Instruct: Identify the main and secondary category of Arxiv papers based on the titles and abstracts
Query: Log-periodic power law bubbles in Latin-American and Asian markets and
  correlated anti-bubbles in Western stock markets: An empirical study   Twenty-two significant bubbles followed by large crashes or by severe
corrections in the Argentinian, Brazilian, Chilean, Mexican, Peruvian,
Venezuelan, Hong-Kong, Indonesian, Korean, Malaysian, Philippine and Thai stock
markets indices are identified and analysed for log-periodic signatures
decorating an average power law acceleration. We find that log-periodic power
laws adequately describe speculative bubbles on these emerging markets with
very few exceptions and thus extend considerably the applicability of the
proposed rational expectation model of bubbles and crashes which has previously
been developed for the major financial markets in the world. This model is
essentially controlled by a crash hazard rate becoming critical due to a
collective imitative/herding behavior of traders. Furthermore, three of the
bubbles are followed by a log-periodic ``anti-bubble'' previously documented
for the decay of the Japanese Nikkei starting in Jan. 1990 and the price of
Gold starting in Sept. 1980 thus rendering a qualitative symmetry of bubble and
anti-bubble around the date of the peak of the market. A set of secondary
western stock market indices (London, Sydney, Auckland, Paris, Madrid, Milan,
Zurich) as well as the Hong-Kong stock market are also shown to exhibit
well-correlated log-periodic power law anti-bubbles over a period 6-15 months
triggered by a rash of crises on emerging markets in the early 1994. As the US
market declined by no more than 10% during the beginning of that period and
quickly recovered, this suggests that these smaller stock western markets can
``phase lock'' (in a weak sense) not only because of the over-arching influence
of Wall Street but also independently of the current trends on Wall Street due
to other influences.

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The categories of this paper are: math
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The categories of this paper are: q-fin
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The categories of this paper are: eess
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The categories of this paper are: astro-ph
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The categories of this paper are: solv-int
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The categories of this paper are: plasm-ph
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The categories of this paper are: gr-qc
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The categories of this paper are: econ
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The categories of this paper are: hep-th
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The categories of this paper are: stat
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The categories of this paper are: physics
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The categories of this paper are: hep-ph
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The categories of this paper are: cs
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The categories of this paper are: bayes-an
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The categories of this paper are: ao-sci
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The categories of this paper are: mtrl-th