length distribution, upturns (but not downturns) are more likely to end as their duration increases. This duration dependence …

. The latter one represents an extension of the former one, where the constant term of the dynamic dependence parameter is … seems adequate to measure and evaluate the time-varying and non-linear dependence structure. Two persistent regimes of high … with instability and crises. In addition, the extreme dependence between crude oil and US/European stock markets is time …