BRICT Countries' Equity Markets Connectedness Surges, Impacting Global Information Flow
International equity markets, including BRICT countries, the US, and Germany, are becoming more connected. By using Markov chains and information entropy, the study shows that BRICT countries' market connectedness has increased since the early 2000s. Despite China's growing influence, a shock to its market has less impact on other markets compared to shocks in the US or Germany. However, a shock in China creates more information imbalance in the global market system.