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EN
In this paper, the author implemented the Diebold and Yilmaz approach to analyse the connectedness between the major American and European publicly traded airline companies. The author calculated the return and volatility spillover index for the whole sample using a dynamic rolling sample analysis. The results show that all airlines are significantly linked but there is a clear division into two markets. It was found that return spillovers are more intensive than volatility spillovers. Moreover, the average connectedness level is higher in the U.S. market for returns as well as for volatility. An increase of connectedness occurred due to the certain events: issues linked with the condition of the global economy and long-term crude oil price changes.
PL
W artykule przedstawiono wyniki badania powiązań w świetle metody Diebolda i Yilmaza pomiędzy notowaniami najważniejszych linii lotniczych w Stanach Zjednoczonych i w Europie. Wyznaczono indeks powiązań dla dziennych zwrotów i zmienności dla całej próby oraz w ujęciu dynamicznym. Wyniki badania wskazują, że notowania wszystkich analizowanych linii lotniczych są ze sobą powiązane, ale istnieje wyraźny podział na dwa rynki. Powiązania między rynkiem europejskim a amerykańskim są znacznie słabsze niż efekty zarażania pomiędzy liniami lotniczymi z jednego rynku. Efekty zarażania są silniejsze dla zwrotów niż dla zmienności. Ponadto średni poziom indeksu powiązań jest wyższy w Stanach Zjednoczonych niż w Europie. Na zmiany poziomu powiązań w czasie miały wpływ wydarzenia z otoczenia makroekonomicznego i rynku kapitałowego oraz długotrwała zmiana poziomu ceny ropy naftowej.
EN
In a shrinking world where events across the globe become relevant for the lives of masses of people regardless of the distances that divide them, some serious issues have arisen which have particular significance for education policies and practice. Too many children are growing up against a backdrop of polarised views and attitudes which is a cause for concern in many countries where societies are characterized by racial, cultural and religious diversity. This article explores some critical concepts that are pertinent to contemporary Australia and uses research findings and content analysis to problematize the issue. It argues that there is clear evidence that the health and wellbeing of children and young people is being affected by exposure to prejudicial attitudes which can be linked to the diversity that has become a sustaining feature of many contemporary societies and it has had serious consequences for their identity and sense of belonging. It proposes that one way of addressing these issues is through education that addresses the relational dimension of students’ lives which is expressed through their connectedness to all others, that is, their spiritual natures. Finally, it identifies some features of such an educational system.
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