U.S. subprime financial crisis contagion on BRIC and European Union stock markets

ABSTRACTThe Copula Theory was used to analyze contagion among the BRIC (Brazil, Russia, India and China) and European Union stock markets with the U.S. Equity Market. The market indexes used for the period between January 01, 2005 and February 27, 2010 are: MXBRIC (BRIC), MXEU (European Union) and MXUS (United States). This article evaluated the adequacy of the main copulas found in the financial literature using log-likelihood, Akaike information and Bayesian information criteria. This article provides a groundbreaking study in the area of contagion due to the use of conditional copulas, allowing to calculate the correlation increase between indexes with non-parametric approach. The conditional Symmetrized Joe-Clayton copula was the one that fitted better to the considered pairs of returns. Results indicate evidence of contagion effect in both markets, European Union and BRIC members, with a 5% significance level. Furthermore, there is also evidence that the contagion of U.S. financial crisis was more pronounced in the European Union than in the BRIC markets, with a 5% significance level. Therefore, stock portfolios formed by equities from the BRIC countries were able to offer greater protection during the subprime crisis. The results are aligned with recent papers that present an increase in correlation between stock markets, especially in bear markets.

Política de planejamento familiar em João Pessoa - PB: análise das contradições existentes entre o discurso oficial e a prática

O presente estudo teve c o mo objetivo analisar as contradições existe ntes entreodiscurso oficial e a práticaem planejamento familiar em serviços públicos de saúde de João Pessoa - PB, tendo como referência o Programa de Assistência In tegral à Saúde da Mulher (PAISM). A ref erida política f oi analisada nos seus pressupostos e na sua prática, a partir do discurso de prof issionais e de mulheres clientes vincul ados ao Programa. Concluiu-se que, a política de pl anejamento familiar em João Pessoa restringe-se ao âmbito das intenções e o que se concretiza é uma prática utilitarista, negando a regulação da fecundidade enquanto direito de cidadania.

Cahiers philosophiques / V. Lénine ; [publié par l'Institut de marxisme-léninisme près le Comité central du Parti communiste de l'U.R.S.S.]

Titre original : Filosofskie tetradi

8-2-20, rugby Parc des Princes, [équipe] S.C.U.F. : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 57916

Asnières, [Football] Association, 31-11-19 [i.e. 1er décembre 1919], équipe U.S.A. [Union sportive et amicale] de Clichy : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 57095

S.C.U.F. contre [C.A. Société] Générale, 8-2-20, Parc des Princes, rugby : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 57921

S.C.U.F., [C.A. Société] Générale, 8-2-20, rugby, Parc des Princes : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 57920

[Portrait de] M. [Hugh] Wallace, ambassadeur des U.S. [Etats-Unis] à Paris : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58172

An Analysis of Regional Economic Growth in the U.S. Midwest, April 2005

In this paper we examine some of the economic forces that underlie economic growth at the county level. In an effort to describe a much more comprehensive regional economic growth model, we address a variety of different growth hypotheses by introducing a large number of growth related variables. When formulating our hypotheses and specifying our growth model we make liberal use of GIS (geographical information systems) mapping software to “paint” a picture of where growth spots exist. Our empirical estimation indicates that amenities, state and local tax burdens, population, amount of primary agriculture activity, and demographics have important impacts on economic growth.

[Archives de la Parole]. , [Parable of the prodigal son in Bunṯ TuỊu] : récit en tamoul [sic] / [Sir George Grierson], éd. ; Linguistic survey of India ; Voix parlée, homme

[Traditions. Asie. Inde. Province de Madras [i.e. Chennai]. Région du Kanara]