Policy impacts on Vietnam stock markets: a case of anomalies and disequilibria 2000-2006

Vietnam launched its first-ever stock market, named as Ho Chi Minh City Securities Trading Center (HSTC) on July 20, 2000. This is one of pioneering works on HSTC, which finds empirical evidences for the following: Anomalies of the HSTC stock returns through clusters of limit-hits, limit-hit sequences; Strong herd effect toward extreme positive returns of the market portfolio;The specification of ARMA-GARCH helps capture fairly well issues such as serial correlations and fat-tailed for the stabilized period. By using further information and policy dummy variables, it is justifiable that policy decisions on technicalities of trading can have influential impacts on the move of risk level, through conditional variance behaviors of HSTC stock returns. Policies on trading and disclosure practices have had profound impacts on Vietnam Stock Market (VSM). The over-using of policy tools can harm the market and investing mentality. Price limits become increasingly irrelevant and prevent the market from self-adjusting to equilibrium. These results on VSM have not been reported before in the literature on Vietnam’s financial markets. Given the policy implications, we suggest that the Vietnamese authorities re-think the use of price limit and give more freedom to market participants.

A Note on Studies of Monetary Policy and Implementation in Vietnam

In this short paper, we have gone through some key results of monetary policy research applied for the Vietnamese economy, over the past 20 years after Doi Moi, together with a few caveats when putting these results in use. We look at different research themes, and suggest that future research make better and more diverse choice of analytic framework, and also put macro and micro-setting connection at work, which appear to likely bring about better and more insightful results for the monetary economics literature in Vietnam.

Experimental Studies of the Coherence of Microstructure-Fiber Supercontinuum

The phase coherence of supercontinuum generation in microstructure fiber is quantified by performing a Young's type interference experiment between independently generated supercontinua from two separate fiber segments. Analysis of the resulting interferogram yields the wavelength dependence of the magnitude of the mutual degree of coherence, and a comparison of experimental results with numerical simulations suggests that the primary source of coherence degradation is the technical noise-induced fluctuations in the injected peak power. © 2003 Optical Society of America.

Coherence Properties of Supercontinuum Spectra Generated in Photonic Crystal and Tapered Optical Fibers

Numerical simulations have been used in studies of the temporal and spectral features of supercontinuum generation in photonic crystal and tapered optical fibers. In particular, an ensemble average over multiple simulations performed with random quantum noise on the input pulse allows the coherence of the supercontinuum to be quantified in terms of the dependence of the degree of first-order coherence on the wavelength. The coherence is shown to depend strongly on the input pulse's duration and wavelength, and optimal conditions for the generation of coherent supercontinua are discussed. © 2002 Optical Society of America.

Numerical Simulations and Coherence Properties of Supercontinuum Generation in Photonic Crystal and Tapered Optical Fibers

Numerical simulations have been used to study broad-band supercontinuum generation in optical fibers with dispersion and nonlinearity characteristics typical and photonic crystal or tapered fibers structures. The simulations include optical shock and Raman nonlinearity terms, with quantum noise taken into account phenomenologically by including in the input field a noise seed of one photon per mode with random phase. For input pulses of 150-fs duration injected in the anomalous dispersion regime, the effect of modulational instability is shown to lead to severe temporal jitter in the output, and associated fluctuations in the spectral amplitude and phase across the generated supercontinuum. The spectral phase fluctuations are quantified by performing multiple simulations and calculating both the standard deviation of the phase and, more rigorously, the degree of first-order coherence as a function of wavelength across the spectrum. By performing simulations over a range of input pulse durations and wavelengths, we can identify the conditions under which coherent supercontinua with a well-defined spectral phase are generated.