Heat waves or Meteor showers: Empirical evidence from the stock markets

In order to study the volatility spillovers / the transfer of volatilities from spot and futures markets for the period 1st January 2001 to 30th November 2005 with high frequency data i.e., one minute intervals, we have used GARCH models to compute volatilities and VAR models for the returns of different markets and for the volatilities. It is evident that, these VAR models for the volatilities can exhibit the nature of the change in volatility. In a heat wave, the conditional variance of the returns in spot (futures) market depends only upon the past shocks in the given market. For meteor showers, the impact of shocks on spot (futures) markets are transferred from other i.e., futures (spot) markets. With the VAR (1)-GARCH (1,1) analysis, we found that both series are I(1) and that a bi-directional relationship exists between the spot and future market return series. Empirically it is evident that both heat waves and meteor showers exist in Indian spot and futures markets.Volatility Spillovers, Heat Waves, Meteor Showers, Indian Stock Market.

Are stock exchanges integrated in the world? - A critical Analysis

In the recent rapid reforms made the global into a global village in nature and in terms of efficiency, transparency. The information flow in one market may affect the other markets in the world, because of its integration. In this regard, this paper explores the objective whether there is any integration of markets taken place or not. For reaching the objective, we have used rigorous time series techniques for the equal period of data (1st January, 2001 to 30th April, 2009) of 17 stock exchanges in the world, which includes Asia, Europe, north America, Latin America etc.,. Our findings are markets within the region are well integrated both in terms of short run and long run equilibrium, because of its less cross-country restrictions. Many of the markets are showing granger causal relations between each other.Stock Markets, Cointegration, Economic Reforms

Management of broodstock and quality control of fish seed in Hungary

Common carp (Cyprinus carpio) breeding has a long tradition in Hungary. However, recent economic changes in Eastern Europe and new developments in aquaculture necessitated the need for ensuring quality of the brood stock used in hatcheries and the legal and institutional frameworks needed to implement the program. In addition to good research and development programs and gene banking, it became essential to establish an appropriate legal framework, organize, coordinate and control breeding activities, and provide financial support. It was a major breakthrough for carp breeding when C.carpio was recognized as one of the cultivated animals in the Animal Breeding Act in 1993. The Carp Breeding Section of the Hungarian Fish Producers Association plays an important role in carp breeding programs. Thirteen breeding farms of the Carp Breeding Section have 24 certified C.carpio varieties. In Hungary, about 80 % of the seed used as stocking for commercial production are from high quality certified breeders

Neosublime, Reframing the Philosophical

Why have the sunsets and sunrises become so amazingly colorful and awe inspiring recently? Eighteenth century philosophers said such events were examples of the sublime. They defined the sublime as that which is the most absolutely great combined with an underlying element of fear usually caused by the actions of God. This infers that the sublime is something that you can’t fully understand or wrap your head around and leaves you speechless and spell bound. Contemporary art critics say that the sublime is no longer applicable to art because it has been overused. I disagree, and in my art, I look for examples of the sublime in present day events. The slow, insidious, imperceptible, disastrous effects of global warming is one example of the contemporary sublime that I call the Neosublime. The brilliantly red sunrises and sunsets are awesomely great but the realization that they are caused by air pollutants brings a fearful reminder of how global warming is destroying the world. Other examples of the Neosublime are the COVID pandemic and worldwide political turmoil. The most frightening part of the Neosublime is that it is the result of the actions of humans and not God. Like global warming my paintings show beautiful sunsets and giant ocean waves from sea level rise, and yet the impending disaster is not readily apparent. So far humans have not responded to the outcries of climate activists and scientists, but perhaps the warnings within my paintings will be a catalyst for action

Izazovi i mogućnosti evropske akvakulture

Evropski udeo u globalnoj akvakulturi je bio samo 4.5 % u 2008; ipak, Evropa je vodeći region za proizvodnju vrsta kao što su losos, pastrmka, brancin, orada, riba list i dagnje. Između 2000. i 2009. godine, obim proizvodnje Evropske akvakulture je porastao za 20,8 %, sa 2 056 000 tone na 2 484 000 tone, dok se proizvodna vrednost skoro udvostručila, sa 4 638 miliona američkih dolara na 8 799 miliona američkih dolara. Ovaj se porast najviše može pripisati porastu akvakulture morskih riba, dok je proizvodnja slatkovodnih riba opadala. Takođe, došlo je do znatne promene u trendovima proizvodnje po regijama. Dok proizvodnja u akvakulturi stagnira u zemljama Evropske Unije, postoji porast u proizvodnji u severnim, istočnim i južnim Evropskim zemljama koje nisu članice Evropske Unije, naročito u Norveškoj, Turskoj i Rusiji. Oko 75% Evropske proizvodnje u akvakulturi potiče iz morskih sredina, gde su najčešće proizvedene vrste losos, brancin i orada. Sistemi i tehnologije gajenja takođe pokazuju veliku raznolikost u Evropi i uključuju ekstenzivno gajenje u jezerima, lagunama i priobalnim oblastima; poluintenzivno gajenje u jezerima i lagunama; intenzivno gajenje u protočnim sistemima, recirkulacionim sistemima i morskim kavezima, u zaklonjenim i izloženijim zonama. Školjke se tradicionalno gaje na dnu ili na stubovima i splavovima. Obalska i marikultura otvorenog mora predstavljaju rastući udeo u ukupnoj proizvodnji. Povećano takmičenje za resursima sa drugim privrednim aktivnostima (urbanizacija, poljoprivreda, industrija, turizam, zaštita životne sredine, itd.) je verovatno glavni izazov za dalji razvoj Evropske akvakulture. Takođe, pristup pogodnim lokacijama za proizvodnju u akvakulturi je jedno od najbitnijih pitanja. Zakonodavstvo takođe predstavlja prepreku za razvoj Evropske akvakulture. Akvakultura je najviše kontrolisan sektor za proizvodnju hrane u Evropi. Što se samih usluga tiče, glavni izazovi su sledeći: Ograničen pristup početnom kapitalu i/ili zajmovima za inovacije, naročito u centralnim i istočnim Evropskim zemljama; dostupnost specijalnih usluga koje zahteva moderna industrija; dostupnost dozvoljenih veterinarsko medicinskih proizvoda. Zamena ribljeg brašna i ribljeg ulja, fazno hranjenje i druge inovacije doprinose održivosti resursa koji se koriste u proizvodnji hrane; ipak, trenutna zabrana za hraniva u Evropskoj Uniji za prerađenje životinske proteine takodje predstavlja veliku prepreku za uvođenje više održivih sistema ishrane. Glavni problemi koji se tiču interakcije akvakulture i životne sredine su: stroge uredbe, kvalitet vode za vodosnabdevanje, uticaj klimatskih promena (ekstremni vremenski uslovi, poplave, itd.); uticaj životne sredine na akvakulturu (korišćenje terapeutskih sredstava i lekova, nedostatak hranljivih materija, bekstvo); EIA (Environment Impact Assessment, Procena uticaja na životnu sredinu); korišćnje egzotičnih vrsta; konflikti sa drugim korisnicima istih resursa; negativan stav javnosti. Zajedno sa proizvodnjom u akvakulturi koja stagnira, Evropsko tržište veoma zavisi od uvoza. Evropska unija je najveći svetski uvoznik morske hrane (više od 65% konzumirane morske hrane je uvezeno). Proizvođači iz Evropske Unije ne mogu da se takmiče sa jevtinim uvezenim morskim proizvodima iz drugih zemalja gde je zakon mnogo manje strog nego u Evropskoj Uniji. Eksterni faktori koji utiču na akvakulturu mogu se sažeti na osnovu sledećeg: faktori životne sredine (npr. Klimatske promene, zagađenje vode); variranje uloga (npr. kapital, riblje brašno i ulje, energija, radna snaga); regulativa (zakonodavni okvir); trgovina (promene u politici i cenama); finansijski faktori (ulaganja, kamatna/devizna stopa, oporezivanje, osiguranje); faktori konkurencije (nove vrste, proizvodi, proizvođači); ekonomska kriza (promene kupovne moći potrošača). Buduće mogućnosti i način napretka i razvoja akvakulture u Evropi mogu se ukratko sumirati na sledeći način: (1) odgovorno korišćenje resursa i zaštita životne sredine će ostati glavni izazovi (izdavanje dozvole, EIA); (2) Pravni okvir treba da bude pojednostavljen i konsolidovan. Ovom sektoru je potreban iznivelisan teren; (3) Postoji potreba za posebnim prikupljanjem podataka za proizvode u akvakulturi i ribarstvu radi podržavanja regulative; (4) Interesne strane treba da procene posledice globalnih klimatskih promena i moguće scenarije; (5) Uspeh modernog, profesionalnog sektora akvakulture zavisi od dostupnosti usluga visokog kvaliteta; (6) Nove tehnologije za akvakulturu pružaju mogućnost razvoja; (7) Eliminacija negativnog javnog stava potrošača i zakonodavaca; (8) Razvoj “ekološke etikete” koja će garantovati praktikovanje akvakulture u Evropi na nacin koji štiti životnu sredinu; (9) Bolja komunikacija kako u okviru lanca vrednosti, tako i sa potrošačima

Reconstructing Seville: Translating Eduardo del Campo’s Capital Sur

In the semi-biographical Capital Sur (2011), Spanish journalist Eduardo del Campo draws on experimental narrative techniques to portray his home city of Seville as he saw it in the 1990’s: a barometer of Spain’s social and economic crises. Here I compare modern translation theories to my own partial translation of this novel into English, which I place in the context of the U.S. translation publishing industry. I also show how the historical and cultural context of Seville influence the text’s themes—including del Campo’s critique of the hegemonic ways that countries such as the United States tend to exoticize Spain’s culture

Reconstructing Seville: Translating Eduardo del Campo’s Capital Sur

In the semi-biographical Capital Sur (2011), Spanish journalist Eduardo del Campo draws on experimental narrative techniques to portray his home city of Seville as he saw it in the 1990’s: a barometer of Spain’s social and economic crises. Here I compare modern translation theories to my own partial translation of this novel into English, which I place in the context of the U.S. translation publishing industry. I also show how the historical and cultural context of Seville influence the text’s themes—including del Campo’s critique of the hegemonic ways that countries such as the United States tend to exoticize Spain’s culture