How currency crises impact on stock markets: a cointegration analysis

This dissertation aims to study the impact of currency crises on stock markets and to conclude on the existence of cointegration relationships through the estimation of cointegrating equations using VECM models. Taking into account the currency crises of the Russian Ruble, Chinese Yuan, British Pound and the Turkish Lira, different samples were collected for each currency and subsequently divided in three time periods: the period before, during and after the currency depreciation. The dissertation analyses the connection between the daily results of the exchange rates and the stock indexes chosen from each country where the crisis occurred and from each continent (American, European and Asian indexes) in order to understand whether there is cointegration between the stock markets and the currencies studied. The results suggest the existence of interdependence between currency crises and stock markets, concluding that currency crises strengthened and reinforced the markets comovements. There is a greater proximity of Russia to European markets, the growth of the American and British markets lead to a strengthening of the Chinese Yuan against the Dollar and the Dollar against the Pound, respectively, Brexit had a greater impact on European markets than on British, most currencies had a slow recovery, currency crises had an impact on global markets and finally the FTSE 100 and Shanghai Composite Index after the currency crisis showed better results than in the period before the crisis, coming out stronger.Esta dissertação tem como objetivo estudar o impacto das crises cambiais nas bolsas de valores e concluir sobre a existência de relações de cointegração ao estimar as equações de cointegração usando modelos VECM. Tendo em conta as crises cambiais do Rublo Russo, Yuan Chinês, Libra Britânica e Lira Turca, foram recolhidas amostras para cada moeda e subsequentemente divididas em três períodos temporais: período antes, durante e depois da depreciação da moeda. A dissertação analisa a conexão entre os resultados diários das moedas e índices de ações escolhidos de cada país onde a crise ocorreu e de cada continente (índices americanos, europeus e asiáticos) de forma a compreender se existe cointegração entre os mercados de ações e as moedas estudadas. Os resultados sugerem a existência de interdependência entre as crises cambiais e os mercados de ações, concluindo que as crises cambiais fortaleceram e reforçaram os comovimentos dos mercados. Existe maior proximidade da Rússia aos mercados europeus, o crescimento do mercado americano e britânico levam ao refortalecimento do Yuan Chinês em relação ao Dólar e do Dólar em relação à Libra, respetivamente, o Brexit teve maior impacto no mercado europeu que no britânico, a maioria das moedas tiveram uma recuperação lenta, as crise cambiais tiveram impacto nos mercados globais e finalmente o FTSE100 e Shanghai Composite Index depois da crise cambial apresentaram melhores resultados do que no período antes da crise, saindo refortalecidos

Characterisation of microbial attack on archaeological bone

As part of an EU funded project to investigate the factors influencing bone preservation in the archaeological record, more than 250 bones from 41 archaeological sites in five countries spanning four climatic regions were studied for diagenetic alteration. Sites were selected to cover a range of environmental conditions and archaeological contexts. Microscopic and physical (mercury intrusion porosimetry) analyses of these bones revealed that the majority (68%) had suffered microbial attack. Furthermore, significant differences were found between animal and human bone in both the state of preservation and the type of microbial attack present. These differences in preservation might result from differences in early taphonomy of the bones. © 2003 Elsevier Science Ltd. All rights reserved