Bloshenko, Tatiana
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Energy Price Impact on BRIC Stock Markets: A Granger Causality Analysis Pessoa, Gustavo; Ponkratov, Vadim; Philippov, David; Shvyreva, Olga; Kuznetsov, Nikolay; Elyakova, Izabella; Mikhina, Elena; Kotova, Natalya; Pozdnyaev, Andrey; Durmanov, Akmal; Bloshenko, Tatiana
Emerging Science Journal Vol 8, No 6 (2024): December
Publisher : Ital Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28991/ESJ-2024-08-06-015

Abstract

Energy prices and the stock market are two of the crucial factors in the evolving landscape of global finance, particularly in major emerging economies. However, research on how energy price changes impact stock markets in BRIC countries remains limited, despite their diverse roles in global energy markets and economies. This study investigates the causal dynamics between energy prices and stock market performance in BRIC countries, aiming to uncover short-term fluctuations and long-run relationships in these major emerging economies. Utilizing daily data from 2013 to 2023, stationarity tests, cointegration analysis, and Granger causality tests are employed to examine these relationships. Key findings reveal weak evidence of a long-run equilibrium between energy prices and stock market indices, challenging previous assumptions about their cointegration. More significantly, the findings uncovered a strong unidirectional Granger causality from oil prices to all BRIC stock market indices, while gas prices show a more selective influence. Notably, no evidence of reverse causality from stock markets to energy prices was found, highlighting the exogenous nature of global energy prices in relation to BRIC stock markets. This study uniquely analyzes oil and gas price effects on BRIC stock markets, offering insights for investors and policymakers amid increasing commodity-financial market integration. Doi: 10.28991/ESJ-2024-08-06-015 Full Text: PDF
Modeling and Forecasting the Dynamics of BRICS Socioeconomic Integration in Context of Global Economic Fragmentation Pessoa, Gustavo; Vlasova, Yulia; Shkalenko, Anna; Kaldibayev, Nurlan; Ponkratov, Vadim; Kuznetsov, Nikolay; Elyakova, Izabella; Bloshenko, Tatiana; Kireeva, Elena; Romanenko, Elena
Emerging Science Journal Vol. 9 No. 5 (2025): October
Publisher : Ital Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28991/ESJ-2025-09-05-029

Abstract

This research aims to model and forecast the trajectory of socioeconomic integration between the BRICS countries and Turkey in the context of deglobalization and escalating geoeconomic fragmentation. The study evaluates the impact of external shocks, including the updated US tariff regime, trade conflicts, global downturns, sanctions pressure, and institutional limitations, on the sustainability and intensity of intra-bloc engagement. Employing a comparable panel time series from 2000 to 2023 for a selected set of countries, we apply several econometric methods for the first time in a unified framework: panel ARDL, Dumitrescu-Hurlin panel Granger causality tests, impulse response functions, variance decomposition, and ARIMA forecasting up to 2030. The empirical analysis results show that regional financial integration, infrastructure development, and R&D have a statistically significant and persistently positive impact on intra-bloc trade volumes and socioeconomic cooperation between BRICS countries and Turkey. Simultaneously, digital connectivity shows a short-term stimulating effect followed by phase saturation, indicating the need for the structural modernization of the digital environment. Institutional attributes exhibit heterogeneous effects, underscoring the necessity of harmonizing regulatory frameworks and aligning them with international sustainable development standards. The scientific novelty of this study resides in the design and empirical validation of an advanced forecasting model that incorporates institutional, infrastructural, innovation-related, and digital dimensions. This study delineates integration scenarios for BRICS and Turkey intended to inform strategies for regional macroeconomic coordination, establish transaction mechanisms based on national currencies, and define balanced investment priorities within the transition toward a multipolar global governance architecture.