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Article
Publication date: 6 November 2018

Shalini Aggarwal and Abhay Raja

This paper aims to study the co-integration among the stock markets of BRIC nations of Brazil, Russia, Indian and China to analyze if the series move…

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Abstract

Purpose

This paper aims to study the co-integration among the stock markets of BRIC nations of Brazil, Russia, Indian and China to analyze if the series move apart or they move together in the long term. and to examine the implied volatility transmission between the Indian implied volatility index and three international indices and vice-versa by using synchronized daily data by using techniques such as generalized impulse response functions and variance decompositions. More specifically, the authors investigate how shock to one volatility index affects another volatility index and what is the magnitude and sign of affect and how long does the effect persist?

Design/methodology/approach

Unit root tests are conducted to determine the order of integration for each index. The cointegration analysis is used to evaluate the co-movement of a long-term equilibrium relationship among the four stock market indices. Variance decomposition test helps to explain that how much movement in the dependent variable is explained due to its own shock vis-a-vis to the shock of other variables under the study. Impulse response function is used to find out the impact of the standard deviation of shock given to one variable on the impact on the other variable.

Findings

There exists one long-run cointegrating relationship between the four stock markets under study. The coefficient of VECM is −0.00031 which is negative and highly significant at 1 per cent. This confirms the existence of a stable long-run causal relationship between the variables. Variance decomposition shows that indices of Brazil, China and Russia can explain on average 4, 0.5 and 5 per cent, respectively, of the forecast error variance of Indian index. On the other hand, Indian market can explain on an average 6.7, 5 and 3 per cent of the forecast error of Brazilian, Chinese and Russian markets, respectively.

Originality/value

The research paper is an original work of the author.

Details

International Journal of Ethics and Systems, vol. 35 no. 1
Type: Research Article
ISSN: 2514-9369

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Book part
Publication date: 2 December 2024

Shehnaz Tehseen, Kim Yoke Ong, Syed Monirul Hossain and Elizabeth Andrews

This chapter provides an in-depth examination of the role that sustainable tourism plays in fostering a more environmentally and economically sustainable global economy. It delves…

Abstract

This chapter provides an in-depth examination of the role that sustainable tourism plays in fostering a more environmentally and economically sustainable global economy. It delves into the advantages, disadvantages, and potential of sustainable tourism, emphasizing environmental conservation, societal inclusion, and economic progress. The shift towards sustainable tourism underscores the importance of minimizing negative impacts while maximizing positive outcomes for the environment, local communities, and cultural heritage. It underscores the necessity of balancing economic development, environmental preservation, and social well-being. Sustainable tourism encourages environmentally friendly practices, promotes renewable energy, and supports local businesses, thereby driving both environmental protection and economic growth. Challenges and opportunities are identified, necessitating innovative solutions for a sustainable tourism model. Effective policies and collaboration among stakeholders can address issues like excessive tourism impacts and ensure equitable distribution of benefits to local populations. Technology and community involvement play crucial roles in fostering sustainability and responsible travel. The chapter emphasizes energy efficiency, waste management, and transportation enhancements, while recognizing digital platforms’ role in promoting informed travel decisions. Future trends focus on climate adaptation, responsible tourism, and circular economies. Thus, a triple bottom-line approach integrating economic, social, and environmental considerations, alongside resource management, technology, community engagement, and cultural preservation, emerges as essential for advancing sustainable tourism practices.

Details

The Need for Sustainable Tourism in an Era of Global Climate Change: Pathway to a Greener Future
Type: Book
ISBN: 978-1-83608-669-7

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