Is the Impact of COVID-19 Significant in Determining Equity Market Integration? Insights from BRICS Economies

Q2 Economics, Econometrics and Finance

Global Journal of Emerging Market Economies Pub Date : 2022-01-21 DOI:10.1177/09749101211070960

P. Mishra, S. Mishra

引用次数: 3

Abstract

This article examined the impact of the unanticipated outbreak of global public health crisis, COVID-19 pandemic, on the equity market performances and on the degree of integration of these markets in BRICS bloc. The empirical analyses lend support to the weakened equity market integration in the BRICS economies amid the pandemic, and the key driving forces include the rate of inflation, the real rate of interest, real exchange rate and composite leading indicator in the long-run, and trade performance and composite leading indicator in the short-run. The implications on the one hand, indicate increased opportunities for international portfolio diversification, and on the other hand, suggest for controlling the macroeconomic uncertainties of inflation, interest rate and exchange rate fluctuations during global health crisis to promote stable economic conditions for ensuring equity market integration in the long-run.

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COVID-19对股票市场整合的影响是否显著?金砖国家经济的启示

本文研究了突发的全球公共卫生危机新冠肺炎疫情对金砖国家集团股票市场表现和这些市场一体化程度的影响。实证分析支持了疫情期间金砖国家经济体股票市场一体化的减弱，关键驱动力包括通货膨胀率、实际利率、实际汇率和长期综合领先指标，以及贸易表现和短期综合领先指标。这些影响一方面表明国际投资组合多样化的机会增加，另一方面表明，在全球健康危机期间，控制通货膨胀、利率和汇率波动的宏观经济不确定性，以促进稳定的经济条件，确保股票市场长期一体化。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Global Journal of Emerging Market Economies Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Global Journal of Emerging Market Economies is a peer-reviewed journal. The aim of the journal is to provide an international platform for knowledge sharing, discussion and networking on the various aspects related to emerging market economies through publications of original research. It aims to make available basic reference material for policy-makers, business executives and researchers interested in issues of fundamental importance to the economic prospects and performance of emerging market economies. The topics for discussion are related to the following general categories: D. Microeconomics E. Macroeconomics and Monetary Economics F. International Economics G. Financial Economics H. Public Economics I. Health, Education, and Welfare J. Labor and Demographic Economics L. Industrial Organization O. Economic Development, Innovation, Technological Change, and Growth Q. Agricultural and Natural Resource Economics • Environmental and Ecological Economics R. Urban, Rural, Regional, Real Estate, and Transportation Economics Additionally, the journal would be most interested to publish topics related to Global Financial Crisis and the Impact on Emerging Market Economies Economic Development and Inclusive Growth Climate Change and Energy Infrastructure Development and Public Private Partnerships Capital Flows to and from Emerging Market Economies Regional Cooperation Trade and Investment and Development of National and Regional Financial Markets The Belt and Road Initiative.