Abstract The study has investigated the relationship between real effective exchange rate and capital flows namely FDI, FPI and other investments while controlling the impact of other policy variables such as Trade openness, government spending and foreign exchange reserves for BRICS economies for the study period of 1994Q1 to 2019Q2 by using felicitous econometrics techniques such as Augmented Dickey-Fuller Unit Root Test, Granger Causality Test, and ARDL Bound Testing analysis. Data has been taken from various databases such as International Monetary Fund (IMF), OECD database, World Bank, and RBI. Results have reported the positive and significant relationship between real effective exchange rate and FPI, trade openness and reserve position while no significant impact of FDI on Real exchange rate in all BRICS economies. Further, the speed of adjustment from last year’s disequilibrium to the present year’s equilibrium is 11.15%, 14.53% and 8.13% in Russia, India and South Africa, respectively.

中文翻译：

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金砖国家经济体实际汇率与资本流动之间的相互联系

摘要研究在1994Q1研究期间，在控制其他政策变量（例如贸易开放度，政府支出和外汇储备对金砖国家的影响）的影响的同时，研究了实际有效汇率与资本流动（即FDI，FPI和其他投资）之间的关系。到2019年第2季度，通过使用适当的计量经济学技术，例如增强Dickey-Fuller单位根检验，Granger因果关系检验和ARDL界限检验分析。数据来自各种数据库，例如国际货币基金组织（IMF），经合组织数据库，世界银行和印度储备银行。结果表明，实际有效汇率与FPI，贸易开放度和储备头寸之间存在正向和显着的关系，而在所有金砖国家中，FDI对实际汇率没有显着影响。进一步，