INTERNATIONAL STOCK MARKET CONNECTION: EVIDENCE FROM TURKEY AND BRICS COUNTRIES

Şerife Özşahin

Abstract


The financial liberalization policies which were introduced in the 1990s led to the renouncement of many practices which impeded capital mobility. In line with these developments, financial transactions have transcended national money and capital markets and an increase has been observed in countries’ level of integration into the world. However, this increase has caused a problem in a country to affect the other countries, and similar movements have been observed particularly in the stock market indexes of emerging market economies. This study explores whether there is a co-movement between the BIST stock market indexes of Turkey and Brazil, Russia, India, China and South Africa, which are known as BRICS countries. To this end, econometric analysis was conducted with Carrion-i-Silvestre (2009) multiple structural breaks unit root test and Maki (2012) multiple structural breaks co-integration test using the monthly MSCI stock market indexes for these countries for the 2000-2016 period.


Refbacks

  • There are currently no refbacks.


............................................................................................................................................................................................................................

HOW DO YOU REGISTER and SUBMIT AN ARTICLE?

Registering and Logging in

Submitting an Article