Dileep ., GV Kesava Rao


This study examines the stock market integration amongst BRICS nations and for the period of 19 years data. The main aim of this study is to check the natural associations between the stock markets for selected nations, to find integration among stock markets and to find out the causal relationship. Descriptive statistics reveals that, all the variables are moderately skewed and four variables data set are Platy kurtosis and China’s data set are Leptokurtosis. The stationary check is done through Augmented Dickey Fuller Test for calculation of multiple regression analysis. In multiple regressions analysis China and Russia stock market does not affects to Indian stock market where as Brazil and South Africa does affects. With the help of Johansen tests of Trace and Maximum Eigen value test found that all the selected variables are co-integrated. Further, with co-integration VECM adopted to check the short run causality.


BRICS, Co-integration, Multiple regressions and Granger causality.


Kumar V. (2017). “Researchers in his manuscript entitled-“Stock Market Movement of BRICS countries: An Empirical Analysis, “Research Review International Journal Of Multidisciplinary, Vol.2(9), pp. 243-241.

Swetadri, Samadder and Amalendu B. (2018). “Integration between Indian Stock Market and Developed Stock Markets”, Journal of Commerce & Accounting Research Diversification, Vol.7, pp.228.

Bhunia A, and Yaman D. (2017). “Is There a Causal Relationship Between Financial Markets in Asia and the US?”, The Lahore Journal of Economics, Vol.1(summer), pp.71–90.

Patel JR. (2017). “Co-Movement and Integration among Stock Markets: A Study of 14 Countries”, Indian Journal of Finance, Vol.25(1), pp. 4-20.


  • There are currently no refbacks.

Send mail to with questions or comments about this web site. 

International Journal of Management and Social Sciences, All rights reserved.