This study proposes a methodological strategy composed of econometric techniques and time series modelling to analyse the dynamic asynchrony between Bitcoin and a basket of traditional sustainable financial assets and emerging markets over a 10-year period marked by major economic and financial changes. The centrepiece of this proposal is the Relation Index that combines vector autoregression and detrended cross-correlation analysis to capture linear and nonlinear dependencies, causality, and time-scale sensitive correlations. Thus, this research fills existing gaps in understanding cross-market interdependencies by integrating cryptocurrencies, sustainability indices, and emerging economies into a rigorous multivariate time series framework. Sustainability indices, emerging markets and Bitcoin have shown a growing correlation since 2020, with both interest rates and Bitcoin having strong autoregressive components. The findings indicate that emerging market equities have undergone a structural shift towards synchronisation with global risk assets, with a correlation index that frequently exceeds 0.6 in periods of systemic stress. This evolution highlights the decline in the advantages offered by diversification in developed and developing economies in a complex and interrelated financial environment.
Ramos-Requena et al. (2026) studied this question.