Although these economies have skilled recent development of their monetary sectors, their monetary sectors still lag behind that of different developed nations. Second, the economies of the BRICS countries have received little consideration on the finance-growth nexus. The long-aged debate on the finance-growth nexus within the BRICS nations has largely been another inventory market-based or bank-based discussion, paying limited consideration to the financial sector index, and the time-varying dynamics in the relationships. In our attempt to fill this hole, we notice that these 5 countries command about 42% and a 3rd of the world’s population and GDP respectively. Furthermore, they characterize the main rising nations throughout a quantity of continents , and therefore, the economies of BRICS provide priceless insights into the global emerging market economic system. Accordingly, this paper investigates the time and frequency lead-lag relationships between the monetary sector index and economic progress.
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