On the dynamic equicorrelations in cryptocurrency market

This paper investigates the time-varying co-movements in cryptocurrency market, employing a Dynamic Equicorrelation GARCH (DECO-GARCH) model, before and during the COVID-19 pandemic. Our results suggest that the equicorrelations are time-varying and highly responsive to major events, such as hacker attacks and government bans. The results lend support to the recent claim that interlinkages among cryptocurrencies have become stronger, particularly after mid-2017, with substantially increased trading activity in the market. The equicorrelations reach their peak in March 2020, after the official declaration of the World Health Organization (WHO) that novel coronavirus outbreak becomes a global pandemic, indicating potential contagion effects. We also examine the determinants of the market linkages and find that increased Bitcoin trading volume, attention-driven demand for Bitcoin and risk aversion significantly increase the equicorrelations during the COVID-19 bear market. Our results provide potential implications for investors, traders and policy makers and help improve their understanding of the cryptocurrency market’s behavior during times of extreme market stress

The Spillover Effect of Euribor on Southeastern European Economies: A Global VAR Approach

In this paper we employ a Global Vector Autoregressive Model (G-VAR) to examine macroeconomic and international monetary spillovers within the South Eastern European Countries over the period 2002–2016. In particular, we investigate how shocks in Euribor affect domestic interest rates, real effective exchange rates, foreign exchange reserves and the industrial production in six countries, namely Bulgaria, Croatia, Greece, North Macedonia, Romania and Slovenia, using monthly data. Our analysis shows that a negative Euribor shock has a positive effect, but of different size, on the industrial production across the countries. There is limited evidence regarding the effects of Euribor on foreign reserves, interest rates, and the real effective exchange rate. Our results provide significant implications and insights for authorities and policy makers. © 2020 Taylor & Francis Group, LLC

The Byzantine reception of Aristotle's Parva naturalia (and the zoological works) in eleventh- and twelfth-century Byzantium: an overview

Questo saggio ricostruisce la ricezione dei Parva Naturalia di Aristotele a Bisanzio nei secoli XI e XI