BRICS: Financial Development and Economic Growth
Abstract
The article studies the level of financial development and growth of the BRICS countries. The viability of the BRICS concept is shown. The interrelation of the notions of financial development and growth was analyzed. The approaches to evaluation of the level of financial development of the BRICS countries were revealed. The depth, availability and efficiency of the financial institutions and financial markets of the BRICS countries were appraised. The competitive advantages of the BRICS countries in the field of the development of the world financial centers and financial markets were revealed. A conclusion was drawn regarding the efficiency of international economic relations of the BRICS countries. The viewpoints of the BRICS countries on net external position, level of development of human potential and human capital, as well as on the level of per capita income were defined. The place of the BRICS countries among the developing countries by the inclusive development index was shown. The obtained results could form the basis for elaboration of the specific activities on formation of the strategy of financial development of the BRICS countries from the perspective of their competitiveness.
About the Authors
A. V. Novikov
Novosibirsk State University of Economics and Management
Russian Federation
Russian Federation
Novikov Alexsander V. - Doctor of Economics, Professor, Rector
I. Ya. Novikova
Siberian Academy of Finance and Banking
Russian Federation
Russian Federation
Novikova Irina Ya., Candidate of Economic Sciences, Associate Professor, Department of Finance and Economic Analysis.
NovosibirskReferences
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Review
For citations:
Novikov A.V., Novikova I.Ya. BRICS: Financial Development and Economic Growth. Vestnik NSUEM. 2018;(2):163-185. (In Russ.)
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