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Fluctuations in oil prices substantially impact both the real economy and international financial markets. Despite extensive studies on oil market dynamics and overnight momentum, a comprehensive understanding of the link between oil price changes and energy market momentum, as well as their broader influence on global financial markets, remains elusive. This study delves into the intricate mechanics of overnight momentum transmission within financial markets, focusing on its origin in oil price fluctuations and its overarching impact on market dynamics. Employing the quantile VAR method, we analyze daily market data from 3 January 2014 to 17 January 2024. This study emphasizes the significance of overnight momentum on the transmission of volatility, particularly in the tails of the distribution, and highlights the necessity for efficient strategies to govern financial stability. The shale oil revolution, COVID-19, the Russia–Ukraine war, and the Israel–Hamas conflict have significantly impacted the interconnectivity of financial markets on a global scale. It is crucial for policymakers to give priority to the monitoring of the energy market to reduce risks and improve the resilience of the system. [ABSTRACT FROM AUTHOR]

By constructing a complex network model grounded in time series analysis, this study delves into the intricate relationships between the stock markets of 18 countries worldwide. Utilizing 31 distinct time series distance functions to formulate the network, we employ Hamming distance to quantify the resemblance between networks derived from different distance functions. By modulating the network density through distance percentiles ( p = 0.1 , 0.3, 0.5), we demonstrate the similarity of various distance functions across multiple density levels. Our findings reveal that certain distance functions exhibit high degrees of similarity across varying network densities, suggesting their potential for mutual substitution in network construction. Furthermore, the centroid network identified via hierarchical cluster analysis highlights the similarities between the stock markets of different nations, mirroring the intricate interconnections within the global financial landscape. The insights gained from this study offer crucial perspectives for comprehending the intricate network structure of global financial time series data, paving the way for further analysis and prediction of global financial market dynamics. [ABSTRACT FROM AUTHOR]

Using daily data since 2017, we disentangle China-specific structural shocks driving Chinese financial markets and examine spillovers across global markets. The novelty of this paper consists of simultaneously identifying China shocks with shocks emanating from the United States and shocks to global risk sentiment - two major forces driving global financial markets - to ensure that China spillover estimates do not reflect common factors. Our results show that shocks originating in China have material impacts on global equity markets, although spillovers are much smaller than those following shocks in the United States, or those triggered by shifts in global risk sentiment. By contrast, shocks from China account for a significant proportion of variation in global commodity prices, more on a par with those of the United States. Nevertheless, spillovers from China can be significantly amplified in an environment of heightened global volatility, or when the shocks are large. [ABSTRACT FROM AUTHOR]

Fluctuations in oil prices substantially impact both the real economy and international financial markets. Despite extensive studies on oil market dynamics and overnight momentum, a comprehensive understanding of the link between oil price changes and energy market momentum, as well as their broader influence on global financial markets, remains elusive. This study delves into the intricate mechanics of overnight momentum transmission within financial markets, focusing on its origin in oil price fluctuations and its overarching impact on market dynamics. Employing the quantile VAR method, we analyze daily market data from 3 January 2014 to 17 January 2024. This study emphasizes the significance of overnight momentum on the transmission of volatility, particularly in the tails of the distribution, and highlights the necessity for efficient strategies to govern financial stability. The shale oil revolution, COVID-19, the Russia–Ukraine war, and the Israel–Hamas conflict have significantly impacted the interconnectivity of financial markets on a global scale. It is crucial for policymakers to give priority to the monitoring of the energy market to reduce risks and improve the resilience of the system.

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Purpose – This study aims to provide preliminary information to the investor by determining which indices co-movement, with the data mining method. Design/methodology/approach – In this context, data sets containing daily opening and closing prices between 2001 and 2019 have been created for 11 stock market indexes in the world. The association rule algorithm, one of the data mining techniques, is used in the analysis of the data. Findings – It is observed that the US stock market indices take part in the highest confidence levels between association rules. The XU100 stock index co-movement with both the European stock market indices and the US stock indices. In addition, the Hang Seng Index (HSI) (Hong Kong) takes part in the association rules of all stock market indices. Originality/value – The important issue for data sets is that the opening/closing values of the same day or the previous day are taken into account according to the open or closed status of other stock market indices by taking the opening time of the stock exchange index to be created. Therefore, data sets are arranged for each stock market index, separately. As a result of this data set arranging process, it is possible to find out co-movements of the stock market indexes. It is proof that the world stock indices have co-movement, and this continues as a cycle.

In this paper we study the interdependences between the dynamics of the stock market indexes of 30 different stock markets across 29 different countries to analyze the nonlinear dynamics of their information flows. We find that the system exhibits complex dynamic properties that go beyond what has been generally found in the previous literature, suggesting that the structure of information flows is regulated by subtle homeostatic forces that cause the roles of the single markets in the whole network to evolve in unexpected ways. We present a toolkit of ANN-based methods that can be systematically deployed to analyze different aspects of such dynamics. [ABSTRACT FROM AUTHOR]

The subject of research is the Internet trading in the American and European financial markets for individuals from the Russian Federation. The relevance of the topic is due to the huge influx of Russian private investors into the global financial market over the past few years, caused by the simplification of the process of opening brokerage accounts, automation of taxation, the possibility of trading via web terminals, as well as significantly changed conditions of online trading in 2022. The whole work is the development of a report on investing in the financial markets of the United States of America and the European Union for citizens of the Russian Federation. The study was conducted using the methods of systematization, grouping and comparison, with their help, analysis and generalization of the results obtained were carried out, conclusions were drawn. It has been established that in the current geopolitical situation and the restrictive measures taken by many multinational banks and companies, private investors of Russian origin have risks of freezing their own assets on brokerage accounts, which can be reduced by opening a brokerage account in companies registered in the territory of countries friendly to the Russian Federation. The article suggests two least risky options for investing in securities of issuers from Europe and USA.

With the accelerated pace of financial globalization and the gradual increase in linkages among financial markets, correctly identifying and describing the risk spillover and network diffusion in the financial system is extremely important for the prevention and management of systemic risk. Based on this, this paper takes the equity markets of 17 countries around the world from 2007 to 2022 as the research object, measures the volatility spillover effect of global financial markets using R-Vine Copula and the DY spillover index, constructs the volatility spillover network of global financial markets, discovers the spillover and diffusion pattern of global financial market risks, and provides relevant suggestions for systemic risk management. It is found that (1) there are certain aggregation characteristics in the network diffusion of global financial market volatility spillover; (2) developed European countries such as the Netherlands, France, the UK, and Germany are at the center of the network and have a strong influence; (3) Asian countries such as China, Japan, and India are at the periphery of the network; and (4) shocks from crisis events enhance the global financial market volatility spillover effect. Based on the above findings, effective prevention of global financial market risk volatility spillover and network diffusion and reduction in systemic risk need to be carried out in two ways. First, by focusing on the financial markets of key countries in the network, such as the Netherlands, the UK, France, and Germany. The second approach is to mitigate the uneven development in global financial markets and reduce the high correlation among them. [ABSTRACT FROM AUTHOR]

The research aims to prioritize the pandemic's impact on the financial markets of developed and developing economies using a multi-criteria decision-making approach. The results revealed that COVID-19's pandemic effects on financial markets differ between developed and developing nations. COVID-19 pandemic affects developed countries' financial markets more through supply reduction, demand reduction, and economic instability. Regarding developing nations, confidence and expectations, changes in consumption patterns, and the bandwagon effect are the three most significant impacts of COVID-19 pandemic on financial markets. The best decisions to lower the effect of COVID-19 pandemic on developed nations' financial markets are the declaration of the stimulus package and support of small-and-medium-sized enterprises. Contrastingly, in developing countries, support for vulnerable households and declaration of the stimulus package are the best decisions to combat COVID-19's negative impact on their financial markets. As practical policy implications for lowering COVID-19's negative impact on financial markets, the promotion of new financing instruments, reconstruction of the relationship between public and private sectors, and support of vulnerable households and enterprises are highly recommended. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to develop a new scientific and methodological approach to scientific research and practical implementation of state management practices in global financial markets, which would take into account the specifics and would realize the potential of the digital economy due to using the factors, threats, criteria, and indicators of industrial and manufacturing engineering. Originality of the research consists in the following: firstly, it envisages evaluation of the results of state management in global financial markets from the positions of quality, due to which high precision of evaluation of achieved, and it becomes applicable for thorough scientific research of causal connections of management in global financial markets. Secondly, a treatment of quality of state management in global financial markets through the prism of economic security risks is offered. Thirdly, the specifics of the digital economy are given: the essence of security of global financial markets in the conditions of the digital economy in the aspect of domination of new - cybernetic - risks are given, and the indicators of development and tools of state management in global financial markets are considered. The factors, threats, criteria, and indicators of industrial and manufacturing engineering are used for studying them.

The unsteady recovery in 2021 was followed by increasingly gloomy events in 2022 as threats began to emerge. In the second quarter of this year, global output compressed due to the slowdown in China and Russia, while household spending in the United States was below estimates. Several blows have shaken a global economy already weakened by the pandemic: higher-than-expected inflation around the world - especially in the United States and major European economies - which has led to a tightening of financial conditions; a worse-than-expected slowdown in China, a result of COVID-19 and containment outbreaks; and even greate? negative consequences of the war in Ukraine. [ABSTRACT FROM AUTHOR]

This paper uses TVP-VAR dynamic spillover method and spectral clustering algorithms to explore the impact of the Israel–Hamas war on the risk contagion in global financial and commodity markets. The war markedly intensified the overall risk spillover, with short-term impacts surpassing long-term effects. The static risk spillover and dynamic spillovers characteristics exhibited marked changes, but the directional risk spillovers in the time domain and the net risk level for each asset reacted differently. There was a significant shift in the global market's community divisions and net spillover patterns networks, which changed the way risk spreads between the global financial market. • The linkage among global financial and commodity market is examined. • The time–frequency domain dynamic spillover before and during the Israel–Hamas war is evaluated through TVP-VAR. • The community division changes of risk contagion are identified through spectral clustering algorithms. • The Israel–Hamas war has rendered significant impacts on financial and commodity market. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to develop a new scientific and methodological approach to scientific research and practical implementation of state management practices in global financial markets, which would take into account the specifics and would realize the potential of the digital economy due to using the factors, threats, criteria, and indicators of industrial and manufacturing engineering. Originality of the research consists in the following: firstly, it envisages evaluation of the results of state management in global financial markets from the positions of quality, due to which high precision of evaluation of achieved, and it becomes applicable for thorough scientific research of causal connections of management in global financial markets. Secondly, a treatment of quality of state management in global financial markets through the prism of economic security risks is offered. Thirdly, the specifics of the digital economy are given: the essence of security of global financial markets in the conditions of the digital economy in the aspect of domination of new – cybernetic – risks are given, and the indicators of development and tools of state management in global financial markets are considered. The factors, threats, criteria, and indicators of industrial and manufacturing engineering are used for studying them. [ABSTRACT FROM AUTHOR]

• Impact of Silicon Valley Bank collapse on global financial markets. • Impact significantly negative for US and GCC equities, global banks, bitcoin. • Abnormal returns insignificant for most fiat currencies, metals, and energy markets. • SVB event had a major but constrained effect on the global financial system. • Affecting a small number of markets while largely ignoring others. We investigate the impact of the collapse of Silicon Valley Bank on global financial markets, identifying significant but narrow impacts. Abnormal returns are significant and negative for US equities, global banks, Bitcoin, as well as GCC equities. However, abnormal returns are insignificant for most fiat currencies, metals, and energy markets. That the SVB collapse had minimal effects on these markets suggests that the SVB event had a major but constrained effect on the global financial system, affecting significantly a small number of markets while largely ignoring others. Results highlight possible contagion points with regard to reactions to banking stress. [ABSTRACT FROM AUTHOR]

Developments of indicators in the continuous evolution of international financial markets will be presented, following the multiple correlations which equally confirm balanced upward economic trends and divergent tendencies. The latter's justify the multiple concerns for knowledge of global dimension economic risk. The ample amounts assigned to debts in securitization operations - exceeding the values of the gross domestic product - reflect the transformation of bank assets into negotiable securities „held to maturity", which in the future (on their due date) can be found in the bank balance sheets at depreciated costs different from their fair values. The extent of global lending including securitization processes applied to financial assets stimulates central banks to accept such titles as collateral in money market operations, increasing the risk exposures depending on the quality of the loans they could be reclassified in. [ABSTRACT FROM AUTHOR]

We perform non-linearity tests using daily data for leading currencies that include the Australian dollar, British pound, Brazilian real, Canadian dollar, euro, Japanese yen, Mexican peso, and the Swiss franc to resolve the issue of whether these currencies are driven by fundamentals or exogenous shocks to the global economy. In particular, we use a new method of testing for linear and nonlinear lead/lag relationships between time series, introduced by Brooks and Hinich (J Empir Finance 20:385-404, ), based on the concepts of cross-correlation and cross-bicorrelation. Our evidence points to a relatively rare episodic nonlinearity within and across foreign exchange rates. We also test the validity of specifying ARCH-type error structures for foreign exchange rates. In doing so, we estimate Bollerslev's (J Econom 31:307-327, ) generalized ARCH (GARCH) model and Nelson's () exponential GARCH (EGARCH) model, using a variety of error densities [including the normal, the Student- t distribution, and the Generalized Error Distribution (GED)] and a comprehensive set of diagnostic checks. We apply the Brooks and Hinich () nonlinearity test to the standardized residuals of the optimal GARCH/EGARCH model for each exchange rate series and show that the nonlinearity in the exchange rates is not due to ARCH-type effects. This result has important implications for the interpretation of the recent voluminous literature which attempts to model financial asset returns using this family of models. [ABSTRACT FROM AUTHOR]

The global financial crisis of 2007-2009 exposed critical weaknesses in the financial system. Many proposals for financial reform address the need for systemic regulation-that is, regulation focused on the soundness of the whole financial system and not just that of individual institutions. In this paper, we study one particular problem faced by a systemic regulator: the tension between the distribution of assets that individual banks would like to hold and the distribution across banks that best supports system stability if greater weight is given to avoiding multiple bank failures. By diversifying its risks, a bank lowers its own probability of failure. However, if many banks diversify their risks in similar ways, then the probability of multiple failures can increase. As more banks fail simultaneously, the economic disruption tends to increase disproportionately. We show that, in model systems, the expected systemic cost of multiple failures can be largely explained by two global parameters of risk exposure and diversity, which can be assessed in terms of the risk exposures of individual actors. This observation hints at the possibility of regulatory intervention to promote systemic stability by incentivizing a more diverse diversification among banks. Such intervention offers the prospect of an additional lever in the armory of regulators, potentially allowing some combination of improved system stability and reduced need for additional capital. [ABSTRACT FROM AUTHOR]

Instead of learning from crises the same mistakes seem to get repeated. Therefore recollecting and extracting lessons from crises is essential. Key potential lessons are in anticipation, pre-emptive action, crisis management, and prevention. The paper details the internal and external shocks that hit India's financial system in the post-reform period and the regulatory lessons that were learnt and implemented as a consequence. [ABSTRACT FROM AUTHOR]

Economic sociologists have argued that financial markets should be analysed as uncertainty-processing social networks and intermediary groups. Networks and intermediaries alone cannot confer legitimacy upon financial actors and transactions. Status groups are a solution to this problem. They emphasize reputation, honour and good social behaviour as stabilizers of collective action, as means of social control and as indicators of legitimacy. I examine here the emergence and evolution of status groups of brokers in London, New York and Paris, and show how emphasis on honour was used to legitimize financial transactions. I argue that financial markets should be conceived as networks, intermediary and status groups. In global, automated financial markets status groups like securities analysts are gaining in prominence. [ABSTRACT FROM AUTHOR]

Presents the abstracts of several studies on planning. "The Rise (and Decline) of American Regional Science: Lessons for the New Economic Geography?," by Trevor J. Barnes; "Contesting Visions: Hybridity, Liminality and Authorship of the Chandigarh Plan," by Nihal Perera; "Waiting for Geography," by Marcus A. Doel.

Feminists have an enormous stake in, and important contributions to make to, critical analyses of globalization. At present, analyses are impeded by disciplinary and epistemological divides that preclude integrative scholarship,by complex identities that foil essentialist starting points,and by processes of deterritorialization and dematerialization that confound political and economic theories. The alternative analytical framing introduced here deploys a Foucauldian sense of economies to deny a separation of culture fromeconomy, to encourage cross-disciplinary and multi-dimensional analysis, and to enable more critical practice in relation to globalization dynamics. The 'RPV framing' brings the identities, ideologies, and practices of 'social reproduction,' welfare, non-wage labor and informalization into relation with the familiar but the now global and flexibilized 'productive economy' of goods and services, as well as with the less familiar but increasingly consequential - though dematerialized - 'virtual economy' of financial markets, cyberspace, and the exchange less of goods than of signs. [ABSTRACT FROM AUTHOR]

This study investigates the characteristics of information spillover in 32 major stock markets worldwide using Hong method and complex network tools. We assign markets to four roles: leader, follower, communicator and independent. We further explain the characteristics of different communities in the global markets based on our proposed network clustering method. [Display omitted] This study investigates the characteristics of information spillover in 32 major stock markets worldwide and takes into account the Global Financial Crisis in 2008, using the information spillover test method proposed by Hong and complex network tools. The results provide evidence that risk spillover is the strongest among four kinds of information spillover, and accelerates and aggregates post crisis. Downside extreme risk spillover is stronger than upside extreme risk spillover; the former spreads faster and the latter slows post crisis. We assign markets to four roles: leader, follower, communicator, and independent. We then distinguish the role of each market and information spillover pattern pre and post crisis. We further explain the characteristics of different communities in the global markets based on our proposed network clustering method. [ABSTRACT FROM AUTHOR]