This paper was made using a descriptive analysis of some indicators from the data basis of Economic Commission for Latin America （CEPAL）, CEPAL and answers the question： Have there been enough foreign trade dynamic...This paper was made using a descriptive analysis of some indicators from the data basis of Economic Commission for Latin America （CEPAL）, CEPAL and answers the question： Have there been enough foreign trade dynamics during the last years （1999-2006） in order to reduce social inequality gaps？ The results here shown correspond to the first stage of a research that relates poverty to countries＇ economic productivity. The article presents foreign trade, economic growth, and social inequality overview in the countries of the Andean Community of Nations during the years 1999-2006. In considering this period, the last international crisis is overlooked, but it takes in account the importance of the Millennium Development Goals set by the UNDP. The analysis of the basic indicators reflects that the dynamics of economic integration and foreign trade do not translate into better social equality and poverty reduction. This paper shows an economic and social contrast obtained from the results by countries of the Andean Community of Nations （CAN） during the years 1999-2006, comprised by Colombia, Peru, Ecuador, Bolivia, and Venezuela, though the last country is not currently part of CAN. These indicators are exports, imports, relative commercial balance, gross domestic product, gross domestic product per capita, unemployment, GINI index, population, urban development index, and poverty. The paper presents a succinct conceptual framework where the relationship between foreign trade and social inequality is established, from which the description and analysis of the proposed indicators is formulated, permitting the establishing of an apparent practical connection between economic behavior and social results from the CAN countries.展开更多
This paper focuses on a direct quantitative identification of crisis periods in selected emerging stock markets from four continent-based regions of Europe, Latin America, East Asia, and Middle East and North Africa ...This paper focuses on a direct quantitative identification of crisis periods in selected emerging stock markets from four continent-based regions of Europe, Latin America, East Asia, and Middle East and North Africa （MENA）, in the context of an influence of the 2007 U.S. subprime financial crisis. The 17 emerging stock markets and, for comparison, the U.S. stock market are investigated. A statistical method of dividing market states into bullish and bearish markets, based on monthly logarithmic returns of major stock market indexes, is employed. The analyzed sample period begins in January 2003 and ends in December 2013. As there is no unanimity in the literature about the crisis periods in the continent-based regions, a formal statistical identification of crises is worthwhile to conduct. Furthermore, the effect of increasing cross-market correlations in the crisis compared to the pre-crisis period in the context of contagion is examining. To address this issue, both standard contemporaneous cross-correlations and volatility-adjusted cross-correlations are applied. The results are consistent with the literature and confn＇m that tests for contagion based on cross-market correlations are problematic due to the bias introduced by changing volatility in market returns. As contagion can be confused with globalization, the globalization tests in the group of international investigated markets are employed. The results generally do not confirm a global world market integration effect, i.e. there is no reason to reject the research hypothesis of no globalization during the 2007-2009 financial crisis.展开更多
文摘This paper was made using a descriptive analysis of some indicators from the data basis of Economic Commission for Latin America （CEPAL）, CEPAL and answers the question： Have there been enough foreign trade dynamics during the last years （1999-2006） in order to reduce social inequality gaps？ The results here shown correspond to the first stage of a research that relates poverty to countries＇ economic productivity. The article presents foreign trade, economic growth, and social inequality overview in the countries of the Andean Community of Nations during the years 1999-2006. In considering this period, the last international crisis is overlooked, but it takes in account the importance of the Millennium Development Goals set by the UNDP. The analysis of the basic indicators reflects that the dynamics of economic integration and foreign trade do not translate into better social equality and poverty reduction. This paper shows an economic and social contrast obtained from the results by countries of the Andean Community of Nations （CAN） during the years 1999-2006, comprised by Colombia, Peru, Ecuador, Bolivia, and Venezuela, though the last country is not currently part of CAN. These indicators are exports, imports, relative commercial balance, gross domestic product, gross domestic product per capita, unemployment, GINI index, population, urban development index, and poverty. The paper presents a succinct conceptual framework where the relationship between foreign trade and social inequality is established, from which the description and analysis of the proposed indicators is formulated, permitting the establishing of an apparent practical connection between economic behavior and social results from the CAN countries.
文摘This paper focuses on a direct quantitative identification of crisis periods in selected emerging stock markets from four continent-based regions of Europe, Latin America, East Asia, and Middle East and North Africa （MENA）, in the context of an influence of the 2007 U.S. subprime financial crisis. The 17 emerging stock markets and, for comparison, the U.S. stock market are investigated. A statistical method of dividing market states into bullish and bearish markets, based on monthly logarithmic returns of major stock market indexes, is employed. The analyzed sample period begins in January 2003 and ends in December 2013. As there is no unanimity in the literature about the crisis periods in the continent-based regions, a formal statistical identification of crises is worthwhile to conduct. Furthermore, the effect of increasing cross-market correlations in the crisis compared to the pre-crisis period in the context of contagion is examining. To address this issue, both standard contemporaneous cross-correlations and volatility-adjusted cross-correlations are applied. The results are consistent with the literature and confn＇m that tests for contagion based on cross-market correlations are problematic due to the bias introduced by changing volatility in market returns. As contagion can be confused with globalization, the globalization tests in the group of international investigated markets are employed. The results generally do not confirm a global world market integration effect, i.e. there is no reason to reject the research hypothesis of no globalization during the 2007-2009 financial crisis.
