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Global uncertainties and portfolio flow dynamics of the BRICS countries.

ABSTRACT: This paper investigates the dynamics of bond and stock market capital flows to BRICS countries under uncertainties such as global economic policy uncertainty and the US trade policy uncertainty. We use a time-varying Granger causality framework over the January 2008-November 2019 period to analyze the predictive power of uncertainties on capital flows in the form of bond and equity. The results show that the effects are heterogeneous across countries and stronger during the Global Financial Crisis period and post-2018 period while it lost its significance in the subsequent period. The negative influence of uncertainties on capital flows directed to BRICS countries is also evident in the results of non-parametric time-varying panel models. Overall, it is thought that the heterogeneous structure of the causality between uncertainty and portfolio flows into BRICS may present portfolio diversification benefits for global investors.

SUBMITTER: Cepni O

PROVIDER: S-EPMC7332463 | biostudies-literature | 2020 Dec

REPOSITORIES: biostudies-literature

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Global uncertainties and portfolio flow dynamics of the BRICS countries.

Çepni Oğuzhan O Gül Selçuk S Hacıhasanoğlu Yavuz Selim YS Yılmaz Muhammed Hasan MH

Research in international business and finance 20200703

This paper investigates the dynamics of bond and stock market capital flows to BRICS countries under uncertainties such as global economic policy uncertainty and the US trade policy uncertainty. We use a time-varying Granger causality framework over the January 2008-November 2019 period to analyze the predictive power of uncertainties on capital flows in the form of bond and equity. The results show that the effects are heterogeneous across countries and stronger during the Global Financial Cris ...[more]

PMID: 34173401

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Project description:The aim of the article is to compare health system outcomes in the BRICS countries, assess the trends of their changes in 2000-2017, and verify whether they are in any way correlated with the economic context. The indicators considered were: nominal and per capita current health expenditure, government health expenditure, gross domestic product (GDP) per capita, GDP growth, unemployment, inflation, and composition of GDP. The study covered five countries of the BRICS group over a period of 18 years. We decided to characterize countries covered with a dataset of selected indicators describing population health status, namely: life expectancy at birth, level of immunization, infant mortality rate, maternal mortality ratio, and tuberculosis case detection rate. We constructed a unified synthetic measure depicting the performance of individual health systems in terms of their outcomes with a single numerical value. Descriptive statistical analysis of quantitative traits consisted of the arithmetic mean (xsr), standard deviation (SD), and, where needed, the median. The normality of the distribution of variables was tested with the Shapiro-Wilk test. Spearman's rho and Kendall tau rank coefficients were used for correlation analysis between measures. The correlation analyses have been supplemented with factor analysis. We found that the best results in terms of health care system performance were recorded in Russia, China, and Brazil. India and South Africa are noticeably worse. However, the entire group performs visibly worse than the developed countries. The health system outcomes appeared to correlate on a statistically significant scale with health expenditures per capita, governments involvement in health expenditures, GDP per capita, and industry share in GDP; however, these correlations are relatively weak, with the highest strength in the case of government's involvement in health expenditures and GDP per capita. Due to weak correlation with economic background, other factors may play a role in determining health system outcomes in BRICS countries. More research should be recommended to find them and determine to what extent and how exactly they affect health system outcomes.

Project description:This scoping review aimed to map the main evidence in the existing literature regarding consumer perceptions and beliefs regarding food safety in the context of BRICS (Brazil, Russia, India, China, and South Africa) countries. Articles were searched in the Web of Science, Scopus, and SciELO databases. The last search was performed on November 2021. Only the studies conducted within BRICS countries were included. The synthesis aimed to group similarities in consumer beliefs and perceptions of food safety. After screening, 74 eligible articles were included in the study. Of the 74 studies analyzed, 49 (66.2%) were carried out in China, 14 (18.9%) in Brazil, 5 (6.8%) in India,4 (5.4%) in South Africa, and 2 (2.7%) in Russia. Thirty-three motivators of perceptions and beliefs regarding food safety were identified. Food safety motivators were grouped into three categories: (1) sociodemographic characteristics, (2) cognitive aspects, and (3) other. In the "sociodemographic characteristics" category, the motivator with the highest number of corresponding results was education level (results = 22), followed by income (results = 22), both positive drivers for food safety perceptions. The "cognitive aspects" category comprised the majority of the identified motivators. Concern for food safety (results = 32) and risk perception (results = 30) were the motivators with the highest number of results among all categories and motivators. Finally, the main motivator in the "other" category was place of consumption/purchase (results = 8), focusing on consumers underestimating the risk of having a foodborne disease when eating away from home. China and Brazil are leading the way in studies on this topic. Consumers' perceptions are influenced by socioeconomic characteristics (e.g., age, gender, education level, income), cognitive aspects (e.g., knowledge, risk perception, food concerns, previous experience with food safety incidents) and other situational factors (e.g., price, place of purchase, traceability).

Project description:Background: The aim of the study was to identify, interpret, and compare the current perspectives of regulatory agencies in six member countries of BRICS-TM (Brazil, Russia, India, China, South Africa, Turkey, and Mexico) on the different criteria used for biosimilar development and marketing authorisation process. Methods: A semi-quantitative questionnaire was developed covering the organisation of agency, biosimilar development criteria and marketing authorisation process and sent to seven regulatory agencies covering the BRICS-TM countries. All data was kept anonymous and confidential. Data processing and analysis was carried out; descriptive statistics were used for quantitative data and content analysis was employed to generate themes for qualitative data. Results: Out of the seven regulatory agencies included in the study, six representatives provided the responses. The perspectives of these six regulatory agencies varied on a number of aspects relating to the review criteria for biosimilar development and licencing process. The most prevalent model for data assessment is the "full review" of a marketing authorisation application. There is lack of a standard approach across the agencies on sourcing of the reference biological product, in vivo toxicity studies and confirmatory clinical studies. Most agencies restrict interaction with biosimilar developers and any scientific advice is non-binding. The marketing authorisation approval depends on scientific assessment of the dossier, sample analysis and GMP certification. The agencies do not issue any public assessment report specifying the summary basis of biosimilar approval. Conclusion: Regulatory agencies across the six emerging economies are steadily improving the regulatory mechanism in the area of biosimilars. However, there remains scope for increasing the effectiveness and efficiency of the processes by encouraging open and transparent interaction with developers, adopting a flexible approach toward accepting advanced analytical data in lieu of clinical studies and enhancing regulatory reliance amongst agencies. This will help to simplify the new biosimilar development programmes and make them more cost-effective.

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Global uncertainties and portfolio flow dynamics of the BRICS countries.

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Global uncertainties and portfolio flow dynamics of the BRICS countries.

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