A Study Of BRICS Financial Market Based On Semiparametric MIDAS Quantile Regression

The BRICS countries(China,Russia,India,Brazil,and South Africa)are representatives of emerging markets in the world and play a pivotal role in world trade.The economic prosperity of the BRICS countries is closely related to the development of trade.In recent years,BRICS finance has attracted much attention from investors,so world trade has important research value for the stability of BRICS financial markets.This paper uses the semiparametric MIDAS quantile regression model to analyze the impact of world trade on the financial markets of the BRICS countries,and focuses on the financial stability of various countries in normal and extreme markets.Using the Baltic Shipping Price Index(BDI)daily data and weekly data can fully reflect the contribution of trade changes to financial instability,especially during the outbreak of the COVID-19 in early 2020.The research in this article comprehensively analyzes the changes in the financial market stability of the BRIC countries under the influence of the epidemic,and specifically analyzes the performance of each country in the normal market,the downward market,and the upward market,and gives guidance to the world trade How to stabilize the stability of financial markets in various countries under the current environment has certain practical significance.