Özet:

BRICS-T (Brazil, Russia, India, China, South Africa, and Turkey) countries have become an important part of the global economy with their impressive economic growth performance since the 1990s. The group, which has achieved an average of over 3% economic growth in the last 30 years, also has an important share in world trade. Although BRICS-T was created for a common purpose, it is a heterogeneous group of countries with different characteristics. It is seen as an important alternative for many investors due to its natural resources, low-cost production power, and rapid growth potential. In this study, the relationship between the stock markets of the BRICS-T countries, which have an important place among the group of developing countries, the returns on country bonds, and the returns on the values of local currencies in US dollars and Euros were investigated. The data examined within the scope of the study were analyzed by heterogeneous panel causality analysis and panel VAR analysis methods, using monthly frequency data from 2010:6 to 2022:3. According to the findings obtained as a result of the study, a causality relationship was determined from the returns of the local currencies of the BRICS-T countries in Euro and US dollars and the bond returns of these countries to the stock markets. In addition, since the causality relationship between the returns of the local currencies in the stock markets in Euro and US dollars and the bond returns of the mentioned countries was determined, it was concluded that there was a bidirectional causality relationship between the discussed variables. In addition, according to the findings, it was observed that a shock that occurred in one of the variables subject to the study had an effect on other variables in the short-medium term (average 1-2 years), while the effects of the shocks disappeared in the long term.

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