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Outcomes Of The Transition Process In Central And Eastern Europe: The Roles Of Culture And Society In Adopting Democratic Capitalism, Brian Lee
Inquiry: The University of Arkansas Undergraduate Research Journal
In this paper, the author explores the reasons why some states have achieved higher levels of progress in transitioning from a communist system to a system rooted in democratic capitalism. Unlike the majority of scholars, though, he does not fault any one government's policies or the reform path chosen for a country's success or supposed failure along the way. Instead, the author concludes that the outcome of the transition process is dependent upon the interaction between the new formal institutions being adopted and the prevailing informal societal institutions and rules found throughout the region. If the formal institutions are in …
Flights-To-Quality: The Effects Of Market Volatility On Short Term U.S. Treasury Yields, Craig Michael Cox
Flights-To-Quality: The Effects Of Market Volatility On Short Term U.S. Treasury Yields, Craig Michael Cox
Inquiry: The University of Arkansas Undergraduate Research Journal
Flights-to-quality are the sudden, and sometimes irrational, rebalancing of investment portfolios to include more liquid and safer investments during times of uncertainty, high market volatility, or other unusual stock market environments. While previous research has explained flights-to-quality in terms of liquidity needs and credit risk premiums, this paper examines the significant statistical relationship between the VIX Index of implied market volatility and yields on U.S. Treasury bills. I found that the VIX Index explains a significant portion of U.S. Treasury yield variability and that the models become more significant and accurate as the maturity of the Treasuries increases. In terms …