High movements of asset prices constitute intrinsic elements of financial crises. There is a common agreement that extreme events are responsible for that. Making inference about the risk spillover and its effect on markets one should use such methods and tools that can fit properly for catastrophic events. In the paper Extreme Value Theory (EVT) invented particularly for modelling extreme events was used. The purpose of the paper is to model risky assets using EVT and to analyse the transfer of risk across the financial markets all over the world using the Granger causality in risk test. The concept of testing in causality in risk was extended to Spectral Risk Measure i.e., respective hypotheses were constructed and checked by simulation. The attention is concentrated on the Chinese financial processes and their relations with those in the rest of the globe. The original idea of the Granger causality in risk assumes usage of Value at Risk as a risk measure. We extended the scope of application of the test to Expected Shortfall and Spectral Risk Measure. The empirical results exhibit very interesting dependencies.
The aim of this study is to examine the importance of the decision in Engelhart CTP (US) LLC v Lloyd’s Syndicate 1221 with regard to the insurance of economic losses and non-existent goods in the context of all-risks cover. It also strives to analyse to what extent the principles of construction described in this decision are applicable to the interpretation of all risks cover in marine insurance disputes subject to Polish law. Assureds and beneficiaries of cargo policies are defrauded into taking up false documents for non-existent goods yet Polish law fails to address the questions which arise in such situations. It is thus important not only to investigate and evaluate the answers provided by English law but also to explore if and how Polish law may employ them. It follows from this study that Engelhart may be used in construction of all-risks policies subject to Polish law in most scenarios.