Template-Type: ReDIF-Article 1.0 Author-Name: Cenk Gokce ADAS Author-Name-First: Cenk Gokce Author-Name-Last: ADAS Author-Email: Author-Workplace-Name: Istanbul University, Faculty of Economics Title: IMPACT OF THE GLOBAL FINANCIAL CRISES ON THE MAJOR ASIAN COUNTRIES AND USA STOCK MARKETS AND INTER-LINKAGES AMONG THEM Abstract: This study examines the impact of the global financial crisis on the stock markets returns of China, Japan, India, and USA through E-GARCH model. In addition, it investigates the nature of volatility spillovers between stock indices during the global financial meltdown employing Granger Causality test. Daily stock prices are used for the period from 6th of January, 2006 to 22nd of April 2011. The main findings are as follows. First, in all stock markets high volatility and setback on the daily returns exist due to the financial crisis. Further the global financial crisis less affected Shanghai stock exchange than the other stock markets whereas it influenced the USA stock markets in large extent. Also stock returns volatility get moderated in the major Asian Countries stock markets after post crisis period but it has been remained in the USA stock exchanges. Secondly, Granger causality test shows that after the onset of the financial crisis, the USA stock markets have bidirectional influences on the each of other market, but didn?t receive any volatility spillover from major Asian Countries stock markets. Indian stock market experiences volatility spillover from all the stock markets. Japanese stock market receives volatility spillover only from USA stock markets. However, Shanghai stock exchange doesn?t experience any volatility spillover from the other stock markets. Classification-JEL: C58, F65, G01 Keywords: Volatility Spillover; Financial crisis; China, Japan, India and USA Stock Markets; E-GARCH; Granger Causality. Journal: International Journal of Economic Sciences Pages: 1-17 Volume: 5 Issue: 1 Year: 2016 Month: March File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-665 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-665?download=1 Handle: RePEc:sek:jijoes:v:5:y:2016:i:1:p:1-17 Template-Type: ReDIF-Article 1.0 Author-Name: Jorge M. Andraz Author-Name-First: Jorge M. Author-Name-Last: Andraz Author-Email: jandraz@ualg.pt Author-Workplace-Name: Faculty of Economics, University of Algarve and CEFAGE (UE) ? Center for Advanced Studies in Management and Economics Author-Name: Cristina M. Viegas Author-Name-First: Cristina M. Author-Name-Last: Viegas Author-Email: colivei@ualg.pt Author-Workplace-Name: Faculty of Economics, University of Algarve and CEFAGE (UE) ? Center for Advanced Studies in Management and Economics Author-Name: Nélia M. Norte Author-Name-First: Nélia M. Author-Name-Last: Norte Author-Email: nnorte@ualg.pt Author-Workplace-Name: Faculty of Economics, University of Algarve and CEFAGE (UE) ? Center for Advanced Studies in Management and Economics Title: On the relationship between sovereign bonds and credit default swaps in Portugal* Abstract: This paper aims at identifying the relationship between government bonds spreads and credit default swaps premiums in Portugal for long and short maturities, covering a period that includes the beginning of the 2008 international financial crisis. We estimate Autoregressive Distributed Lag error correction models for the sub periods prior and after the moment crisis started. Results reveal the absence of cointegration over the sample period, with important differences prior and after 2010 in both maturities. There is no evidence of long-run relationship between both markets in both maturities, as the 2007 crisis has interrupted the long run relationship that was observed in the 5-year segment, and enacted a long run relationship in shorter maturities. The credit default swaps market performs a leading role on price determination in short- and long-run before the crisis but the role of the bond spread as a credit risk information has increased during the crisis. Classification-JEL: C13, C32, G14 Keywords: Credit default swaps; sovereign bonds; unit roots; regime changes; cointegration; ARDL. Journal: International Journal of Economic Sciences Pages: 18-36 Volume: 5 Issue: 1 Year: 2016 Month: March File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-476 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-476?download=2 Handle: RePEc:sek:jijoes:v:5:y:2016:i:1:p:18-36 Template-Type: ReDIF-Article 1.0 Author-Name: Bozena Kaderabkova Author-Name-First: Bozena Author-Name-Last: Kaderabkova Author-Email: kaderabb@fsv.cvut.cz Author-Workplace-Name: Czech Technical University in Prague Author-Name: Emilie Jasova Author-Name-First: Emilie Author-Name-Last: Jasova Author-Email: b.kaderabkova@centrum.cz Author-Workplace-Name: Business and Law School Title: CHARACTER AND INTENSITY OF THE MINIMUM WAGE INFLUENCE ON UNEMPLOYMENT IN THE CZECH REPUBLIC AND SLOVAKIA Abstract: This article analyses character of the relation between the minimum wage and unemployment in the Czech Republic and Slovakia. At the same time, it estimates the extent of the effect of the minimum wage on the examined unemployment indicators. The analysis in the Czech Republic indicated the increase in unemployment as a result of the increase in the minimum wage. In Slovakia both negative and positive effects were confirmed but a negative relationship prevailed. The intensity of the influence effects was moderately strong. Classification-JEL: E24, E32, E37 Keywords: minimum wage, unemployment, unemployment rate, correlation coefficient Journal: International Journal of Economic Sciences Pages: 37-49 Volume: 5 Issue: 1 Year: 2016 Month: March File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-269 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-269?download=3 Handle: RePEc:sek:jijoes:v:5:y:2016:i:1:p:37-49 Template-Type: ReDIF-Article 1.0 Author-Name: Julia Koralun-Bereznicka Author-Name-First: Julia Author-Name-Last: Koralun-Bereznicka Author-Email: jkb@wzr.ug.edu.pl Author-Workplace-Name: University of Gdansk Title: Corporate Size?Performance Relation across Countries and Industries: Findings from the European Union Abstract: According to the leading theories of the firm the size-performance relation is not obvious neither in terms of its significance nor direction. The review of the previous empirical research also provides mixed evidence in the field. The aim of this study is to further explore this relationship by considering two potentially important factors ? the country and industry specificity. In contrast to most studies, where the overall corporate performance often seems to be narrowed to some profitability aspects, this research takes into account a much wider range of corporate performance ratios. The way country and industry features affect size-performance relationship is analysed on a sample of private firms of three sizes from 13 industries across 9 EU countries in the period 2000-2010. The research methodology includes the analysis of variance, taxonomic method of aggregation, linear ranking and adjusted Rand?s measure used for comparing partitions. Findings provide evidence that the variability of the size-performance relationship is both country- and industry-dependent, with a slight dominance of the latter factor. Classification-JEL: G30 Keywords: firm size; corporate performance; European Union; country factor; industry factor Journal: International Journal of Economic Sciences Pages: 50-70 Volume: 5 Issue: 1 Year: 2016 Month: March File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-446 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-446?download=4 Handle: RePEc:sek:jijoes:v:5:y:2016:i:1:p:50-70 Template-Type: ReDIF-Article 1.0 Author-Name: Mukti Nath Subedi Author-Name-First: Mukti Nath Author-Name-Last: Subedi Author-Email: Author-Workplace-Name: Australian National University Title: Effects of macroeconomic policy shock on the labour market dynamics in Australia Abstract: Inspired by fiscal and monetary policy performance during global financial crisis (GFC) of 2007-08, this study investigates the effects of macroeconomic policy shocks on the labour market dynamics in Australia using a vector auto-regression (VAR) method. This study examines the dynamic response of output, unit labour cost, total hours worked and employment to changes in government spending and cash rate for 1985:3-2015:1. The results suggest that in response to positive cash rate shock total hours worked and employment react negatively, whereas unit labour cost reacts positively. On the other hand, in response to positive government spending shock, total hours worked and employment response positively, whereas, unit labour cost responds negatively. Classification-JEL: C32, E24, E69 Keywords: Labour market, Vector Autoregression, Macroeconomic policy Journal: International Journal of Economic Sciences Pages: 71-85 Volume: 5 Issue: 1 Year: 2016 Month: March File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-666 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-666?download=5 Handle: RePEc:sek:jijoes:v:5:y:2016:i:1:p:71-85