Examination of the impacts of the immediate interest rate of the United States and the VIX on the Dow Jones Islamic Market Index

This study examines the effects of the market volatility index of the Chicago Board Options Exchange (VIX) and the immediate interest rate of the United States on the Dow Jones Islamic Market Index (DJIMI) using quantile-based techniques and wavelet coherence (WTC) analysis with monthly data for the period January 2010to May 2021. A quantile cointegration model indicated that the relationship between the VIX and the DJIMI can be valid in the long term since the estimated coefficients are negative and statistically significant across the quantiles 0.05 and 0.50, while a quantile autoregressive model revealed that large negative and positive changes in the VIX and the immediate interest rate of the United States do not have a significant impact on the DJIMI in the short term. Allowing the role of regime changes, it was found by the quantile regression model that an increase in the VIX lowers the performance in the DJIMI, supported by the WTC. It was also underlined that the DJIMI may not benefit from the positive financial conditions. According to the quantile regression models, the immediate interest rate of the US has asymmetrical effects, and the stabilizing effect of the increase/decrease is valid during bearish/bullish market conditions in the DJIMI.     

“双循环”理论综合及其在我国的应用实践

“双循环”新发展格局的提出是中国特色社会主义政治经济学的重大理论创新,本文致力于综合国民经济循环理论演进脉络和现有马克思主义政治经济学观点的新发展格局研究,构建包括循环内容、循环机制、内外循环依存关系的双循环分析框架,并以此分析框架系统梳理我国发展实践和国内国际循环现状特征。研究发现,我国经历了封闭失衡的国内循环、国内国际循环初步发展、国际大循环驱动、做大国内循环等多个发展阶段;2008以来我国国内循环比例大幅提升,以国内大循环为主体具备实践基础,但国际循环仍是重要牵引力,促进循环的创新动力和需求动力不足,国内国际循环的主导关系仍有待转换。因此,构建“双循环”新发展格局,关键是通过改革破除堵点,强化创新和扩大内需双向发力,以国内引力场集聚全球要素资源,形成以我为主、内外协同的国内国际循环互动新格局。