This study investigates both the static and dynamic interdependence among the stock markets of BRICS countries, that of Brazil, Russia, India, China, and South Africa, with the global financial crisis of 2007–09 as the focal point. Using data from 2003 to 2014, the study employs correlation and co-integration analysis to describe the behavior of the above markets, both before and after the global financial crisis. Granger causality helps in explaining short-run relationships among the markets. The study finds that there is no significant increase in long-run integration of the markets, implying potential for diversification for investors.
BRICS, Co-integration, Global Financial Crisis, Causality
