Uzbekistán: la configuración de un nuevo estado. Especial referencia al estatus de la mujer

Uzbekistan has a long and interesting heritage of ancient civilization linked to the historic “Silk Road”, through which transited people, goods, ideas and cultures. The major cities of the Silk Road - Samarkand, Bukhara, and Khiva are testimonies of the past and leave a deep impression on any visitor. As time goes by, Uzbekistan has become a key country in the whole Central Asian region, because it possesses mineral, agricultural and natural resources and has a huge potential for development. It is rich in energy resources such as oil and gas, but it is very difficult to commercialize them due to its landlocked position. The historical legacy of the Republic of Uzbekistan is a valuable heritage. The above mentioned ancient cities used to be centers of science and art, where important architects created palaces, mosques, madrassas, minarets, and mausoleums of the Islamic style, that still exist today. This cultural wealth is an element of internal cohesion and external outreach towards Islamic heritage, related to such Muslim countries as Turkey and the Gulf States. Moreover, this historical and architectural heritage has enormous economic potential for tourism, which can contribute to strengthen the relations of cooperation and friendship between Uzbekistan and the International Society. The influence of tradition and culture has still a huge impact on the society. This can be felt for example, in the traditional gender roles distribution. As a result of which, meńs presence in the areas of decision making is still slightly higher than womeńs one...

Testing co-volatility spillovers for natural gas spot, futures and ETF spot using dynamic conditional covariances

There is substantial empirical evidence that energy and financial markets are closely connected. As one of the most widely-used energy resources worldwide, natural gas has a large daily trading volume. In order to hedge the risk of natural gas spot markets, a large number of hedging strategies can be used, especially with the rapid development of natural gas derivatives markets. These hedging instruments include natural gas futures and options, as well as Exchange Traded Fund (ETF) prices that are related to natural gas stock prices. The volatility spillover effect is the delayed effect of a returns shock in one physical, biological or financial asset on the subsequent volatility or co-volatility of another physical, biological or financial asset. Investigating volatility spillovers within and across energy and financial markets is a crucial aspect of constructing optimal dynamic hedging strategies. The paper tests and calculates spillover effects among natural gas spot, futures and ETF markets using the multivariate conditional volatility diagonal BEKK model. The data used include natural gas spot and futures returns data from two major international natural gas derivatives markets, namely NYMEX (USA) and ICE (UK), as well as ETF data of natural gas companies from the stock markets in the USA and UK. The empirical results show that there are significant spillover effects in natural gas spot, futures and ETF markets for both USA and UK. Such a result suggests that both natural gas futures and ETF products within and beyond the country might be considered when constructing optimal dynamic hedging strategies for natural gas spot prices.