Sea-level changes during the late Pleistocene-Holocene on the southern shelves of the Black Sea

Seismic profiles and gravity cores collected from shelf areas off the Sakarya Delta and Thrace Peninsula, together with available previous studies, were evaluated in this research. A masjhoerl f-crossing erosional unconformity was observed, lying as deep as-120 m along the southern margin of the Black Sea. This erosional surface indicates a lowstand of the Black Sea's lake. The present shelf edge was therefore a former paleoshore environment of the preexisting Neoeuxinian basin. Unit 1 overlies the erosional surface and includes a widespread, thin mud drape, the Sakarya Delta, and various irregular depositional features off the Thrace Peninsula. Unit 2 was deposited at the shelf edge and consists of a lowstand sedimentary wedge (off the Sakarya Delta) and seaward prograding clinoforms (off the Thrace Peninsula), all indicative of deposition during the lowstand. Radiometric dates from sedimentary cores collected above the erosional unconformity vary between 11.8 and 8.6 ky BP. Further studies will be required to obtain a better understanding of the timing and intensity of these sea-level changes. © 2007 Springer

Global Liquidity and Financial Stress: Evidence from Major Emerging Economies

International Conference on Neoclassical and Behavioral Finance -- JUN 26-27, 2014 -- Univ Lodz, Lodz, POLANDWe examine the relationship between financial stress and global liquidity for the so-called fragile five emerging economies (Brazil, India, Indonesia, South Africa, and Turkey). By using an extensive set of variables that take into account the structural characteristics of these economies, we construct a financial stress index. We then use a Markov regime switching model to identify the high financial stress episodes. We examine periods of heightened financial stress and its relationship to high incidence of domestic and global disturbances. Finally, we construct a global financial liquidity index and assess the relationship between financial stress and global liquidity. Using a bivariate Markov regime switching VAR model, we find a regime-dependent relation between global liquidity and financial stress. Moreover, global liquidity shocks seem to strain these emerging economies in such a way that global illiquidity heightens financial stress.Atlas, Magellan, Petcki C