Before revision:  Due to the very long sample period we also develop a rolling estimation approach , where we study the dynamics of the parameters and we find that while in the first half of the period stock markets showed strong marks of bifurcations, in the second half catastrophe theory was not able to confirm this behavior.
After revision:  Due to the very long sample period we also develop a rolling estimation approach , where we study the dynamics of the parameters and we find that while in the first half of the period stock markets showed marks of bifurcations, in the second half catastrophe theory was not able to confirm this behavior.