Structural Breakpoints in Volatility in International Markets

I

0.06         I

φ          J

c   0.04      ɪ

.ra                           I

<  0.02     J

S non Ш
1 ⁰⁰⁰⅛.

S ^-0.⁰²∣Γ^1

I -0.04 °’
tr                 ^-∣

-0.06         I

-0.08          ^l-

-0.10

0.06 η

0.04

× 0.02
⊂

O. 0.00 -

1    11

^o -0.02 -ɪ

∈        co

φ
^tκ -0.04

-0.06

-0.08

l'--ι
∣L1∣U^∣∣∣OU1

- J
(b) Europe
----J

Γ------1                          I                  -

шш Ш jU∣∣ J

i—(^^^j^∣.ψ