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All Journal Jurnal Manajemen dan Agribisnis Jurnal Ekonomi Jurnal Ilmiah Ranggagading (JIR) JDM (Jurnal Dinamika Manajemen) JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Bisnis dan Manajemen JRMSI - Jurnal Riset Manajemen Sains Indonesia JURNAL AKUNIDA JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Journal of Humanities and Social Studies Jurnal Proaksi Akurasi : Jurnal Studi Akuntansi dan Keuangan International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Ilmiah Manajemen Kesatuan Jurnal Bisnis dan Kewirausahaan (Journal of Business and Entrepreneurship) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi International Journal of Economy, Education and Entrepreneurship (IJE3) International Journal of Engagement and Empowerment (IJE2) Jurnal Bina Bangsa Ekonomika International Journal of Multidisciplinary Research and Literature (IJOMRAL) Rudence: Rural Development for Economic Resilience Utsaha: Journal of Entrepreneurship International Journal Administration, Business & Organization Essence: Entrepreneurship and Small Business Research for Economic Resilience International Journal of Science and Environment Journal of Business, Social and Technology International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) International Journal of Management Research and Economics
Hendro Sasongko
Faculty Economic, Pakuan University
Agriculture, Biological Sciences & Forestry Arts Humanities Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Physics Social Sciences Other

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Journal : International Journal of Science and Environment

 1 
Short-Run Relationships Between Indonesia’s Capital Market And BRICS Countries Using Granger Causality Sianipar, Makmur; Indrayono, Yohanes; Sasongko, Hendro
International Journal of Science and Environment (IJSE) Vol. 5 No. 2 (2025): May 2025
Publisher : CV. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijse.v5i2.117

Abstract

This study investigates the short-term causal relationships between Indonesia’s capital market and the stock markets of BRICS countries, Brazil, Russia, India, China, and South Africa, using the Granger Causality Test on daily data from June 2023 to May 2025. Following Indonesia’s formal membership in BRICS in January 2025, understanding these financial linkages becomes increasingly vital for portfolio diversification, risk management, and macroeconomic policy. The analysis reveals significant short-term causal interactions, particularly between the Jakarta Stock Exchange (JSX) and markets such as FTSEJSE (South Africa), BOVESPA (Brazil), MOEX (Russia), and SHANGHAI (China). South Africa emerges as a central transmitter of volatility, while Indonesia demonstrates both influence and sensitivity to BRICS markets. The findings highlight asymmetric integration within BRICS, indicating that while some markets exert predictive influence, others remain relatively independent in the short term. This research contributes to the literature by focusing on Indonesia’s strategic role post-membership and offering practical insights for investors and policymakers. Recommendations include enhancing real-time cross-country market surveillance and further research incorporating macroeconomic variables and nonlinear models to assess long-term integration. The study underlines the growing interdependence among emerging markets in an era of intensified globalization.
Co-Authors Abrar Setiawan Achyar Rasyidi Achyar Rasyidi, Achyar Agung Fajar Ilmiyono Agus Setyo Pranowo Aldillah, Zhafira Huriya Ali Akil Parlindungan Siregar Alipudin, Asep Amelia, Rizka Wahyuni ANGGRAENI, ADITHIA Anggraini, Anggun Anneke Puspasari Annisa Tiaranti Anny Ratnawati Arief Daryanto Arief Daryanto Arif Kurniadi Asto Hadiyoso Awal Susmanto Azizah Bonar M Sinaga Cosmas A.I. Wardojo D S Priyarsono Dani Rahman Hakim, Dani Rahman Danika Reka Artha Dedi Budiman Hakim Dessy Herlisnawati Devia Leviasari Dewi Apriani Dewi Apriani Fr DIAN LESTARI Dida Marhamah Dion Achmad Armadi Dwi Kurniawan, Dwi Eni Puji Astuti Epiet Dwi Anggoro Erliza Noor Faisal Azmi Fara Shaliza Hadiyoso, Asto Hamzah Hamzah Hamzah Hardiyanto, Arief Tri Hari Gursida Hari Gursida Hari Gursinda Hartoyo Hartoyo Haryadi Krisnandar Hasrul Hasrul Hendramiko Heni Nelawati Herman, Herman Hermanto Siregar Idqan Fahmi Ignatius Leonardus Lubis Imam W Sukoco Imbron, Imbron Indrayono, Yohanes Irman Hermadi Jaka Wiramanggala Kahiyang Ayu Kemas Nurcholish Thoriq Kurniawan, Prasetyo Lukytawati Anggraeni M Firdaus Maghfira Puti Gaisani Mailini, Dini Marhamah, Dida Marimin , Matdio Siahaan Maulida Aulia Rezki Muhamad Firdaus Muhammad Firdaus Muhammad Firdaus Muhammad Firdaus Muhammad Firdaus Muhammad Rifqi Syauqi Muharam, Hari N Rusnaeni Nimmi Zulbainarni Obed Fernando Harefa Pradana Jati Kusuma Raden Yogi Arieffiandi Retno Martanti Endah Lestari Riyani S. Saputri RIZKY P. LUBIS Rochman Marota Roy Sembel Rusmanah, Enok Santosa Santosa Saragih, Juliando Serarifi Elagin Harahap Shaliza, Fara Siahaan, Matdio Sianipar, Makmur Sri Hartoyo Sri Hartoyo Tintin Sarianti Tony Irawan Tridoyo Kusumastanto Vedi Oktavia Fitry Ani Wardani, Firmansyah Warizal Wihartika, Doni YOHANES INDRAYONO Yohannes Indrayono Yuary Farradia Yuliandi Yuliandi Yusman Syaukat yusnita, nancy