Evidence of a Worldwide Stock Market Log-Periodic Anti-Bubble Since Mid-2000

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dc.creatorZhou, W. -X.
dc.creatorSornette, D.
dc.date2002-12-01
dc.date2003-08-07
dc.date.accessioned2026-07-07T12:06:44Z
dc.date.available2026-07-07T12:06:44Z
dc.descriptionFollowing our previous investigation of the USA Standard and Poor index anti-bubble that started in August 2000, we analyze thirty eight world stock market indices and identify 21 anti-bubble. An ``anti-bubble'' is defined as a self-fulfilling decreasing price created by positive price-to-price feedbacks feeding overall pessimism and negative market sentiment further strengthened by inter-personal interactions. We mathematically characterize anti-bubbles by a power law decrease of the price (or of the logarithm of the price) as a function of time and by decelerating/expanding log-periodic oscillations. The majority of European and Western stock market indices as well as other stock indices exhibit practically the same log-periodic power law anti-bubble structure as found for the USA S&P500 index. These anti-bubbles are found to start approximately at the same time, August 2000, in all these markets. This shows a remarkable degree of synchronization worldwide. The descent of the worldwide stock markets since 2000 is thus an international event, suggesting the strengthening of globalization.
dc.descriptionLatex file, 17 pages + 8 tables + 39 eps figures
dc.identifierhttps://arxiv.org/abs/cond-mat/0212010
dc.identifierhttp://arxiv.org/abs/cond-mat/0212010
dc.identifierPhysica A 330 (2003) 543-583
dc.identifierdoi:10.1016/j.physa.2002.12.001
dc.identifier.urihttp://salesiana.dossiersoluciones.com/handle/123456789/208742
dc.subjectStatistical Mechanics
dc.subjectStatistical Finance
dc.titleEvidence of a Worldwide Stock Market Log-Periodic Anti-Bubble Since Mid-2000
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