By Gagari Chakrabarti, Chitrakalpa Sen
This paintings is an exploration of the worldwide industry dynamics, their intrinsic natures, universal tendencies and dynamic interlinkages through the inventory industry crises over the past twelve years. The examine isolates diversified levels of predicament and differentiates among any problem that is still restrained to the quarter and those who absorb an international size. The latent constitution of the worldwide inventory marketplace, the inter-regional and intra-regional inventory industry dynamics round the crises are analyzed to get a whole photograph of the constitution of the worldwide inventory marketplace. The learn extra probing into the inherent nature of the worldwide inventory industry in producing hindrance reveals the worldwide industry to be chaotic hence making the process intrinsically volatile or at most sensible to keep on with knife-edge balance. The findings have major bearing at theoretical point and on coverage decisions.
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Additional info for Anatomy of Global Stock Market Crashes: An Empirical Analysis
The period of 1998 to 2005 was thus characterized by the presence of many volatility breaks in the global stock market. It is however, very difficult to trace out any pattern in these breaks. The breaks, in most of the cases have not been simultaneous or common to all the markets. Moreover, while the breaks are not global, there is hardly any regional pattern. Volatility breaks during phase 2 The second phase (2005–2011) has been characterized by many volatility regimes in the global stock market.
Glezakos et al. (2007) examined the short and long-run interlinkages between major world financial markets with particular attention to the Greek stock exchange. They have found strong influence of the US financial market, DAX and FTSE on the other markets of the sample. Moreover, sectoral indices, particularly the IT indices are related globally. CAC and the NEMAX with the help of a VAR model with GARCH errors (Suleimann 2003a, b). Sharma and Kennedy (1977) find strong link between the Indian, US and UK markets.
Moreover, VARIMAX being the appropriate rotation method, the factors extracted are uncorrelated to each other. This implies presence of a single structure represented by a group of European and US group of markets that are completely dissociated from the other regions. 3 Result for Sub-Period 2 (2006–2011) a. 951 and Bartlett’s test statistic is significant at 1% level of significance (approx. 4). These suggest appropriateness of applying EFA on the data set. b. 3. The communalities are high in most of the markets except for Malaysia, China, Tel Aviv and Cairo.
Anatomy of Global Stock Market Crashes: An Empirical Analysis by Gagari Chakrabarti, Chitrakalpa Sen