Search Results (314)

The BRICS economies, facing the threat of climate change, face a policy challenge in transitioning from fossil-fuel-based energy systems and improving environmental quality. This necessitates urgent policy changes in the outdated energy infrastructure of BRICS countries. However, there still remains a policy gap regarding how countries in the BRICS, a group of rapidly developing economies, can grow their economies in line with the Sustainable Development Goals. The aim of our study is to investigate the impact of green energy, green technology, and forest cover on environmental quality in BRICS countries. The BRICS group of countries offers an ideal field of study for both examining the impacts of green energy, green technology, and forest areas on environmental quality in developing economies, as well as for evaluating national and global energy policies. Although numerous studies have empirically examined the relationship between environmental variables and green initiatives, the impact of green initiatives on the load capacity factor has been overlooked. These studies have generally used various econometric methods and have not included machine learning in the process. This study addresses this research gap by focusing on green energy and green technology, which are preferred for their various advantages and make significant contributions to the load capacity factor. To analyze this relationship in BRICS economies between 2000 and 2022, the Augmented Mean Group (AMG) estimator and Machine Learning algorithms were used. According to the results, strong evidence emerges of a positive relationship between green energy, the digital economy, forested area, and the load capacity factor, while a negative relationship exists between green technology, growth, and the load capacity factor. Based on robust empirical findings, renewable energy sources are a key driver of clean energy adoption and can ultimately increase the load capacity factor in BRICS economies. The results also imply that, since developments in green technological innovation in BRICS countries are still in their infancy, investments in green technologies for a sustainable environment need to be qualitatively increased. Full article

The global financial system is undergoing a period of increasing fragmentation as payment and settlement infrastructures become politicised and alternative systems emerge. Platforms such as SWIFT and Euroclear remain central to cross-border finance, yet their use in sanction enforcement has encouraged the development of parallel payment and settlement arrangements, particularly among BRICS economies. This paper examines the implications of global payment system fragmentation for Cyprus, a small open economy and euro-area financial centre. Rather than focusing on direct exclusion or adoption of alternative systems, the analysis highlights indirect transmission channels, including confidence effects, compliance costs, capital flow volatility, and reputational risk. A conceptual framework is developed to explain how infrastructure fragmentation affects rule-taking economies, followed by a scenario analysis illustrating potential outcomes under different fragmentation trajectories. The results suggest that even under managed coexistence, fragmentation increases operational complexity and regulatory pressures for small financial centres. More severe fragmentation scenarios could amplify funding risks and challenge financial intermediation models. The paper concludes with policy recommendations for Cyprus and the European Union, emphasising regulatory alignment, compliance capacity, and infrastructure governance as key tools for managing fragmentation-related risks. Full article

In side-impact collisions, the occupant in the non-impacted far-side position faces a high risk of death and serious injury. However, current research on injury to far-side occupants remains limited. This study utilized 40 real-world side collision cases to extract dynamic boundary condition parameters of the impacted vehicle through kinematic reconstruction. These parameters were input into a simplified finite element (FE) vehicle model equipped with a human body FE model in the far-side position. Simulation calculations were performed to obtain head and chest injury parameters for the far-side occupant and assess their injury risk. Finally, the study focused on analyzing the effect of vehicle motion boundary conditions on far-side occupant’s injury risk. The assessment based on the head injury criterion HIC₁₅ shows a low head injury risk for the far-side occupant. However, using the BrIC metric, which accounts for head rotational motion, reveals a significant risk of severe traumatic brain injury in some cases. Regarding chest injury, analysis based on the effective plastic strain of ribs indicated a low risk of rib fractures. However, results from the chest viscosity criterion (VC) and internal organ strain analysis suggested a high risk of soft tissue injury in the chest. This computational investigation, leveraging biofidelic human models, underscores that the human body’s response to complex, multi-directional impacts is not fully captured by traditional metrics. This study concludes that addressing the protection of the far-side occupant is essential in side-impact safety design, with particular emphasis on the unique injury risks posed by vehicle rotational motion, potentially inspiring biomimetic safety systems that better adapt to these complex loading conditions. Full article

This study examines the determinants of renewable energy consumption among BRICS countries (Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Iran, and Indonesia) between 2000 and 2022. Using static (Fixed and Random Effects) and dynamic (First-Difference GMM) panel data models, the research investigates how economic, institutional, and social factors influence renewable energy transition. The results reveal structural heterogeneity within the bloc. Among the founding members, renewable energy consumption is positively associated with governance quality and trade openness, while GDP per capita exhibits a negative relationship, consistent with the Environmental Kuznets Curve hypothesis. In contrast, the new members show strong energy dependence and limited institutional capacity, with dynamic models confirming high persistence in energy consumption and weak responsiveness to economic and policy changes. Variables such as education and life expectancy were omitted in the dynamic specification due to limited temporal variation, without compromising model consistency. Diagnostic tests (Hansen, Sargan, and AR(2)) confirm the robustness of the estimates. Overall, the findings highlight the importance of strengthening institutional governance, technological innovation, and intra-bloc cooperation to advance energy transition and achieve sustainable development across the BRICS economies. Full article

Global climate policy requires constant attention due to shifting interests and alliances between national negotiators. Whether represented at global or national scales, three universal features of fused climate policy conjoin the wealthy and emerging G20 economies that are historically responsible for the most greenhouse gas emissions. The former are represented by G7 Western powers—the United States, Europe, United Kingdom, Japan, and Canada—and the latter are centered on the fast-expanding ‘BRICS’ bloc: Brazil–Russia–India–China–South Africa (2010–2023), new members Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, and potentially also Saudi Arabia (a member invitee), along with ten new ‘partners’ designated in 2024, many of which have carbon-intensive economies. Although conflicts regularly arise—especially over emissions-related trade policy and climate financing—and although Donald Trump’s exit from United Nations climate politics profoundly disrupted the usually coherent G7 bloc, the consensual principles uniting these diverse Western and BRICS governments at multilateral climate summits include the following: (1) not cutting corporate, state, and household emissions to the extent necessary for avoiding unmanageable planetary disasters, in the process denying effective ways of leaving fossil fuels underground (by reimbursing poor countries); (2) not pricing carbon properly or acknowledging their economies’ ‘climate debt’; and (3) instead promoting carbon trading and offset mechanisms. The implications are important for alliance-formation involving climate-victimized, low-income countries and climate justice activists, alike. In sum, there is an increasingly urgent rationale to transcend ‘Global North’ and ‘Global South’ dichotomies and instead consider climate (like many other aspects of G7-BRICS relations) with a perspective open to critique of the imperial–subimperial fusions, not only oft-assumed frictions. Full article

This study explores how the volatility spillover mechanism and dynamic dependence among the founding BRICS equity markets, namely IBOVESPA, MICEX, Nifty 50, SSE, and JSE, have evolved over time using a multivariate DCC-GARCH model. The analysis is conducted across three distinct regimes: the pre-COVID-19 period (1 January 2010 to 10 March 2020), the COVID-19 crisis (11 March 2020 to 23 February 2022), and the Russia–Ukraine war and sanction period (24 February 2022 to 31 March 2024). The findings indicate that, prior to the COVID-19 pandemic, the BRICS equity markets experienced significant short-term volatility spillovers and significant volatility persistence, indicative of slow financial integration, as opposed to rapid contagion. In comparison, the COVID-19 pandemic resulted in significant structural shifts in the form of increased shock transmission, greater co-movement, and evident financial contagion among the markets. During the post-COVID-19 conflict period, while there was considerable persistence in volatility, the primary drivers of volatility spillovers were geopolitical. Across the three sub-periods, the volatility spillover network shows pronounced structural changes. Before COVID-19, IBOVESPA, MICEX, and SSE act as net transmitters, while Nifty 50 and JSE are net receivers. During the COVID-19 crisis, SSE and JSE become the main shock transmitters, whereas IBOVESPA, MICEX, and Nifty 50 shift to receiver roles. In the post-COVID-19 Russia–Ukraine war period, the network becomes more asymmetric, with JSE and Nifty 50 again emerging as net transmitters, while MICEX and SSE function primarily as net receivers. Overall, this study demonstrates that BRICS equity market interdependence is regime-specific and greatly dependent on exogenous global events. Full article

This study pioneers an examination of the moderating role of supply chain management in the relationships between globalisation (financial, social and trade) and energy transition (implicit and explicit) for the BRICS nations using data from 2005 to 2022. In doing so, we employ a series of second-generation panel regression techniques. The results show that stronger supply chain management acts as a central engine of transition, particularly boosting explicit deployment when combined with supportive financial openness, while trade-linked interactions also enhance implicit efficiency. At the same time, rapid economic growth and deeper urbanisation tend to erode implicit gains and provide only limited support for explicit capacity build-out. Knowledge management and financial development emerge as short-run double-edged mechanisms as they support process-oriented improvements. The differentiated roles of globalisation are crucial, with financial globalisation consistently supporting explicit transition, social globalisation correlating with weaker explicit progress, and trade openness becoming strongly beneficial only when aligned with robust supply chain capabilities, while both social and trade integration dampen the marginal effectiveness of supply chain improvements. The study proposed policies based on these findings. Full article

Background/Objectives: Volatile organic compounds (VOCs) are emerging as non-invasive biomarkers of metabolic and disease-related processes, yet their reliable detection from complex biological matrices such as urine remains analytically challenging. This study aimed to establish a robust, non-targeted headspace solid-phase microextraction gas chromatography–mass spectrometry (HS–SPME GC–MS) workflow optimized for very small-volume urinary samples. Methods: We systematically evaluated the effects of pH adjustment and NaCl addition on VOC extraction efficiency using a 75 µm CAR/PDMS fiber and a sample volume of only 0.75 mL. Method performance was further assessed using concentration-dependent experiments with representative VOC standards and by application to real human urine samples analyzed in technical triplicates. Results: Acidification to pH 3 markedly improved extraction performance, increasing both total signal intensity and the number of detectable VOCs, whereas alkaline conditions and additional NaCl produced only minor effects. Representative VOC standards showed compound-specific linear dynamic ranges with minimal carry-over within the relevant analytical range. Application to real urine samples confirmed high analytical reproducibility, with triplicates clustering tightly in principal component analysis and most metabolites exhibiting relative standard deviations below 25%. Conclusions: The optimized HS–SPME GC–MS method enables comprehensive, non-targeted urinary VOC profiling from limited sample volumes. This workflow provides a robust analytical foundation for exploratory volatilomics studies under sample-limited conditions and supports subsequent targeted method refinement once specific compounds or chemical classes have been prioritized. Full article

This study investigates the impact of natural resource rents (natural gas, forests, minerals, and oil) on capital formation in BRICS economies from 1990 to 2023. It focuses on the importance of natural resource rents and their influence on capital formation in Brazil, Russia, India, China, and South Africa. Foreign direct investment (FDI) is included as a moderating factor. Using the method of moment quantile regression (MMQR), the study finds that higher natural resource rents reduce gross fixed capital formation (GFCF) in the upper quantiles. In contrast, FDI dampens these adverse effects and strengthens the positive impact on GFCF in the upper quantiles. Granger causality analysis reveals that natural gas rent, FDI, GDP, trade openness, domestic investment, and institutional quality all affect capital formation, with feedback relationships evident. There is unidirectional causality from forest rent and mineral rent to capital formation, and from capital formation to inflation and financial development. Propensity score matching (PSM) indicates that BRICS economies with higher FDI also have higher GFCF, owing to FDI’s influence on resource rents. The seemingly unrelated regression (SUR) analysis for cross-country comparison indicates that Russia has higher NGR, FR, and OR, resulting in more pronounced negative changes in Russia’s capital formation than in India. Additionally, the results of the SUR analysis indicate that China’s higher NGR, FR, and OR are associated with larger adverse changes in capital formation than those in Russia. The findings from additional analysis using the PSTR model, with gross capital formation as the dependent variable, indicate that when institutions are weak, natural resources reduce gross capital formation and foreign investment in resource sectors yields minimal spillovers. However, when institutions are stronger, natural resources are used productively, and investment from outside the resource sector yields broader benefits, boosting GCF. Moreover, robustness checks using panel fixed-effects regression and endogeneity analysis with a system GMM estimator show that higher natural resource rents are associated with weaker capital formation, and that FDI mitigates the negative influence of natural resource rents as a moderating factor. These empirical results can inform policy recommendations on natural resource rents and FDI to achieve high capital formation in BRICS economies. Full article

This study examines the dynamic and distributional effects of financial technology (FinTech) and renewable energy (RE) on financial stability (FST) in BRICS economies from 2012 to 2022. Using a combination of Panel Autoregressive Distributed Lag (Panel ARDL) and Panel Quantile Regression (PQR) models, the analysis captures both short-run versus long-run adjustment mechanisms and heterogeneous effects across different levels of financial stability. The ARDL results reveal a dual effect of FinTech: while FinTech expansion initially increases short-run financial volatility, it enhances long-run stability as regulatory and institutional frameworks mature. Renewable energy consistently strengthens financial stability, with its impact intensifying in higher quantiles of the stability distribution. The quantile results further show that the stabilizing effects of FinTech, RE, institutional quality, and industrial development become stronger in more resilient financial systems. These findings highlight the need for BRICS policymakers to coordinate digital financial innovation with clean energy strategies under robust governance frameworks to promote a more stable, inclusive, and sustainable macro-financial environment. Full article

This study examines the impact of health expenditure on economic growth in the BRICS countries during the period 2000–2021. Economic growth is measured by GDP per capita, while per capita health expenditure serves as the principal explanatory variable. Consistent with the framework of endogenous growth theory—which conceptualizes health as a form of human capital that enhances productivity—we additionally incorporate natural capital, education, and population share as control variables. Methodologically, the analysis employs panel unit root tests under cross-sectional dependence and estimates a dynamic panel ARDL model to assess both short- and long-term effects. To further validate the robustness of the model, additional explanatory variables relevant to endogenous growth theory are also evaluated. The results indicate that, in the long run, all explanatory variables exert a statistically significant influence on the economic growth of the BRICS countries. In the short run, however, only per capita health expenditure demonstrates a positive and statistically significant effect on GDP per capita, whereas the other variables do not yield significant short-term effects. Full article

The biggest concern for global policymakers is how to tackle the worsening global climate and rising temperatures, and they believe that CO₂ emissions are the main culprit behind this catastrophe. In this regard, the 2015 Paris Agreement was a major milestone in binding the nations to reduce carbon emissions by 2030 and ultimately to achieve the objective of net zero emissions or carbon neutrality by 2050. In light of the Paris Agreement, the primary purpose of this analysis is to investigate the contribution of forest bioenergy and environmental education toward carbon neutrality objectives in BRICS economies. In order to empirically investigate the nexus, we employ the advanced econometric approaches (CS-ARDL, PMG-ARDL, DCCE). The findings of the analysis suggest that forest bioenergy significantly reduces CO₂ emissions, which is useful to the carbon neutrality objective. In contrast, environmental education is crucial for reducing CO₂ emissions and thus helps in achieving carbon neutrality objectives. In addition, economic growth is detrimental to the carbon neutrality objective, whereas natural resources rent is favorable. This study suggests that forest-based bioenergy and environmental awareness in climate strategies can accelerate the global transition toward a zero-carbon future. Full article

Using a time-frequency and quantile connectedness approach, our study examines the complex return spillovers dynamics between BRICS Plus stock markets, the volatility index (VIX), and the global geopolitical risk index (GPRD). By employing advanced models such as TVP-VAR, quantile connectedness, and spectral decomposition, we demonstrate how these markets interact across different market conditions and periods. Our results indicate that the VIX consistently acts as the dominant net transmitter of shocks, especially during periods of heightened uncertainty such as the COVID-19 pandemic, the Russian-Ukraine conflict, and the Trump-era U.S.-China trade tensions. In contrast, the GPRD functions predominantly as a net receiver of shocks, indicating its potential role as a hedge during geopolitical crises. BRICS Plus markets exhibit heterogeneous behavior: Brazil, South Africa, and Russia frequently emerge as net transmitters, while China, India, Egypt, Saudi Arabia, and the UAE primarily act as net receivers. Spillovers are strongest at the extremes of the return distribution and are mainly driven by short-term dynamics, underscoring the importance of high-frequency reactions over persistent long-term effects. These findings highlight the asymmetric, nonlinear, and state-dependent nature of global financial contagion, offering important insights for risk management, asset allocation, and macroprudential policy design in emerging market contexts. Full article

While extensive research has explored the determinants of foreign direct investment (FDI) and foreign portfolio investment (FPI) in BRICS nations, there remains a notable gap in understanding the influence of intangible factors, particularly soft power and nation branding. Historically, academic discourse has underemphasized the role of nation branding as a crucial emotional and perceptual component in investment decision-making processes. Consequently, governments in BRICS countries must enhance their national branding efforts to attract both capital and portfolio investment flows. The principal aim of this study was to jointly analyse the tangible and intangible determinants influencing FDI and FPI in BRICS from 1994 to 2024. Employing advanced econometric techniques, specifically the Autoregressive Distributed Lag (ARDL) bounds testing approach for cointegration and Vector Error Correction Models (VECM) for estimation. This study makes a unique contribution to existing literature by examining the nexus between nation branding, FDI and FPI, thereby introducing a novel perspective on the factors driving investment in the BRICS context with an emphasis on non-tangible determinants. The findings indicate that nation branding, along with exchange rate stability, property rights, and financial market development, are significant positive determinants of FPI in these countries. Conversely, capital openness demonstrated a negative relationship with FPI. Moreover, the positive impact of nation branding on FDI within BRICS nations was reaffirmed. This study substantiates the critical role of nation branding as a pivotal driver for both FDI and FPI, emphasising its strategic importance in the economic landscape of BRICS countries. Full article