The relationship between the derivatives market and economic growth (on the basis of the BRICS countries)

Aim. The work aimed to study the relationship between the financial derivatives market and economic growth, as well as other macroeconomic variables using the BRICS countries (Brazil, Russia, India, China, and South Africa) as an example, including Russia, in 2020–2024. Objectives. The work seeks to analyze the dynamics of derivatives markets development in the BRICS countries; to study the influence of macroeconomic factors (inflation, government expenditures, trade openness) on the derivatives market; to identify differences in the nature of interaction between derivatives markets and economic growth for countries with differentincome levels; to develop recommendations for improving the efficiency of using derivative instruments to stimulate economic growth. Methods. The author applied panel data analysis methods, including the generalized method of moments (GMM), the Hausman specification test for choosing between fixed and random effects, and the Pedroni test for identifying long-run equilibrium relationships. Results. A causal relationship between the derivatives market and economic growth was revealed. It was established that trade openness and government expenditures have a significant impact on the derivatives market. In high-income countries, there is a two-way correlation with economic growth, while in upper-middle-income countries, it is unidirectional. In relation to Russia, such mechanisms do not function stably, therefore the research in this fieldis limited. Conclusion. Improvement of the accuracy of research and assessment of the impact of the derivatives market on macroeconomic variables in Russia require the development of forecast models that take into account the national economy specifics. In the future, the research will be related to the creation of models capable of taking into account the specifics of the Russian financial market and offering more effective solutions in the process of its regulation.