Tsangyao Chang - Department of Finance, Feng Chia University
Omid Ranjbar - Department of Economics, Allameh Tabataba&#۰۳۹;i University and Trade Representative Office of Iran
Charl Jooste - Department of Economics, University of Pretoria

The interaction of BRICS stock markets with the United States is studied using an asymmetric Granger causality test based on the frequency domain. This type of analysis allows for both positive and negative shocks over different horizons. There is a clear bivariate causality that runs both ways between the United States stock market and the respective BRICS markets. In addition, both negative and positive shocks in the United States stock market affect the majority of BRICS markets.

Keywords: Granger-Causality, Asymmetry, Frequency domain, Stock market, BRICS Countries. JEL Classification: C۱, G۱۵