This paper employs a global vector autoregression (GVAR) model to investigate business cycle transmission from BRICS (Brazil, Russia, India, China, and South Africa) to LICs through trade, FDI, technology, and exchange rates channels. Trade and financial ties between low-income countries (LICs)...

Opinion over the global implications of China's rise is divided between critics and proponents. Critics see it as having developed at the expense of both investment and employment in the US, Europe and Japan. Proponents emphasise improvements in the terms of trade and reductions to the cost of...