Abstract：
This paper contracts an index of the BRICS’ financial fragility by the factor analysis method, based on fifteen indicators of financial fragility. Then, we use this index to carry out the multinational study on the BRICS. The empirical results show that the indexes of the BRICS are in various state, but in general tend to convergence. The trend of Brazil, Russia, India and South Africa’ financial fragility are fluctuant, while China presents a relative stable situation. The micro-markets index of Brazil, India and South Africa play a key role, but in China and Russia the financial market and macro-economy index is more important. To cope with the obstacles and risks in the process of BRICS’ cooperation, the five countries is supposed to take advantage of each other and promote the further cooperation.
2016 
