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This study estimates the monetary policy reaction function (MPRF) in a Dynamic Stochastic General Equilibrium (DSGE) framework using Bayesian analysis for the emerging economies. DSGE models are suitable for the policy analysis because of their simplicity and prominent role of forward-looking variables. This is a pioneer study investigating the combined effects of credit spreads, fiscal imbalances, and monetary autonomy on interest rates for BRICS member countries. Using real data for the period 1970–2021, the posterior estimates confirm that both credit spread and fiscal imbalance significantly contribute to fluctuations in output, inflation, and interest rates in all the sample economies. The estimates show that fluctuations in the inflation rate are due to supply shocks. The empirical estimates also reveal that fiscal imbalances shock significantly affect output in Brazil, India, and South Africa, whereas, based on real data inflation and interest rate are significantly affected by fiscal imbalance shocks in China and South Africa. Yet, the findings suggest that the effects of various shocks on output and interest rates vary across countries. [ABSTRACT FROM AUTHOR]

In this paper we introduce a novel algorithm, called Exogenous Fitness, to calculate the Fitness of subnational entities and we apply it to the states of Brazil. In the last decade, several indices were introduced to measure the competitiveness of countries by looking at the complexity of their export basket. Tacchella et al (2012) developed a non-monetary metric called Fitness. In this paper, after an overview about Brazil as a whole and the comparison with the other BRIC countries, we introduce a new methodology based on the Fitness algorithm, called Exogenous Fitness. Combining the results with the Gross Domestic Product per capita (GDPp), we look at the dynamics of the Brazilian states in the Fitness-Income plane. Two regimes are distinguishable: one with high predictability and the other with low predictability, showing a deep analogy with the heterogeneous dynamics of the World countries. Furthermore, we compare the ranking of the Brazilian states according to the Exogenous Fitness with the ranking obtained through two other techniques, namely Endogenous Fitness and Economic Complexity Index. [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]

The primary energy consumption structure of BRICS countries is dominated by fossil energy, particularly coal. Coal consumption in BRICS countries is a major driver underlying increased carbon emissions. Therefore, this study developed a spatiotemporal decoupling mode and incorporated factors related to coal consumption-induced carbon emissions into a spatiotemporal decoupling analysis method to provide differentiated and targeted policies for energy restructuring and emission reduction targets in BRICS countries. Moreover, a temporal-spatial decomposition logarithmic mean Divisia index model was developed using the spatiotemporal decoupling index method. The model is based on CO2 emissions generated by coal consumption in BRICS countries, with a primary focus on data from Brazil, Russia, South Africa, India, and China. The findings reveal distinct spatiotemporal distributions and driving effects of coal consumption and carbon dioxide emissions across various countries. Factors such as CO2 emission intensity, coal consumption intensity, economic output per capita, and population structure exerted either positive or negative effects on the distributional effect of the carbon emission-economic output per capita association in BRICS countries. Additionally, country-level heterogeneity in the influence of the distributional effects of CO2 emissions was observed within each BRICS country. Thus, different policies are needed to achieve carbon emission reduction targets in different countries. [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]

Objective: Over the past few decades, obesity has reached epidemic proportions, and is a major contributor to the global burden of chronic diseases and disability. There is little evidence on obesity related co-morbidities in BRICS countries. The first objective is to examine the factors associated with overweight and obesity in four of the five BRICS countries (China, India, Russia and South Africa). The second is to examine the linkage of obesity with selected morbidities. Methods: We used data from the Study on Global Ageing and Adult Health (SAGE) survey conducted by the World Health Organization (WHO) in China, India, Russia and South Africa during 2007–10. The morbidities included in the analysis are Hypertension, Diabetes, Angina, Stroke, Arthritis and Depression. Findings: The prevalence of obesity was highest in South Africa (35%) followed by Russia (22%), China (5%) and India (3%). The prevalence of obesity was significantly higher in females as compared to males in all the countries. While the wealth quintile was associated with overweight in India and China, engaging in work requiring physical activity was associated with obesity in China and South Africa. Overweight/obesity was positively associated with Hypertension and Diabetes in all the four countries. Obesity was also positively associated with Arthritis and Angina in China, Russia and South Africa. In comparison, overweight/obesity was not associated with Stroke and Depression in any of the four countries. Conclusion: Obesity was statistically associated with Hypertension, Angina, Diabetes and Arthritis in China, Russia and South Africa. In India, obesity was associated only with Hypertension and Diabetes. [ABSTRACT FROM AUTHOR]