Abstract:

The aim of the study is to explore the existence of co-mobility and interactions between the country’s risks of Turkey and the BRICS countries. For this purpose, co-integration and causality analyses between the CDS primes of the countries have been carried out. Method - The ARDL Border Test was used for the study of the long-term integration relationship between CDS primes in the countries; the Toda-Yamamoto Test was used for the detection of the short-term causal relationships. The data cover the period 15 December 2015-18 May 2020. Results - The results of the analysis indicate that there is an integration relationship between the CDS primes of Turkey and Brazil and Russia, but that relationship is not stable over the long term. However, the unilateral, dual causal relations between Turkey and India have been observed with all other countries. Discussions - The findings are interpreted as the common global factors that affect the country’s risks between Turkey and Brazil and Russia, but Turkey is separated from these countries in certain periods due to its own dynamics. In the short term, it can be said that any development that affects the CDS primes leads to a reaction in another country, taking into account the bilateral causal relationship.

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