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Selected e-articles

Abstract: This paper examined the relationship between the European Union (EU) and Brazil, Russia, India, China and South Africa (BRICS) and sought to ascertain lessons the BRICS bloc could learn from the EU's integration. The study employed an exploratory qualitative desktop research design to study the relations between the EU and BRICS bloc. The paper established that the EU has not formulated a BRICS policy and vice versa, which implies that there are no formal relations between the two blocs. However, the EU has institutionalised political and economic engagements with BRICS member countries through the EU strategic partnership framework. This demonstrates that, at the global level, BRICS and the EU may appear to be opponents but, at a state-to-state level, they are strategic partners. Nonetheless, this paper noted that the EU has become a role model for regional integration and there are imperative lessons that BRICS could learn from the EU's integration. The paper, therefore, recommended that BRICS emulates the EU's integration experience and utilises it to construct its integration.

Abstract: Economies abundant in resources offer substantial potential for economic growth and development. However, they often face the effects of uncertainty in economic policies. This research investigates the intricate connection between economic policy uncertainty (EPU) and resource rents (TRR). Additionally, it explores how financial development (FD) plays a moderating role in the liaison between EPU and TRR. The study utilizes a dataset covering two decades, from 2000 to 2019, concentrating on the BRICS economies (Brazil, Russia, India, China, and South Africa). The FMOLS and DOLS techniques were conducted for analysis purpose. The findings disclose that EPU has a detrimental impact on TRR, highlighting the adverse consequences of economic uncertainty on resource management and development. Conversely, FD has a positive influence on TRR, underscoring the importance of a well-developed financial sector in maximizing resource revenue. Importantly, the study shows that FD helps to ease the negative effects of EPU on TRR, emphasizing the critical role of financial development in enhancing the resilience of resource rents in the face of EPU. This research provides valuable insights for policymakers and investors, offering a comprehensive understanding of how EPU, financial development, and various economic factors interact within the resource-rich BRICS nations. It underscores the significance of promoting financial development and reducing economic uncertainty to optimize the use of resource rents for sustainable economic growth. In contrast to prior studies that examined the separate impacts of EPU and FD on resource rents, this study brings a unique perspective by investigating the moderating role of financial development. •We examine the empirical nexus between economic policy uncertainty (EPU), financial development, and resource rents.•EPU has a negative effect on resource rents.•Financial development has a positive effect on resource rents.•Financial development plays a moderating role in EPU-resource rents nexus.•EPU curse hypothesis while financial development blessing hypothesis theory were found valid in current analysis.

Abstract: Energy security, along with its intertwined link with the availability of natural resources, continues to be a significant topic of discussion in the context of economic growth, political stability, and ecological viability. This study digs into the dynamic relationship between abundant resources and energy security, particularly emphasizing the BRICS nations of Brazil, Russia, India, China, and South Africa. The first step of the investigation is to unravel the paradox of the natural resource curse, in which resource-rich countries often face economic volatility, corruption, and income inequality. This study contextualizes the curse's consequences by investigating the relationship between resource richness and energy security trajectories. The study uses panel data from 1992 to 2018 to explore the multifaceted connections between total natural resource rent, risk to energy security, GDP per capita, anti-corruption efforts, and military expenditure. The natural resource curse theory is verified in the long run due to the correlation between the abundance of resources and an increased threat to energy security. It highlights the necessity for diversification methods that reduce vulnerabilities brought on by resource volatility. The study also emphasizes how renewable energy sources have the potential to improve energy security by decreasing reliance on fossil fuels. The study offers policy ramifications relevant to the problems the BRICS countries face, guided by the empirical findings. The recommendations stress sustained resource governance, renewable energy transition, regional cooperation, and a long-term energy security strategy. The results highlight the necessity for strategic policymaking that integrates resource exploitation with the needs of energy security and sustainable development. •Explores the complex relationship between natural resources and energy security in BRICS.

Abstract: This article offers a comprehensive overview of the rapidly expanding literature on the resource curse phenomenon, in which nations wealthy in natural resources (such as the BRICS) have slower rates of sustainable monetary growth compared to those with less natural resources. This study lays the groundwork for the future of green finance by creating a theoretical basis for the application of fintech to the financial sector. Furthermore, the current research study contributes a fresh paradigm to the natural resource curse literature by exploring the investment and real exchange rate channels, by which green investment and green financing help to alleviate the resource curse. The study proposes a decision-making framework for executives in resource and non-resource sectors subject to the governments of BRICS nations. The research shows that if BRICS nations increase their green investment, they may break free of the resource curse that has plagued them. Findings also show that the development of highly competitive green goods and practices may impede real exchange appreciation, which is consistent with the Dutch disease theory (DDT). The results show, in the end, that the divergent policies of BRICS countries, based on Resource curse theory (RCT) and DDT, would steer enterprise managers towards attaining resource benefit together with sustainable social welfare objectives. Present findings from the study will steer the banking sector strategies to optimise the loan allocation of cash schemes while enabling assessment and supervisory initiatives for coordinating the green transition and strengthening amongst sectors (resource and non-resource). In order to direct the green development of the financial sector and services into the actual economy, green finance policies must be updated and put into practice on a frequent basis. Finally, the current study's management implications include directing industry strategies towards sustainable economic development where the elements responsible for unsustainable economic growth are identified using RCT and DDT. •The BRICS and other resource-rich countries are examined in the context of the resource curse phenomena.•Proposed a decision-making framework for business leaders BRICS countries' resource and non-resource industries.•Underscores the significance of policies towards resource advantages and fostering sustained societal wellbeing.•Introduce the notion of green finance and fintech as viable ways to effectively mitigate the resource curse phenomenon..

Abstract: Over the past few years, natural resource efficiency and the green economy have gained increasing attention. BRICS countries face challenges in natural resource efficiency and a green economy. These challenges include limited access to financing for green initiatives, insufficient infrastructure and technology, and competing priorities for economic development. This paper examines whether natural resource efficiency affects green growth under financial development, renewable energy, research and development, and globalization in BRICS countries from 1990 to 2021. Our empirical estimates are based on advanced economic methodologies, including slope heterogeneity, LM Bootstrap panel cointegration, and continuously updated fully modified (CUP-FM) and bias-corrected (CUP-BC) estimators. The result explains that sustainably transforming consumption and production patterns is supported to facilitate multi-stakeholder partnerships to encourage a green economy. Moreover, green fields' risk and return profiles differ from traditional industries under existing private financing mechanisms. Policymakers in the BRICS countries are suggested to promote the efficient use of natural resources, renewable energy sources, sustainable land use practices, sustainable urbanization, and adopting green technologies to ensure sustainable development through green growth..

Abstract: The nexus of green growth, natural resources, and innovation is evaluated. Protecting the environment and growing the economy are essential. Green growth reduces negative environmental impacts and promotes sustainability. Globalization and green growth in BRICS countries are negatively correlated. Research and development drive green growth in BRICS countries. Resources, innovation, globalization, and green growth are interconnected pillars that shape societies and economies. By effectively managing resources, fostering innovation, embracing globalization, and embracing green growth, countries can achieve sustainable development, economic prosperity, and a better future for future generations. In this paper, we examine the nexus of natural resources, innovation, globalization, and green growth in BRICS countries from 1990 to 2021 in light of financial development's role in promoting green growth. We use dynamic system panel data estimations and robust random effect GLS regression for long-run estimates. BRICS countries experience green growth due to natural resources, globalization, financial development, and research and development. There is a negative relationship between globalization and green growth in the BRICS countries. Policymakers need to consider the policy implications discussed in this document to ensure a greener and more sustainable future for the BRICS countries. To mitigate the negative impacts of globalization on green growth, BRICS countries should enhance their environmental regulations. Stricter standards can help control pollution, promote sustainable resource management, and encourage the adoption of clean technologies. The BRICS countries should prioritize sustainable trade practices by integrating environmental considerations into trade agreements and policies. This could include promoting eco-labeling, supporting eco-friendly supply chains, and reducing trade barriers for environmentally friendly products.

Abstract: Environmental degradation is a pressing global concern, necessitating a comprehensive understanding of its determinants. This research uses the pollution haven hypothesis to explore the impact of financialization and globalization on environmental degradation in BRICS economies. The study offers evidence-based perspectives on the interplay between financialization, globalization, and the ecological footprint by utilizing yearly data from 1985 to 2020 and adopting the pooled least square and fixed effect estimation methods. Results indicate that Foreign Direct Investment (FDI) may exacerbate environmental deterioration by influencing the three facets of globalization: economic, social, and political. Moreover, the study emphasizes that the financial market could aid in lessening the ecological footprint in BRICS economies. Furthermore, a heightened utilization of renewable energy sources can aid in mitigating environmental deterioration. However, elevated levels of human capital could potentially lead to augmented economic activities and resource usage, thereby increasing the ecological footprint. These results add to the knowledge of environmental degradation and deliver critical insights for policy formulators in BRICS countries. The study underlines the necessity for effective environmental rules and strategies to counterbalance the detrimental effects of financialization and globalization on the environment. It also points out the significance of sustainable practices and global collaboration in tackling environmental challenges. 

Abstract: In the face of escalating environmental challenges, gaining insights into their influence on corporate strategies has become crucial because it paves the way for proactive and adaptive measures. In view of this, the primary objective of study is to explore the relationship between climate vulnerability (CVN) and corporate green innovation (GIN). The study leverages a comprehensive dataset spanning 13 years (2010−2022) across enterprises within BRICS nations. The regression was conducted by employing system GMM model and robustness of analysis was checked by considering the quantile regression technique. The findings reveal a significant negative relationship between CVN and GIN, signifying that heightened vulnerability to climate hazards impedes corporations' capacity for green innovation. The adverse impact of CVN on corporate green innovation (GIN) persisted consistently across various facets. The study emphasizes the importance of strategic measures to counteract the adverse effects of climate vulnerability on green innovation. Corporate managers need to prioritize climate resilience strategies, integrating sustainable innovation into their business models to navigate environmental challenges and ensure long-term viability. This study makes a valuable contribution to the existing literature by investigating the influence of climate vulnerability on corporate green innovation, presenting a unique research focus that fills an apparent gap in the current body of knowledge.

Abstract: This study explores the interaction between geopolitics, natural resources, and load capacity factors (LCF) within BRICS countries. Using fixed effects, random effects, quantile regression, and Driscoll Kraay Standard Error approaches, we found that for every 1% increase in green technology adoption, LCF decreased by 0.14%–0.54%. This effect suggests that green technologies may reduce LCF. Geopolitical risk positively influences LCF, with a 1% increase resulting in a 0.14%–0.48% rise across quantiles, thus enhancing reliability and sustainability. Furthermore, economic growth, renewable energy, and natural resources rents enhance the ratio of biocapacity to ecological footprint. Economic growth boosts environmental sustainability by increasing load capacity factor (LCF). Higher geopolitical risk enhances LCF, likely through higher energy diversity and security. Renewable energy adoption aids environmental quality by increasing LCF. Natural resource rents contribute to enhancing the ratio of biocapacity to ecological footprint. Green technology adoption may limit LCF, posing challenges to environmental objectives.

Abstract: We examine the empirical nexus between governance quality green growth performance (GRG).The analysis reveals that governance quality enhances the green growth performance.The findings reveal the growth enhancing role of financial sector development. Notably, the analysis highlights the positive effect of all proxies of governance on green growth. The findings have significant policy implications for policymakers. This study investigates the impact of governance quality (AGI) on green growth (GRG) in BRICS nations from 1998 to 2022, focusing on aspects like corruption control and regulatory quality. Utilizing advanced econometric models such as FMOLS, DOLS, and CS-ARDL, the analysis highlights a positive correlation between governance quality and green growth. Stronger governance is linked to enhanced green growth, underscoring the importance of robust governance mechanisms for environmental sustainability. These findings offer valuable policy insights, emphasizing the need for improved governance to support green growth initiatives. This research enriches the literature by empirically examining governance's role in fostering green growth.

Abstract: This study examines the connection between higher education and economic growth in the BRICS countries. This study used the gross enrolment ratio (GER) to gauge the extent of higher education in the BRICS countries, while gross domestic product (GDP) was used to estimate economic growth. The study includes both time series and panel data analysis for all BRICS countries. The vector error correction model (VECM) and the vector autoregressive model (VAR) were applied to time series data to explain the causal relationship between GDP and GER. Panel data were analyzed using the panel vector auto-regression (PVAR) model. The time series analysis revealed that there is both a bi-directional and a unidirectional causal link between economic development and higher education. However, panel data analysis revealed that the causal influence of higher education was more pronounced than economic growth.

Abstract: The study attempts to analyze the implications of the war in Ukraine for the issues of development and inequalities in the BRICS block. The so-called "emerging economies" play an essential role in the global system, both in economic and political terms. The article compares the political and economic backgrounds of Brazil, Russia, India, China, and South Africa, their development, the "status quo" and their future aspirations, and analyses how the war in Ukraine may change the global development scenario. It is essential after the BRICS summit in South Africa invited six new members to the group. The article is rooted in complexity theory, supported by a mixed methodology approach. We show how the given research methodology, informed by complexity theory, can furnish new insights into global sustainability. The statistical method was used to gauge the correlation-regression impact of inequalities in BRICS countries on their sustainable development. The analysis allows several conclusions to be ventured: sustainable development is closely linked to inequalities and vice versa; the war has had a significant, multidimensional impact on the development paths and inequalities in the BRICS countries, which potentially could worsen, and the war is a major shocking event that can lead to global system changes and implications which are broader than merely for the subregion.

Abstract: Employing BRICS as a case study, this paper argues that India's neutrality in the Russia-Ukraine war is not influenced by its quest for status via BRICS because a souring of the India-Russia bilateral relationship will not affect India's quest for status through the BRICS. First, India and Russia have joined and co-developed BRICS to achieve their national and foreign policy goals such as great power status, challenging US hegemony and achieving a multipolar world order, reform of the liberal international order and Bretton Woods institutions and other objectives. Both countries have much to lose by allowing their problematic bilateral relationship to adversely impact the BRICS. Second, the BRICS is structured in such a way that its operating procedures/principles including consensus-based decision making and intentionally omitting controversial issues implies that bilateral problems between member states are not tabled and they do not make the group dysfunctional.

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