Search

This paper employs four cointegration test approaches, PO, HI, JJ and KSS, to test for pairwise long-run equilibrium relationships between Taiwan's stock price index and each of the stock price indexes of four European markets – French, German, Dutch, and British stock markets. The results from these four tests are robust and clearly consistent in suggesting that the Taiwan stock market is not pairwise cointegrated with the four European stock markets. This provides strong evidence that there exist long-run benefits for Taiwan investors diversifying in the equity markets of Taiwan's major European trading partners, France, Germany, Holland, and the UK, over the sample period considered from 6 January 1998 to 30 May 2002. These findings could be valuable to Taiwan individual investors and financial institutions holding long-run investment portfolios in the equity markets of France, Germany, Holland, and the UK. [ABSTRACT FROM AUTHOR]

This paper investigates the integration of EU money supplies for the ERM period 1979Q1--93Q4. An estimating equation is derived from a simple equilibrium model of the EU money markets. Estimation is undertaken using the Johansen maximum likelihood cointegration procedure. The results show that those EU members with relatively low exchange rate premia against the DM are those whose variations in the money supply have been most sensitive to those of Germany. [ABSTRACT FROM AUTHOR]

Empirical evidence reveals that German welfare recipients often participate in multiple active labour market programmes (ALMPs). However, evidence on the effectiveness of ALMPs exists mostly for single ALMP participations so far. This article evaluates the sequential participation in ALMPs for welfare recipients in Germany based on comprehensive administrative data to control for dynamic selection that arises in the evaluation of sequences. Using a dynamic causal model and an inflow sample of welfare recipients, the article analyses the effects of sequences of a public employment programme called One-Euro-Jobs on labour market outcomes. For female participants in One-Euro-Jobs in the first period, especially in West Germany, the results imply that participating in two consecutive One-Euro-Jobs compared with receiving only welfare benefits for two consecutive periods better facilitates integration into regular employment. Moreover, taking part in a One-Euro-Job directly after entry into welfare receipt is also more effective for participants in One-Euro-Jobs in the first period than taking part in a One-Euro-Job in a later period, especially for East German men (although not for West German women). However, I also find evidence of so-called programme careers and stepwise integration into regular employment. [ABSTRACT FROM AUTHOR]

This article uses a tailor-made newly available data set for enterprises from manufacturing industries in Germany to investigate for the first time the links between export diversification over destination countries and goods on the one hand and the profitability of the exporting firms on the other hand. We find that profits tend to be larger in firms with less diversified export sales over goods and in firms with more diversified export sales over destination countries. [ABSTRACT FROM AUTHOR]