• Maroof Ahmad Mir
• Javaid Akhter

Abstract :Financial market is the backbone of any economy and the stock markets represent the functional platform of majority of the financial activities of a country. A number of studies have been carried out in the world to investigate the stock price movements across international stock markets and the change in the relationship over the years. An attempt has been made in this work to understand the level of cointegration among the BRICS countries. Johansen Co integration and granger causality methodology has been used to understand the association between the leading stock indices of the BRICS countries during 1997 and 2014. Although no significant long term association is found between the countries under study but most of the countries show short term association. The results may be useful for construction of global portfolio for investment purpose.

Johansen Co integration, Granger Causality, Unit root test and correlation

"CO-INTEGRATION AMONG THE WORLD STOCK MARKETS: A CASE OF BRICS", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 8, page no.537-543, August-2018, Available :http://www.jetir.org/papers/JETIR1808225.pdf

"CO-INTEGRATION AMONG THE WORLD STOCK MARKETS: A CASE OF BRICS", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 8, page no. pp537-543, August-2018, Available at : http://www.jetir.org/papers/JETIR1808225.pdf