Is there life in the old dogs yet? Making break-tests work on financial contagion

Many tests of financial contagion require a definition of the dates separating calm from crisis periods. We propose to use a battery of break search procedures for individual time series to objectively identify potential break dates in relationships between countries. Applied to the biggest European stock markets and combined with two well established tests for financial contagion, this approach results in break dates which correctly identify the timing of changes in cross-country transmission mechanisms. Application of break search procedures breathes new life into the established contagion tests, allowing for an objective, data-driven timing of crisis periods.

One date, one break?

This paper demonstrates that the conventional approach of using official liberalisation dates as the only existing breakdates could lead to inaccurate conclusions as to the effect of the underlying liberalisation policies. It also proposes an alternative paradigm for obtaining more robust estimates of volatility changes around official liberalisation dates and/or other important market events. By focusing on five East Asian emerging markets, all of which liberalised their financial markets in the late, and by using recent advances in the econometrics of structural change, it shows that (i) the detected breakdates in the volatility of stock market returns can be dramatically different to official liberalisation dates and (ii) the use of official liberalisation dates as breakdates can readily entail inaccurate inference. In contrast, the use of data-driven techniques for the detection of multiple structural changes leads to a richer and inevitably more accurate pattern of volatility evolution emerges in comparison with focussing on official liberalisation dates.

Dancing for women:subverting heteronormativity in a lesbian erotic dance space?

This article utilises participant observation, interview and collaborative visual data, collected with women erotic dancers, management and customers, to ascertain how far heteronormativity is subverted in a UK lesbian leisure space, Lippy (the name is a pseudonym), which provides erotic dance for women customers. The potential for a female 'gaze', the 'normativity' of gendered and sexualised bodies, and the notion of a 'women's space' are taken as areas for analysis. Women's engagement with erotic dance is complex, and this article examines the connections between sexual agency and gendered power relations, questioning how far women can exercise autonomous sexual expression in commercial sexual encounters. © The Author(s) 2012.