Purpose ― Mishkin’s hypothesis suggests that globalization appears to be a vital factor in stimulating the development of financial system. The study examines this for Turkish economy from 1970 2017. It focuses on link between and by integrating economic growth, inflation, natural resource rent as additional determinants into specification. Methods Ng-Perron Vogelsang-Perron unit root tests are...

This article attempts to examine the recent developments that have amplified consequences of uncertainty regarding trade between Brazil, Russia, India, China, and South Africa (BRICS) countries under global economic turmoil such as occurred in 2008 financial crisis wars sparked by USA COVID-19 pandemic. These events severely affected intraBRICS investment. For this purpose, we employed Westerl...

Abstract This paper investigates whether stock-price indices of seventeen emerging markets can be characterized as random walk (unit root) or mean reversion processes. We implement a test that can account for possible structural breaks in the underlying series and is considerably more powerful than standard tests for a random walk. We find that for fourteen countries, stock prices exhibit signi...