Contagion or Interdependence in the recent Global Financial Crisis? An application to the stock markets using unconditional cross-market correlations

We consider stock market contagion as a significant increase in cross-market linkages after a shock to one country or group of countries. Under this definition we study if contagion occurred from the U.S. Financial Crisis to the rest of the major stock markets in the world by using the adjusted (unconditional) correlation coefficient approach (Forbes and Rigobon, 2002) which consists of testing if average crossmarket correlations increase significantly during the relevant period of turmoil. We would not reject the null hypothesis of interdependence in favour of contagion if the increase in correlation only suggests a continuation of high linkages in all state of the world. Moreover, if contagion occurs, this would justify the intervention of the IMF and the suddenly portfolio restructuring during the period under study.

How did the Financial Crisis affect the Real Interest Rate Dynamics in Europe?

We investigate the effects of the financial crisis on the stationarity of real interest rates in the Euro Area. We use a new unit root test developed by Peseran et al. (2013) that allows for multiple unobserved factors in a panel set up. Our results suggest that while short-term and long-term real interest rates were stationary before the financial crisis, they became nonstationary during the crisis period likely due to persistent risk that characterized financial markets during that time. JEL codes: E43, C23. Keywords: Real interest rates, Euro Area, financial crisis, panel unit root tests, cross-sectional dependence.

Iowa Water Pollution Control Works and Drinking Water Facilities Financing Programs (Joint Programs of the Iowa Finance Authority and the Iowa Department of Natural Resources), Independent Auditor's Reports Financial Statements and Supplemental Information Schedule of Findings, June 30, 2003

State Agency Audit Report

City of Bernard Sewer Funds Independent Auditor's Reports Financial Statements and Supplemental Information Schedule of Findings and Questioned Costs, June 30, 2002

Other Audit Reports

Report of Recommendations to the University of Northern Iowa on a Review of Selected General and Application Controls over the Modern Executive Management Financial Information System, June 7, 2004 through July 29, 2004

State University Audit Report

Saylor Township, Independent Auditor's Reports Financial Statement Schedule of Findings, June 30, 2003

Audit Report - Township

Iowa State Center Business Office, Iowa State University of Science and Technology, Independent Auditor's Reports Financial Statements, June 30, 2003 & 2004

State University Audit Report

Villisca Municipal Power Plant, Independent Auditor's Reports Financial Statements and Supplemental Information Schedule of Findings, December 31, 2003

Other Audit Report - Utilities

Report of Recommendations to the University of Northern Iowa on the Review of Selected General and Application Controls Over the Modern Executive Management Financial Information, June 2 to July 17, 2003

State University Audit Report

Clarke Community School District Independent Auditor's Reports Basic Financial Statements and Supplementary Information Schedule of Findings and Questioned Costs, June 30, 2004

Clarke Community School District Independent Auditor's Reports Basic Financial Statements and Supplementary Information Schedule of Findings and Questioned Costs, June 30, 2004

Office of Treasurer of State Iowa Educational Savings Plan Trust, Independent Auditor's Reports Financial Statements and Supplementary Information, June 30, 2004

State Agency Audit Report

City of Center Point, Independent Auditor's Reports, Financial Statements and Supplemental Information, Schedule of Findings, June 30, 2003

City Audit Report

City of Jesup, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings, June 30, 2004

City Audit Report

City of West Branch, Independent Auditor's Reports Basic Financial Statements and Supplementary Information Schedule of Findings, June 30, 2004

City Audit Report