scholarly journals The co-integration of European stock markets after the launch of the euro

2008 ◽  
Vol 55 (3) ◽  
pp. 309-324
Author(s):  
Soares da
Keyword(s):  
Financial Market ◽  
Stock Markets ◽  
European Countries ◽  
Short Term ◽  
International Integration ◽  
International Financial Market ◽  
Two Indices ◽  
Empirical Tests ◽  
European Stock Markets

This article studies the international integration of the national stock markets of sixteen European countries. The international financial market is represented by two indices: a European index and a World index. The methodology of co-integration, used in this article, is the proper econometrical solution for the treatment of non-stationary series as those used in the present research. Complementarily, co-integration offers the possibility of distinguishing the long-term and the short-term interdependence, which very important when the variables are financial market indices. The empirical tests in this research have shown that both European and non European international factors are necessary to explain the international integration of the national stock markets under analysis. .

COMMON FEATURES IN EAST ASIAN STOCK MARKETS: LONG-TERM AND SHORT-TERM COMOVEMENTS BETWEEN CHINA AND KOREA

2013 ◽  
Vol 58 (03) ◽  
pp. 1350018
Author(s):  
HAHN SHIK LEE ◽  
SOO IN KIM
Keyword(s):  
Stock Markets ◽  
East Asian ◽  
International Investment ◽  
Cointegration Analysis ◽  
Chinese Stock Market ◽  
Short Term ◽  
Financial Firms ◽  
Contemporaneous Correlation ◽  
East Asian Stock Markets

As increasing attention has been given in recent literature to the potential of the Chinese financial market, we investigate the strength of shared dynamics among East Asian stock markets, by examining both the long-term and short-term comovements. In doing so, the cointegration analysis is used to assess the long-term relationship, whereas the notions of cofeature as well as contemporaneous correlation are employed to discuss the short-term relationship. The basic finding is that evidence for short-term comovement between the Korean and Chinese stock markets appears to be strong, while evidence for long-term relationship is rather weak. Empirical results from subsamples suggest that both the long-term and short-term relationships have strengthened since the acquisition of QFII qualification by Korean financial firms. These observations indicate that the international linkage between the two countries has strengthened along with increasing opportunities for international investment in the Chinese stock market.

Offering undeclared workers financial help during Covid19 pandemic can bring them out of shadows into the declared economy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Keyword(s):  
Design Methodology ◽  
Financial Assistance ◽  
European Countries ◽  
Paid Work ◽  
Short Term ◽  
Content Type ◽  
Face To Face ◽  
Undeclared Work

Purpose The authors wanted to examine why undeclared workers had not received financial assistance in Europe during the pandemic and find the best way to help them and bring them out of the shadows. Design/methodology/approach To identify those whose paid work is entirely undeclared, a Eurobarometer survey of undeclared work in Europe is reported conducted in September 2019, just prior to the pandemic, and involving 27,565 face-to-face interviews in 28 European countries. Findings The paid work of one in every 132 citizens in Europe comprises wholly of undeclared work and one in 28 work at least some of the time in the undeclared economy. These workers have received no support, but they are more likely to be financially vulnerable. A high percentage of undeclared workers are widowed, divorced and living in households with multiple persons. Originality/value The authors argue that short-term support for these individuals could not only help them to survive the pandemic financially, but also transform undeclared work into declared work with long-term benefits for individuals and the wider economy.

After 2008 Global Financial Crisis, Short-Term Dynamics of CDS, Bond, and Stock Markets in South Eastern European Economies

2013 ◽  
pp. 181-194
Author(s):  
Ali Sabri Taylan ◽  
Hüseyin Tatlidil
Keyword(s):  
Financial Crisis ◽  
Credit Risk ◽  
Stock Markets ◽  
European Countries ◽  
Stock Index ◽  
Bond Markets ◽  
Eastern European ◽  
South Eastern ◽  
Eastern European Countries

Credit risk pricing is perhaps an understudied topic in comparisons to its profound impact on the world’s financial markets and economies. This study uses established price discovery techniques to develop a method of price discovery for credit risk in three financial markets: equity, debt, and credit derivative. This chapter is motivated by the development of credit-related instruments and signals of stock price movements of South-Eastern European countries—Bulgaria, Croatia, Greece, Hungary, Romania, Slovenia, Slovakia, and Turkey—during the recent financial crisis. In this study, the authors evaluate the dynamics of fiscal risk or country risk measured by sovereign Credit Default Swap (CDS), liquidity risk measured bond markets, and stock markets for the monthly based September 2008 – February 2011 period. The study examines monthly data observing 38 months and 8 countries. A panel vector autoregression model is proposed for changes in Long-Term Interest Rate (LTIR), changes in CDS spreads (CDS), and changes in stock index. In conclusion, CDS markets and stock markets are more significant than bond markets in explaining the post-crisis relationship among developing South-Eastern European countries. The analysis displays that long-term monetary policy did not affect CDS premium and stock index level. A strong relationship is found between the CDS spread and stock market. During financial crisis and after the crisis, the correlations among CDS, stock, and bond markets are collapsed by panicked investors’ rapid movement and wild speculators. This risk perception can explain the difference between the finance theory and practices in the market.

scholarly journals To which countries do European psychiatric trainees want to move to and why?

2017 ◽  
Vol 45 ◽  
pp. 174-181 ◽  
Author(s):  
M. Pinto da Costa ◽  
A. Giurgiuca ◽  
K. Holmes ◽  
E. Biskup ◽  
T. Mogren ◽  
...  
Keyword(s):  
Country Of Origin ◽  
European Countries ◽  
Self Report ◽  
Short Term ◽  
Financial Conditions

AbstractBackground:There is a shortage of psychiatrists worldwide. Within Europe, psychiatric trainees can move between countries, which increases the problem in some countries and alleviates it in others. However, little is known about the reasons psychiatric trainees move to another country.Methods:Survey of psychiatric trainees in 33 European countries, exploring how frequently psychiatric trainees have migrated or want to migrate, their reasons to stay and leave the country, and the countries where they come from and where they move to. A 61-item self-report questionnaire was developed, covering questions about their demographics, experiences of short-term mobility (from 3 months up to 1 year), experiences of long-term migration (of more than 1 year) and their attitudes towards migration.Results:A total of 2281 psychiatric trainees in Europe participated in the survey, of which 72.0% have ‘ever’ considered to move to a different country in their future, 53.5% were considering it ‘now’, at the time of the survey, and 13.3% had already moved country. For these immigrant trainees, academic was the main reason they gave to move from their country of origin. For all trainees, the overall main reason for which they would leave was financial (34.4%), especially in those with lower (<500€) incomes (58.1%), whereas in those with higher (>2500€) incomes, personal reasons were paramount (44.5%).Conclusions:A high number of psychiatric trainees considered moving to another country, and their motivation largely reflects the substantial salary differences. These findings suggest tackling financial conditions and academic opportunities.

Comovement Dynamics between Central and Eastern European and Developed European Stock Markets during European Integration and Amid Financial Crises – A Wavelet Analysis

2012 ◽  
Vol 23 (1) ◽  
pp. 22-32 ◽  
Author(s):  
Silvo Dajcman ◽  
Mejra Festic ◽  
Alenka Kavkler
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Financial Crises ◽  
Eastern European ◽  
Short Term ◽  
Market Return ◽  
Stock Market Return ◽  
Time Period ◽  
Developed Stock Markets ◽  
European Stock Markets

Stock market comovements between developed (represented in the article by markets of Austria, France, Germany, and the UK) and developing stock markets (represented here by three Central and Eastern European (CEE) markets of Slovenia, the Czech Republic, and Hungary) are of great importance for the financial decisions of international investors. From the point of view of portfolio diversification, short-term investors are more interested in the comovements of stock returns at higher frequencies (short-term movements), while long-term investors focus on lower frequencies comovements. As such, one has to resort to a time-frequency domain analysis to obtain insight about comovements at the particular time-frequency (scale) level. The empirical literature on the CEE and developed stock markets interdependence predominantly apply simple (Pearsons) correlation analysis, Granger causality tests, cointegration analysis, and GARCH modeling. None of the existent empirical studies examine time-scale comovements between CEE and developed stock market returns. By applying a maximal overlap discrete wavelet transform correlation estimator and a running correlation technique, we investigated the dynamics of stock market return comovements between individual Central and Eastern European countries and developed European stock markets in the period from 1997-2010. By analyzing the time-varying dynamics of stock market comovements on a scale-by-scale basis, we also examined how major events (financial crises in the investigated time period and entrance to the European Union) affected the comovement of CEE stock markets with developed European stock markets. The results of the unconditional correlation analysis show that the developed European stock markets of France, the UK, Germany and Austria were more interdependent in the observed period than the CEEs stock markets. The later group of countries exhibited a lower degree of comovement between themselves as well as with the developed European stock markets during all the observed time period. The Slovenian stock market was the least correlated with other stock markets. By using the rolling wavelet correlation technique, we wanted to answer the question as to how the correlation between CEE and developed stock markets changed over the observed period. In particular, we wanted to examine whether major economic (financial) and political events in the world and European economies (the Russian financial crisis, the dot-com financial crisis, the attack on the WTC, the CEE countries joining the European union, and the recent global financial crisis) have influenced the dynamics of CEE stock market comovements with developed European stock markets. The results show that stock market return comovements between CEE and developed European stock markets varied over time scales and time. At all scales and during the entire observed time period the Hungarian and Czech stock markets were more interconnected to developed European stock markets than the Slovenian stock market was. The highest comovement between the investigated CEE and developed European stock market returns was normally observed at the highest scales (scale 5, corresponding to stock market return dynamics over 32-64 days, and scale 6, corresponding to stock market return dynamics over 32-64 and 64-128 days). At all scales the Hungarian and Czech stock markets were more connected to developed European stock markets than the Slovenian stock market. We found that European integration lead to increased comovement between CEE and developed stock markets, while the financial crises in the observed period led only to short-term increases in stock market return comovements.DOI: http://dx.doi.org/10.5755/j01.ee.23.1.1221

scholarly journals Smoking epidemic in Europe in the 21st century

2020 ◽  
pp. tobaccocontrol-2020-055658 ◽  
Author(s):  
Fanny Janssen ◽  
Shady El Gewily ◽  
Anastasios Bardoutsos
Keyword(s):  
Western Europe ◽  
Wave Pattern ◽  
European Countries ◽  
Attributable Mortality ◽  
Eastern European ◽  
Short Term ◽  
Forecasting Method ◽  
Eastern European Countries ◽  
Recent Cohort

ObjectiveTo estimate smoking-attributable mortality in the long-term future in 29 European countries using a novel data-driven forecasting approach that integrates the wave pattern of the smoking epidemic and the cohort dimension.MethodsWe estimated and forecasted age-specific and age-standardised smoking-attributable mortality fractions (SAMF) and 95% projection intervals for 29 European countries by sex, 1950–2100, using age-period-cohort modelling with a generalised logit link function. We projected the (decelerating) period increases (women) by a quadratic curve to obtain future declines, and extrapolated the past period decline (men). In addition, we extrapolated the recent cohort trend.ResultsSAMF among men are projected to decline from, on average, 25% in 2014 (11% (Sweden)—41% (Hungary)) to 11% in 2040 (range: 6.3%–15.4%), 7% in 2065 (range: 5.9%–9.4%) and 6% in 2100. SAMF among women in 21 non-Eastern European countries, currently at an average of 16%, are projected to reach peak levels in 2013 (Northern Europe), 2019 (Western Europe), 2027 (Greece, Italy) and 2022 (Central Europe), with maximum levels of, on average, 17% (8% (Greece)—28% (Denmark)), and to decline to 10% in 2040 (range: 4%–20%), 5% in 2065 (range: 3.5%–7.6%) and 4% in 2100. For women, a short-term shift in the peak of the inverse U-shaped age pattern to higher ages is projected, and crossovers between the age-specific trends.ConclusionOur novel forecasting method enabled realistic estimates of the mortality imprint of the smoking epidemic in Europe up to 2100. The high peak values in smoking-attributable mortality projected for women warrant attention.

Linkages between India and three ASEAN Stock Markets: A Co-integration Approach

2015 ◽  
Vol 4 (1) ◽  
Author(s):  
Giridhari Singh Rajkumar
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Short Term ◽  
Term Relation ◽  
Integration Test ◽  
Asean Countries ◽  
Indian Stock Market ◽  
The Relationship ◽  
Investment Choices

Today, an investor has an array of investment choices including the opportunities to approach overseas market which were unavailable a few decades ago. In literature, the integration of stock markets has been widely discussed and analyzed. This paper examines the relationship between Indian stock market and the three stock markets of the ASEAN countries viz. Indonesia, Malaysia, and Singapore. Using the daily closing prices of the indices over a period of ten years i.e. 2004 to 2014, the study examined the inter-linkages of Indian stock market with the three markets. The Granger-causality and co-integration test were used to check the causal relationship. The study found that there is a significant short-term unidirectional influenced from the Indian stock market to the three ASEAN countries stock markets while no long-term relation (no co-integration) are found between the Indian equity market with that of three ASEAN countries viz. Indonesia, Malaysia, and Singapore equity markets.

Gold's Price and Advanced Stock Markets

2020 ◽  
pp. 143-156
Author(s):  
Nikolaos Stoupos ◽  
Apostolos Kiohos
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Financial Crises ◽  
Economic Recession ◽  
Safe Haven ◽  
Short Term ◽  
Long Run ◽  
Intraday Data ◽  
Global Investors

Traditionally, the gold has been approved as a safe-haven investment after the collapse of Breton Woods. The global investors especially prefer to rebalance their portfolios by purchasing gold or its derivatives during financial crises. This research explores realized dynamic linkages between gold and the advanced stock market indices, after the end of the 2008 economic recession. This chapter used the fractionally co-integrated ECM by utilizing intraday data from 2013 and thereafter. The empirical outcomes support that there is a negative-realized dynamics between the advanced stock markets and the gold's price in the short and in the long run. Specifically, the short-term dynamics of gold's price seems to be higher on the French and Japanese stock market indices. Lastly, the long-term dynamics of gold's price seems to be higher on the Dow Jones and the FTSE100.

Gas Developments in Europe

1987 ◽  
Vol 5 (1) ◽  
pp. 79-94
Author(s):  
D. J. Wright
Keyword(s):  
Natural Gas ◽  
Acid Rain ◽  
North Sea ◽  
Oil Prices ◽  
European Countries ◽  
Marketing System ◽  
Short Term ◽  
The Impact ◽  
Gas Supply

Natural gas is an important component of the European energy mix and the impact of North Sea developments will assure substantial supplies for the future. In European countries, indexing gas prices has meant that in periods of declining oil prices gas has been uncompetitive and short-term prospects have been constrained. In the long term the Troll / Sleipner development will transform the European gas supply and encourage more extensive use both residentially and industrially. Some antinuclear sentiment and endeavours to deal with the acid rain problem could encourage gas use in the long term. European gas sales would be helped by a more flexible marketing system and a de-indexed pricing mechanism.

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