Abstract: BRICS Journal of Economics 3(1): 73-91 DOI : 10.3897/brics-econ.3.e81072 Authors : Valdir da Silva Bezerra : 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. HTML XML PDF PubDate: Mon, 16 May 2022 17:36:00 +030
Abstract: BRICS Journal of Economics 3(1): 53-71 DOI : 10.3897/brics-econ.3.e86001 Authors : Andrei Panibratov, Julia Fedoritenko, Darya Dubova, Dmitriy Seleznev : The article sheds light on the national climate policies under the influence of the EU “green” agenda towards a new wave of deglobalization. We address issues related to the main provisions of the carbon dioxide (СО2) emission trading system implemented by the EU and posit that European climate policy can enhance the process of reducing interdependence and integration between EU member states and non-EU countries. We suggest that the EU’s global climate leadership, increased use of environmental taxes and stimulation of economic growth based on low-carbon technologies such as hydrogen, energy storage and carbon capture, utilization, and storage (CCUS) can lead to deglobalization. Based on a case study of Finland as an EU member and China as a BRICS representative, we observe the effect of the applied carbon tax on the development of national economies and propose that similar policies across the EU and around the world minimize the risks of deglobalization. HTML XML PDF PubDate: Mon, 16 May 2022 17:36:00 +030
Abstract: BRICS Journal of Economics 3(1): 27-51 DOI : 10.3897/brics-econ.3.e83129 Authors : Ololade Mistura Aromasodun : 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. HTML XML PDF PubDate: Mon, 16 May 2022 17:36:00 +030
Abstract: BRICS Journal of Economics 3(1): 5-25 DOI : 10.3897/brics-econ.3.e84707 Authors : Andrey Panibratov, Ajai S. Gaur : This paper discusses the impact of political factors on MNEs’ strategic choices to divest their foreign operations with a focus on Russian MNEs. The rising anti-globalization sentiments forced many firms to rethink their global strategy. We argue that Russian MNEs operating in countries that did not join the economic sanctions against Russia may be less inclined to divest their subsidiaries than those in countries that supported sanctions. We also suggest that Russian MNEs, located in a host country with similar institutions and political stability as Russia would be less likely to divest. We contribute to the divestment literature by emphasizing the political dimension of the foreign market exit. HTML XML PDF PubDate: Mon, 16 May 2022 17:36:00 +030
Abstract: BRICS Journal of Economics 3(1): 1-3 DOI : 10.3897/brics-econ.3.e86003 Authors : Andrei Panibratov : Over the past decade, globalization has faced the number of unprecedented challenges triggered by a series of significant adverse events. With the continuous intensification of protectionism, nationalism, and de-globalization, the global economy has been withdrawing from a high-level of openness and interdependency. Trade disputes and political tensions between countries evoked further concerns of scholars about ongoing de-globalization that has been actively problematized since the end of 2010s. While many scholars expect greater risk aversion, protectionism and nationalism to be the paradigm for national economies and for multinational companies (MNCs), others oppose suggesting that the foundations of globalization have not eroded, and post-pandemic world will need even more globalization. This point grounds on the idea that the world is now and will long be fragmented and unequal, and international firms will persist as bridges that connect the fragmented reality. HTML XML PDF PubDate: Mon, 16 May 2022 17:36:00 +030
Abstract: BRICS Journal of Economics 2(4): 103-115 DOI : 10.38050/2712-7508-2021-4-5 Authors : Olga Vinogradova : Due to the COVID-19 pandemic, real GDP of Russia is expected to fall by 4-6%. The banking industry provides liquidity to Russian business in times of hardship. On the one hand, the Bank of Russia facilitates lending opportunities for the business and subsidizes the mortgage interest rate for banks and the public in order to prevent business bankruptcies. And on the other hand, it provides liquidity to banks via REPO (repurchase agreement) auctions. Currently, there is not enough demand for REPO transactions from banks, but it might increase after other measures of support begin to be canceled. The article studies the effectiveness of current forbearance measures for Russian banks and provides an insight into the future development of the banking industry after the COVID-19 pandemic. HTML PDF PubDate: Mon, 27 Dec 2021 00:00:00 +020
Abstract: BRICS Journal of Economics 2(4): 77-102 DOI : 10.38050/2712-7508-2021-4-4 Authors : Agyemang Sampene, Cai Li, Fredrick Agyeman, Robert Brenya : Global climate change has emerged as humanity’s greatest challenge, affecting both the natural security of the earth and the long-term growth of human society. Protecting the environment and fostering long-term growth while reducing carbon emissions has become a global concern. The BRICS countries (Brazil, Russia, India, China, and South Africa) are participating in the fight against climate change through the promotion of low-carbon environment (LCE). In this study, we use content analysis to discuss some of the policies, plans, and programs outlined by the various governments in the BRICS that can help them implement an LCE. The study indicates that currently Brazil, Russia, India, China, and South Africa are rated as “insufficient,” “critically insufficient,” “compatible,” “incompatible,” and “highly insufficient” respectively in their commitment to nationally determined contributions (NDC) to the Paris Agreement. The paper recommends that the BRICS countries achieve an LCE through expanding low-carbon investments and financing, focusing on taxation that goes beyond energy, investing in low-carbon cities, adapting to a circular economy and low-carbon technologies, expanding electricity markets, and promoting climate-friendly international trade among the BRICS countries. HTML PDF PubDate: Mon, 27 Dec 2021 00:00:00 +020
Abstract: BRICS Journal of Economics 2(4): 47-76 DOI : 10.38050/2712-7508-2021-4-3 Authors : Samkelisiwe Bhebhe, Ian Ndlovu : This study seeks to identify the extent to which global oil and food price volatilities affected the interdependence of the Brazilian and Russian economies in the period from 1996 to 2021. The ARCH/GARCH framework was used to model the volatility of oil and food prices. The Structural Vector Autoregressive (SVAR) approach was used to ascertain the sensitivity of key economic indicators to oil and food shocks. The Impulse Response Function (IRF) was usedto trace short-term effects over a period of 12 months. Subsequently, the multivariate dynamic conditional correlation DCC-GARCH model, created by Engle & Sheppard (2001), was used to model time-varying correlations of paired macroeconomic variables. This study contributes to the empirical literature in two fundamental ways. Firstly, it pairs the two largest oil and food producers in the BRICS bloc. Secondly, unlike some earlier studies, the applied methodology ensures the effectiveness of the results by using stationary time series data. The results show that Brazil and Russia have long-run spillover effects for all macroeconomic variables in response to both oil and food price shocks. Furthermore, money supply and exchange rate variables exhibited declining positive correlation coefficients during the global financial crisis of 2008–2009, but peaked in early 2020 due to the Covid-19 pandemic. As a corollary of the main findings, the researchers recommend that investors should diversify their portfolios beyond these two economies in order to minimize the risk of contagion during severe global crises. HTML PDF PubDate: Mon, 27 Dec 2021 00:00:00 +020
Abstract: BRICS Journal of Economics 2(4): 30-46 DOI : 10.38050/2712-7508-2021-4-2 Authors : Ayushi Tiwari, Tridisha Bharadwaj : This study examines the impact of institutional quality on economic performance in the BRICS countries for the period from 2002 to 2019. The panel data study was estimated using pooled OLS and a fixed effect model. The study employed six institutional quality indicators (Worldwide Governance Indicators) which included voice and accountability, political stability and absence of violence/terrorism, government effectiveness, regulatory quality, rule of law, and control of corruption. The study also controlled for conventional sources of growth, i.e. human capital, physical capital, government expenditure, and inflation. All of these factors were positive and significant in our study. The findings also reveal that government effectiveness, regulatory quality and control of corruption had a positive and significant impact on economic growth in the BRICS countries, whereas other institutional variables turned out to be insignificant. HTML PDF PubDate: Mon, 27 Dec 2021 00:00:00 +020
Abstract: BRICS Journal of Economics 2(3): 83-106 DOI : 10.38050/2712-7508-2021-3-5 Authors : Gasymov Afik, Svetlana Makarova : The purpose of this article is to identify the nature of the influence of crucial factors on the short-term underpricing of initial public offerings of common stocks of companies in the BRICS countries. Based on a sample of 1,141 companies from the BRICS countries that conducted IPOs (using Bloomberg and World Bank databases), we tested the influence of decisive factors on the underpricing of the shares of these companies. The empirical study is based on testing OLS models for different periods: for the period 2001–2018 and separately for the periods 2001–2008 and 2010–2018. The study shows that, firstly, with an increase in the volume of the placement of shares, their underestimation in an IPO decreases. In addition, having an auditor from the Big Four also reduces the underestimation of shares. Secondly, we revealed that the underpricing of shares in the course of the IPO increased with GDP growth. Besides, if companies place their shares on a foreign exchange, the underestimation of their shares increases. At the same time, such IPO parameters as the number of underwriters, the reputation of underwriters, and the deviation of the offer price from the middle of the price range during the placement period do not affect the underestimation of shares for companies from the BRICS countries. Taking into account the results of an empirical study, the article formulates recommendations for improving the efficiency of initial public offerings for companies from the BRICS countries. HTML PDF PubDate: Thu, 30 Sep 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(3): 70-82 DOI : 10.38050/2712-7508-2021-3-4 Authors : Nikpour Amirreza, Semushkina Svetlana : This article examines the key issues related to digital shifts in human resource management in the global economy. The purpose of the article is to identify the features and key trends in the introduction of digital technologies on the example of the BRICS countries. The study yielded a number of results. In the course of the research, the theoretical foundations of the digitalization of HR management are analyzed. The current situation and the contemporary level of human development in the BRICS countries is also noted. The features and problematic aspects of digital transformations in the human resource management system are outlined on the example of Russia, China and Brazil. In addition, the main digital technologies that are widely used in the countries under consideration are described. HTML PDF PubDate: Thu, 30 Sep 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(3): 54-69 DOI : 10.38050/2712-7508-2021-3-3 Authors : Deng Junzhi : The purpose of this paper is to analyze the current situation with e-commerce in China’s textile industry and new business models during the COVID-19 epidemic. The author studied the vital problems of the Chinese textile industry from the point of view of electronic commerce. In order to solve research problems, the method of qualitative content analysis was used to classify and summarize the research situation. Data sources include the latest academic papers, industry analytical reports of securities research institutions, reports of consulting companies (Boston Consulting Group, McKinsey & Company, etc.), as well as government and organization documents (ITMF, United Nations, etc.). Based on the research process, it can be concluded that during the COVID-19 period up to the middle of 2021, China’s textile industry experienced four stages, having switched from traditional e-commerce to interested e-commerce. Innovation and digital transformation seem to be necessary conditions for China’s textile industry to overcome the negative impact of the COVID-19 pandemic. Finally, the author puts forward a long-term development trends of the textile industry after the COVID-19 epidemic. HTML PDF PubDate: Thu, 30 Sep 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(3): 27-53 DOI : 10.38050/2712-7508-2021-3-2 Authors : Elena Sharko : The COVID-19 pandemic has not only become a test for all mankind, but also gave reason to rethink the attitude to their health not only for people from the high-risk category, but also for everyone. Before the pandemic, the concept of a healthy lifestyle was gaining a powerful economic momentum (popularization of communities associated with fitness products, advertising, healthy products, etc.). But has the trend changed after the restrictions were eased' The purpose of this paper is to find out whether the healthy lifestyle concept affected the preservation of the health of the nation during the pandemic (is there a link between the level of national health and the degree of resistance to pandemics'). The study focuses on two countries — Russia and China. The difference in the population’s perception of the healthy lifestyle concept, promotion of a healthy lifestyle at the governmental level, and the assessment of its effectiveness are determined based on the analysis of secondary statistical data, a survey of 1,230 respondents from Russia and China in late 2020 — early 2021, as well as using econometric factor analysis. The results obtained can be scaled to the rest of the BRICS countries in order to adapt existing state programs to preserving the health of nations in the future. HTML PDF PubDate: Thu, 30 Sep 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(4): 4-29 DOI : 10.38050/2712-7508-2021-4-1 Authors : Daniil Sitkevich, Agniya Konstantinova : This work is devoted to the study of the impact of urban development on interethnic intolerance. Although studies on the impact of urbanization and the economic well-being of cities on interethnic intolerance have been conducted in other countries, no similar scientific work has been conducted in Russia. The purpose of this paper is to determine factors related to urban development that influence the level of interethnic intolerance in a Russian city and to clarify the nature of this influence. The assumption of the presence of such an influence is based on the fact that the comfort of the urban environment can play the role of an indicator of economic well-being, while the exacerbation of social conflicts during periods of economic instability is scientifically substantiated. This influence is studied using an econometric study on a sample of 66 Russian cities with a population of over 100 thousand people, where 2 or more crimes motivated by interethnic intolerance were committed during the period 2007–2019. The information base for the studywas obtained from the website of the SOVA Center for Information and Analysis, the statistical databases of Rosstat and EMISS, and the official website of the urban environment quality index. Based on the results obtained, it is concluded that interethnic intolerance is reduced due to a comfortable urban environment. Also, according to the study, in more populated Russian cities the level of interethnic intolerance is higher, whereas the incomes of city residents reduce it. HTML PDF PubDate: Thu, 30 Sep 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(3): 4-26 DOI : 10.38050/2712-7508-2021-3-1 Authors : Andrey Panibratov : The aim of this paper is to reveal the effects of sanctions at the firm level, with the special attention to cooperation and innovation activity of sanctioned firms. Specifically, the differences between domestic and international companies in their ability to adapt to the sanctions in terms of their cooperation with partners and capability to innovate are discussed. The study argues that firms operating in international markets tend to prioritize product innovation and entering new markets to overcome negative consequences of sanctions. In addition, they are more likely to improve their products and to find new markets to compensate for losses and fill their unused capacities. An important finding having both managerial and political value is that operating in the international market may not necessarily provide an advantage in terms of new partners in the local market but rather facilitate the search for new foreign markets. Inviting the government to provide assistance for Russian domestic and international firms on an equal basis, we admit that with varying degrees of control and interest in national firms, the Russian government can help sanctioned companies in different ways, regardless the scale of their internationalization. The study contributes to the literature on the impact of economic sanctions at the firm-level and in the context of the domestic market of the sanctioned country. HTML PDF PubDate: Thu, 30 Sep 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(2): 84-106 DOI : 10.38050/2712-7508-2021-2-5 Authors : Maria Khamidullina, Svetlana Makarova : The article presents the results of a study aimed at determining the nature of the influence of the quality of corporate governance on the dividend policy pursued by companies in the BRICS countries. This relationship is determined based on empirical research on a sample of 122 large public corporations of the BRICS countries (based on 610 observations) for the period from 2015 to 2019. The study uses Tobit, random effects, fixed effects, and OLS. The results of this study show that the quality of corporate governance significantly negatively correlates with dividend payments of companies. This means that companies in the BRICS countries adhere to the dividend substitution model (proposed by La Porta), or, in other words, compensate for the poor quality of corporate governance with high dividend payments. Taking into account the results of the study, in the final part of the article, the main methods of improving the quality of corporate governance are proposed, which can contribute to increasing the value of companies in the BRICS countries. HTML PDF PubDate: Fri, 30 Jul 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(2): 53-83 DOI : 10.38050/2712-7508-2021-2-4 Authors : Yana Rozhda, Marina Sheresheva : Given a changing global context, there is a need to understand if sports mega-events that are now often hosted by the BRICS countries can serve as a tool to improve their international perception as attractive tourist destinations. The study presented in the paper analyzes the perception of Russia and host cities of the 2018 FIFA World Cup by visiting fans. The problem was examined using the available secondary data, as well as empirical data obtained in the spring of 2021 by means of semi-structured interviews and survey methods. The study confirms that hosting of a sports mega-event affects the perception of the destination by its visitors. Organizing such an event encourages people to choose a location that has not been considered before and helps to dispel negative myths and stereotypes imposed by the media. The results also confirm that attending a sports mega-event may lead to an intention to revisit its venue. The results of the study are useful to an international audience, both academics and practitioners, including policy makers. HTML PDF PubDate: Fri, 30 Jul 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(2): 33-52 DOI : 10.38050/2712-7508-2021-2-3 Authors : Natalia Kononkova, Yulia Bulgakova, Natalia Kuznetsova, Yulia Prokhodtseva, Maria Ustiuzhanina : The research concentrates on the development of the concept of global public goods in Russia and China, while new economic grounds are emerging, including a shift to digital economy and the COVID-19 pandemic. This concept is analyzed with a special emphasis on joint Russian-Chinese projects. The analysis is supplemented by a classification based on the financing of global public goods. The findings of our research show that the vast majority of global public goods are financed by governments, even though such global threats as pandemics require donations, as well as further actions by all possible investors. According to the results, with the rapid development of digitalization, most initiatives are aimed at encouraging the spread of digital technologies. The findings of the research suggest implications for figuring out who may have a special interest in the financial aspect of the concept of global public goods. HTML PDF PubDate: Fri, 30 Jul 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(2): 17-32 DOI : 10.38050/2712-7508-2021-2-2 Authors : Olushina Awe, Olumide Ayeni, Gbenga Sanusi, Lukmon Oderinde : Proper research and analysis of mortality dynamics is essential to provide reliable economic information about any country. This paper deals with the historical comparative time series analysis of the mortality rate dynamics in the BRICS countries to determine their economic performances over the years. This article presents stochastic models based on autoregressive integrated moving average (ARIMA (p, d, q)) models of various orders with a view to identifying the optimal and comparative model for the crude death rate (CDR) in the BRICS countries. The ARIMA (p, d, q) models were formulated for the crude death rates in the BRICS countries and the overall annual crude death rate for the period 1960–2018. The optimal choice of ARIMA models of order p and q was selected for each of the series. The results indicate that the ARIMA (2, 2, 0) model was the optimal model for predicting mortality dynamics in the overall BRICS data. In addition, there was a significant decrease in trends (p-value < 2.22e-16) during the study period from 1960 to 2018. In addition, the crude death rate’s data for the BRICS countries proved to be mostly non-linear, non-seasonal and without structural breaks. Finally, the findings of this study were discussed and recognized as having relevant policy implications for forecasting, insurance planning, as well as for disaster or risk reduction in the context of unprecedented global happenings in the post-pandemic era. HTML PDF PubDate: Fri, 30 Jul 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(2): 4-16 DOI : 10.38050/2712-7508-2021-2-1 Authors : Zouhaier Dhifaoui, Faicel Gasmi : The purpose of this article is to detect a possible linear and nonlinear causal relationship between the conditional stochastic volatility of log return of interbank interest rates for the BRICS countries in the period from January 2015 to October 2018. To extract the volatility of the analyzed time series, we use a stochastic volatility model with moving average innovations. To test a causal relationship between the estimated stochastic volatilities, two steps are applied. First, we used the Granger causality test and a vector autoregressive model (VAR). Secondly, we applied the nonlinear Granger causality test to the raw data to explore a new nonlinear causal relationship between stochastic volatility time series, and also applied it to the residual of the VAR model to confirm the causality detected in the first step. This study demonstrates the existence of some unidirectional/bidirectional linear/nonlinear causal relationships between the studied stochastic volatility time series. HTML PDF PubDate: Fri, 30 Jul 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(1): 74-90 DOI : 10.38050/2712-7508-2021-30 Authors : Tiantian Li, Ximeng Ye, Anastasiya Ryzhikh : This article is a study of consumer behavior in China and Russia. The research studies scientific publications and consumer preferences in both countries. Comparative analysis shows that Russia and China, which are rapidly entering a new era of consumption, differ in the level of development of consumer behavior that is directly related to the level of development of digital technologies. Therefore, the impact of COVID-19, the development of digitalization, and the spread of Internet technologies have led to an improvement in diversified consumer preferences that contributed to a change in consumer behavior in China. Currently, there is an insufficient level of digitalization of society in Russia, which does not allow to fully interact with consumers and influence their preferences. The authors also identify contemporary trends in consumer behavior worldwide. In addition, some factors that determine the choice of a certain type of consumer behavior are also identified: external factors, motivational factors, and functional factors. Based on the results of the study, a universal model of the influence of various factors on the behavior of Russian and Chinese consumers is formed and some recommendations are given to sellers during the COVID-19 period. HTML PDF PubDate: Wed, 31 Mar 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(1): 53-73 DOI : 10.38050/2712-7508-2021-29 Authors : Svetlana Berezka, Vera Rebiazina, Snezhana Muravskaia : In the spring of 2020, the COVID-19 pandemic created a new reality. Each country has implemented different measures to contain the pandemic, which has had many consequences for society and businesses. The purpose of this paper is to improve understanding of how the COVID-19 pandemic has changed consumer behavior in the BRICS countries and discuss the role of consumer trust and anxiety. A systematic literature review with a bibliometric analysis was carried out to identify research directions and reveal the role of trust and anxiety in consumer behavior. Differences in consumer responses to the COVID-19 pandemic challenges in Brazil, Russia, India, and South Africa were identified based on an analysis of an international database of online surveys. An empirical study of Russian consumers was conducted in the spring of 2020. Cluster and factor analyses were applied to reveal different consumer strategies of coping with the crisis. The study revealed differences in consumer trust and the level of anxiety in the BRICS countries. In the empirical study of Russian consumers, anxiety was identified as one of the factors in changing consumer behavior in response to the COVID-19 pandemic. HTML PDF PubDate: Wed, 31 Mar 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(1): 40-52 DOI : 10.38050/2712-7508-2021-28 Authors : Evgeniya Gorlacheva, Tatiana Tikhomirova : The paper envisages the key features of the cognitive economics in the BRICS countries. Due to their substantial impact on the development of the world economics, it is necessary to investigate the cognitive processes in these countries. The distinctive feature of the current world economy is the quality transformation of its technological basis that forms global challenges for the future world economic development. The essence of this transformation is to strengthen cognitive processes: emergence of robots, commercial spread of artificial intelligence technologies, changes in labor skills, etc. These quality changes lead to the formation of a new stage of economics — cognitive economics. As a sphere of scientific research, cognitive economics includes three main domains: intellectual systems, knowledge management, and cognitive technologies. Despite the fact that all these phenomena are present in the economy of each country there is no suitable instrument that can measure cognitive processes at the country level. The purpose of this paper is to elaborate a measurement tool for evaluating the level of cognitivization in the BRICS countries. Taking into account this goal, the authors developed an aggregated index based on a generalized principal component analysis. As a result, the main parameters that make the greatest contribution to the cognitive index were identified. Comparison at the country level shows that the first sub-index has more weight connected with the human capital of the countries. As for R&D and ICT infrastructure — the second and third sub-indices — the situation in the BRICS countries is almost the same. The obvious conclusions of the monitoring are that cognitive economics in the BRICS countries has a chance to intensify their economic development and slash the backlog with the developed countries. HTML PDF PubDate: Wed, 31 Mar 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(1): 23-39 DOI : 10.38050/2712-7508-2021-27 Authors : Mehraj Sheikh, Mushtaq Malik, Rana Masood : The link between trade and sustainable development has been largely analyzed on a piecemeal basis. A comprehensive study simultaneously examining economic, social and environmental aspects of sustainable development is needed to ensure coherence between the competing results of previous studies. This study aims to examine the relevance of trade openness in defining sustainable development, with special focus on five emerging countries known as BRICS, using the dynamic panel autoregressive distributed lag (ARDL) approach. The results indicate that economic growth has a tendency to enhance sustainability in both the long and short run. However, trade openness, energy consumption and foreign direct investment are extremely detrimental for sustainable development. HTML PDF PubDate: Wed, 31 Mar 2021 00:00:00 +030
Abstract: BRICS Journal of Economics 2(1): 4-22 DOI : 10.38050/2712-7508-2021-26 Authors : Alina Steblyanskaya, Wang Zhen, Sergey Bobylev, Vladimir Bocharnikov : Considering the attention paid to nature protection throughout the history of economics, it would be worthwhile to evaluate the scientific thought in the Russian Empire, the USSR and Russia concerning an environmentally oriented economy. The review presents an analysis of research works on this topic — from Vernadsky’s concept of the biosphere and environmentally oriented management in the USSR to the modern scientists’ ideas. In the USSR, economics of nature conservation studied the strongest interconnections between society and the ecological environment for further depleting and preventing pollution. The study identifies the leading researchers and outlines the main concepts of how the economy can reflect environmental protection and support sustainability. HTML PDF PubDate: Wed, 31 Mar 2021 00:00:00 +030
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