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Unlocking BRICS Economies’ Potential: Infrastructure as the Gateway to Enhanced Capital Flows

Author

Listed:
  • Sunita Sharma

    (Apex Institute of Management, Chandigarh University, Mohali 140413, India)

  • Shalini Aggarwal

    (Apex Institute of Management, Chandigarh University, Mohali 140413, India)

  • Meena Sharma

    (Management Department, Business School, Punjab University, Chandigarh 160014, India)

  • Abdallah AlKhawaja

    (College of Business Administration, American University of the Middle East, Eqaila 15453, Kuwait)

  • Suzan Dsouza

    (College of Business Administration, American University of the Middle East, Eqaila 15453, Kuwait)

Abstract

This study investigates the impact of physical and financial infrastructure on the dynamics of net total capital flows in BRICS economies over the period 2010–2024. Using panel data and a fixed-effects regression model with robust standard errors, it analyzes how infrastructure quality, both physical (transport, energy, and telecommunications) and financial (banking systems, capital markets, and regulation), affects private capital inflows. The results show a statistically significant positive relationship, with physical infrastructure reducing business costs and financial infrastructure improving capital allocation and investor confidence. This paper contributes novel empirical evidence linking infrastructure systems with capital flow dynamics, providing key insights for policymakers aiming to enhance resilience and attract sustainable private investment.

Suggested Citation

  • Sunita Sharma & Shalini Aggarwal & Meena Sharma & Abdallah AlKhawaja & Suzan Dsouza, 2025. "Unlocking BRICS Economies’ Potential: Infrastructure as the Gateway to Enhanced Capital Flows," JRFM, MDPI, vol. 18(6), pages 1-33, June.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:6:p:331-:d:1681325
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