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  • Author: Pierre Siklos, Martin T. Bohl, Jeanne Diesteldorf
  • Publication Date: 09-2014
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: This paper examines whether the introduction of Chinese stock index futures had an impact on the volatility of the underlying spot market. To this end, we estimate several Generalized Auto-Regressive Conditional Heteroscedasticity (GARCH) models and compare our findings for mainland China with Chinese index futures traded in Singapore and Hong Kong. Our results indicate that Chinese index futures decrease spot market volatility with all three spot markets considered. In contrast, we do not obtain the same results for the companion index futures markets in Hong Kong and Singapore. China's stock market is relatively young and largely dominated by private retail investors. Nevertheless, our evidence is favourable to the stabilization hypothesis usually confirmed in mature markets.
  • Topic: Economics, International Trade and Finance, Markets
  • Political Geography: China, Singapore
  • Author: John Ibbitson
  • Publication Date: 12-2014
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: Of all the reforms launched by this most conservative of Conservative governments, none surpass the root-and-branch restructuring of Canada's immigration polices. And what has come before does not equal what is to come. On January 1, 2015, the federal government will replace the points system used to select immigrants for nigh on 50 years with the entirely new Express Entry program.
  • Political Geography: Canada