@article{Morales:115523,
      recid = {115523},
      author = {Morales, Lucia and Gassie, Esmeralda},
      title = {Structural Breaks and Financial Volatility: Lessons from  BRIC Countries},
      address = {2011},
      number = {925-2016-73003},
      pages = {34},
      year = {2011},
      abstract = {Despite the fact that there is a substantial literature on  the analysis of volatility spillovers between stock returns  and domestic exchange rates, surprisingly, little empirical  research has examined volatility spillovers between oil  prices and emerging economies, where a clear gap of  research have been found regarding to the BRIC financial  markets and the effects of the 2007-2009 World economy  crisis. This lack of research might appear as surprising  given that energy markets are of particular interest as  they are considered a fundamental reference for economic  recovery and growth. Therefore, this work aims to address  this gap on the literature by looking at the BRIC financial  markets and their co-movements with regard to some energy  markets (oil, natural gas and electricity) and also to the  international pressures that may arise from fluctuations  originated in the US stock markets. This research major  findings show compelling evidence highlighting the weak  integration levels that exist among the Chinese financial  markets, energy markets and the US stock market. On the  other hand, the Brazilian, Indian and Russian markets are  found to be more sensitive to international shocks arisen  from US markets and also to energy markets instability,  especially with regard to oil market uncertainty.},
      url = {http://ageconsearch.umn.edu/record/115523},
      doi = {https://doi.org/10.22004/ag.econ.115523},
}