Structural Breakpoints in Volatility in International Markets



27


FIGURES

Figure 1 Multi-resolution Decomposition

(a) Stock Index Returns

Emerging Asia                                          Europe



D2


......⅝⅜*∣⅛W'* ' <wH⅜∣⅛ *⅛4w »



0   200 400  600  800 1000 1200 1400 1600

0   200 400  600  800 1000 1200 1400 1600

Latin America


North America

sum

D1

D2

D3


D4


D6


S6


sum

D1

D2

D3

D4

D5

D6

S6


0   200 400  600  800 1000 1200 1400 1600

0   200 400  600  800 1000 1200 1400 1600



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