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
After assuming the Chinese presidency in March 2013, Xi Jinping introduced the new political slogan ＂the Chinese Dream,＂ which he does not only address to the domestic audience but also aims to promote to the world....After assuming the Chinese presidency in March 2013, Xi Jinping introduced the new political slogan ＂the Chinese Dream,＂ which he does not only address to the domestic audience but also aims to promote to the world. Since his inaugural trip abroad, Xi has repeatedly speeches when addressing international catchphrase received as much appeal as used the term ＂Chinese Dream＂ in his audiences. However, nowhere has the in Africa. Simultaneously, African academics and other interested parties have observed the promotion of the idea of an African Dream by the Chinese Communist Party （CCP） with great suspicion as they view it simply as a projection of China＇s own foreign policy onto Africa. But what do the Chinese Dream and African Dream actually mean？ How can we make sense out of these terms？ In order to decode or demystify the meaning behind the Chinese Dream narrative in the context of China＇s foreign policy, this paper argues that it is essential to examine how it is constructed and projected to the international audience, in particular to Africa. The Chinese Dream is understood as a narrative which is strategically used by the CCP in order to shape perceptions and behavior of other international actors according to their own agenda. Moreover, the dynamic interactions between the media and politics and how they impinge on the formation and projection of the Chinese Dream and African Dream narrative will also be taken into account.展开更多
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.
文摘After assuming the Chinese presidency in March 2013, Xi Jinping introduced the new political slogan ＂the Chinese Dream,＂ which he does not only address to the domestic audience but also aims to promote to the world. Since his inaugural trip abroad, Xi has repeatedly speeches when addressing international catchphrase received as much appeal as used the term ＂Chinese Dream＂ in his audiences. However, nowhere has the in Africa. Simultaneously, African academics and other interested parties have observed the promotion of the idea of an African Dream by the Chinese Communist Party （CCP） with great suspicion as they view it simply as a projection of China＇s own foreign policy onto Africa. But what do the Chinese Dream and African Dream actually mean？ How can we make sense out of these terms？ In order to decode or demystify the meaning behind the Chinese Dream narrative in the context of China＇s foreign policy, this paper argues that it is essential to examine how it is constructed and projected to the international audience, in particular to Africa. The Chinese Dream is understood as a narrative which is strategically used by the CCP in order to shape perceptions and behavior of other international actors according to their own agenda. Moreover, the dynamic interactions between the media and politics and how they impinge on the formation and projection of the Chinese Dream and African Dream narrative will also be taken into account.
