Figure 3
The vertical axis of the line graph is labeled “Currency Clear Condition Index (0 equals low to 1 equals high)” and ranges from 0.00 to 1.20 in increments of 0.20. The horizontal axis displays years from 2010 to 2023 in increments of one year. There are five colored lines on the graph. The legend at the bottom identifies the lines as “Brazil” (blue), “China” (orange), “India” (gray), “Russian Federation” (yellow), and “South Africa” (dark blue). There are two labeled rectangles: “sanctions in 2014” is placed over the year 2014, and “Russia-Ukraine conflict in 2022” is placed above the year 2022. The line for “Brazil” starts at (2010, 0), stays constant at 0 till 2020, and slightly increases to end at (2023, 0.01). The line for “China” starts at (2010, 0.03), stays constant at 0.03 till 2016, and slightly increases to end at (2023, 0.010). The line for “India” starts at (2010, 0), stays constant at 0, and ends at (2023, 0). The line for “Russian Federation” starts at ( 2010, 0.04), reaches (2013, 0.00), and increases sharply to (2016, 0.43), and moves further upward to end at (2023, 1). The line for “South Africa” starts at (2010, 0), stays constant at 0 till 2018, and slightly increases to end at (2023, 0.006). The line for “Russian Federation” remains mostly above the other lines.Trend of BRICS CCCI (0 = low to 1 = high). Source: Authors’ calculations