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In this study, we apply the generalized sup Augmented Dickey-Fuller (GSADF) test, a new recursive test proposed by Phillips et al. (2013) to investigate whether there exist multiple bubbles in the BRICS (Brazil, Russia, India, China and South Africa) stock markets, using monthly data on stock price-dividend ratio. Our empirical results indicate that there exist multiple bubbles in the stock markets of the BRICS. Further, the dates of the bubbles also correspond to specific events in the stocks markets of these economies. This finding has important economic and policy implications.

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