Modelling and testing volatility spillovers in oil and financial markets for USA, UK and China

The primary purpose of the paper is to analyze the conditional correlations, conditional covariances, and co-volatility spillovers between international crude oil and associated financial markets. The paper investigates co-volatility spillovers (namely, the delayed effect of a returns shock in one physical or financial asset on the subsequent volatility or co-volatility in another physical or financial asset) between the oil and financial markets. The oil industry has four major regions, namely North Sea, USA, Middle East, and South-East Asia. Associated with these regions are two major financial centers, namely UK and USA. For these reasons, the data to be used are the returns on alternative crude oil markets, returns on crude oil derivatives, specifically futures, and stock index returns in UK and USA. The paper will also analyze the Chinese financial markets, where the data are more recent. The empirical analysis will be based on the diagonal BEKK model, from which the conditional covariances will be used for testing co-volatility spillovers, and policy recommendations. Based on these results, dynamic hedging strategies will be suggested to analyze market fluctuations in crude oil prices and associated financial markets.

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...

The Mice at play in the CALIFA survey. A case study of a gas-rich major merger between first passage and coalescence

We present optical integral field spectroscopy (IFS) observations of the Mice, a major merger between two massive (≳10^11 M_⊙) gas-rich spirals NGC 4676A and B, observed between first passage and final coalescence. The spectra provide stellar and gas kinematics, ionised gas properties, and stellar population diagnostics, over the full optical extent of both galaxies with ~1.6 kpc spatial resolution. The Mice galaxies provide a perfect case study that highlights the importance of IFS data for improving our understanding of local galaxies. The impact of first passage on the kinematics of the stars and gas has been significant, with strong bars most likely induced in both galaxies. The barred spiral NGC 4676B exhibits a strong twist in both its stellar and ionised gas disk. The edge-on disk galaxy NGC 4676A appears to be bulge free, with a strong bar causing its “boxy” light profile. On the other hand, the impact of the merger on the stellar populations has been minimal thus far. By combining the IFS data with archival multiwavelength observations we show that star formation induced by the recent close passage has not contributed significantly to the total star formation rate or stellar mass of the galaxies. Both galaxies show bicones of high ionisation gas extending along their minor axes. In NGC 4676A the high gas velocity dispersion and Seyfert-like line ratios at large scaleheight indicate a powerful outflow. Fast shocks (vs ~ 350 km s^-1) extend to ~6.6 kpc above the disk plane. The measured ram pressure (P/k = 4.8 × 10^6 K cm^-3) and mass outflow rate (~8−20 M_⊙ yr^-1) are similar to superwinds from local ultra-luminous infrared galaxies, although NGC 4676A only has a moderate infrared luminosity of 3 × 10^10 L_⊙. Energy beyond what is provided by the mechanical energy of the starburst appears to be required to drive the outflow. Finally, we compare the observations to mock kinematic and stellar population maps extracted from a hydrodynamical merger simulation. The models show little enhancement in star formation during and following first passage, in agreement with the observations. We highlight areas where IFS data could help further constrain the models.