The impact of the global financial crisis on the BRIC countries : a comparative analysis

Abstract

The Global Financial Crisis is considered as the worst crisis since the Great Depression which happened way back in the 1930s. The 2007-2008 crisis led to a collapse of the largest financial institutions and the bailout of many well-known banks. Both developed and developing countries suffered in one way or another due to this crisis. The impacts of the crisis were also felt by the growing economies of the BRIC (Brazil, Russia, India and China) countries. This study examines the macroeconomic impact the global financial crisis had on the BRIC countries. Towards the end, a comparative approach was employed, where a broad range of macroeconomic variables were compared with the scope of highlighting the similar and different effects across the four countries.