Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets

Gökhan Berk Özbek

doi:10.65653/ekonomitek.1826074

EN TR

Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets

Öz

This study examines whether BRICS membership leads to a structural change in financial spillover dynamics among emerging capital markets. Price and volatility spillovers from China and India to new members Egypt, Saudi Arabia, and the United Arab Emirates have been analyzed using daily benchmark index data. Pre-membership and post-membership periods were compared; price interactions were evaluated using the Toda-Yamamoto causality test, while volatility transmission was assessed with the Diagonal BEKK-GARCH model. The findings demonstrate that price-based causality relationships, which were limited in the pre-membership period, did not change significantly following membership. Similarly, no pronounced differentiation was detected in volatility spillovers. It was determined that the significant transmission observed from China to the UAE in the pre-membership period disappeared following membership. Consequently, BRICS membership does not have a transformative effect on the financial spillover structure in the short term.

Anahtar Kelimeler

BRICS, financial spillover, market integration, volatility transmission, Toda-Yamamoto, BEKK-GARCH

Destekleyen Kurum

Scientific and Technological Research Council of Turkey (TÜBİTAK)

Proje Numarası

1919B022506935

Etik Beyan

This study has been prepared in accordance with the rules of scientific research and publication ethics.

Teşekkür

The author gratefully acknowledges TÜBİTAK for the support and grant provided.

BRICS Üyeliği Finansal Yayılımları Yeniden Şekillendiriyor mu? Gelişmekte Olan Piyasalarda Fiyat ve Volatilite Dinamiklerinden Bulgular

Öz

Bu çalışma, BRICS üyeliğinin gelişmekte olan sermaye piyasaları arasındaki finansal yayılım dinamiklerinde yapısal bir değişime yol açıp açmadığını incelemektedir. Çin ve Hindistan’dan yeni üyeler Mısır, Suudi Arabistan ve Birleşik Arap Emirlikleri’ne yönelik fiyat ve volatilite yayılımları, günlük gösterge endeks verileri kullanılarak analiz edilmiştir. Üyelik öncesi ve sonrası dönemler karşılaştırılmış; fiyat etkileşimleri Toda–Yamamoto nedensellik testiyle, volatilite geçişkenliği ise Diyagonal BEKK-GARCH modeliyle değerlendirilmiştir. Bulgular, üyelik öncesinde sınırlı olan fiyat temelli nedensellik ilişkilerinin üyelik sonrasında anlamlı biçimde değişmediğini göstermektedir. Benzer şekilde volatilite yayılımlarında da belirgin bir farklılaşma tespit edilmemiştir. Üyelik öncesinde Çin’den BAE’ye gözlenen anlamlı aktarımın üyelik sonrasında ortadan kalktığı belirlenmiştir. Sonuç olarak, BRICS üyeliğinin kısa vadede finansal yayılım yapısında dönüştürücü bir etkisi bulunmamaktadır.

Anahtar Kelimeler

BRICS, finansal yayılım, piyasa entegrasyonu, volatilite geçişkenliği, Toda-Yamamoto, BEKK-GARCH

Destekleyen Kurum

Türkiye Bilimsel ve Teknolojik Araştırma Kurumu (TÜBİTAK)

Proje Numarası

1919B022506935

Etik Beyan

Bu çalışma bilimsel araştırma ve yayın etiği kurallarına uygun olarak hazırlanmıştır.

Teşekkür

Yazar, sağladıkları destek ve hibe nedeniyle TÜBİTAK’a teşekkürü bir borç bilmektedir.

Kaynakça

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Ayrıntılar

Birincil Dil

İngilizce

Konular

Uluslararası Finans

Bölüm

Araştırma Makalesi

Yazarlar

Gökhan Berk Özbek ^*
0000-0003-0288-069X
Türkiye

Yayımlanma Tarihi

12 Mart 2026

Gönderilme Tarihi

18 Kasım 2025

Kabul Tarihi

29 Ocak 2026

Yayımlandığı Sayı

Yıl 2026 Cilt: 15 Sayı: 1

DOI

https://doi.org/10.65653/ekonomitek.1826074

IZ

https://izlik.org/JA88ZR53BR

APA

Özbek, G. B. (2026). Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets. Ekonomi-tek, 15(1), 49-71. https://doi.org/10.65653/ekonomitek.1826074

AMA

1.Özbek GB. Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets. Ekonomi-tek. 2026;15(1):49-71. doi:10.65653/ekonomitek.1826074

Chicago

Özbek, Gökhan Berk. 2026. “Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets”. Ekonomi-tek 15 (1): 49-71. https://doi.org/10.65653/ekonomitek.1826074.

EndNote

Özbek GB (01 Mart 2026) Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets. Ekonomi-tek 15 1 49–71.

IEEE

[1]G. B. Özbek, “Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets”, Ekonomi-tek, c. 15, sy 1, ss. 49–71, Mar. 2026, doi: 10.65653/ekonomitek.1826074.

ISNAD

Özbek, Gökhan Berk. “Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets”. Ekonomi-tek 15/1 (01 Mart 2026): 49-71. https://doi.org/10.65653/ekonomitek.1826074.

JAMA

1.Özbek GB. Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets. Ekonomi-tek. 2026;15:49–71.

MLA

Özbek, Gökhan Berk. “Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets”. Ekonomi-tek, c. 15, sy 1, Mart 2026, ss. 49-71, doi:10.65653/ekonomitek.1826074.

Vancouver

1.Gökhan Berk Özbek. Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets. Ekonomi-tek. 01 Mart 2026;15(1):49-71. doi:10.65653/ekonomitek.1826074

Does BRICS Membership Reshape Financial Spillovers? Evidence from Price and Volatility Dynamics in Emerging Markets

Öz

Anahtar Kelimeler

Destekleyen Kurum

Proje Numarası

Etik Beyan

Teşekkür

BRICS Üyeliği Finansal Yayılımları Yeniden Şekillendiriyor mu? Gelişmekte Olan Piyasalarda Fiyat ve Volatilite Dinamiklerinden Bulgular

Öz

Anahtar Kelimeler

Destekleyen Kurum

Proje Numarası

Etik Beyan

Teşekkür

Kaynakça

Ayrıntılar

Birincil Dil

Konular

Bölüm

Yazarlar

Yayımlanma Tarihi

Gönderilme Tarihi

Kabul Tarihi

Yayımlandığı Sayı

DOI

IZ

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