As we have seen in the last century the world has become smaller and globalization plays an important role in the economy nowadays. One of the most important goals of the government is to commit the economic growth, and as it can be seen on the example of BRIC countries one of the ways in order to do so is to attract Foreign Direct Investments. This research takes a closer look at what changed in those countries over the last decade and what the main factors are which could help to attract foreign capital.  This study aims to find out how did developing economies of Brazil, Russia, India and China, managed to attract FDI and which factors were the most important. Did the government play the important role in this process, or was it just natural due to the high amount of resources, like in Russian and Brazil? In order to do so, the paper will analyze the background and previous studies on this topic and help to develop the strategy for the economic growth by attracting FDI. The paper is analyzing impact of changes in certain variables on the change in FDI to the country. Variables are based on the previous researches, but can be changed based on the background in order to find a new view on the topic.

LL.M. (International Commercial Law) / The Original BRIC Organization comprising Brazil, Russia, India and China, was first conceived in 2001 as part of an economic modeling exercise to forecast global economic trends. Fast forward almost a decade into its existence and BRIC was up for a change. The BRIC foreign Ministers at a meeting held in New York in 2010, came to an agreement to invite South Africa to join the Organization. On the 14 April 2011, South Africa attended the first joint summit, evolving the former BRIC to what is known today as BRICS, the “S” referring to South Africa. This move is seen as a significant step, as its members‟ now come from four different continents and is sure to turn heads in the “old North”, what used to be the traditional Western dominance over the global economy. BRICS comprises some of the world‟s fastest growing and biggest economies, as illustrated by the statistics that emanated from the most recent summit held in Durban in March 2013. Senior Goldman Sachs economist Jim O‟ Neil, the person responsible for coining the „BRIC‟ acronym, predicted in 2001 that the combined economies of Brazil, Russia and China would overtake the United States and the G-7 countries. Since that bold statement in 2001, the words uttered by O‟Neil have become more than just a prediction. As Bidwai points out, BRICS account for over 40% of the world‟s population, 18% of its market- exchange GDP, 15% of world trade and two-fifths of its foreign currency reserves. It goes without saying that the BRICS group has many advantages and strengths that would stand it in good stead going forward. As previously stated, its members are among the fastest growing in the world, economically speaking, and were also least affected by the financial crisis that rocked many of the world‟s powerhouses. There has even been talk of a BRICS Development Bank, which was first tabled in 2012 at the Delhi summit. Although discussions are in its infancy, a proposed $100-billion currency-stabilization contingency reserve arrangement is to be negotiated...

Este trabajo se enfoca en el análisis de las variables que contribuyen en las futuras decisiones de inversión de no residentes en el corto plazo sobre activos de los bloques altamente representativos de las economías emergentes (Brasil, Rusia, India, China y Sudáfrica [BRICS]). Más específicamente, el estudio analiza las variables que brindan mayor impacto predictivo sobre los flujos de capitales de portafolio de renta variable y fija de no residentes (componentes de la cuenta financiera de la balanza de pagos) en el corto plazo. No hay un amplio consenso sobre estas variables y hay incertidumbre en su modelamiento. Por lo mismo, se procede a implementar la metodología Bayesian Model Averaging (BMA). Tres resultados emergen de la evidencia econométrica. En primer lugar, el nivel de reservas como porcentaje del PBI (pull factor) es la principal variable predictiva con un impacto negativo, significativo, y muestra una presencia de al menos 75 % cuando esta es significativa. Este impacto parece confrontar los resultados estándares de la literatura, pero hay ligeras diferencias en el enfoque de este documento con el de estudios previos. Entre las discrepancias se encuentran que este documento analiza flujos de portafolio de no residentes, mientras que en la mayoría de los estudios anteriores se emplea flujos totales. Asimismo, se trata de extender la literatura de estos impactos en horizontes de corto plazo y se continua el debate abierto por Alberola et al. (2015) sobre si acumular reservas por periodos prolongados refleja una vulnerabilidad (posibilidad de burbujas de activos financieros). Estos autores citan la relación, significativa, encontrada y poco discutida por Filardo y Siklos (2015) sobre la inflación de precios de activos financieros y la probabilidad de acumular reservas en grandes periodos de tiempos. En segundo lugar, entre las variables del tipo push factors más relevantes se encuentran la pendiente de la curva de rendimiento, la tasa de desempleo de los Estados Unidos y los cambios de las cotizaciones de las materias primas de productos de ganadería y de metales industriales con impactos heterogéneos. Este resultado se alinea a lo encontrado en la literatura. Finalmente, se evidencia que variables de tipo pull factors van perdiendo presencia al modelar los flujos de capitales a plazos más distantes.

Submitted by Marcia Bacha (marcia.bacha@fgv.br) on 2011-05-06T18:51:55Z No. of bitstreams: 1 000405759.pdf: 13731541 bytes, checksum: fdf5f5dbec9c0075796654156141cec1 (MD5) / Approved for entry into archive by Marcia Bacha(marcia.bacha@fgv.br) on 2011-05-06T18:52:14Z (GMT) No. of bitstreams: 1 000405759.pdf: 13731541 bytes, checksum: fdf5f5dbec9c0075796654156141cec1 (MD5) / Approved for entry into archive by Marcia Bacha(marcia.bacha@fgv.br) on 2011-05-06T18:52:21Z (GMT) No. of bitstreams: 1 000405759.pdf: 13731541 bytes, checksum: fdf5f5dbec9c0075796654156141cec1 (MD5) / Made available in DSpace on 2011-05-06T18:52:35Z (GMT). No. of bitstreams: 1 000405759.pdf: 13731541 bytes, checksum: fdf5f5dbec9c0075796654156141cec1 (MD5) Previous issue date: 2007 / Este estudo objetiva uma contextualização, no cenário global, do papel representado por quatro grandes países emergentes: Brasil, Rússia, índia China. Ainda que haja muito se discutir respeito da ligação entre estas economias quanto guarda de parceria e quanto de concorrência fato que, recentemente, elas passaram ser tratadas como participantes de um mesmo fenômeno; constituem epicentro de uma mudança que poderá alterar quadro mundial de forças em um futuro não muito distante. conceito de 'competitividade das nações' norteia estudo. análise do desempenho de cada país tem por substrato definição de prosperidade como integração multifatorial em grande escala, envolvendo economia, política, sociedade, meio-ambiente, instituições públicas, performance da classe empresária, capacidade de inovação dos meios científicos cultura. trabalho revelou, especificamente com relação estrutura econômica brasileira, sérias assimetrias que limitam as possibilidades de crescimento do país. Percebe-se que os fundamentos sócio-econômicos políticos apresentam lacunas importantes, que deixam descoberto setores como qualificação profissional, gestão pública e a regulação das atividades produtivas. Não obstante, foi possível ao Brasil alcançar altos níveis de desenvolvimento em várias áreas, partir da atuação de agentes privados que conseguem fazer frente um ambiente de negócios temerário. Neste ponto formaliza-se uma dicotomia entre papel tíbio ou ineficaz dos entes públicos, que não conseguem qualificar gestão institucional, uma notável capacidade empresarial para desenvolver processos sofisticados inovadores gerar resultados positivos. Faz-se urgente reparo desse desequilíbrio, com vistas participação eqüitativa de todos os setores da sociedade no desenvolvimento do potencial competitivo do país. / This study aims to contextualize the role played by the four most important under developed countries in global scenario: Brazil, Rússia, índia and China. Although the topic has been discussed extensively on the possible linkages between these economies in matter of partnership and/or concurrency, recently they have been treated as important participants in the same phenomenon; the epicenter of global scale market changing which might modify the economic hierarchical scheme in not too distant future. The nation competitive concept guides the whole study. The analysis of each country performance underlies on prosperity definition as multifactorial integration in large scale, involving economy, politics, society, natural environment, public institutions, business performance, culture and the scientific capacity of innovation. The study has revealed specifically relating to the Brazilian economic structure, serious asymmetric relation which may restrict the country's growing possibilities. The social and economic aspects present major gaps leaving important sectors without any attention as professional qualification, public management and the regulation of productive activities. On the other hand, due to the private commercial agents, Brazil has reached high leveis of development in several fields, in consistent effort of managing to make business in nonreliable environment. At this point it can be noticed an undeniable dichotomy among the inefficient role played by the public agents who are unable to qualify the institutional management and distinguished business ability to develop sophisticated processes to generate positive results. An urgent repair is requested to bring some balance to this asymmetry, focusing an equitable participation among ali sectors of society in the development of the country's competitive potential.

CRUZ, Francisco Rogério Gomes. Modelagem condicional específica da gestão de risco de mercado nos BRIC. 2013. 53f. Dissertação (Mestrado Profissional) - Programa de Pós Graduação em Economia, CAEN, Universidade Federal do Ceará, Fortaleza-CE, 2013. / Submitted by Mônica Correia Aquino (monicacorreiaaquino@gmail.com) on 2014-10-16T19:03:30Z No. of bitstreams: 1 2013_dissert_frgcruz.pdf: 2049485 bytes, checksum: 4ad75e8bb3cff8d881656c4c4db49201 (MD5) / Approved for entry into archive by Mônica Correia Aquino(monicacorreiaaquino@gmail.com) on 2014-10-16T19:03:42Z (GMT) No. of bitstreams: 1 2013_dissert_frgcruz.pdf: 2049485 bytes, checksum: 4ad75e8bb3cff8d881656c4c4db49201 (MD5) / Made available in DSpace on 2014-10-16T19:03:42Z (GMT). No. of bitstreams: 1 2013_dissert_frgcruz.pdf: 2049485 bytes, checksum: 4ad75e8bb3cff8d881656c4c4db49201 (MD5) Previous issue date: 2013 / Although the bloc labeled BRIC is composed of emerging economies characterized by heterogeneity in economic, social and political aspects, there are empirical evidences about the convergence and partial financial integration. In this sense, we address the risk management of most relevant BRIC market indices through Value at Risk approach, based on a parametric Gaussian and unconditional version, and also extending it intending to accommodate violations of heteroscedasticity and non-normality of daily returns. Corroborating previous and specific evidences, as Jianshe (2007) for the Chinese market, Karmakar (2005) for the Indian and Thupayagale (2010) for Russian, we are able to show that it is necessary to adapt the canonical framework, because of the statistical idiosyncrasies of time series, using the critical values related to the best fitting probability distribution, and modeling the evolution of the conditional risk. We also provide a dynamic measure of risk-return performance of theses indices from the perspective of local investors. / As economias emergentes que compõem os BRIC, apesar de serem caracterizadas por heterogeneidades marcantes em termos econômicos, sociais e políticos, apresentam evidências empíricas sobre convergência parcial e integração financeira. Neste sentido, este trabalho agrega a discussão sobre gestão de risco dos principais índices de mercado dos BRIC através do Value at Risk, em sua versão paramétrica gaussiana incondicional e extensões que acomodam as violações sobre a não normalidade e a heterocedasticidade dos retornos diários. Corroborando estudos específicos para cada economia, Jianshe (2007) para o mercado chinês, Karmakar (2005) para o indiano e Thupayagale (2010) para o russo, evidencia-se ser necessário adaptar o arcabouço visando modelar a idiossincrasia estatística da série temporal dos índices, recorrendo a valores críticos associados à distribuição de probabilidade mais adequada, além da modelagem da evolução condicional do risco. O trabalho ainda oferece uma métrica dinâmica de performance risco-retorno dos índices sob a ótica dos investidores locais.

Master of Science / Department of Computing and Information Sciences / Daniel A. Andresen / "BRIC" is a web survey application that can provide feedback to the feedyard managers regarding the different types of risk involved in their feedyards. By answering a set of basic questions in the survey, the application generates three categories of reports for the managers which provide them with measures to improve the existing condition of their feedyard. These dynamically generated reports can help to decrease the risk of introduction of some disease or its impact once it is introduced in a feedyard. The survey can be beneficial to collect data from various feedyards through the internet. This collected data can be used to make some interesting analysis and beneficial conclusions in this field of research.

The thesis deals with the economic relations between the European Union and the BRIC countries focusing on Brazil. The general and economic features of the BRIC countries are described in the first chapter, as well as the research of their role in the world economy. The next chapter focuses on the chosen country, Brazil. From the economic point of view it analyses the strengths and weaknesses, foreign trade and it also describes the agreements, that make the basis for the economic relations with the EU. The third chapter characterizes in detail the development and the recent form of the economic relations of the EU in general, between the EU and the BRIC countries, mainly Brazil. The last part gives some thought to the perspective sectors of the mutual relations between the EU and Brazil focusing on the particular form of their future development.

This thesis deals with the mutual relations of the Czech Republic with the BRIC countries. Individual members of the group - Brazil, Russia, India and China - have the potential to become in the next years or decades the strongest economies of the world. The aim of the work is to analyze existing business relations between the Czech Republic and these countries and on the basis of this analysis draw some predictions of future cooperation and find opportunities for Czech exporters. The work should provide an objective assessment based on statistical data and practical observations regarding cultural differences and specific business practices. The work should serve as an overview for Czech exporters who are interested in the BRIC countries to export.

Die internationale Ordnung ist im Umbruch. Aufstrebende Großmächte wie China, Brasilien und Russland fordern die US-amerikanische Dominanz des Westens heraus. Werden die neuen Gestaltungsansprüche zu einer gerechteren Weltpolitik führen – oder zu einer „neuen Weltunordnung“? WeltTrends setzt den Meinungsaustausch über Ordnungen und Unordnungen in der Welt des 21. Jahrhunderts in diesem Heft fort – fachkundig und vielseitig.

REBOUÇAS, Márcio Heber Medeiros. Modelagem das reservas internacionais ótimas no BRIC: tão heterogêneos, tão dependentes. 2015. 51f. Dissertação (mestrado profissional) - Universidade Federal do Ceará, Programa de Pós Graduação em Economia, CAEN, Fortaleza - Ce, 2015. / Submitted by Mônica Correia Aquino (monicacorreiaaquino@gmail.com) on 2016-03-02T11:51:11Z No. of bitstreams: 1 2015_dissert_mhmreboucas.pdf: 593890 bytes, checksum: 03e0dcfaeb9e7da56450b7c435db6718 (MD5) / Approved for entry into archive by Mônica Correia Aquino(monicacorreiaaquino@gmail.com) on 2016-03-02T11:51:20Z (GMT) No. of bitstreams: 1 2015_dissert_mhmreboucas.pdf: 593890 bytes, checksum: 03e0dcfaeb9e7da56450b7c435db6718 (MD5) / Made available in DSpace on 2016-03-02T11:51:21Z (GMT). No. of bitstreams: 1 2015_dissert_mhmreboucas.pdf: 593890 bytes, checksum: 03e0dcfaeb9e7da56450b7c435db6718 (MD5) Previous issue date: 2015 / This study adds to discussion of theoretical and empirical literature, conceptually following Heller (1966), and aligning with the Calvo, Izquierdo e Loo-Kung (2012), and Alfaro e Kanczuk (2007; 2014), when analyzing international reserves countries that make up BRIC, for period 1997-2013, with a view to involving optimal level of reserves to a management tool protection (buffers) of public assets, which act as a buffer before balance of payments imbalances , due to crises and sudden stops, given previous evidence of contagion and financial integration in this block. Interest in BRIC is grounded in fact that next fifty years, these nations are likely to become major forces in the world economy. Following methodologically Frenkel e Jovanić (1981), we applied model titled buffer stock in time series of stores, and innovation and relevance in work due to consideration of likely significant cross effects of conditional volatilities and their bloc spreads, through a vector error correction model (VEC). It also appears that under application of econometric model, study findings show important role played by volatility of Brazilian and Russian stocks, as well as Chinese spread in explaining reserve management in some of other BRIC, which reflects adoption of any conservative or daring attitudes on the part of policy makers members of the bloc. / O presente trabalho agrega à discussão da literatura teórica-empírica, seguindo conceitualmente Heller (1966), e alinhando-se a Calvo, Izquierdo e Loo-Kung (2012), e Alfaro e Kanczuk (2007; 2014), ao analisar as reservas internacionais dos países que compõem os BRIC, relativamente ao período de 1997 a 2013, com o intuito de associar o patamar otimizado de reservas a um instrumento gerencial de proteção (buffer) dos ativos públicos, que funcionam como um amortecedor perante os desequilíbrios do balanço de pagamentos, em função de crises e sudden stops, dadas as evidências prévias de contágio e integração financeira neste bloco. O interesse pelos BRIC é pautado no fato de que nos próximos cinquenta anos, estas nações poderão vir a se tornar as maiores forças da economia mundial. Seguindo metodologicamente Frenkel e Jovanic (1981), aplicou-se o modelo intitulado de buffer stock nas séries temporais das reservas, havendo a inovação e a relevância no trabalho em virtude da consideração dos possíveis efeitos cruzados significativos das volatilidades condicionais e dos respectivos spreads intrabloco, através de um modelo vetorial com correção de erros (VEC). Verifica-se ainda que, sob a aplicação deste modelo econométrico, os resultados permitiram identificar o papel relevante desempenhado pela volatilidade das reservas brasileira e russa, assim como do spread chinês na explicação da gestão de reservas em alguns dos demais BRIC, que reflete na adoção de eventuais posturas conservadoras ou ousadas, por parte dos policy makers integrantes do bloco. Palavras-chave: Reservas Internacionais. BRIC. Modelo de buffer stock. Volatilidade