Northern Guinea Savanna of Nigeria soils are continuously and intensively cultivated, resulting in soil quality degradation, carbon stock depletion, accelerated soil erosion and soil nutrient depletion. Effects of lan...Northern Guinea Savanna of Nigeria soils are continuously and intensively cultivated, resulting in soil quality degradation, carbon stock depletion, accelerated soil erosion and soil nutrient depletion. Effects of land use change on soil carbon stocks (SOC) are of concern regarding greenhouse gas emissions mitigation and sustainable crop production, because there is a need for food sufficiency while conserving the environment. Also, managing soils under intensive use and restoring degraded soils are top priorities for a sustained agronomic production while conserving soil and water resources. Hence, this study;“Tillage, Desmodium intortum, fertilizer rates for carbon stock, soil quality and grain yield in Northern Guinea Savanna” is aimed at devising possible mitigating measures for soil quality degradation, carbon stock depletion and impoverished crop yields using Zea mays as test crop. The study was a Randomized Complete Block Design (RCBD) in split-split plot arrangement with four replicates. The four main tillage and Desmodium intortum combination treatments were: 1) Maize −without Desmodium + Conventional tillage (MC), 2) Maize + Desmodium live-mulch incorporated and relayed + Conservation tillage (MDIC), 3) Maize + Desmodium in no-tillage system (MDNT), 4) Maize + Desmodium in strip tillage (MDST). The main treatment plots were each divided to accommodate four (4) rates of N (60, 80, 100 and 120 kg·ha−1) as sub plots, while the N rate plots were further divided to accommodate three (3) rates of P (6.6, 13.2, and 26.4 kg·ha−1) as sub-subplots. Findings support that Desmodium intercrops with Maize treatments (MDIC, MDNT, and MDST) resulted in increased organic carbon contents in 2013, with MDNT resulting in significantly higher organic carbon content (7.37 g·kg−1 in 2012 and 8.37 g·kg−1 in 2013) than the other treatments. Also, zero tillage practice (MDNT) sequestered significantly higher carbon stock (18.06 t C ha−1), followed by minimum tillage (MDIC) that sequestered 15.99 t C ha−1 than the other treatments. Highest grain yield of 2.61 tha−1 under MDIC and MDNT was followed by MDST and least under MC. Total score of soil quality assessment gave least score values of 13 under MDIC and MDNT;thus best soil quality (SQ1) was ascribed to the minimum tillage with D. intortum intercrop and relayed (MDIC) and Zero tillage with D. intortum (MDNT) treatments. Maize Strip cropped with D. intortum treatment (MDST) was ranked SQ2.展开更多
Understanding the effects of land cover changes on ecosystem carbon stocks is essential for ecosystem management and environmental protection, particularly in the transboundary region that has undergone marked changes...Understanding the effects of land cover changes on ecosystem carbon stocks is essential for ecosystem management and environmental protection, particularly in the transboundary region that has undergone marked changes. This study aimed to examine the impacts of land cover changes on ecosystem carbon stocks in the transboundary Tumen River Basin(TTRB). We extracted the spatial information from Landsat Thematic Imager(TM) and Operational Land Imager(OLI) images for the years 1990 and 2015 and obtained convincing estimates of terrestrial biomass and soil carbon stocks with the InVEST model. The results showed that forestland, cropland and built-up land increased by 57.5, 429.7 and 128.9 km2, respectively, while grassland, wetland and barren land declined by 24.9, 548.0 and 43.0 km2, respectively in the TTRB from 1990 to 2015. The total carbon stocks encompassing aboveground, belowground, soil and litter layer carbon storage pools have declined from 831.48 Tg C in 1990 to 831.42 Tg C in 2015 due to land cover changes. In detail, the carbon stocks decreased by 3.13 Tg C and 0.44 Tg C in Democratic People's Republic of Korea(North Korea) and Russia, respectively, while increased by 3.51 Tg C in China. Furthermore, economic development, and national policy accounted for most land cover changes in the TTRB. Our results imply that effective wetland and forestland protection policies among China, North Korea, and Russia are much needed for protecting the natural resources, promoting local ecosystem services and regional sustainable development in the transnational area.展开更多
Land use change activities have greatly affected the total ecosystem carbon stock (TECS) and also contribute to global change through emission of greenhouse gases. The present study assessed the change in vegetation b...Land use change activities have greatly affected the total ecosystem carbon stock (TECS) and also contribute to global change through emission of greenhouse gases. The present study assessed the change in vegetation biomass carbon stock (VBCS) and soil organic carbon stock (SOCS) following conversion in major land use sectors (agriculture, agroforestry, forest and plantation) in Mizoram, Northeast India. SOCS was the highest in agroforestry (50.85 Mg C ha-1) and the lowest in agriculture (33.99 Mg C ha-1). VBCS was the highest in plantation (131.66 Mg C ha-1) and the lowest in agriculture (7.44 Mg C ha-1). The highest positive TECS change rate was observed when agriculture was converted to plantation (6.61 Mg C ha-1·yr-1), while negative rate of change in carbon stock was observed following the establishment of agriculture from other land use. A positive rate of change was observed in both VBCS and SOCS with TECS rate of 3.58 Mg C ha-1·yr-1 when agriculture got converted to agroforestry. The absolute carbon stock change rates were higher in VBCS than SOCS signifying the importance to maintain tree based vegetation cover.展开更多
The United States dollar was tied to a finite standard dating back to 1792. The dollar has survived multiple wars, armed conflicts short of war, economic recessions, and the Great Depression. At the end of World War I...The United States dollar was tied to a finite standard dating back to 1792. The dollar has survived multiple wars, armed conflicts short of war, economic recessions, and the Great Depression. At the end of World War II, the dollar, by international agreement, effectively became the world’s reserve currency. Other currencies were fixed to the dollar and the dollar was in turn fixed to the gold standard, that is, the value of a dollar was fixed at thirty-five dollars per ounce of gold. In 1971, the United States government severed the dollar from the gold standard leaving the size of the money supply free of any finite limit. Since that time, the United States money supply, national debt, and stock market indices have experienced exponential growth. The purpose of this paper is to investigate mathematically and model the relationship among these key economic indicators. Our work in this paper allows us to gain some insight into how each of these economic indicators can influence one another while giving us a better idea of how the economy functions. We were allowed to collect data for each of the indicators over a certain period which allowed us to demonstrate that a strong correlation exists among these three indicators. After collecting our data and making some logical assumptions, we modeled the money supply as a function of time. In turn, we modeled the Dow Jones stock market index as a function of the money supply. Finally, we produced a model of the National Debt as a function of the Dow Jones stock market index. From the data, we collected and our economic indicator models, we derived a series of differential equations that would help us observe the exponential growth trend of each graphically. By showing a comparison from our collection of raw data versus our results from our model, we conclude that, under prevailing circumstances, it is reasonable to expect growth in all three indicators and increasing market volatility for some time to come. We have answered the question of whether the monetary and fiscal policies of the past half-century have been of some benefit. However, we question whether this trend is good for all Americans and whether it is sustainable in perpetuity. This paper concludes with possible areas of interest warranting additional investigation to enable us to better understand the economy and develop effective financial strategies.展开更多
In recent years there has been increasing concern over the state of fish stocks,especially those that support key fisheries and supply food to many consumers.There is also concern over the state of aquatic environment...In recent years there has been increasing concern over the state of fish stocks,especially those that support key fisheries and supply food to many consumers.There is also concern over the state of aquatic environments,and the effects of climate change.Fisheries management is controlled by government agencies,often cooperating with similar agencies from other nations.This paper deals with the need for expert advice on fisheries,involving fishers as well as scientists.Mention is made of a Fisheries Partnership set up in Europe,bringing fishers and scientists together with other stakeholders to discuss the problems of managing fish stocks.The partnership was especially successful in improving relationships between fishers and scientists,and made significant improvements to some fish stock assessments.European Regional Advisory Councils were later established to play a similar role.They are providing significant advice on fisheries,but they do not yet play a key role in actual management.It is important to consider how stakeholders and scientists can become more actively involved in fisheries management.There is a crucial need to develop new,more participatory ways of managing fisheries.展开更多
Numerous approaches have been developed to quantify forest structure modules.A variety has measured each as part of stand attributes.This study was carried out in managed mixed stands in northern Iran.The objective wa...Numerous approaches have been developed to quantify forest structure modules.A variety has measured each as part of stand attributes.This study was carried out in managed mixed stands in northern Iran.The objective was to quantify stand structure and its variation before and after tree marking through the Gini index and structural triangle method.A full sampling inventory was taken in 2004 and 2014 at the beginning and end of a period,before and after tree marking operations in five stands.The results indicate that the Gini index was 39.5,62.2,43.0,82.0 and 74.0%forⅠ,Ⅱ,Ⅲ,ⅣandⅤstands respectively.Furthermore,approximate structural diameters were determined as a large category forⅠ,Ⅱ,ⅢandⅤstands while standⅡhad an intermediate-large class pre-tree marking to an intermediate-small class post-tree marking.The paired t-test results were not significant for tree numbers and growing stock changes for all species,and for beech,hornbeam,and velvet maple before and after tree harvesting in the whole stand.Therefore,the Gini index and the structural triangle method can be used for natural stand modeling,structural diversity designation,and for management practices in nature-oriented forestry strategies.展开更多
The topic of carbon sequestration in forest ecosystems has recently taken a lot of attention due to concerns about global climate change. As a spontaneous species of the Central Middle Atlas, the Atlas Cedar was the s...The topic of carbon sequestration in forest ecosystems has recently taken a lot of attention due to concerns about global climate change. As a spontaneous species of the Central Middle Atlas, the Atlas Cedar was the subject of our study. Thus, a total of 30 sample trees were subjected to the weight measurements for the estimation of biomass and organic carbon stock in a logging lot in the Azrou forest. The amount of sequestered carbon was then extrapolated in all stand forests studied from the developed carbomass models. The results obtained show that the largest allocation of carbon stock (93%) is in the stem, followed by branches (5%) and foliage (2%). The average carbon storage in this cedar forest is 99.42 tC/ha (aboveground and belowground), or 364.58 t/ha of CO2, a value significantly higher than that found in other Moroccan forest ecosystems.展开更多
A study was conducted to estimate the forest cover change, quantify and map tree above-ground carbon stock using Remote sensing and GIS techniques together with forest inventory. Landsat images of 1980, 1995 and 2010 ...A study was conducted to estimate the forest cover change, quantify and map tree above-ground carbon stock using Remote sensing and GIS techniques together with forest inventory. Landsat images of 1980, 1995 and 2010 acquired during dry season were used in the estimation of cover changes. Supervised image classification using Maximum Likeli-hood Classifier was performed in ERDAS Imagine software to analyze the images and further analysis was performed in Arc GIS 9.3 software. Stratified sampling procedure was used to select concentric inventory plots in Pugu Forest Reserve (PFR) and Kazimzumbwi Forest Reserve (KFR). Plots were laid according to NAFORMA, and the tree parameters in each sampling plot were collected. A Microsoft Excel spreadsheet was used to compute the above-ground bio- mass for each plot using an empirical equation relating wood basic density and tree height. The above-ground carbon was calculated using a conversion factor of 0.49. Geostatistical method in ArcGIS was used to analyze and map carbon. Results revealed that for the periods 1980-1995 and 1995-2010, Closed Forest in PFR decreased by 4.5% and 25.3% respectively, while for KFR, Closed Forest decreased by 11.9% and 31.3% respectively. The mean carbon density for PFR and KFR were respectively 5.72 tC/ha and 0.98 tC/ha while carbon stocks were 14 730.41 tC and 7 206.46 tC re- spectively. The revealed low carbon densities were attributable to decline in area under Closed Forest in the two Forest Reserves. The study recommends concerted efforts to enhance proper management of the forests so that the two forest reserves may contribute to REDD initiatives.展开更多
The present study was conducted in Solan Forest Division of Himachal Pradesh covering an area of about 57,158 ha. The aim was to estimate and assess the temporal change in carbon stock of the Chil Working Circle, in t...The present study was conducted in Solan Forest Division of Himachal Pradesh covering an area of about 57,158 ha. The aim was to estimate and assess the temporal change in carbon stock of the Chil Working Circle, in two forest ranges of the Division, Solan and Dharampur, over the period of 1956-2011. The inventory data of the working plans of Solan Forest Division from 1956-1957, 1984-1985 and 2002-2003 were used in the present study while field data for biomass estimation was collected for the year 2011.The results showed a declining trend in carbon stock over 1956-1984 period, however, an increasing trend over 1984-2002 was observed, which showed a further increase for the period 2002-2011. These fluctuating trends in the forest carbon stock can be related to increasing anthropogenic pressure on forests and the subsequent introduction of a ban on green felling envisaging efficient forest management, both of which affect the forest carbon pool significantly.展开更多
This paper proposes a Markov-switching copula model to examine the presence of regime change in the time-varying dependence structure between oil price changes and stock market returns in six GCC countries. The margin...This paper proposes a Markov-switching copula model to examine the presence of regime change in the time-varying dependence structure between oil price changes and stock market returns in six GCC countries. The marginal distributions are assumed to follow a long-memory model while the copula parameters are supposed to evolve according to the Markov-switching process. Furthermore, we estimate the Value-at-Risk (VaR) based on the proposed approach. The empirical results provide evidence of three regime changes, representing precrisis, financial crisis and post-crisis, in the dependence structure between energy and GCC stock markets. In particular, in the pre- and post-crisis regimes, there is no dependence, while in the crisis regime, there is significant tail dependence. For OPEC countries, we find lower tail dependence whereas in non-OPEC countries, we see upper tail dependence. VaR experiments show that the Markov-switching time- varying copula model performs better than the time-varying copula model.展开更多
文摘Northern Guinea Savanna of Nigeria soils are continuously and intensively cultivated, resulting in soil quality degradation, carbon stock depletion, accelerated soil erosion and soil nutrient depletion. Effects of land use change on soil carbon stocks (SOC) are of concern regarding greenhouse gas emissions mitigation and sustainable crop production, because there is a need for food sufficiency while conserving the environment. Also, managing soils under intensive use and restoring degraded soils are top priorities for a sustained agronomic production while conserving soil and water resources. Hence, this study;“Tillage, Desmodium intortum, fertilizer rates for carbon stock, soil quality and grain yield in Northern Guinea Savanna” is aimed at devising possible mitigating measures for soil quality degradation, carbon stock depletion and impoverished crop yields using Zea mays as test crop. The study was a Randomized Complete Block Design (RCBD) in split-split plot arrangement with four replicates. The four main tillage and Desmodium intortum combination treatments were: 1) Maize −without Desmodium + Conventional tillage (MC), 2) Maize + Desmodium live-mulch incorporated and relayed + Conservation tillage (MDIC), 3) Maize + Desmodium in no-tillage system (MDNT), 4) Maize + Desmodium in strip tillage (MDST). The main treatment plots were each divided to accommodate four (4) rates of N (60, 80, 100 and 120 kg·ha−1) as sub plots, while the N rate plots were further divided to accommodate three (3) rates of P (6.6, 13.2, and 26.4 kg·ha−1) as sub-subplots. Findings support that Desmodium intercrops with Maize treatments (MDIC, MDNT, and MDST) resulted in increased organic carbon contents in 2013, with MDNT resulting in significantly higher organic carbon content (7.37 g·kg−1 in 2012 and 8.37 g·kg−1 in 2013) than the other treatments. Also, zero tillage practice (MDNT) sequestered significantly higher carbon stock (18.06 t C ha−1), followed by minimum tillage (MDIC) that sequestered 15.99 t C ha−1 than the other treatments. Highest grain yield of 2.61 tha−1 under MDIC and MDNT was followed by MDST and least under MC. Total score of soil quality assessment gave least score values of 13 under MDIC and MDNT;thus best soil quality (SQ1) was ascribed to the minimum tillage with D. intortum intercrop and relayed (MDIC) and Zero tillage with D. intortum (MDNT) treatments. Maize Strip cropped with D. intortum treatment (MDST) was ranked SQ2.
基金Under the auspices of the National Key Research and Development Project(No.2016YFA0602301)National Natural Science Foundation of China(No.41730643,41671219,41771109,31500400)
文摘Understanding the effects of land cover changes on ecosystem carbon stocks is essential for ecosystem management and environmental protection, particularly in the transboundary region that has undergone marked changes. This study aimed to examine the impacts of land cover changes on ecosystem carbon stocks in the transboundary Tumen River Basin(TTRB). We extracted the spatial information from Landsat Thematic Imager(TM) and Operational Land Imager(OLI) images for the years 1990 and 2015 and obtained convincing estimates of terrestrial biomass and soil carbon stocks with the InVEST model. The results showed that forestland, cropland and built-up land increased by 57.5, 429.7 and 128.9 km2, respectively, while grassland, wetland and barren land declined by 24.9, 548.0 and 43.0 km2, respectively in the TTRB from 1990 to 2015. The total carbon stocks encompassing aboveground, belowground, soil and litter layer carbon storage pools have declined from 831.48 Tg C in 1990 to 831.42 Tg C in 2015 due to land cover changes. In detail, the carbon stocks decreased by 3.13 Tg C and 0.44 Tg C in Democratic People's Republic of Korea(North Korea) and Russia, respectively, while increased by 3.51 Tg C in China. Furthermore, economic development, and national policy accounted for most land cover changes in the TTRB. Our results imply that effective wetland and forestland protection policies among China, North Korea, and Russia are much needed for protecting the natural resources, promoting local ecosystem services and regional sustainable development in the transnational area.
文摘Land use change activities have greatly affected the total ecosystem carbon stock (TECS) and also contribute to global change through emission of greenhouse gases. The present study assessed the change in vegetation biomass carbon stock (VBCS) and soil organic carbon stock (SOCS) following conversion in major land use sectors (agriculture, agroforestry, forest and plantation) in Mizoram, Northeast India. SOCS was the highest in agroforestry (50.85 Mg C ha-1) and the lowest in agriculture (33.99 Mg C ha-1). VBCS was the highest in plantation (131.66 Mg C ha-1) and the lowest in agriculture (7.44 Mg C ha-1). The highest positive TECS change rate was observed when agriculture was converted to plantation (6.61 Mg C ha-1·yr-1), while negative rate of change in carbon stock was observed following the establishment of agriculture from other land use. A positive rate of change was observed in both VBCS and SOCS with TECS rate of 3.58 Mg C ha-1·yr-1 when agriculture got converted to agroforestry. The absolute carbon stock change rates were higher in VBCS than SOCS signifying the importance to maintain tree based vegetation cover.
文摘The United States dollar was tied to a finite standard dating back to 1792. The dollar has survived multiple wars, armed conflicts short of war, economic recessions, and the Great Depression. At the end of World War II, the dollar, by international agreement, effectively became the world’s reserve currency. Other currencies were fixed to the dollar and the dollar was in turn fixed to the gold standard, that is, the value of a dollar was fixed at thirty-five dollars per ounce of gold. In 1971, the United States government severed the dollar from the gold standard leaving the size of the money supply free of any finite limit. Since that time, the United States money supply, national debt, and stock market indices have experienced exponential growth. The purpose of this paper is to investigate mathematically and model the relationship among these key economic indicators. Our work in this paper allows us to gain some insight into how each of these economic indicators can influence one another while giving us a better idea of how the economy functions. We were allowed to collect data for each of the indicators over a certain period which allowed us to demonstrate that a strong correlation exists among these three indicators. After collecting our data and making some logical assumptions, we modeled the money supply as a function of time. In turn, we modeled the Dow Jones stock market index as a function of the money supply. Finally, we produced a model of the National Debt as a function of the Dow Jones stock market index. From the data, we collected and our economic indicator models, we derived a series of differential equations that would help us observe the exponential growth trend of each graphically. By showing a comparison from our collection of raw data versus our results from our model, we conclude that, under prevailing circumstances, it is reasonable to expect growth in all three indicators and increasing market volatility for some time to come. We have answered the question of whether the monetary and fiscal policies of the past half-century have been of some benefit. However, we question whether this trend is good for all Americans and whether it is sustainable in perpetuity. This paper concludes with possible areas of interest warranting additional investigation to enable us to better understand the economy and develop effective financial strategies.
文摘In recent years there has been increasing concern over the state of fish stocks,especially those that support key fisheries and supply food to many consumers.There is also concern over the state of aquatic environments,and the effects of climate change.Fisheries management is controlled by government agencies,often cooperating with similar agencies from other nations.This paper deals with the need for expert advice on fisheries,involving fishers as well as scientists.Mention is made of a Fisheries Partnership set up in Europe,bringing fishers and scientists together with other stakeholders to discuss the problems of managing fish stocks.The partnership was especially successful in improving relationships between fishers and scientists,and made significant improvements to some fish stock assessments.European Regional Advisory Councils were later established to play a similar role.They are providing significant advice on fisheries,but they do not yet play a key role in actual management.It is important to consider how stakeholders and scientists can become more actively involved in fisheries management.There is a crucial need to develop new,more participatory ways of managing fisheries.
基金conducted by support of research credit(No:89034)from the University of Tehran
文摘Numerous approaches have been developed to quantify forest structure modules.A variety has measured each as part of stand attributes.This study was carried out in managed mixed stands in northern Iran.The objective was to quantify stand structure and its variation before and after tree marking through the Gini index and structural triangle method.A full sampling inventory was taken in 2004 and 2014 at the beginning and end of a period,before and after tree marking operations in five stands.The results indicate that the Gini index was 39.5,62.2,43.0,82.0 and 74.0%forⅠ,Ⅱ,Ⅲ,ⅣandⅤstands respectively.Furthermore,approximate structural diameters were determined as a large category forⅠ,Ⅱ,ⅢandⅤstands while standⅡhad an intermediate-large class pre-tree marking to an intermediate-small class post-tree marking.The paired t-test results were not significant for tree numbers and growing stock changes for all species,and for beech,hornbeam,and velvet maple before and after tree harvesting in the whole stand.Therefore,the Gini index and the structural triangle method can be used for natural stand modeling,structural diversity designation,and for management practices in nature-oriented forestry strategies.
文摘The topic of carbon sequestration in forest ecosystems has recently taken a lot of attention due to concerns about global climate change. As a spontaneous species of the Central Middle Atlas, the Atlas Cedar was the subject of our study. Thus, a total of 30 sample trees were subjected to the weight measurements for the estimation of biomass and organic carbon stock in a logging lot in the Azrou forest. The amount of sequestered carbon was then extrapolated in all stand forests studied from the developed carbomass models. The results obtained show that the largest allocation of carbon stock (93%) is in the stem, followed by branches (5%) and foliage (2%). The average carbon storage in this cedar forest is 99.42 tC/ha (aboveground and belowground), or 364.58 t/ha of CO2, a value significantly higher than that found in other Moroccan forest ecosystems.
文摘A study was conducted to estimate the forest cover change, quantify and map tree above-ground carbon stock using Remote sensing and GIS techniques together with forest inventory. Landsat images of 1980, 1995 and 2010 acquired during dry season were used in the estimation of cover changes. Supervised image classification using Maximum Likeli-hood Classifier was performed in ERDAS Imagine software to analyze the images and further analysis was performed in Arc GIS 9.3 software. Stratified sampling procedure was used to select concentric inventory plots in Pugu Forest Reserve (PFR) and Kazimzumbwi Forest Reserve (KFR). Plots were laid according to NAFORMA, and the tree parameters in each sampling plot were collected. A Microsoft Excel spreadsheet was used to compute the above-ground bio- mass for each plot using an empirical equation relating wood basic density and tree height. The above-ground carbon was calculated using a conversion factor of 0.49. Geostatistical method in ArcGIS was used to analyze and map carbon. Results revealed that for the periods 1980-1995 and 1995-2010, Closed Forest in PFR decreased by 4.5% and 25.3% respectively, while for KFR, Closed Forest decreased by 11.9% and 31.3% respectively. The mean carbon density for PFR and KFR were respectively 5.72 tC/ha and 0.98 tC/ha while carbon stocks were 14 730.41 tC and 7 206.46 tC re- spectively. The revealed low carbon densities were attributable to decline in area under Closed Forest in the two Forest Reserves. The study recommends concerted efforts to enhance proper management of the forests so that the two forest reserves may contribute to REDD initiatives.
文摘The present study was conducted in Solan Forest Division of Himachal Pradesh covering an area of about 57,158 ha. The aim was to estimate and assess the temporal change in carbon stock of the Chil Working Circle, in two forest ranges of the Division, Solan and Dharampur, over the period of 1956-2011. The inventory data of the working plans of Solan Forest Division from 1956-1957, 1984-1985 and 2002-2003 were used in the present study while field data for biomass estimation was collected for the year 2011.The results showed a declining trend in carbon stock over 1956-1984 period, however, an increasing trend over 1984-2002 was observed, which showed a further increase for the period 2002-2011. These fluctuating trends in the forest carbon stock can be related to increasing anthropogenic pressure on forests and the subsequent introduction of a ban on green felling envisaging efficient forest management, both of which affect the forest carbon pool significantly.
文摘This paper proposes a Markov-switching copula model to examine the presence of regime change in the time-varying dependence structure between oil price changes and stock market returns in six GCC countries. The marginal distributions are assumed to follow a long-memory model while the copula parameters are supposed to evolve according to the Markov-switching process. Furthermore, we estimate the Value-at-Risk (VaR) based on the proposed approach. The empirical results provide evidence of three regime changes, representing precrisis, financial crisis and post-crisis, in the dependence structure between energy and GCC stock markets. In particular, in the pre- and post-crisis regimes, there is no dependence, while in the crisis regime, there is significant tail dependence. For OPEC countries, we find lower tail dependence whereas in non-OPEC countries, we see upper tail dependence. VaR experiments show that the Markov-switching time- varying copula model performs better than the time-varying copula model.