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Financial Liberalization, Exchange Rate Regime and Economic Performance in BRICs Countries

In: Financial Liberalization and Economic Performance in Emerging Countries

Author

Listed:
  • Luiz Fernando Paula

Abstract

In October 2003, a Goldman Sachs report (Purushothaman and Wilson, 2003), using the demographic projections and a model of capital accumulation and productivity growth, mapped out GDP growth, income per capita and currency movements of the BRICs countries (Brazil, Russia, India and China) until 2050. Based on some assumptions, the report forecast that in less than 40 years the BRICs countries together could be larger than the G6 in US dollar terms and by 2025 they could account for over half the size of the G6 (currently they are worth less than 15 per cent). However, as the report recognizes, there is no guarantee that the economic growth of these countries will reach what is forecast by the study, as such behaviour depends on a set of factors, which includes macro stability (understood as price stability), development of good institutions (legal system, functioning markets, educational systems, financial institutions, etc.), openness to trade and FDI, and improvement in education level of the population — all known development policies supported by multilateral institutions, such as the World Bank.

Suggested Citation

  • Luiz Fernando Paula, 2008. "Financial Liberalization, Exchange Rate Regime and Economic Performance in BRICs Countries," Palgrave Macmillan Books, in: Philip Arestis & Luiz Fernando Paula (ed.), Financial Liberalization and Economic Performance in Emerging Countries, chapter 4, pages 52-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-22774-3_4
    DOI: 10.1057/9780230227743_4
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    Citations

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    Cited by:

    1. Philip Arestis & Fernando Ferrari-Filho & Luiz Fernando de Paula, 2011. "Inflation targeting in Brazil," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(2), pages 127-148.
    2. Bortz Pablo Gabriel & Michelena Gabriel & Toledo Fernando, 2018. "Foreign debt, conflicting claims and income policies in a Kaleckian model of growth and distribution," Journal of Globalization and Development, De Gruyter, vol. 9(1), pages 1-22, June.
    3. J. Vineesh Prakash & D. K. Nauriyal & Sandeep Kaur, 2017. "Assessing Financial Integration of BRICS Equity Markets: An Empirical Analysis," Emerging Economy Studies, International Management Institute, vol. 3(2), pages 127-138, November.
    4. J. Vineesh Prakash & D. K. Nauriyal, 2021. "Integration and Interdependence Among Equity Markets in South Asia: Measuring Through ARDL Bounds Approach," Millennial Asia, , vol. 12(2), pages 229-251, August.

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