Comparative Analysis of Major Stock Markets in Relation to Global Financial Crises: Evidence from 2000 to the COVID-19 Pandemic

We analyze the impact of financial crises on major stock markets from 2000 to COVID-19 pandemic using Fourier series. Analyzing behaviors spectra obtained monthly returns their indices, we identify three global 2015, with different characteristics. In addition, applying Z-test and color-contour plotting method propagations frequencies each index, developments in market around by comparing patterns plots. Using recent status analysis, an instability 2016 close a real crisis; starting 2020, markets, which had already recovered this have generated abnormal signals approaching crisis. Applying status, show that might be more serious than those occurring previous crises.