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Monetary Policy and Growth in BRICS

  • Unique Paper ID: 166012
  • Volume: 11
  • Issue: 1
  • PageNo: 2563-2581
  • Abstract:
  • This study examines the relationship between monetary policy and GDP in BRICS countries, namely, Brazil, Russia, India, China, and South Africa. Using data from 1981 to 2020, we employ a Johansen Co-Integration Test. The study also considers the role of money supply fluctuations in the transmission of shocks to GDP through an Impulse Response Function. The results of this study have important implications for central banks in BRICS countries. Policymakers should consider the effects of monetary policy on GDP and the role of exchange rate fluctuations in the transmission of monetary policy. Our finding suggest that expansionary monetary policy can stimulate economic growth in the short run, while contractionary policy can help control inflation. However, policymakers should also be cautious of the potential negative impact of exchange rate fluctuations on the transmission of monetary policy. Overall, this paper contributes to the literature on the effectiveness of monetary policy in emerging economies and provides insights into the unique challenges faced by BRICS countries in managing their monetary policies.
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 11
  • Issue: 1
  • PageNo: 2563-2581

Monetary Policy and Growth in BRICS

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Impact Factor
8.01 (Year 2024)
UGC Approved
Journal no 47859

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