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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