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Exchange Rate Dynamics and Macroeconomic Factors: A Comparative Study of BRICS Countries

Author

Listed:
  • Wafaa Sbeiti
  • Moid Uddin Ahmad
  • Fahad AlKhashti
  • Ayman E. Haddad

Abstract

This study investigates the exchange rate dynamics within the BRICS countries and how they interact with specific macroeconomic variables. To achieve this purpose, both intra-country and inter-country analyses were performed utilizing various statistical methods using time series data covering the period 2000–2022. The findings reveal a significant interdependency among exchange rates within the BRICS countries, although there are inconsistencies in inter-country relationships. Specifically, the analysis of exchange rate dynamics across different countries reveals diverse associations with other economic variables, highlighting the varying impact of macroeconomic variables on foreign exchange rates across countries. In addition, our study also revealed a significant negative two-way relationship between the Chinese currency and the currencies of South Africa and Russia, highlighting potential challenges and complications in aligning monetary policies and exchange rate dynamics across BRICS countries. JEL Classification F31, E44, E52, O11

Suggested Citation

  • Wafaa Sbeiti & Moid Uddin Ahmad & Fahad AlKhashti & Ayman E. Haddad, 2025. "Exchange Rate Dynamics and Macroeconomic Factors: A Comparative Study of BRICS Countries," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 17(3), pages 336-355, September.
    • Handle: RePEc:sae:emeeco:v:17:y:2025:i:3:p:336-355
    DOI: 10.1177/09749101251317482
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    Keywords

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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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