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1
A Study of Brazil, Russia, India, China, and
South Africa with special focus on synergies
and complementarities
THE REPORT
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3Oxford University Press is a department of the University of Oxford.
It furthers the Universitys objective of excellence in research, scholarship,
and education by publishing worldwide. Oxford is a registered trademark of
Oxford University Press in the UK and in certain other countries
Published in India by
Oxford University Press
YMCA Library Building, 1 Jai Singh Road, New Delhi 110 001, India
Ministry of Finance, Government of India 2012
The moral rights of the author have been asserted
First Edition published in 2012
All rights reserved. No part of this publication may be reproduced, stored in
a retrieval system, or transmitted, in any form or by any means, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by licence, or under terms agreed with the appropriate reprographics
rights organization. Enquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above
You must not circulate this book in any other form
and you must impose this same condition on any acquirer
ISBN-13: 978-0-19-808538-6
ISBN-10: 0-19-808538-9
Typeset in 11/14.6 Adobe Garamond Proby Excellent Laser Typesetters, Pitampura, Delhi 110 034
Printed in India at G.H. Prints Pvt. Ltd, New Delhi 110 020
This report is written by experts and scholars from BRICS countries with the
support of BRICS governments. It aims to promote pragmatic
economic cooperation among BRICS countries.
The data from international institutions and individual country sources have
been used in this report for comparability reasons, which may not be fully consistentwith government statistics, and hence shall not be deemed as officially approved.
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Contents
List of Tables
Preface
Acknowledgements
Executive Summary
1. Ow o BRICS 1
2. I o h Fnn C on BRICS 79
3. B P 103
4. Mjo Chng 160
5. BRICS Cooon 169
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tables
1.18 BRICS Eo o Good nd S 33
1.19 BRICS Sh n Wod Eo 341.20 BRICS Eo Po, 2009 35
1.21 Hgh-hnoog Eo 36
1.22 BRICS Sh o Wod Eo o S 36
1.23 Io o Good nd S 37
1.24 BRICS Io Po, 2009 38
1.25 BRICS Sh o Wod Io o S 39
1.26 Eo Lnkg o BRICS 401.27 BRICS Sh n Go Rn Inow 41
1.28 d Bn nd Cn Aon Bn 42
1.29 Sh o Go FDI Inow 43
1.30 Co-on Mon o FDI Fow 45
1.31 Co-on Mon o Pooo Fow 46
1.32 BRICS nd Fogn Ehng R 47
1.33 En D Sok, o 481.34 BRICS Ehng R Rg 50
1.35 Sok Mk Pon o BRICS Con 53
1.36 o Ld Do Con 55
1.37 Mk Czon o Ld Con 56
1.38 Sok dd, no Ro 58
1.39 Eq Von M: Ddnd 59
Yd Ro
1.40 Egng Mk En Fnnng: 60
o Bond, Eq, nd Lon
1.41 Inn So n BRICS Eono 61
1.42 Pdn Indo o h Bnkng So 65
n BRICS
1.43 Bnk Po Indo n BRICS 66
1.44 Fnn S A n BRICS 74
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tables
1.45 Cd Dh o Inoon Ind 75
1.46 Do Cd Podd Bnkng So 76
2.1 Go Fnn C nd BRICS: 82
S Indo
2.2 Sz o Don M n Fnn C 87
2.3 M Cn Bnk 88
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Preface
T on BRIC nd o Bz, R, Ind, nd Chn.
T w ond h Ch Eono o Godn Sh, n
2001, n d Bdng B Go Eono BRIC,
whh ookd h gowh o o h o g g-ng ono h nd gogh d.
T n ndng w h h BRIC wod n nng
on o n h go ono. T ojon w d
n on, h BRIC ono d hn
d.
T d nd h ogn o n o nd Soh
A o gowng gnn n h go ono. Tnw on , ho, BRICS nd oz h o
ono ow o Bz, R, Ind, Chn, nd Soh A.
ogh h BRICS on o o hn 40 n o h go
oon, n 30 n o h nd , nd h n wod
GDP (n PPP ) h nd o 16 n n 2000 o
n 25 n n 2010 nd d o gnn n h
n .
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preace
T d, whh od h n o nn nd
h n nk o h BRICS, o on ng nd o-n wn h ono, hghghng h o gowh
d o h wod ono. T h on ,
o ooon, nd nghnng ono nk o h h BRICS
od o o n o n h nw no o h
o- go ono.
T o h h o oon o ogng o
nk, gn h h wod ono n o nd -nng kng owd h gng ono. T o
o n h go o h d d h BRICS no
h dh o, whh nd h nng hogh g
n ong ono.
T d, whh n , n h n o owd-
ookng o h k o no nd nghn h oon
o BRICS n h go ono. Ch 1 o h d odn ow o h BRICS, h nn, gonn, nd g-
o wok, nd h h n h go ono. Ch 2
n h o h go , h n o h BRICS
ono, h o nd on , h o o
o, nd h onon o go gowh. Ch 3 ook
h n h BRICS nd h on h hod o h
oh nd h wod ono. Ch 4 ook h hng h
h BRICS k o n ong o hgh gowh h.
Ch 5 o o ooon ong h BRICS ndng
n h od o h BRICS nd h wod ono o
hgh gowh jo.
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Acknowledgements
The following officials contributed to the preparation ofThe BRICS
Report: (Brazil) Jose Nelson Bessa Maia, Fabio Augusto Najjarian
Batista, Eiiti Sato, Paula Gala, Marcos Antonio Macedo Cintra,
Daniel Silva Grimaldi, and Andre de Mello e Souza; (Russia) AlexeyRybkin, Alexey Shestov, Alexey Chernov, Sergey Potapov, Andrey
Bokarev, Maxim Kulikov, Pavel Chernyshev, Lubov Starikova, Ilya
Prilepskiy, Vasily Miheev, and Irina Kim; (India) Anil Bisen, Alok
Sheel, S.V.S. Dixit, Sunil Saran, Rajiv Ranjan, Supriyo De, Reetu
Jain, Rajmal, Rangeet Ghosh, Rakesh Kumar, Sonna Thangzason,
Vishal Raina, and Suraj Kumar; (China) Wu Guoqi, Wang Xin, Song
Hong, Zhao Fuchang, Guo Wensong, Wangui Mo, Tianwei Zhang,and Zhan Shu; (South Africa) Xavier Carim, Marisa Fassler, Neil
Gary Cole, Mashabela Victor, and Gert Marincowitz. Dr Kaushik
Basu, Chief Economic Adviser, Ministry of Finance, Government of
India, was the reviewing authority on the overall progress of the work.
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Executive Summary
T d, whh od h n o nn nd h
n nk o h BRICS, o on ng nd on-
wn h ono, hghghng h o gowh d-
o h wod ono. T h on , oooon, nd nghnng ono nk o h h BRICS
od o o n o n h nw no o h
o- go ono. T d ddd no h.
I. Overview of BRICS
Ch 1 o h d od n ow o h BRICS, h
nn, gonn, nd go wok, nd h h n
h go ono. ogh, h BRICS on o o hn 40
n o h go oon, n 30 n o h nd
, nd h n wod GDP (n PPP ) h nd o
16 n n 2000 o n 25 n n 2010, nd d
o gnn n h n . I on o h GDP n
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executive summary
T BRICS, how, od w wh h o o
do dnd. S, h o o d owh h onodon o. Bd h n o
o, h on o h BRICS ono o h
n . T on nd () ognzng h ndon o
h dong hoh, () owng do dnd o
d o o gowh, () nng nn o o,
() onong nd ngng ow, () ng
o on n n o ho gnd, nd () ong on n don nd
on gnon.
III. Best Practices
Ch 3 ook h nd non whn hBRICS ono h h d gnn dn o h
ono nd ond o h hgh gowh . Mn o h
nd non h n whn h BRICS o o
nhnng ooon nd ng ng, o h h BRICS
o od gow .
Mjo how o Bz nd g h,
whh h nod h on no jo o, h o o- o od no, nd h gn o E
hgh-hnoog n. In h o h,
ondon h n h g o nd h o h
n-AIDS o od on. A go wok
h hd Bz whnd h hok o h go , ndng
h gon o ow, nd h n o do
n-dnond nnon ond, whh n n
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executive summary
k o no, oh h h n
hghghd.R jo hn nd o dng 19992009
h ood ono gowh, owd non, nd d o
d n h n o o ng ow h o n.
S hn nd ng o h O Son
Fnd h w dng h , dg o hogh
h doon o don-kng ow, nd h nodon o
on no o 13 n h nd o-n n on.
T n how non o Ind nn-
h whh h n nn n hng 89 n nn
gowh o h ono n n . P n h n
on o h n hd n h noon hnoog
o nd h nno k h h d o ozon nd
odon o ow-o good o h Indn k. Bd,h d oh o on on nd h
En Co Boowng Po h hd n h
ono gn g nd o d ow nd nnd
h n d n . T Rgh o Inoon A
nng h nn nd on o gonn
oon nd h Mh Gndh Non R Eon
Gn Sh jo owd kng gowh n.
T nd non o Chn ho h h
hd n og n o nng d ono
gowh, nhnng o non ngh, nd ong h
ng ndd o o. I o nd h n kng
h ho non o hgh nzd nnd ono
o o o k ono, nd o od nd -
od on o on h on o h od wod. S
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executive summary
FDI on nd zon, nd n nnng,
ong oh.T Chn gozon od h o n dn, n h
ogn d nn w nogd. T -non gon-
n (/on) h n n ng ogn
nn odng od n nd o
go nonn. Chn o h n n nn -
o-ngn. T o nd don o Chn nkng
nd nd nn k n on d o d ndn gowh.
Soh A h ong od o on oono
ngn, whh h hd o oo h don
o d nd qd ond k nd dd n n-
. Soh A h ong non nd hgh dod,
w-gd nkng o h d h wo o h
nn . Wh h o dod nd nd nn on h An onnn, Soh A o n h
ngon o o, k, nn, nd n
o A ono don nd zon o h onnn
on gowh o n h go ono. Owd o-
nd Soh An on ong h g o o
FDI n A nd h on don nnng non
ng n nng o n h ndng o gon n-
nn.
IV. Major Challenges
Ch 4 ook h hng h h BRICS od n o-
ng o hgh gowh h. Sn h oono
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executive summary
nd o don whn BRICS ono, h h-
ng h o k h gowh o n o .Fo nn, n Bz oono zon k on-
don o o nd n gowh. T hng
h h Bzn ono oow: () d good
o whn od o oh EME k Chn; () ng
nd nn h o n n oh BRICS ono
k Chn nd Ind; () on qd n -
o ngn; nd () o nd o nhn h dh o hnn o w o ong- nnng o
h o.
In h o R, h k hng ng h
non o o, n nf n nd
ndzd n onoo, nd nghnng h n-
n .
Fo Ind, h jo hng () kng h gowh oo n, () ong h n, () do-
ng h g o, nd () nhnng d o n
, h don nd hh, o g o h
oon.
S o Chn, o hng ndd o dd oh
do nd n hng. T o hng o Chn
o n d nd ono gowh, dn oh o
nd do dnd n o nd w. o -
ng o h ono, nn o o ndd o o
h ndon o Chn g ng. T gonn
o nd o o ndng n h o don, hh-
, nd non, whh w o d on ng
nd oo onon o . T o nd o o
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executive summary
h nn , dn o n h hh, non,
nd don , nd od o o o nd-dod gon.
T k hng o Soh A o h hgh o
n gowh h on nd d nq. Low
do ng, n o, ndq nn n o-
d o o h ono, k hog, nd nng f n
gonn d oh hng. Po ood
n h Nw Gowh Ph on h k n o dd hhng hogh don h on
h n o h gh gn nq. Whn dn ngd
oono wok, h gonn ozng o
od on h non o n nwok, k
don, nnon o oh on, nd
o h oo hgh ddd o, h don o
ono, n ooon, gn ono n-, nd gon ngon.
On oon hng h BRICS ono h nd
o non don who whh n gowh
nno nd. In o-go wod g hd
nn n nd wk gowh n h jo ono, h
BRICS on h k oon o oodn h
ono o nd do g no on o nhn h
oon gong n h nnon ono nd nn
, o o zon o o h wod ono
who. BRICS hod nng honz nd oodn
h o wh w o nng h gowh on
nd o wh go n. T n o oo-
ng ong h n o h BRICS w o h
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executive summary
go ono. A g gnd o ogng o nk ong h
BRICS, ond n h jon o, on o ono-dng nd ndng h o n go .
V. BRICS Cooperation
Ch 5 ng o ooon ong h BRICS, nd
o nw o ooon ndng n h odn gowh nd don n BRICS on nd wod-
wd. In h BRICS ono, h hg oon o
nd ono gowh nd don o h n . In h
gd, h o o h n ooon ong h
BRICS o gn o dng. I on o no h
h oo d o n h h gh on o oo
ng onh ong h BRICS ono. How,non o h q h don nd h
o nd hn o dnd n g
d. T nw o ooon d ow hod n -
oo o ndd n h don nd n
h gnd o ng o h BRICS d, n, nd
oh ok. T o ggd oow:
() In-BRICS d nd Inn Cooon
() Cooon n In Fnnng
() Ind Don nd Cooon
() Cooon n noon
() Cooon n Food S
() Cooon n hn Edon
() Cooon n Fnn Mk Don
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Overview of BRICS
Basic Information on BRICS Countries
I , Bz, R,
I, C, S A (BRICS) q ,
, . T BRICS
f
,
. E G-20 ,
BRICS
f . A , f 40
25 GDP PPP. I
GDP PPP , f
, C, I, R, Bz, S A
2, 4, 6, 8, 26 , ( 1.1). I
PPP-j GDP
, f 55
1
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Table1.1
OverviewoBRICS,2010
GDP
inPPP
G
DP
ShareinW
orldGDP
PerC
apita
(inUS
$billion)
(US$
billion)
(inpe
rcent)
GDP
(US$)
RankinWorld
GDP
1990
2010
1990
2010
1990
2010
1
2
3
4
5
6
7
8
9
Brazil
8
2,172
508
2,090
3.3
2.9
3,464
10,816
Ru
ssia
6
2,223
1,465
3.0
10,437
India
4
4,060
326
1,538
3.1
5.4
378
1,265
China
2
10,086
390
5,878
3.9
13.6
341
4,382
SouthArica
26
524
112
357
0.9
0.7
5,456
7,158
Source:IMFdatabase.
No
te:Notavailable.
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overview o brics 3
20008,
.T BRICS ( 1.2)
, , . C,
9.6 q. , -
z, R C. R 20
, C
12 . I
, R 121.5 . Bz 47 S A f-
(8.5 q ), R, C, C,
U S A.
E BRICS
. Bz
, , , ,
, 60 (j 7 ) 31.2
. R ,
, . I
, C -
. S A 26 ,
GDP US$ 357 . I -z 1.2 q.
12 . I -
, , , ,
-. S A 45 A
S A 4
.
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Table1.2
LandUseinBRICS,2008
Country
Land
Arable
Area
Harvested
Production
Irrigated
Irriga
tedLand
Area
Land
o
rCereals
oCereals
Land
(percento
(1,000ha)
(1,000ha)
(1,000ha)
(1,000tonne)
(1,000ha)
arab
leland)
1
2
3
4
5
6
7
Brazil
845,942
61,000
20,220
71,288
4,500
6.6
Ru
ssia
1,637,687
121,649
41,716
95,079
4,346
3.5
China
932,749
108,642
88,593
483,680
64,141
52.3
India
297,319
158,145
99,880
246,774
62,286
36.8
SouthArica
121,447
14,500
3,319
14,586
1,498
9.7
World
13,0
03,4
69
1,380,515
708,495
2,489,302
306,247
21.1
Source:FAOStatisticalYearBook,2010.
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overview o brics 5
Economic Growth
I -
, BRICS,
f .
A BRICS, I Bz
- . A , -
2008 f
(EME). A , f
- . A G S,
BRIC 47
GDP 2050,
10 . A
10 GDP 10
GDP.
T BRICS -
- I Bz
f C R. S A -
f
A .
A BRICS, C, I, -
. B 1978 2009,
C 9.9 ,
. T
R Bz f
f 1990.
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6 the brics report
T
BRICS
( 1.3).
T BRICS
, -
, Bz S A
. S A
,
.
A BRICS, C
I. H
GDP C I.
A , - f
( 1.4).T BRICS -
z . I
BRICS
, , . T
-
, ,
, .
Linkages between Agriculture, Industry, and Services Sectors
T BRICS -
f . T
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Table1.3
GrowthRateoGrossDomesticProduct
(percent)
19912002
2002
2005
2006
2007
2008
2009
2010
1
2
3
4
5
6
7
8
9
BR
ICS
Brazil
2.6
2.7
3.2
4.0
6.1
5.2
0.6
7.5P
Ru
ssia
4.7
6.4
8.2
8.5
5.2
7.8
4.0P
India
5.7
4.6
9.2
9.8
9.4
7.3
5.7
10.4
China
10.3
9.1
10.4
11.6
13.0
9.6
8.7
10.3
So
uthArica
2.1
3.7
5.3
5.6
5.8
3.7
1.7
2.8
Ad
vancedEconomies
2.8
1.7
2.7
3
2.8
0.5
3.2
3.0
Eu
roArea
2.1
0.9
1.7
3
2.8
0.6
4.1
1.7
USA
3.5
1.8
3.1
2.7
2.1
0.4
2.4
2.8
World
3.2
2.9
4.5
5.1
5.2
3.0
0.6
5.0
Source:WorldEconomicOutlook,IMF(2011).
No
te:P:Projection;Notavailable.
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Table1.4
GrossDomesticInvestmentandSavings
(percenttoGDP)
Country
1990
1995
2000
2006
2007
2008
2009
2010
1
2
3
4
5
6
7
8
9
Brazil
Investment
20.2
18
18.3
16.8
18.3
20.7
16.5
19.3
Saving
21.4
16.5
16.5
19.7
18.8
18.4
16.1
17.0
Ru
ssia
Investment
25.4
18.7
21.4
24.1
26.2
22.7
19.8
Saving
28.8
38.7
34.1
33.2
34.9
33
24.7
India
Investment
24.2
26.6
24.2
36
37.6
35.6
34.5
37.9
Saving
22.7
25.4
23.2
32.9
33.5
30.2
29.8
34.7
China
Investment
36.1
41.9
35.1
43.6
41.7
42.5
44.8
48.8
Saving
39.6
44.1
37.5
51.3
50.5
50.2
54.2
54.0
So
uthArica
Investment
18.2
15.9
19.7
21.3
22.0
19.4
21.7
Saving
19.1
16.5
15.8
14.4
14.1
14.9
15.4
20.0
Source:WorldBankDatabase.
No
te:Notavailable.
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Table1.5
SectoralShareinGDP
(percentagetoGDP)
Country
Sectors
1990
1995
2000
2
005
2008
2009
1
2
3
4
5
6
7
8
Brazil
Agriculture
10.1
5.8
5.6
5.7
5.9
6.1
Industry
29.9
22.0
27.7
2
9.3
27.9
25.4
Services
60.0
72.2
66.7
6
5.0
66.2
68.5
Ru
ssia
Agriculture
7.6
6.7
5.4
4.9
4.7
Industry
27.9
31.4
3
2.9
29.7
32.9
Services
64.6
62.0
6
1.6
65.6
62.4
India
Agriculture
30.0
26.8
23.2
1
8.9
19.0
17.1
Industry
22.3
23.2
20.7
2
1.0
21.0
28.2
Services
47.7
50.0
56.1
6
0.0
60.0
54.6
China
Agriculture
26.0
19.7
15.2
1
2.2
11.6
11.0
Industry
35.5
40.6
40.7
4
2.2
42.8
48.0
Services
38.5
39.7
44.1
4
5.6
45.7
41.1
So
uthArica
Agriculture
4.6
3.9
3.3
2.7
3.2
3.0
Industry
40.1
34.8
31.8
3
1.2
32.5
31.1
Services
55.3
61.3
64.9
6
6.2
64.3
65.8
Source:UnitedNationsSystemo
NationalAccounts.
No
te:Notavailable.
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overview o brics 11
3 60
GDP.I W E F -
, C 27 ( 139 ) 201011,
BRICS 51 (I), 54
(S A), 58 (Bz), 63 (R), . T
C z (2), -
(4), (26). T -
BRICS , S A
( 1.6).
Education, Inequality, Demographic Trends,
and Other Social Indicators
T BRICS j, -
-
, f . T
-
, -
. T --
BRICS ( 1.7).T
, -
BRICS . A
, 0 14 -
I (32.1 ), Bz (27.9 ), C
(21.4 ), R (15.3 ). I
I ,
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Table1.6
RankonGlobalCom
petitivenessIndex(GCI),201
011
Country
GlobalCompetitive
Inrastructure
Macroecon
omic
HigherEducation
Market
Business
Innovation
Index
Environm
ent
andraining
Size
Sophistication
1
2
3
4
5
6
7
8
Brazil
58
62
111
58
10
31
42
Ru
ssia
63
47
79
50
8
101
57
India
51
86
73
85
4
44
39
China
27
50
4
60
2
41
26
So
uthArica
54
63
43
75
25
38
44
Source:GlobalCompetitivenessReport201011,WorldEconomic
Forum.
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Table1.7
PopulationandDemographicProfleoBRICS
otalPopulation
UrbanPopulation
Dependency
otalFertilityRate
(million)
(percentototal)
Ratio
(birthsper
woman)
Country
1990
2010
1990
2010
1990
2010
19905
200510
1
2
3
4
5
6
7
8
9
Brazil
149.6
195.4
73.9
86.5
65.9
47.9
2.6
1.7
Ru
ssia
148.1
140.4
73.4
73.2
49.4
38.7
1.6
1.5
India
862.2
1214.5
25.6
30.0
71.5
55.6
3.9
2.5
China
1142.1
1354.1
26.4
47.0
51.2
39.1
2.0
1.8
So
uthArica
36.7
50.5
52.0
61.7
72.7
53.6
3.3
2.4
Source:HumanDevelopmentReport,UNDP.
No
te:Dataor1990inthecaseo
RussiahasbeentakenromHD
R2010.
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25 . A j U N,
I 30 2025 35 2040. I 2020, I 29
, 37 C
US, 45 W E 48 J.
A j, C 1.5
2030 . A
, I
1,029 1,400 200126, 36 25 1.2
.
A 2010 , I z
30 , C 40 , R
Bz 73 85 , . I
S A, 61.7
. J , C I z,
. S A
z
HIV/AIDS.
T BRICS
q .
V BRICS ( 1.8). A
BRICS, R F (71 169
) H D I (HDI, 2010),
S A (129) I (134) .
S A ( -
15 ) (88.9 )
(87.2 ) (HDI, 19992007).
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Table1.8
SocialSectorIndicato
rs,2007
Brazil
Russia
India
China
SA
1
2
3
4
5
6
HumanDevelopmentIndex(HD
I,2007)
HDIRank
75
71
134
92
129
Ad
ultLiteracy(percento15yrs
andaboveduring19992007)
Male
89.8
99.7
76.9
96.5
88.9
Female
90.2
99.4
54.5
90
87.2
Child-relatedIndicators
GrossEnrolmentRatio(2007)
87.2
81.9
68.7
61.0
76.8
ChildrenunderAge05yrs(during20006)
6
3
46
7
12
Po
pulationbelowIncome
NationalPovertyLine
21.5
19.6
28.6
2.8
Po
pulationnotUsingImprovedW
aterSupply(2006)
9
3
11
12
7
LifeExpectancy(yrs)
Male
68.6
59.9
62.0
71.3
53.2
Female
75.9
72.9
64.9
74.7
49.8
InequalityMeasures
Richest10percenttoPoorest10percent
40.6
11
8.6
13.2
35.1
GiniIndex
55.0
37.5
36.8
41.5
57.8
Source:UNDP,HumanDevelopme
ntReport,2010.
No
te:Notavailable.
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B q
Bz ( 47 1,000 1990 22.5 2009), - Bz
, R .
Fiscal Sector
A 20079 , f . M f f
, , f .
F G-20
S , J 2010. G-20
, f f
,
. I , f f .
BRICS . T,
q . F , C
. I
- E;
I , - . T R Bz
. S A
-
A 1994. I BRICS ,
f .
I 2000, BRICS f -
. I F R L
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overview o brics 17
(FRL), Bz
B G L . S, I, f -
f f F R B
M (FRBM) A. I , C -
. I
1990, S A
- - z. T
.
R . A
L F B 201113,
f (, , /GDP
) . T f 5.9 GDP 2009 3.6 GDP 2011 ,
2.9 GDP 2013. I ,
f f . T L
F B 201214 f 1.6
GDP 2013 0.7 GDP 2014. F
B A
P, q f 2015.
A f,
R - -
. I , - R
F - f (
) 2015; f
.
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A 2011, f
R F, -f
f . I ,
( L B) -
;
. E
R F 201214.
C, R, ( 2020 S)
. T
- -
f .
I C, I, Bz, R -
, . I f f
f
( 1.9).
Table 1.9 F Df G G( GDP)
C 1998 2000 2006 2007 2008 2009 2010
1 2 3 4 5 6 7 8
Bz 6.5 3.84 3.5 2.36 1.4 3.1 2.9
R 8.0 3.3 8.3 6.8 4.9 6.3 3.6
I 7.8 9.3 5.3 4.0 8.0 10.0 9.4
C 2.8 3.3 0.7 0.9 0.4 3.1 2.6
S A 1.5 0.8 1.4 0.5 5.2 5.8
Source: IMF D.
Note: N .
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overview o brics 19
I BRIC ,
f . D 2008 2009, f BRICS
f -
. E R,
f , f
2009. D f
2009, Bz C f
BRICS ( 1.10).H f
E . I
,
, -
, . A
BRICS, I Bz --GDP
69 66 GDP, , 2010( 1.11).
L , -
, f
BRICS ( 1.12). I
I, Bz, S A,
- ,
q f j .O , BRICS,
,
f .
T f j 201015
BRICS . F -
, I
, R S A
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Table1.10
FiscalBalanceoGeneralGovernment
(percentageoGDP)
Brazil
Russia
India
C
hina
SouthArica
Year
Revenue
Expenditure
Revenue
ExpenditureRe
venue
Expenditure
Revenue
Expenditure
RevenueExpenditure
1
2
3
4
4
5
6
7
8
9
10
19
98
27.8
42.3
34.6
42.5
16.1
23.9
12.1
14.9
20
00
30.4
35.3
36.2
32.8
16.6
26.0
13.8
17.1
26.3
27.9
20
01
31.3
37.2
36.9
33.7
16.6
26.1
15.1
17.9
27.4
27.8
20
02
31.9
39.5
37.0
36.3
17.1
26.4
15.9
18.9
26.4
27.5
20
03
31.4
39.2
36.4
34.9
17.5
26.1
16.2
18.6
26.6
29.0
20
04
32.2
37.6
36.6
31.7
18.2
25.4
16.6
18.1
28.1
29.9
20
05
33.4
39.2
41.0
32.8
18.4
24.8
17.2
18.6
30.1
29.9
20
06
33.4
39.4
39.5
31.1
19.4
24.7
18.2
18.9
31.6
30.4
20
07
33.9
38.3
39.9
33.1
21.0
25.0
19.8
18.9
31.8
30.5
20
08
34.1
38.0
38.6
34.3
19.7
27.2
19.7
20.0
30.7
30.9
20
09
33.1
39.3
34.3
40.5
18.9
28.5
20.0
23.0
27.3
32.4
20
10
37.4
40.3
35.3
38.9
17.5
26.5
20.4
22.9
27.5
33.3
Source:IMFDatabase.
No
te:Notavailable.
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Table 1.11 G D G G
( GDP)1998 2000 2006 2007 2008 2009 2010
1 2 3 4 5 6 7 8
Bz 66.7 66.7 65.2 64.1 68.9 66.1
R 59.9 9.0 8.5 7.8 10.9 9.9
I 65.4 71.4 76 72.9 72.6 74.2 69.2
C 11.4 16.4 16.5 19.8 16.8 18.6 17.7
S A 42.0 31.4 27.4 26.7 30.1 35.7
Source: IMF D.
Note: N .
Table 1.12 F C P
C M- F
Bz F . T R$ 50
M 2011
,
. M R$ 15.8
, R$
34.3 2011. I -
,
, f,
. P
G A P
(PAC).
R R - ,
2010 f j
3 GDP. B 2010, -
201012
- 12 GDP
9.5 GDP 2012,
-
j, -
. O ,
- f 4.7
GDP 2013. (Contd)
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I G f
f f 3 GDP
201314. T
-,
, ,
.
C T f
2010. I C
f 2011.
S A S A f
- f -
. T
-
. T
. T
- j
, , . S , -
j f. T
GDP z 201516
.
1.12 (Contd)
C M- F
( 1.13).
O , Bz,
f j, . I C f
2011.
O , BRICS
f . A ,
, -
f f. T
f f
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overview o brics 23
Table 1.13 C F Aj P
F M R M DAj R E P
N E P
HIGH I
(> 6 )
MEDIUM C &
(3 6 ) S A
LOW R Bz
(< 3 )Source: World Economic and Financial Survey, IMF, M 2010.
. T
. T
q f
.
Monetary Policy Framework
T BRICS -
( 1.14). Bz S A -
, C, I, R .
T C B Bz (BCB) M P C
(COPOM) 20 J 1996, -
-
. T COPOM
- . Bz -
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Table1.14
MonetaryFrameworksinBRICS
Country
MonetaryPolicyFr
amework
KeyMonetaryPolicyools
Objectives
Brazil
Inationtargeting
Interestrate(Selicrate):Interestrateon
Ination:Pointtargeto4.5percent
overnig
htinterbankloanscollateralized
withtolerancerangeo2percentage
onede
raldebtinstruments
pointsorheadlineCPI
Ru
ssia
Nosingletargetindicator
OMOs
andstandingacilities;
oensurestabilityonational
-Ination(CPI)targetor3-yearperiod
reserve
requirements
currency
-Managedoating
exchangerateregime
India
MultipleIndicatorsApproach
Keypolicyrate:Repo/reverserepo
Maintainpricestability,fn
ancial
rateandreserverequirements,
stability,andensureapprop
riate
CRRandSLR
owocredittoproductive
sectors
China
MultipleIndicatorsApproach
Reserverequirementratio,centralbank
Maintainthestabilityothevalue
baseinterestrate,rediscounting,
othecurrencyandthereby
central
bankrelending,openmarket
promoteeconomicgrowth
operation,andotherpolicyinstruments
specife
dbytheStateCouncil
So
uthAricaInationtargeting
Keypolicyrate:Repurchaserate
Inationtargetrangeorheadline
CPIo36percentcombinedwith
fnancialstabilityobjective
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overview o brics 25
J 1999. U
, COPOM j N
M C (CMN). I
CMN, G C B q
M F
, q
,
.I Bz ,
- , O-S . T
O-S BCB M P
C (COPOM). T O M O D
(D)
O-S
COPOM.S 2006, COPOM ,
. E ,
C C B -
C B . A
q (M, J, S, D), COPOM
C B Infation Report,
, COPOM j .
M , B R,
f
. I 2000, R
. I
,
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, -
. T j
5 .
A B
R , ,
q. T B R
:
f f (REPO )
f .
T B R
,
R . T -
- , 0.45 0.55US . T B R -
- .
A , R B
I (RBI) , ,
j q
. M I
z, z- f , q
, .
T
, , .
T j , ,
q
, ,
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overview o brics 27
-
. I , ,
. T
-, (M3)
. A
- 19989, -
( , , ,
) q , f , f
, , , , , f-
j
.
W f
, RBI
. T
-
q
- . A Lq Aj F
(LAF) J 2000 - q
- . T LAF
, - j. T RBI
/
.
I C, j
. T P
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B C (PBC) q ,
, , , , f
S C.
T M P C C
j-
. T , ,
C S
C. T C PBC;
j
,
j ,
-
. T C
. T C
q . A
C -
M P C.
T S A R B (SARB)
f C R S A
R. D
, B
S A
. I
F 2000
CPI 36
.
-
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overview o brics 29
T
R B. T (MPC) . D
MPC
SARB . T ,
- Monetary Policy Review
. SARB
M P F j
. I , G SARB P P C F
.
T SARB
-
,
. F
j SARB.SARB
. Lq -
. A
, -
q
f q.
T MPC
.
H, SARB
. I, ,
- . O ,
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S A
f.
Price Situation
O , -
BRICS , I, C, S A ( 1.15). A
BRICS, R, Bz, S A
,
C I. I 2010,
.
Table 1.15 I: A C P( )
C 2000 2005 2006 2007 2008 2009 2010
1 2 3 4 5 6 7 8
Bz 7.1 6.9 4.2 3.6 5.7 4.9 5.0
R 20.8 12.7 9.7 9.0 14.1 11.7 6.9
I 4.0 4.2 6.2 6.4 8.3 10.9 13.2
C 0.4 1.8 1.5 4.8 5.9 0.7 3.3
S A 5.4 3.4 4.7 7.1 11.5 7.1 4.3
Source: IMF.
External Sector
G ,
, BRICS ,
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overview o brics 31
1990, j
. T f - -
. I
BRICS
f ,
( 1.16).
I BRICS -
. T z
, BRICS
f .
Merchandise Trade and Invisible Flows
T BRICS
. T
- f,
,
( 1.17).
brics exports
A BRICS
GDP,
-
( 1.18).
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Table1.16
GlobalIntegrationo
BRICSEconomies
Sharein
rade
Cu
rrent
ForexReserves
ExternalDebt
Debt
Service
Worldrade
Openness
Accoun
tBalance
(percent
(US$billion)
R
atio
(percentoGDP)
oGDP)
Country
1990
2010
1990
2010
1990
2010
1990
2010
1990
2009
1990
2009
1
2
3
4
5
6
7
8
9
10
11
12
13
Brazil
0.8
1.2
6.9
11.2
0.8
2.3
1.5
13.7
119.7
276.9
22.5
23.4
Ru
ssia
2.3
30.3
4.9
0.0
30.4
381.3
4.4
17.7
India
0.5
1.8
6.9
21.7
1.2
3.2
0.5
18.0
85.7
237.7
34.9
5.9
China
1.6
9.2
17.4
29.5
1.3
5.2
7.6
48.8
55.3
428.4
11.7
2.9
So
uthArica
0.6
0.5
24.3
27.9
1.4
2.8
0.9
10.7
23.3
42.1
9.3
Source:IMF,UNCAD,andWor
ldBank.
No
te:Notavailable.
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overview o brics 33
T BRICS
. T BRICS
,
-
. L,
z z , ,
BRICS ( 1.19).
Table 1.18 BRICS E G S( GDP)
C 1990 1995 2000 2005 2008 2009 2010
Bz 6.9 6.8 10.1 15.1 13.8 11.3 11.2
R 29.8 44.3 35.2 31.5 28.2 30.3
I 6.9 10.2 12.3 18.8 23.7 20.1 21.7
C 17.4 23.1 23.3 37.1 34.9 26.7 29.5
S A 24.3 22.8 27.8 27.4 35.9 27.7 27.9
Source: UNCAD.
Note: N .
Table 1.17 BRICS S G
( )1990 1995 2000 2005 2008 2009 2010
BRICS 3.6 6.0 7.0 11.2 13.6 13.7 15.0
Bz 0.8 0.8 0.8 1.0 1.1 1.1 1.2
R 1.5 1.4 2.1 2.6 2.2 2.3
I 0.5 0.6 0.7 1.2 1.5 1.6 1.8
C 1.6 2.6 3.5 6.4 7.9 8.3 9.2
S A 0.6 0.5 0.5 0.5 0.5 0.5 0.5Source: UNCAD.
Note: N .
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Table 1.19 BRICS S W E
1990 1995 2000 2005 2008 2009 2010
BRICS 3.9 6.5 7.5 12.2 14.8 15.1 16.3
Bz 0.9 0.9 0.9 1.1 1.2 1.2 1.3
R 1.6 1.6 2.3 2.9 2.4 2.6
I 0.5 0.6 0.7 0.9 1.2 1.3 1.4
C 1.8 2.9 3.9 7.3 8.9 9.6 10.4
S A 0.7 0.6 0.5 0.5 0.5 0.5 0.6
Source: UNCAD.Note: N .
D BRICS f
, -
. F , -
93.6
C 66.0 51.8 I S
A, , 38.0 Bz 21.1 R . R
( 70 ),
, , 60
Bz. S A
A. T S
A ( 51.8 )
, q, ( 1.20).
S BRICS
-
, -
BRICS . T
- ,
( 1.21).
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Tab
le1.2
0
BRICSExportsProfile,2009
Country
MerchandiseSh
arein
SharebyComm
odity
Exports
W
orld
Agri-
Fuelsand
Manu-
SharebyDestination
(US$
T
otal
cultural
Mining
factures
billion)
Exports
Products
Products
1
2
3
4
5
6
7
8
9
10
11
Brazil
153.0
1.2
37.7
21.3
38.0
EU
China
US
Argentina
Japan
(22.3)
(13.2)
(10.3)
(8.4)
(2.8)
Ru
ssia*
303.4
2.5
6.9
69.0
21.1
EU
Belarus
China
Turkey
Ukraine
(52.7)
(5.5)
(5.5)
(5.4)
(4.6)
India
164.9
1.3
10.2
20.6
66.0
EU
UAE
US
China
H
ongKong
SAR,China
(20.5)
(14.4)
(10.8)
(5.9)
(4.0)
Ch
ina
1,201.6
9.6
3.4
2.9
93.6
EU
US
HongKong
Japan
R
ep.Korea
SAR,China
(19.7)
(18.4)
(13.8)
(8.1)
(4.5)
So
uthAfrica
61.7
0.5
10.7
34.8
51.8
EU
China
US
Japan
Switzerland
(26.5)
(10.5)
(9.0)
(7.6)
(4.2)
Sourceofstatistics:WTO.
No
te:*Nationalaccountsdata.
9780198085386 Brics Report_01_Ch-01.indd 35 26/03/12 12:50 PM
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Table 1.21 H- E ( M
E)C 1990 1995 2000 2005 2007 2008 2009
1 2 3 4 5 6 7 8
Bz 7.1 4.8 18.6 12.8 11.9 12.0 13.9
C 17.2 8.1 6.9 6.5 9.3
I 2.4 4.3 4.8 4.7 5.3 5.7 8.6
R 10.5 18.6 30.6 29.7 28.7 31.0
S A 5.7 7.0 6.6 5.7 5.2 5.6
Source: W B D.
Note: N .
I -
, ,
, BRICS . A
, f
BRICS ( 1.22).
Table 1.22 BRICS S W E S( )
1990 1995 2000 2005 2008 2009 2010
BRICS 2.1 3.8 4.7 7.0 8.8 8.7 9.8
Bz 0.5 0.5 0.6 0.6 0.8 0.8 0.9
R 0.9 0.6 1.0 1.3 1.2 1.2
I 0.6 0.6 1.1 2.0 2.7 2.6 3.1
C 0.7 1.6 2.0 2.9 3.7 3.7 4.2
S A 0.4 0.4 0.3 0.4 0.3 0.3 0.4
Source: UNCAD.
Note: N .
brics imports
A - , -
. T
-
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overview o brics 37
f -
, , q ( 1.23).
Table 1.23 I G S( GDP)
C 1990 1995 2000 2005 2008 2009 2010
1 2 3 4 5 6 7 8
Bz 5.6 8.2 11.0 10.8 13.0 10.6 11.4
R 26.7 23.7 21.7 22.3 20.9 22.1
I 8.5 11.5 13.9 22.1 30.5 25.0 26.4
C 13.7 20.2 20.3 30.6 26.5 21.7 24.9
S A 18.6 22.8 25.3 28.9 38.3 29.4 24.9
BRICS: Share in World Imports
BRICS 3.3 6.1 6.2 10.0 12.5 13.3 14.8
Bz 0.6 1.0 0.9 0.7 1.1 1.1 1.3
R 1.3 0.7 1.3 2.0 1.7 1.8
I 0.7 0.7 0.8 1.3 2.0 2.0 2.1
C 1.5 2.5 3.4 6.1 6.9 8.0 9.1
S A 0.5 0.6 0.5 0.6 0.6 0.6 0.5
Source: UNCAD.
Note: N .
T j BRICS , - z
( 1.24).
T BRICS ,
- -
. A
, - z
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Tab
le1.2
4
BRICSImportsProfile,2
009
Country
MerchandiseSharein
SharebyComm
odity
Imports
W
orld
Agri-
Fuelsand
Manu-
SharebyOrigin
(US$
Total
cultural
Mining
factures
billion)
Im
ports
Products
Products
1
2
3
4
5
6
7
8
9
10
11
Brazil
133.7
1.1
6.4
17.6
75.9
EU
US
China
Argentina
Japan
(22.9)
(15.8)
(12.5)
(8.8
)
(4.2
)
Ru
ssia
191.8
1.5
15.2
3.8
79.8
EU
China
US
Ukraine
Japan
(45.9)
(13.4)
(5.4
)
(5.3
)
(4.2
)
India
257.2
2.0
5.6
37.6
46.6
EU
China
UAE
US
SaudiArabia
(14.4)
(11.5)
(7.4
)
(6.0
)
(5.4
)
Ch
ina
1,005.9
7.9
7.6
24.9
67.1
Japan
EU
Rep.o
f
HongKong
Taiwan,
(13.0)
(12.7)
Korea
SAR,C
hina
Pr
ovinceof
China
(10.2)
(8.6
)
(8.5
)
So
uthAfrica
73.2
0.6
7.4
23.3
68.3
EU
China
US
SaudiArabia
Japan
(32.2)
(13.1)
(7.8
)
(5.0
)
(4.9
)
Sourceofstatistics:WTO.
9780198085386 Brics Report_01_Ch-01.indd 38 26/03/12 12:50 PM
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overview o brics 39
. B,
( 1.25).
Table 1.25 BRICS S W I S
1990 1995 2000 2005 2008 2009 2010
BRICS 2.5 6.0 6.1 8.4 10.5 11.0 12.5
Bz 0.9 1.1 1.1 1.0 1.3 1.4 1.8
R 1.6 1.1 1.6 2.0 1.9 2.0I 0.7 0.8 1.2 1.9 2.4 2.5 3.1
C 0.5 2.0 2.3 3.4 4.3 4.8 5.1
S A 0.4 0.5 0.4 0.5 0.5 0.4 0.5
Source: UNCAD.
Note: N .
trade linkages: increasing south-to-south tradeD f -BRICS
, ,
S--S
. I C
, , R,
Bz, S A ,
, . H,
( 1.26).
private transers
R US$ 316
2009, 6 US$ 336
2008, f
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Table1.26
ExportLinkagesoB
RICS
(US$billion)
Ex
portsromRussia
Brazil
China
In
dia
SouthArica
AdvancedEconomies
EuroArea
19
90
20
00
0.6
5.2
1
.1
0.03
60.6
34.1
20
09
1.4
16.1
4
.8
0.2
138.1
92.3
Ex
portsromIndia
Brazil
China
Ru
ssia
SouthArica
AdvancedEconomies
EuroArea
19
90
0.0
0.0
0.0
11.1
3.0
20
00
0.3
0.8
0
.9
0.3
27.4
7.6
20
09
2.2
10.2
0
.9
1.9
79.0
26.3
Ex
portsromChina
Brazil
India
Ru
ssia
SouthArica
AdvancedEconomies
EuroArea
19
90
0.1
0.2
0.0
52.0
5.1
20
00
1.2
1.6
2
.2
1.0
208.3
30.6
20
09
15.9
29.7
17
.5
7.4
858.5
174.4
Ex
portsromBrazil
C
hina
India
Ru
ssia
SouthArica
AdvancedEconomies
EuroArea
19
90
0.4
0.2
0.2
22.9
8.1
20
00
1.1
0.38
0
.4
0.3
34.6
13.0
20
09
21.0
3.4
25
1.3
65.1
28.5
Ex
portsromSouthArica
C
hina
India
Ru
ssia
Brazil
AdvancedEconomies
EuroArea
19
90
20
00
0.3
0.4
0
.03
0.2
15.7
6.2
20
09
5.6
2.0
0
.2
0.4
30.9
10.7
Source:DirectoryofTradeStatistics,IMF.
No
te:Notavailable.
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overview o brics 41
. T BRICS
. I C 2009, US$
49 US$ 48 , . F I, -
f, . R
-
; ,
R 2009 US$ 19 ,
7 . U ,
I C,
R Bz ( 1.27).
Table 1.27 BRICS S G R I( )
1990 1995 2000 2005 2007 2008 2009 R
GDP RBz 0.8 3.3 1.2 1.3 1.1 1.1 1.0 0.3
R 0.0 2.5 1.0 1.1 1.2 1.4 1.3 0.4
I 3.5 6.1 9.8 8.1 9.7 11.3 11.9 3.9
C 0.3 0.9 4.0 8.8 10.1 10.9 11.5 1.0
S A 0.2 0.1 0.3 0.2 0.2 0.2 0.2 0.3
Source: W B.
current account
T BRICS ,
,
. C
,
R . I, S A,
Bz f ( 1.28).
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overview o brics 43
T BRICS
(C R),
f (Bz), f (I),
f (S A). O ,
R,
BRICS .
brics and capital lows
T
BRICS . G -
.
G q
z
EME .T
EME,
( 1.29).
Table 1.29 S G FDI I
( )
1990 1995 2000 2005 2008 2009 2010BRICS 2.2 13.8 5.8 11.7 16.0 16.7 17.8
Bz 0.5 1.3 2.3 1.5 2.6 2.2 3.9
R 0.6 0.2 1.3 4.3 3.1 3.3
I 0.1 0.6 0.3 0.8 2.4 3.0 2.0
C 1.7 11.0 2.9 7.4 6.2 8.0 8.5
S A 0.0 0.4 0.1 0.7 0.5 0.5 0.1
Source: UNCAD.
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Table1.30
Cross-countryMove
mentoFDIFlows
(US$billion)
Country
FDIInows
FDIOutows
1990
20
00
2005
2007
2008
2009
2010
1990
2000
2005
2007
2008
2009
2010
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
BR
ICS
Brazil
1.0
32
.8
15.1
34.6
45.1
25.9
48.4
0.6
2.3
2.5
7.1
20.5
10.1
11.5
Ru
ssia
0.0
2
.7
12.9
55.1
75.0
36.5
41.2
3.2
12.8
45.9
55.6
43.7
51.7
India
0.2
3
.6
7.6
25.3
42.5
35.6
24.6
0.0
0.5
3.0
17.2
19.4
15.9
14.6
China
3.5
40
.7
72.4
83.5
108.3
95.0
105.7
0.8
0.9
12.3
22.5
52.2
56.5
68.0
SouthArica
0.1
0
.9
6.6
5.7
9.0
5.4
1.6
0.0
0.3
0.9
3.0
3.1
1.2
0.5
Ad
vancedEconomies
Japan
1.8
8
.3
2.8
22.5
24.4
11.9
1.3
50.8
31.6
45.8
73.5
128.0
74.7
56.3
UK
30.5
118
.8
176.0
196.4
91.5
71.1
45.9
17.9
233.4
80.8
272.4
161.1
44.4
11.0
US
48.4
314
.0
104.8
216.0
306.4
152.9
228.2
31.0
142.6
15.4
393.5
308.3
282.7
328.9
Source:UNCAD.
No
te:Notavailable.
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Table1.31
Cross-countryMove
mentoPortolioFlows
(US$billion)
Country
PortolioInvestmentInows
P
ortolioInvestmentOutows
1990
2000
2005
2007
2008
2009
1990
2000
2005
2007
2008
2009
1
2
3
4
5
6
7
8
9
10
11
12
13
BR
ICS
Brazil
0.6
8.7
6.7
48.1
0.8
46.2
0.1
1.7
1.8
0.3
1.9
4.1
Ru
ssia
9.9
0.7
15.5
27.6
8.2
0.4
10.7
10.0
7.8
10.4
India
0.0
2.5
12.2
35.0
15.0
0.0
0.1
0.0
0.2
0.0
China
0.0
7.3
21.2
21.0
9.9
0.2
11.3
26.2
2.3
32.7
So
uthArica
0.3
1.8
5.7
21.9
13.7
7.6
13.4
0.3
3.7
3.4
6.7
1.9
Ad
vancedEconomies
Japan
46.7
47.4
183.1
196.6
103.0
56.3
37.8
83.4
196.4
123.5
189.6
160.2
UK
23.8
268.1
237.0
406.7
363.9
284.0
30.0
97.2
273.4
179.6
199.6
241.1
US
22.0
436.6
832.0
1154.7
527.7
376.6
28.8
127.9
257.5
396.0
117.4
549.4
Source:IMF/InternationalFinancialStatistics.
No
te:Notavailable.
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overview o brics 49
exchange rate regime and convertibility
T
f -
. D f
, BRICS
( 1.34).
T Bz
,
, f ,
, q
J 1999. S , Bz R$ 2.26
USD 31 D 2010. T
,
, , .
R f z
, 1 N
2008, R
-- - . T
, -
. T B R -
. T j j B R
R
. T B R
. I 2007 R z-
.
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overview o brics 51
I I, RBI
f , f
. I
, ,
, z -
RBI.
C 1
J 1994. I J 2005, C RMB
. T RMB
, ,
. C,
US$-RMB - 0.5
C F E S.
S A , -
. R -
z , inter alia, , -
, z . T N SARB z . T SARB
f R, -
z
.
A BRICS, S A
A VIII, 2, 3, 4 I M
F A A 15 S 1973. I
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52 the brics report
A VIII A A
IMF 1994, R J 1996, C D1996, Bz N 1999
. R
, -
, Bz 1999
. R -
z 1990,
1998 f , -f-
.
H, R -
. C I
z.
Financial Market Performance
Stock Exchange
D 19992010, BRICS -
, . A f-
q 2000
2008. W , Bz C q
R, I, S A. E
, q BRICS
( 1.35).
D , (PE)
BRICS C
I Bz, R, S A. I 2010,
PE BRICS I.
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Table1.35
StockMarketPerormanceoBRICSCountries
Country
Index
Movement(percentchange)
PERatio
1999
2005
2009
2010
1999
2005
2009
2010
1999
2005
2009
2010
Brazil
889.5
1,569.4
0
3,624.50
61
.6
50
121.3
18.6
12.39
17
13.8
Ru
ssia
177.71
112
5
1444.1
201
.6
83.3
128.6
8.3
11.1
8.3
India
209.5
382.9
468.5
89
.1
40.2
100.5
22.8
20.17
21.8
22.4
China
33.5
29.3
64.8
10
.2
15.6
58.8
15.78
15.6
14.6
So
uthArica
7806
1643
8
24996
74
44
28.6
14.4
21.8
18.9
Source:BloombergandMorganStanleyCapitalInternational.
No
tes:Russia:RSStockExchang
eandsharesincludedinRSIndexcalculationbase.
Notavailable.
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54 the brics report
T
BRICS , , Bz SA 2000 2006
. A R, ,
, , C
I
( 1.36).
T -z GDP BRICS
. T 3.6 1990 Bz,
74 2010. T -
I 12.2 93.4
, . C R,
, . I C,
z--GDP 1995 5.8 , j 81 2010. T
R 4.0 67.9 , . A
BRICS, S A z -
z GDP 2010 ( 1.37).
T f
( )
BRICS. T j 115.9 C 1995 229.6 2009. R
108.5 2009 36.9 2000.
S, I 65.9 1990
119.3 2009. Bz
S A f j
, , 23.6 73.9 1990 2009
Bz 7.0 57.3 S A 1995
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Table1.36
otalListedDomest
icCompanies
Country
1990
1995
2000
20
05
2006
2007
2008
2009
2010
1
2
3
4
5
6
7
8
9
10
Brazil
581
543
459
381
392
442
432
377
373
Ru
ssia
170
249
296
309
328
314
279
345
India
2435
5398
5937
4763
4796
4887
4921
4955
4987
China
0
323
1086
1387
1440
1530
1604
1700
2063
SouthArica
732
640
616
388
401
422
425
410
407
Source:Standard&Poors,EmergingStockMarketsFactbookandsupplementalS&Pdata.
No
tes:Listeddomesticcompanies
aredomesticallyincorporatedcompanieslistedonthecountrysstockexchangesattheendo
theyear.
T
isindicatordoesnotincludeinvestmentcompanies,mutualunds,orothercollectiveinvestmentvehicles.
Notavailable.
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Table1.37
MarketCapitalizatio
noListedCompanies
(percentoGDP)
Country
1990
1995
2000
20
05
2006
2007
2008
2009
2010
1
2
3
4
5
6
7
8
9
10
Brazil
3.6
19.2
35.1
53
.8
65.3
100.3
35.7
73.2
74
Ru
ssia
0
4
15
71
.8
106.6
115.6
23.9
70.5
67.9
India
12.2
35.7
32.2
68
.3
89.5
46.4
53.2
85.4
93.4
China
0
5.8
48.5
34
.9
91.3
178.2
61.8
100.3
81
SouthArica
123
186
118
229
274
291.3
178.5
249.3
278.4
Source:Standard&Poors,EmergingStockMarketsFactbookandsupplementalS&Pdata,andWo
rldBankandOECDGDPestimates.
No
te:Marketcapitalization(alsok
nownasmarketvalue)isthesh
arepricetimesthenumberosharesoutstanding.
Listeddomesticcompaniesaredo
mesticallyincorporatedcompanieslistedonthecountrysstockexchangesattheendothey
ear.Listed
companiesdoesnotincludeinvestmentcompanies,mutualunds
,orothercollectiveinvestment
vehicles.
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overview o brics 57
2009. A BRICS
2010 ( 1.38).T
BRICS ,
. T 2008, ,
( 1.39).
C f BRICS
, q
19992010 f. T - BRICS f f
( 1.40).
T f
. I
- ,
,
GDP . T
BRICS 0.122
S A 2008. H, - ,
0.010.03 BRICS -
( 1.41).
Financial Sector
T Bz f -
, --- ,
. I 2002, Bz C B
Bz P S f
- . T - Bz
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Table1.38
Stocksraded,urnoverRatio
(percent)
Country
1990
1995
2000
20
05
2006
2007
2008
2009
2010
1
2
3
4
5
6
7
8
9
10
Brazil
23.6
47.8
43.5
38
.3
42.9
56.2
74.3
73.9
66.4
Ru
ssia
0
0
36.9
39
64.1
58.9
59.2
108.5
85.7
India
65.9
10.5
133.6
94
.2
93.1
84
85.2
119.3
75.6
China
0
115.9
158.3
82
.5
102
180.1
121.3
229.6
164.4
SouthArica
7
34
39
48.8
55
61.6
57.3
39.6
Source:Standard&Poors,EmergingStockMarketsFactbookandsupplementalS&Pdata.
No
tes:urnoverratioisthetotalvalueosharestradedduringtheperioddividedbytheaveragemarketcapitalizationortheperio
d.Average
marketcapitalizationiscalculated
astheaverageotheend-o-periodvaluesorthecurrentandthepreviousperiod.
Notavailable.
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Table1.39
EquityValuationMeasures:DividendYieldRatio
s
Country
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Brazil
9.34
2.95
3.18
4.93
5.51
3.46
4.43
3.9
3
.1
2.2
4.6
2.9
2.7
Ru
ssia
0.72
0.14
0.92
1.11
1.87
2.38
3.12
1.6
1
1.2
3.5
1.4
1.5
India
2
1.25
1.59
2.03
1.81
1.47
1.53
1.3
1
0.7
1.8
0.9
0.9
China
3.71
3.14
0.95
1.95
2.41
2.19
2.26
2.7
1
.5
1.2
3.1
1.9
2.2
SouthArica
2.8
3.5
3.8
3.2
2.6
2.5
2
.4
2.7
4.5
2.7
2.3
Source:DataromMorganStanleyCapitalInternational.
No
te:Notavailable.
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Table1.40
EmergingMarketExternalFinancing:otalBonds,Equities,andLoans
(inUS$million)
Country
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Brazil
14,21412,952
21,45419,266
11,1191
2,909
15,83427,48631,219
73,21830,843
39,601
67,703
Ru
ssia
13,156
167
8,313
2,831
8,5351
2,239
22,53237,00459,165
84,53661,230
53,940
45,389
India
1,434
2,376
3,428
2,066
1,360
3,776
13,06021,66029,534
60,51337,561
58,320
115,929
China
6,975
3,462
9,227
4,255
4,2561
2,843
22,85038,80550,040
75,67728,261
66,829
79,879
SouthArica
3,423
8,699
4,647
4,058
7,837
5,413
6,26612,701
19,904
2,816
7,980
7,460
Source:DataprovidedbytheBond,Equity,andLoanDatabaseotheInternationalMonetaryFu
ndsourcedromCapitalData.
No
te:Notavailable.
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overview o brics 61
,
f . I
( ). T C B Bz
B II Bz
B III . A
f , BRICS
.
I R,
q.
R -z -
. C q
Table 1.41 I S BRICS E
C 1990 1995 2000 2005 2006 2007 20081 2 3 4 5 6 7 8
Life Insurance Premium Volume/GDP
Bz 0.002 0.003 0.004 0.013 0.013 0.014 0.015
R 0.001 0.001 0.001 0.001
I 0.010 0.012 0.017 0.026 0.041 0.040 0.039
C 0.002 0.003 0.010 0.018
S A 0.077 0.110 0.146 0.108 0.130 0.126 0.122Non-Life Insurance Premium Volume/GDP
Bz 0.01 0.02 0.02 0.02 0.02 0.02 0.02
R 0.02 0.02 0.02 0.02
I 0.00 0.01 0.01 0.01 0.01 0.01 0.01
C 0.01 0.01 0.01 0.01
S A 0.02 0.03 0.03 0.03 0.03 0.03 0.03
Source: W B.Note: N .
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62 the brics report
. Pf
, . A N 2010,
225 z .
I I, j -
-
q q
, .
T f
, -
. O , -
, -
(NPA) -
. F, ,
f f .
S C, C
, , -
, f
.
, C , -
f .
T S A
q q . A
, S A q z
f
q . T S A
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overview o brics 63
, q ,
. f ,
: f , f
, , -
.
A -
f . P
S A M,
S II E. I ,
2011. A
OC
, , q .
P B III q-
q , QIS
-q q
q . A z -
f .
C N SARB. A -
W B/F I
j.
banking sector perormance
C-- BRICS
,
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Table1.42
PrudentialIndicatorsotheBankingSectorinBRICS
BankCapitaltoAssets
Regula
toryCapitaltoRiskWeightedAssets
Country
1999
2005
2009
2010
1999
2005
2009
2010
1
2
3
4
5
6
7
8
9
Brazil
10.4
11.2
10.9
17.9
18.9
17.6
Ru
ssia
14.3
12.8
15.7
18.1
15
20.9
18.9
India
5.9
9.8
10.3
11.2
12.8
13.2
China
5.2
4.4
5.6
11.2
2.5
11.4
So
uthArica
7.9
6.7
12.7
14.1
14.4
Sources:Nationalauthorities;IMF
staestimates.
No
te:Notavailable.
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Table1.43
BankProftablyIndicatorsinBRICS
(percent)
ReturnonAssets
ReturnonEquity
Non-perormingLoan/
otalLoan
Countries
1999
2005
2009
2010
1999
2005
2009
2010
1999
2005
2009
2010
1
2
3
4
5
6
7
8
9
10
11
12
13
Brazil
3.2
2.4
3.2
30.1
22.1
29.3
3.5
4.2
3.1
Ru
ssia
0.3
3.2
0.7
1.6
4.0
24.2
4.9
10
13.4
2.6
9.5
9.5
India
5.9
0.9
1
13.3
12.3
14.7
5.2
2.3
China
5.2
0.6
0.8
15.1
15.1
28.5
8.6
1.6
So
uthArica
1.2
0.9
15.2
15.9
15.4
1.5
5.9
5.9
Source:GlobalFinancialStabilityR
eport,IMF.
No
te:Notavailable.
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overview o brics 67
19 . T 2
1,388 -, - .
S 1994,
, f -
. I J 2010, 140 ,
f 70 .
S- Bz f
. G ,, -
,
q . F,
BNDES, Bz D
B, -
.A -2009, C 3,857
193,000
2,845,000 . T f-
RMB 78.8
RMB 74.2 , ;
RMB 61.2 ; RMB 42.56 . T
- (NPL) RMB
497.3 , NPL 1.58 ,
155 . I 2009, f
RMB 668.43 . I
z, I C B
C (ICBC), C C B (CCB), B
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68 the brics report
C (BOC) . T f
, , ICBC, CCB, BOC, ABC, BOCOM, 50.89 59.86
- f. T NPL
1.54 , 1.50 , 1.52 , 2.91 1.36
, .
R f . T R -
: () C B
R (CBR); () - ; () , () , () . I
2006 j (90.1 )
R ,
(55.5 ) -- - (34 ).
N- 10
.O R
z; 1 D 2010 1,023
z, 225
. T z f ,
30 70
.
R -, S VB. S-
48
D 2010. T -
A B, MDM B, PSzB, US.
Mj
R B, C,
R, S G, U C.
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overview o brics 69
P R f .
A 60 (42 ) f , ,
, .
T I f ,
,
. B
,
f , , f , - f ,
, , . T RBI
-
B R A, 1949 R B I
A, 1934. T RBI -I f -
R B I A, 1934. Cq RBI A 1997,
N-B F C (NBFC)
. I
, RBI , -
N B A R
D (NABARD). I
I R D A(IRDA) S E B I (SEBI),
.
T I f
f
, , ,
1990
.
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A, f
f . T
f Pancha Sutra f : ()
q ; ()
; ()
(, f, , f); ()
f ; () -
f . T , , 19912
19978 19978 .
T (RRB) -
. W
, - RRB
. I , G I,
NABARD, - , RRB S
2005. A , 137 RRB
31 O 2006 43 RRB ( 18
15 ). T RRB
196 102. F -
G I
.S A f
(ABSA B L., S B S
A L., FR B L., N L., I B
L.), 91.6
2010. T f S
A ,
f .
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overview o brics 71
G
S 2009, M 2010.
T ,
-- 2.5 D 2010.
C , ,
q . T ,
f . B 2010. I -
5.8 2010,
5.9 2009 j 3.2 2008.
A ,
5.7 6 A 2009.
C - 0.1
.T q S A
9.5 , 8
B II q. T q
13
2008 14.1 2009 14.9
2010. 1 q 10.2
2008 11 2009 11.8 D 2010 ( B III 7
q).
N, S A -
q,
-
. T
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f. W
q , z f
q . S , SARB -
q q , 5
, j - .
S A ,
- ,
z - . I
q , S A ,
B
C B S (BCBS), z
f S
A. W S A
fz, q f
, j .
A ,
f .
accessibility o inancial services
T
. S -
, ,
(AM) ,
--GDP --GDP . B
2005 2010,
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Table1.44
FinancialServicesAccessibilityinBRICS
Brazil
Russia
India
China
SouthArica
Indicator
2005
20
09
2010
2005
200920
102005
2009
20102005
2009
2010
2005
200
9
2010
1
2
3
4
5
6
7
8
9
10
1
1
12
13
14
15
16
Numbero
2.08
2.37
2.33
23.86
27.8629.14
1.91
2.64
2.8
commercial
bankbranches
per1,000sq.km
Numbero
13.06
3.95
13.76
9.69
10.4310.91
7.19
9.37
10.1
commercial
bankbranches
per100,000adults
Outstanding
34
46.32
47.5118.66
33.12
47.31
60.11
123.21
137.11
41.31
44.6841.62
depositswith
commercialbanks
(percentoGDP)
Outstandingloans
18.09
26.2829.04
26.46
50.76
31.21
43.62
85.33
107.62
62.55
75.2769.65
ro
mcommercial
banks(percent
o
GDP)
Source:IMF.
No
te:Notavailable.
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Table1.46
DomesticCreditPro
videdbyBankingSector
(percentoGDP)
Country
1990
1995
2000
2005
2006
2007
2008
2009
1
2
3
4
5
6
7
8
9
Brazil
89.3
58.9
74.6
81.5
86.6
92.2
96.9
97.5
Ru
ssia
0
25.5
24.7
20.6
22.4
25.5
25.1
33.8
India
51.4
44.1
53
60.1
60.9
60.8
68.2
69.4
China
89.4
87.7
119.7
135.6
133.5
127.8
120.8
145.2
So
uthArica
107
150.5
162.5
209
192.9
195.2
172.2
183.5
Source:IMF,InternationalFinancialStatisticsanddatafles,andWorldBankandOECDGDPe
stimates.
No
te:Domesticcreditprovidedbythebankingsectorincludesallcredittovarioussectorsonagrossbasis,withtheexceptiono
creditto
thecentralgovernment,whichisnet.Tebankingsectorincludesmonetaryauthoritiesanddepo
sitmoneybanks,aswellasotherbanking
institutionswheredataareavailable(includinginstitutionsthatdonotaccepttranserabledepositsbutdoincursuchliabilitiesastimeand
savingsdeposits).Examplesooth
erbankinginstitutionsaresavingsandmortgageloaninstitutio
nsandbuildingandloanassociations.
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overview o brics 77
Concluding Observations
S
BRICS ,
. I Bz -
z
. T Bz
()
EME C; () BRICS C I; () -
q , ,
f ; ()
f .
I R,
,
z , - . F I, j ()
, () ,
() , ()
, ,
.
S C,
. I C - ,
- -
, f
q .
-, , , f
C
. T
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78 the brics report
, , ,
. T ,
, , ,
- .
I S A,
q.
P N G P
f q
. P
, -
, , -
, - ,
, z.
L , , q ,
.
, BRICS
,
.
T BRICS f f ,
-
BRICS
.
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Impact of the Financial Crisis
on BRICS
Introduction
T g f gud
kd u dju v ud w -
v d d v d y y . T
udd xv vg d w dqu gu,
k f uv, wd d g, d
u y dy ud-u k d
w f v. T w g, w w
u dv y y, d d v
qug uu . T g vg gu -
d w ggv kg y ug f u d
ud-g k ud ud-u u- gg.
Tu, u - d - v
d u x u
y y, f v, d guy .
2
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impact o the inancial crisis on brics 81
d dd v fd. I
kg, dd dvd w d ug gd uy dvg
, w d d u.
Ag BRICS, g f ud
US-d v k L B
S 2008. T kg BRICS -
d vy w. I Bz, uy d k k
w ug uu g v dwdd, dd dy x dd u, d x d dd. T
x k dd u d gw y -
g g 0.6 GDP 2009 ( 2.1). I
g d, Bz x d US$ 160.6 2007,
u 11.8 GDP d 1.18 wd x. I
2009, Bz g d gd fgu US$ 281
w, du 24.3 v 2008 wUS$ 371 w dd. T d w d u
g f , w d du
d guu d d v
x dd gd d v.
I d , f k Ru z du
k v d gf quy k
2007. Svg d du w (CDS) d judy v udd . T udd g xg
x ggd y S 2008
d Ru k d f k dg g uy
xu, xg u u. Ey ,
kg y w u ud dd y d u-
w d k u. Sv d-zd k (K F,
Svyz Bk, Gx Bk, d Sk) d ud y
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MarketCapitalization
35.7
73.2
23.9
70.5
53.2
85.4
61.8
100.3
178.5
249.3
(%
GDP)
PE
Ratio**
7.9
17
72.4
128.6
10.5
21.8
10.3
21.1
9.6
21.8
NPA/TotalLoan
3.8
9.7
2.4
1.6
2.3
2.3
2.4
1.58
5.9
5.8
Source:IFSandWorldBankdatab
ase.
Note:Sign+meansroubleappreciation,signmeansdepreciation.
*R
ealeectiveexchangerateoth
eroubleagainstthebasketcom
prisingcurrenciesomajortrad
epartners(annualaveragerate
o
change).
**
RTSStockExchange,BankoRussiacalculations,andsharesincludedinRTSIndexcalculationbase;Bloomberg.
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v v w d-S d d-
O 2008.I , Id y d
vy ud, u wd wdw GDP u-
zd gw ud 7.5 f 6.0
d 2008, fd y
uug . T gf
x- uug xd x
dd k. Fu, g uug x (42 ) w ud y d uu, x
d x du, g d jwy, d d, w
y-v, w j x -
ud y - du (SSI). Tu, x
dd k d g uu d y
u du, w d d g d u-
dd.T f C k
d x dd, w u d
wdw, d u u, d g uy.
Suu vd. w d
wdy d d ud y fgu u
f C y. T f du
y u (w d) d du vu-ddd (w vu d). T d -
y u gd u 10 vy ,
u d 2008, dd d-
y. T uk d d g f d
v C f d k, w
w y d wg: () T k dx
d . Dug x My O
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impact o the inancial crisis on brics 85
2008, Sg k xg dx dd v 50
. () R uuy dd. Bw Juy2008 d Fuy 2009, vg dx udg
70 du--g C y u 2 uu-
vy. () My uy d uy gw ud
. F My Nv 2008, y--y M2 gw
y 3.3 d uy gw d
d w. (v) F Juy 2008 Fuy 2009, RMB
v xg dy y 14.5 , ug uvu C x. T d C
x d v d d, d d
2008, 15 x f w d du uu
v u dw.
I Su A, w, w d ud
uk fg Su A g u u df
y dg u , quky ud g uw,ug v v w d v Su A
k dw g . B x d vu
ud, w Su A x
d wkd, ug w uwgd y
w , ug v d.
T k k, wkd dy y uw
-d d dy y g quy w, g g My 2008 u w d w
S d Nv 2008 w qu g-
g k.
T g f d gf uu
BRICS . I GDP gw, Ru w-
d gw u wg
xd y d . Bz, w d
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impact o the inancial crisis on brics 87
u, g du gw. A u d
uy w quky d, w-d -
y y wd w d
ud. Bz g ud, udg dqu v g xg v d ud f
y, w ky dug d -
g uy g d .
vd dqu d qudy Bz, u -
g v qu w xd. T ud j
dd qudy quv 4 GDP ( 2.3).
Hwv, dd qudy w d
Table 2.2 Sz Dy Mu F C
(g GDP)
Cuy 2008 2009 2010
1 2 3 4
BRICS
Bz 0 0.6 0.6
Ru 0 4.1 1.3
Id 0.6 0.6 0.6
C 0.4 3.1 2.7Su A 2.3 3.0 2.1
Advanced Countries
Iy 0 0.2 0.1
J 0.3 2.4 1.8
K 1.1 3.6 4.7
Ud Kgd 0.2 1.6 0
Ud S 1.1 2.0 1.8Source: IMF S P N, F A D, I
My Fud, Juy 2009.
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Table 2.3 Mu y C Bk
Cuy My MuBz Bz ud g v v qu,
wg k w v qu
-ud u wg L B
d. I u, qudy
-k k, k dud v
qu u dg g qud k
qud k. By dug qudy v
dug , k w
vd f y y.Ru T u z kg y du-
g u qu 2008 d vd gf
qudy w kg xg
u g fg. Sg A 2008,
gv ud x udgy ud k, w
C Bk Ru (CBR) vdd v-wdg
y qudy , udg g- udd
d uzd , w d vdd
ud d w. I 20089 Bk Ru
dd g k ud u -
fg d xdd
ud y -k , u y ,
d , d u gu. T CBR
d gu -k dg quyg k,
vg v u-
y w wdw. I M 2009, k -
z w ud d xg
d gv d. Adju
w v Bk Ru g f . T fg w d
d 2008. T Bk Ru -
d du fg :
13 A 2009 7.75 Ju 2010.
T CBR y wd qud v
S d O 2008.
Id T y ud qudy dju y
(LAF) w dud y 400 , 9
5 . T y v ud LAF w
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g f u, u w dd d
qudy w y. d u ud d kg , k (BCB) wd
Cd Gu Fud (FGC, kw Bz Fundo Garantidor
de Crdito), Bz d gu y vy
udd d u gud, ud dd y
gu y d w y -
d qudy d du k g.
Iv j qudy g uy k -d g US$ 14.5 k, xg
w US$ 33 d u US$ 24.4
vd - fg x. A
dd, BCB d u d
u Juy 2009 d d 5 . u d du-
, x uud gd (IPI) v, ud
, gd, d udg u wgfy dud , , z. I dd
u, x f (IOF)
gd d ud w dud 3.0
1.5 . A u, w
-wd k, d j y uy BNDES,
-wd N Dv Bk, w d k
dg y gy d uu d wd ug w d x d du
d u gd. T u ud
gw vy Bz. Fy, O 2008, US
k ( Fd) gd BCB w US$ 30
w , w w dw u.
Ru u w g f uu kg
G-20. T xy f d
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impact o the inancial crisis on brics 91
gv xdu d ud u gv (-)
df 8.25 GDP 2008 15 GDP 2009. I d 2008 g y
y w u f y d u uw.
T Bk Ru d y y d
u gw: w A 2009 d Ju 2010,
fg w dud y 525 7.75 . Du
ggv f d y y g, Ru
f gd ud g . Tug y d y 7.8 2009, vd
y f qu 2010 w GDP gg
gw 3.5 . I Ru, ud g
vu vdd wy, y u f
x , u z df.
T z ud w dw dw wu y gf k
x vuy. A u, v g d vy, Ru gd
w w u d (ud 11 GDP),
uk dvd W udg
Eu z d US.
Id y w d g
g ud k d y d d
k ug y d u qudy dd gg vy d. I u, jv
w uud w f : f,
u qudy ; d, ug g
xg qudy; d d, y wk
wud k d dvy k d
gw. Bd g w y g f -
dw, y vvd g g
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- g d du- uy. T u
jv v y kg Gv Id d RBI g d-S 2008.
T f y u udk y Id
f uu kg dug d 20089 ud
x u, ugg v uu d d
xdu v d u. T x-
y f ud U Budg 200910, w
w d g kd d gw y d g z g y. T -
u u uu, du d ,
u y, d w ddvgd
u w d gfy. Add xd-
u ug 3 GDP w vdd ug
uy dd g dug OD 2008
d Fuy 2009. T y y w g qudy y ug v u u
ug y ( v [CRR], v , d
uy qudy [SLR]) d k , d
uv u, , g f
SIDBI d EXIM Bk d g k ud w
gd vg d k wg. T u u/
qudy jd w R 5,850 .C dd v f y d dy y
y y, d u kg u dy d
vy d gw. T d d -
g kg w v dwu
d dy gw. I w dgd dd u-
u g C dv, d
u gw , d quy d
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impact o the inancial crisis on brics 93
du d y d
ud gw g u. F, d ddd v wy d g u
dd dvg gw d
dv; d, ug v uu
uy d dd dv; d,
d v duy d -
y dd v d u
dv; d u, wkd -ud dv d d v dv. v
v jv g gw d xd
d dd d uu y, P Bk
C (PBC) d dy y y y y
dg x d v u g f u-
gw, ug ggg y d
d uy fd d dv. T PBC dud k , y d y,
u u qudy kg y g, d
z k x. I 2011, k k
gw wdw d g u g ,
C ud v f y d djud d-
y y y y ud . Pv f
y vy d d dd, d uug, d vd vd. T
w ddd ug u ud y
y .
S S 2008, PBC wd k
d d dg f u fv ,
4.14 2.25 , d 7.47 5.31
, vy. T d d dg w f
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u d PBC w u w; u, d
uy v d x v w PBC wu 1.89 d 0.99 1.62 d 0.72
, vy. T 1-y k qudy dg
(- ) w u 4.68 3.33 ; 1-y
k dg u d v w u
3.96 2.88 ; d du w u
4.32 1.80 . u u qudy
kg y, PBC u qud v u .Sfy, v qu g f u-
w u y 2 g uuvy, w
f u w u y 4 g uuvy.
A , PBC d quv g
f u d dg, gudd f u
d uy, d z d uu,
wg dd w ugdgw . T PBC gd d v
guu, u , , d du-zd ,
y g, -d u, u-
x, d dd v, w ug
g gv v j w gd
y .
I Su A, f d y dd uy y wg f df
gv vu dd, g gv dg
d y dug . Sud u f dug
- d (20027) vdd Su A w
f vd uu dug 20089 . T z
udg df d dd 5.7 GDP 1995
uu u 1 GDP 20078, w d
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impact o the inancial crisis on brics 95
du gv d ud 47 GDP
y 27.1 20089. A u, gv w u dg u v d uu
top related