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<p>The present study investigates the outcomes of co-movement analysis for the stock indices of emerging economies, focusing on their linkages with global shocks. Using wavelet analysis, the study reveals the capacity of emerging nations to address global economic shocks. The study examines the Daily Infectious Disease Equity Market Volatility Tracker (DIDEMVT), the Geopolitical Risk Index, US cable news (Cable), the Transition Risk Index (TRI), and the Physical Risk Index (PRI) as potential indicators of global shocks. The study analyzed the relationship between these indices and emerging equity markets, including the main equity indices in Brazil, Russia, India, China, South Africa, Egypt, and the United Arab Emirates (UAE). The analysis indicates the Brazilian market is highly sensitive to global shocks. On the other hand, stock indices in Russia, India, South Africa, and Abu Dhabi exhibit similar responsiveness patterns: they have a positive relationship with the Daily Infectious Disease Equity Market Volatility (DIDEMVT) Tracker and cable news, but a negative relationship with Geopolitical Risk (GPR). Results suggest that these markets are intrinsically vulnerable to geopolitical and environmental threats, highlighting the need for improved risk management strategies. China should invest in sustainable technologies, diversify its economy, and improve governance. For these developing economies to successfully navigate the intricacies of global economic interdependencies, a holistic strategy that incorporates diversification of economic activity, environmental sustainability, and proactive communication is required. This paper presents an innovative approach by investigating how emerging stock markets react to particular global shock indicators using wavelet analysis.</p>

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Co-movement analysis of emerging stock indices: examining links to global shocks and implications for resilience

  • 期刊论文

  • 发表日期：

    2026年7月30日

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  • T. V. Akhila,
  • Yedhu Harikumar,
  • M. Muthumeenakshi

摘要

The present study investigates the outcomes of co-movement analysis for the stock indices of emerging economies, focusing on their linkages with global shocks. Using wavelet analysis, the study reveals the capacity of emerging nations to address global economic shocks. The study examines the Daily Infectious Disease Equity Market Volatility Tracker (DIDEMVT), the Geopolitical Risk Index, US cable news (Cable), the Transition Risk Index (TRI), and the Physical Risk Index (PRI) as potential indicators of global shocks. The study analyzed the relationship between these indices and emerging equity markets, including the main equity indices in Brazil, Russia, India, China, South Africa, Egypt, and the United Arab Emirates (UAE). The analysis indicates the Brazilian market is highly sensitive to global shocks. On the other hand, stock indices in Russia, India, South Africa, and Abu Dhabi exhibit similar responsiveness patterns: they have a positive relationship with the Daily Infectious Disease Equity Market Volatility (DIDEMVT) Tracker and cable news, but a negative relationship with Geopolitical Risk (GPR). Results suggest that these markets are intrinsically vulnerable to geopolitical and environmental threats, highlighting the need for improved risk management strategies. China should invest in sustainable technologies, diversify its economy, and improve governance. For these developing economies to successfully navigate the intricacies of global economic interdependencies, a holistic strategy that incorporates diversification of economic activity, environmental sustainability, and proactive communication is required. This paper presents an innovative approach by investigating how emerging stock markets react to particular global shock indicators using wavelet analysis.