{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,2]],"date-time":"2025-11-02T08:45:34Z","timestamp":1762073134304,"version":"build-2065373602"},"reference-count":47,"publisher":"MDPI AG","issue":"21","license":[{"start":{"date-parts":[[2022,10,28]],"date-time":"2022-10-28T00:00:00Z","timestamp":1666915200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Mathematics"],"abstract":"<jats:p>The interest in studies aimed at understanding the integration of the stock market with the economic performance of countries has been growing in recent years, perhaps driven by the recent economic crises faced by the world. Although several studies on the topic have been carried out, the results are still far from a meaningful conclusion. In this sense, this paper considered the dual objective of investigating whether there is significant variance in the economic performance of developed and emerging markets\u2019 countries and whether the global risk factors are statistically significant in explaining the variations in their future economic performance over time. From a sample of (i) gross domestic products from BRICS and G7 countries (total of twelve countries), and (ii) returns of the risk factors of developed and emerging stock markets for the period 1993 to 2019, we applied longitudinal regression modeling for five distinct percentiles, and random coefficients modeling (RCM) with repeated measures. We found that risk factors explain the future economic performance, there is significant variation in economic performance over time among countries, and the temporal variation in the random effects of intercepts can be explained by RCM. The results of this study confirm that stock markets follow an integration process and that moderately integrated markets may have the same risk factors. Furthermore, considering that risk factors are related to future GDP growth, they act as proxies for unidentified state variables.<\/jats:p>","DOI":"10.3390\/math10214013","type":"journal-article","created":{"date-parts":[[2022,10,30]],"date-time":"2022-10-30T07:26:50Z","timestamp":1667114810000},"page":"4013","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Economic Performance and Stock Market Integration in BRICS and G7 Countries: An Application with Quantile Panel Data and Random Coefficients Modeling"],"prefix":"10.3390","volume":"10","author":[{"given":"Jos\u00e9 Clemente Jacinto","family":"Ferreira","sequence":"first","affiliation":[{"name":"Department of Management and Economics, Universidade da Beira Interior, 2635-434 Rio de Mouro, Portugal"}]},{"given":"Ana Paula Matias","family":"Gama","sequence":"additional","affiliation":[{"name":"Department of Management and Economics, Universidade da Beira Interior, 6200-209 Covilh\u00e3, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8516-6701","authenticated-orcid":false,"given":"Luiz Paulo","family":"F\u00e1vero","sequence":"additional","affiliation":[{"name":"School of Economics, Business and Accounting, University of S\u00e3o Paulo, Cidade Universit\u00e1ria, S\u00e3o Paulo 05508-900, SP, Brazil"}]},{"given":"Ricardo Goulart","family":"Serra","sequence":"additional","affiliation":[{"name":"INSPER and FECAP, Vila Ol\u00edmpia 04546-042, SP, Brazil"}]},{"given":"Patr\u00edcia","family":"Belfiore","sequence":"additional","affiliation":[{"name":"Engineering, Modeling and Applied Social Science Center, Federal University of ABC, S\u00e3o Bernardo do Campo 09606-045, SP, Brazil"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-9892-6327","authenticated-orcid":false,"given":"Igor Pinheiro de Ara\u00fajo","family":"Costa","sequence":"additional","affiliation":[{"name":"Operational Research Department, Naval Systems Analysis Centre (CASNAV), Rio de Janeiro 20091-000, RJ, Brazil"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1533-5535","authenticated-orcid":false,"given":"Marcos dos","family":"Santos","sequence":"additional","affiliation":[{"name":"Systems and Computing Department, Military Institute of Engineering (IME), Urca 22290-270, RJ, Brazil"}]}],"member":"1968","published-online":{"date-parts":[[2022,10,28]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1016\/S0927-5398(02)00054-3","article-title":"Emerging Markets Finance","volume":"10","author":"Bekaert","year":"2003","journal-title":"J. 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