Stock Markets and Household Wealth: Can a Stock Market Crash Cause a Recession in The U.S. Economy?

Stock market wealth effects on the level of consumption in the United States economy have been constantly debated; there is evidence for arguments for and against its prominence and its symmetry. This paper seeks to investigate the strength of its negative effect by creating models to analyze unexpected shocks to the Standard and Poor's 500 index. First, a transmission mechanism between the stock market and GDP is established through the use of second-order vector autoregressive models. Following which, theory from the life cycle model and adaptations of previous researchers' models are used to create a structural model. This paper finds that stock market wealth effects are small, but important to consider, especially if markets are overpriced; this claim is corroborated by evidence from simulation of 'alternative scenarios' and the historical experiences of 1987 and 2001.

The Family Novel in the Emerging Nation-State: A Comparative Study of Ba Jin’s Jia and Lev Tolstoy’s Anna Karenina

The theme of family in literature and in popular discourse occurs at times when the family as an institution is under attack. Attacks against the family coupled with defence of the family are viewed as the barometer of people’s satisfaction with the society in which they live. This outpouring of emotion, whether it is in defence of or attacking the family, is the result of the family’s position on the bridge between nature and society – a fortunate (or a detrimental) link between an individual and the units that make up a society. Across the United States and much of the western world, the battle for gay marriage and inclusive civil unions has revealed the fissures in our collective moral view of the family. The conservative concern about the absence of ‘family values’ is magnified by our situation in a world of flux. Inflation, war, terrorist threats, and the depletion of natural resources are but a few examples. When so much is unknown, how do we position ourselves? What anchors us to the past, gives us comfort in the present, and supports us in the future if not the family? Alternatively, what coddles us more in the past, shackles us more to the present, and lulls us more into a fixed conception of the future than the family? My research is not a sociological survey into the family nor does it stake any claims to understanding the present state of the family in society. The study seeks, however, to shed light on the rhetorical uses of the family by analysing two novels that are inextricably concerned with the theory of the family in times of heightened social change. In particular, my research focuses upon the social role and political meaning of the family in Anna Karenina and Jia.

Greek shipping and the crisis of the 1980's

In 1982, Greek shipping plunged into a severe crisis: the size of the fleet declined dramatically and over 30% of the fleet was laid-up. catapulting many shipping companies into bankruptcy. The causes of the crisis were: The world recession, leading to regulation, protectionism, subsidization. and the growth of new competition in the tramp shipping market. The erosion of the cost differential between Greek shipping and other maritime nations of the world. The specialization and containerization of the world fleet. The old age and other characteristics of the Greek fleet, which exacerbated the crisis. Greek shipping, with its long history and the expertise, diligence, and supreme opportunism of its dynamic shipowners, will survive the crisis.