EU Accession, Financial Integration, and Contagion Effects: Dynamic Correlation Analysis of CEEC-3 Bond Markets

2013 ◽  
Vol 20 (2) ◽  
pp. 179-189 ◽  
Author(s):  
Lu Yang ◽  
Shigeyuki Hamori
Keyword(s):  
Correlation Analysis ◽  
Financial Integration ◽  
Bond Markets ◽  
Eu Accession ◽  
Dynamic Correlation ◽  
Contagion Effects

scholarly journals Economic and financial integration in emerging markets: A European policy

2005 ◽  
Vol 50 (164) ◽  
pp. 81-102
Author(s):  
Theodore Theodoropoulos ◽  
Borut Vojinovic
Keyword(s):  
Emerging Markets ◽  
Financial Integration ◽  
Institutional Framework ◽  
European Policy ◽  
Eu Accession ◽  
Long Run ◽  
Short Run ◽  
Mature Market ◽  
The Eu ◽  
Cyclical Volatility

This paper extends to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of "emerging markets". This work finds signs that, contrary to other emerging markets, this does not happen: for the future member states financial integration, similarly to the outcome observed in mature market economies, reduces cyclical volatility both in the short and in the long run. Weak indications are found that this may happen partially due to the anchoring of expectations provided by the EU Accession, and to the more robust institutional framework imposed by this process onto the countries in question.

Analyzing Long-Term Dynamic Causal Linkages and Financial Integration Between the Capital Markets in Romania and Hungary

2019 ◽  
pp. 215-228
Keyword(s):  
Stock Markets ◽  
Financial Integration ◽  
Financial Contagion ◽  
Emerging Stock Markets ◽  
International Portfolio Diversification ◽  
Contagion Effects ◽  
Long Run ◽  
International Portfolio ◽  
The Empirical Analysis

This chapter aims to investigate long-term dynamic causal linkages between stock markets in Hungary and Romania in order to obtain additional benefits based on international portfolio diversification, especially in terms of globalization. Emerging stock markets are generally considered to be more attractive for both institutional and individual financial investors due to certain stylized facts. The volatility transmission patterns, financial contagion effects, international interdependence and long-run causal linkages between international stock markets highlight the importance of a functional and stable financial environment. Technically, the structure of this subchapter includes both theoretical developments and additional empirical results. Moreover, the empirical analysis provides a quantitative perspective on global interdependencies between Romania and Hungary.

Game Strategy in Multi-User Shared Virtual Environment Based on Internet

2010 ◽  
Vol 26-28 ◽  
pp. 809-812
Author(s):  
Hai Dong Yu ◽  
Bo Tao Zhang ◽  
Yan Chun Wang
Keyword(s):  
Correlation Analysis ◽  
Mechanism Design ◽  
Virtual Environment ◽  
Design Theory ◽  
Imperfect Information ◽  
Correlation Network ◽  
Virtual Agents ◽  
Game Model ◽  
Dynamic Correlation ◽  
Distributed Virtual Environment

This paper proposed a new interests game model with dynamic correlation analysis in distributed virtual environment based on mechanism design theory. The game definitions in correlation network and interest matrix were given and an analysis approach to find out the interest focus of virtual agents and administrator was presented. Thus a prototype virtual environment game system was implemented to demonstrate the effects of our approach in optimizing the visual rendering process and highlighting the collaborative perception according to payoffs under imperfect information condition.

scholarly journals Financial integration in the European Union - the impact of the crisis on the bond market

Equilibrium ◽  
2017 ◽  
Vol 12 (2) ◽  
pp. 195 ◽  
Author(s):  
Darko B. Vukovic ◽  
Edin Hanic ◽  
Hasan Hanic
Keyword(s):  
Capital Market ◽  
Sovereign Debt ◽  
Financial Integration ◽  
Value Added ◽  
Bond Markets ◽  
The European Union ◽  
Medium Term ◽  
Standard Deviations ◽  
Degree Of Convergence ◽  
The Impact

Research background: In our paper we have analyzed the influence of the crisis on the financial integration in the European Monetary Union. We have analyzed EMU capital market to show the impact of the crisis, with the focus on the bonds market. The determinants of the research are yields and standard deviations on medium-term and long-term triple-A bond markets, as well as CDS medium-term premiums. Purpose of the article: The aim of this paper is to show the volatility of researched deter-minants in periods of crisis in EMU zones.Methods: As a model we used a modified theoretical CAL portfolio model. In the last fifteen years Europe has been faced with two major crises: the world economic crisis and sovereign debt crisis.Findings & Value added: We believe that the sovereign crisis hit EMU more, leaving the deeper implications on the financial integration. Our analysis has showed that the crisis had a major impact on the financial integration. Yields and standard deviations increased multiply in periods of crisis and left the impact of volatility on the capital market. However, the degree of convergence of euro area bond markets largely stabilized in last two years.

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