Zhang, Bing; Li, Xindan; Yu, Honghai - In: The North American Journal of Economics and Finance 26 (2013) C, pp. 725-738
The paper finds recent financial crisis has changed permanently the correlations between BRICS and developed U.S. and Europe stock markets. 70% of BRICS stock markets’ conditional correlation series demonstrate an upward long-run trend with the developed stock markets. Our results provide...