I use parametric and semiparametric methods to test for the order of integration in stock market indexes. The results, which are based on the EOE (Amsterdam), DAX (Frankfurt), Hang Seng (Hong Kong), FTSE100 (London), S&P500 (New York), CAC40 (Paris), Singapore All Shares, and the Japanese Nikkei, show that in almost all of the series the unit root hypothesis cannot be rejected. The Hang Seng an...

This paper provides a theoretical and quantitative explanation for the time-consuming integration process of young workers. The search process fails both in matching costlessly firms and workers and in screening matches of poor quality, thus leading to recurring job loss and high unemployment at the entry of the labor market. A.Bucher: GAINS-TEPP, Université du Maine, Faculté de Droit et de Sci...

In this paper we examine the degree of market integration in French gas imports. Are there substantial price differences between gas from different export countries, and do prices move together? Furthermore, we analyze to what extent the French, German and Belgian markets are integrated. The long-term takeor-pay contracts are described and analyzed. Time series of Norwegian, Dutch and Russian g...

This paper examines bilateral and multilateral integration of equity markets of selected Central and Eastern European countries including Croatia, and German equity market for the period of January 2nd, 1997 to June 10th, 2005. Application of the Johansen cointegration procedure indicates existence of multilateral integration between equity markets of analyzed CEE economies, as well as between ...

It is commonly argued that China’s financial markets are effectively insulated from the rest of the world. To see if this is true and to better understand China’s financial development, we analyze China’s integration with major financial markets. Using conditional copulas, we show that China has experienced an increasing level of integration with several major financial markets during the last ...