial development has a negative effect on FDI flows (and hence on globalization processes) in West Africa, while trade openness, institutional composite index and control of corruption have positive effects on FDI and hence increase globalization tendency. Based on these findings, the study recommends, among other things, that the authorities in West African countries vigorously pursue trade liberalization policy as an effort to globalize the region through FDI inflows. The study examined the macroeconomic determinants on FDI alongside institutional and socio-political determinants that are difficult to study in the case of West Africa as a region. The use of a composite institutional quality index, which combines multiple indicators of institutional quality, is another novelty of this research. Another unique contribution of the study is the use of the Africa Infrastructure Development Index (AIDI), which serves as a composite infrastructure index, as an explanatory variable.

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Research Article Mon, 16 May 2022 17:36:00 +0300