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Inflation Convergence in BRICS Countries: A Comprehensive Unit Root Test Analysis

One of the most controversial subject of economics literature is the concept of convergence. Particularly, the different types of convergence are used in empirical studies since 1980s. The aim of this study is to investigate the validity of inflation convergence in BRICS countries. In this context, the existence of inflation convergence is investigated using classical unit root tests, structural break unit root tests and nonlinear unit root tests. As a result of the analyses, we reached the result that the inflation convergence in BRICS countries is not valid, except the two tests for India and South Africa.