The study examined financial system development in emerging economic bloc of Brazil, Russia, India, China and South Africa (BRICS) with a view to ascertaining the level of financial institutions and markets depth, access and efficiency and intra-dependency of these financial system development indicators in member countries from 2000-2020. Comparatively, the level financial institutions and markets depth, access and efficiency in some BRICS member countries were below standards for emerging economies while some performed above the benchmark.VAR results revealed that indicators of financial system development were strongly endogenous and exogenous in the short and long run, depictingindependent influence and significant self-predictions. Based on the findings, researchers recommends that BRICS monetary zone should be established to facilitate cross border effect of financial institutions and markets development in member states, monetary authoritiesof BRICS should establish financial system development secretariat to harness the component influence of financial institutions and markets depth, access and efficiency in her member countries and to pursue a robust financial institutions and markets development framework to complement innovations in the different components of the financial system and provide incentives forthe adoption of digital financial system in heremerging economic bloc.
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