HAS COVID-19 PANDEMIC EVENT ALTERED THE INTER-LINKAGES OF BRICA STOCK MARKETS AND THEIR RELATIONS WITH THE US STOCK MARKET?

सार

Among many of the disastrous event took place in the history of the stock markets, in the recent years the memory of Covid 19 pandemic is still afresh among the investors. This paper studies the interconnectedness prevailed among stock markets of BRIC-A nations in relation with the US stock market before the pandemic period was same during the pandemic period and continued to be the same during the post pandemic period. The findings reveal that this catastrophic event has definitely changed the interconnectedness of the BRIC-A nations’ stock markets with that of the US. Johansen co-integration test reveals that the long run relationship of US with that of India continue to exist while the same has changed with Russia and China. Granger Causality test reveals that during the pre- pandemic period the US stock index had a short run relationship with all the BRIC-A nations’ stock indices while during the post pandemic period only India and China stock indices have a short run relationship with the US stock index.