ABSTRACT The present study examines the behaviour of macroeconomic indicators during the currency crises in BRICS from 1996:Q1 through 2015:Q4. We identify 22 crisis episodes based on EMP index. Our primary results suggest that output, foreign reserves, broad money growth and REER see a steep decline due to crisis episodes. Whereas inflation, current account deficit, unemployment and real interest rate experience a sharp rise due to crises. The results from Panel VAR show that output declines due to currency crises apart from supporting the primary results. The results from the Fixed Effects methods also show that currency crises negatively affect output.

中文翻译：

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金砖国家货币危机的宏观经济成本：一项实证分析

摘要本研究调查了1996年第一季度至2015年第四季度金砖国家货币危机期间宏观经济指标的行为。我们根据EMP指数确定了22个危机事件。我们的主要结果表明，由于危机的发生，产出，外汇储备，广泛的货币增长和REER急剧下降。由于危机，通货膨胀，经常账户赤字，失业和实际利率急剧上升。VAR小组的结果表明，除了支持主要结果外，由于货币危机造成的产出下降。固定效应方法的结果还表明，货币危机会对产出产生负面影响。