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The analysis of bubbles and crashes on financial markets for emerging economies: Evidenced From BRICS

Turkish Economic Review

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Title The analysis of bubbles and crashes on financial markets for emerging economies: Evidenced From BRICS
 
Creator AFŞAR, Kerim Eser;

Department of Economics -DokuzEylul University, Turkey

Email: eser.afsar@deu.edu.tr
KISAVA, Zakayo S.;

Zakayo S. Kisava1

Graduate School of Social Science- Dokuz Eylul University, Turkey

   Email: zakayo.kisava@ogr.deu.edu.tr

Associate Professor, Dr. Kerim Eser Afsar2

Department of Economics -Dokuz Eylul University, Turkey

Email: eser.afsar@deu.edu.tr
 
Subject BRICS; Emerging economies; Financial bubble and crashes; Right-tailed ADF; Stock price.
F60; G70; O15.
 
Description Abstract. The study was conducted to analyze the bubbles, and crashes on the financial market in emerging economies; (BRICS) stock prices were employed to detect the existence of the bursting bubble. The Right-tailed Augment Dickey-Fuller Unit Root Test used to complete the study of analyzing bubbles and crashes. The study consists of four primary tests; ADF, RADF, SADF, and GSADF Moreover, the study used the first three criteria. The survey covered the period from 2000 to 2016, to absorb the nuclear currently financial crisis in the BRICS and analyze its impacts. Also, this period coincides with both economic reforms in some countries like China and early indications of an impending US crisis. The findings in all countries rejected the null hypothesis of no bursting bubbles in the stock market in favor of the alternative theory. The findings suggest that such an explosive behavior may be attributable to differences in stock prices of traded goods. The result has economic policy importance and implications on the economy. Keywords. BRICS, Emerging economies, Financial bubble and crashes, Right-tailed ADF, Stock price.JEL. F60, G70, O15.
 
Publisher Turkish Economic Review
Turkish Economic Review
 
Contributor —
 
Date 2018-03-18
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://www.kspjournals.org/index.php/TER/article/view/1569
10.1453/ter.v5i1.1569
 
Source Turkish Economic Review; Vol 5, No 1 (2018): March; 1-11
Turkish Economic Review; Vol 5, No 1 (2018): March; 1-11
2149-0414
 
Language eng
 
Relation http://www.kspjournals.org/index.php/TER/article/view/1569/1572
http://www.kspjournals.org/index.php/TER/article/downloadSuppFile/1569/794
 
Rights Copyright (c) 2018 Turkish Economic Review
http://creativecommons.org/licenses/by-nc/4.0