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This paper argues that, although Japan's and Germany's energy transition paths differ in detail, a trend towards decentralisation is clearly evident in both countries. Based on comprehensive screening, own stocktaking and the results of a stakeholder dialogue, this paper highlights the motivation for different local actors to enter the energy market in both countries. Although there are challenges to success in a market dominated by large energy companies, this paper argues that the benefits to local communities outweigh the efforts. Overall, it is shown that democratisation and the decentralisation of the energy system are suitable to facilitate a successful transformation process in both countries. [ABSTRACT FROM AUTHOR]

Using the InCites tool of Thomson Reuters, this study compares normalized citation impact values calculated for China, Japan, France, Germany, United States, and the UK throughout the time period from 1981 to 2010. InCites offers a unique opportunity to study the normalized citation impacts of countries using (i) a long publication window (1981 to 2010), (ii) a differentiation in (broad or more narrow) subject areas, and (iii) allowing for the use of statistical procedures in order to obtain an insightful investigation of national citation trends across the years. Using four broad categories, our results show significantly increasing trends in citation impact values for France, the UK, and especially Germany across the last thirty years in all areas. The citation impact of papers from China is still at a relatively low level (mostly below the world average), but the country follows an increasing trend line. The USA exhibits a stable pattern of high citation impact values across the years. With small impact differences between the publication years, the US trend is increasing in engineering and technology but decreasing in medical and health sciences as well as in agricultural sciences. Similar to the USA, Japan follows increasing as well as decreasing trends in different subject areas, but the variability across the years is small. In most of the years, papers from Japan perform below or approximately at the world average in each subject area. [ABSTRACT FROM AUTHOR]

Purpose: This article presents a collaborative initiative of members of the Committee of the International Representatives of the International Cluttering Association (ICA) upon celebrating the 10th anniversary of the ICA. Such collaborative efforts are designed to improve communication skills, enlighten lives of people with cluttering, and serve as models for speech therapists and other health care professionals in countries around the globe. Method: This initiative began with a seminar at the Inaugural Joint World Congress in Japan in 2018 and continues with an article on cluttering based on the contents of the papers presented at the Congress. Sixteen researchers and speech therapists from 15 countries in Africa, Asia, Europe (East and West), America (North and South), and the Middle East have explored the following themes related to cluttering: cluttering awareness, research, professional preparation, intervention, and self-help groups. Results: This article adds to the body of international literature on cluttering and illustrates that, for the past 10 years, hypothesis-testing research in cluttering continues to be conducted across language barriers and national boundaries, and interventions that are implemented in some locales are being tested and taught in other parts of the world; furthermore, new cluttering treatments are being disseminated for professional preparation and clinical practices. Conclusions: This article demonstrates how global engagement of the ICA's international representatives has led to the exchange of ideas about awareness of cluttering and professional preparation and the best strategies for the treatment of this communication disorder in countries around the world. [ABSTRACT FROM AUTHOR]

During the Asia Pacifi c War (1937-1945), the Japanese Imperial Army forced women in Japanese East Asian colonies to work as so-called “comfort women” (sex workers). The justice movement for these women is an international intersectional alliance of feminists from Japanese ex-colonies in East Asia, the former colonial power Japan, and other societies, such as Australia, Germany, and the USA. This long-term feminist justice movement has campaigned for an apology and compensation from the Japanese government, as well as for recognition of “comfort women‘s” suff ering and of sexual violence in war in cultural memory. Through researching this justice movement from a processual intersectionality perspective, this paper shows that it gained power and legitimacy from refl ecting and working on its internal intersectional inequalities. This included refl ecting on the class hierarchies between many former “comfort women”, who had power of defi nition, and intellectual feminist activists, as well as on the postcolonial divide between former Japanese colonies and the former colonial power Japan, leading it to develop horizontal cooperation and practices. Following an overview, the paper outlines the movements in South Korea, Japan, and Germany, and highlights the different postcolonial constellation between East Asia and Germany, the main actors, and their aims. While the Japanese government rejected the justice movement‘s demands and the right wing mobilised against it, has been able to infl uence cultural memory to widely recognize sexual violence in war and the dignity of the “comfort women”. [ABSTRACT FROM AUTHOR]

The Ministry of Economy, Trade and Industry have forwarded a proposal to apply the concept of intraindustry flow of funds in order to develop the sports industry and strengthen the financial base of sports businesses from the top level to the grass-roots level. With regard to industrial policy, the flow of funds is a concept among multiple industries, and intra-industry flow of funds within the same industry is not assumed. However, in the sports industry, we can observe the intra-industry flow of funds in certain cases, especially in foreign countries. This paper examines the cases of intra-industry flow of funds in the sports industry, mainly in England and Germany, to understand their structural characteristics, to identify the necessary requirements for realization of intra-industry flow of funds in the Japanese sports industry, and to discuss the feasibility of such flows. In order to realize intra-industry flow of funds, it is necessary to have funding providers, recipients, a legal and taxation system for fund transfers, an entity to manage the flow of funds, and a rational reason why flow of funds is also essential for the fund providers. The most promising candidate fund provider is the spectators’ sports business. On the other hand, for the recipients, the cases seen in England and Germany suggest that regional sports clubs with non-profit entities are the most likely candidates. In order to enable the flow of funds or, in other words, the transfer of profits from providers to recipients, it is essential to have a legal system and a preferential taxation system to support it. In addition, an element of a public interest needs to be embedded in the design of a system that supports such a flow of funds or it would likely be unacceptable by the providers. The intra-industry flow of funds is a concept that conflicts with a free market economy. On the other hand, it is widely recognized that sports are a public interest that needs to be indemnified. Naturally it is expected that this public interest would be embedded in certain types of sports businesses. While there are good prospects for designing a system to realize the intra-industry flow of funds in the sports industry in Japan, it is of utmost importance to establish a common understanding of public interest in sports businesses among stakeholders involved in the sports industry. [ABSTRACT FROM AUTHOR]

This paper investigates the acceptance of Autonomous Vehicles (AVs) in Japan, the UK and Germany and speculates on the implications for policy and practice. Three on-line surveys of 3,000 members of the public in total, which were conducted in January 2017 (Japan), March 2018 (UK) and November/December 2018 (Germany) were analysed using Principal Component Analysis and then with an Ordered Logit Model. It finds that acceptance of AVs was higher amongst people with higher expectations of the benefits of AVs, those with less knowledge of AVs, and those with lower perceptions of risk. It also finds frequent drivers and car passengers to be more accepting, but that socio-economic factors were mostly insignificant. Finally, there were significant cultural differences between the levels of acceptance between Japan (broadly positive), the UK (broadly neutral) and Germany (broadly negative). These findings suggest that AV promoters should raise (or at least maintain) expectations of AVs among the public; engage with the public to reverse the negative perception of AVs; address AV-generated fears; not bother targeting people by socio-economic group; target frequent car drivers and passengers with information about what AVs could do for them; and target countries where AVs already enjoy a positive image. [ABSTRACT FROM AUTHOR]

Peace Education is considered to be an important pillar in preventing armed conflict and promoting positive peace. The aim of this article is to understand if education systems help development of peace processes in post-conflict settings and if the idea of implementing Peace Education into the formal curriculum could advance prospects for peace. In the paper three case studies are investigated more deeply – Japan, Germany and the South Caucasus. The article uses secondary sources to present the issue. The literature review includes academic books, articles, and official declarations of international organizations. The paper concludes that examples of integrating Peace Education principles in formal school education curriculums are not numerous, and the lack of a comprehensive data on Peace Education around the world could have been the reason that prevented governments from seeing the importance of implementing Peace Education within their national education systems. [ABSTRACT FROM AUTHOR]

This paper attempts to reinterpret asylum theory (1954) propounded by Ortwin Henssler (1923–2017) as a free-space theory of education, as a way of grasping the problematic nature of 'pedagogical protection.' The theoretical potential of Henssler's thought has been more appreciated, accepted, and developed in Japan than in his native Germany. First, I outline Henssler's theory of asylum and show how his theory has been received and developed in Japan, especially in the fields of historical researches. Secondly, I discuss the possibility of reading Henssler's thought of asylum as a theory of 'pedagogical protection.' Thirdly, I consider whether it is possible to interpret 'free space' in education based on the model of asylum. Finally, I delineate some prospects for and challenges involved in connecting the theory of asylum to the theory of education. [ABSTRACT FROM AUTHOR]

This paper analyses the international structure of credit and the potential buildup of a single world cycle using quarterly data for 48 economies between 1985 and 2015. For this analysis, we rely on an approximate factor model and on hard and fuzzy clustering methodologies. The results indicate that, for the whole sample, there are three common components to credit, one of these more pervasive and impacting most countries in the sample, particularly developed ones. One major cluster of countries is identified, but without the presence of both Japan and Germany, thus suggesting that a world real credit cycle is not yet formed. However, we found that the composition of this core cluster has been growing over the years, encompassing more countries and establishing a growing dominance over the credit cycles dynamic, opening the possibility for a single world credit cycle in the future. [ABSTRACT FROM AUTHOR]

This study aims to identify the literacy skills of individuals whose highest level of education was in the field 'teacher training and educational sciences'. The study sample comprised 10,618 individuals in the field of teacher training and educational sciences, selected from 31 countries (participating in the International Adult Skills Assessment Programme during the 2014-2015 survey) using a multi-stage sampling method. The study employed multi-level latent class analysis and three-step analysis in order to determine both the number of multi-level latent classes of educators' literacy scores as well as the selected independent variables' success in predicting those latent classes. The analysis revealed that educators in Germany constituted the group with the highest literacy skills while educators from Singapore comprised the group with the lowest literacy skills. [This study was presented at the 9th International Congress of Educational Research. Ordu University, Ordu, Turkey.]

The aim of this study is to identify the most prolific countries in the field of special education and to discuss the widespread impact of their papers by taking into account the country's h-index. Through a bibliometric analysis, the data were collected in the Web of Science Core Collection category "Education, Special" in the Social Science Citation Index during 2011-2020. The 25 most prolific countries in the field of special education were determined in terms of paper productivity, and it was seen that the leading country was undisputedly the USA (54.42%). Meanwhile, a strong positive correlation was found between the h-index and the number of papers published by the countries (r=0.864). On the other hand, when the ranking in terms of the number of papers was reconfigured by the h-index, it was relatively changed. The possible reasons for this change for the countries with the most changing rankings were discussed by considering some definitive criteria such as the journal quartiles, the percentage of international and domestic, and the percentage of open access papers. This study reports a positive correlation between the quality and quantity in the field of special education for the publications of countries. It has been shown that where the positive correlation deviates, then especially, the journal quartiles, the percentage of international collaboration and the percentage of open access papers have a significant effect. The bibliometric findings may be useful to enrich the discussion about the widespread impact of papers and debate whether the use of h-index is acceptable for cross-national comparisons.

Environmental issues are among the most critical issues nowadays. These issues are no longer confined to individual countries, and international society has been progressing in building global dialogues since the early 1970s. Within these international efforts, Germany and Japan have played essential roles in global environmental governance. However, there are major differences in nation-level environmental policies in both countries. Governance based on network structure is more efficient than that based on hierarchy for solving complex problems. The network structure is formed through horizontal cooperation among various autonomous actors, and the relationship intensity among actors is one of the key concepts in the governance. Using social network analysis as a framework to explain complicated societal structures explains how interaction among actors creates networks, and these networks further affect their interactions. The purpose of this study is to investigate the structure of environmental policy governance as collaborative governance in Germany and Japan. To address this goal, this paper analyzes the relationship between the informational dimension of governance networks and its complement resource-sharing networks in both countries. The results show that the information-sharing networks have lower-level network influence on the resource-sharing networks as higher-level networks even if not all of the information factors have singular influences. The results suggest that the information-sharing networks may be one of the pieces of the puzzle for explaining this phenomenon in environmental governance in Germany and Japan. [ABSTRACT FROM AUTHOR]

This paper looks at the unstudied link between cultural factors and necessary adaptations to typically standardized project management methodologies. In an empirical study resulting in 768 questionnaires for the US, Germany, and Japan, the well-established Hofstede dimensions were for the first time found to be correlated with the dimensions of the established methodology of the Project Management Institute (PMI). In addition, eight detailed elements of the PMI methodology were studied, with six areas displaying correlations to the Hofstede dimensions – the strongest for Project Human Resource Management (UAI r=0.394, MAS r=0.445, PDI r=0.441, IDV r=-0.358). Real-life projects however showed a lack of such considerations, making the derived recommendations for project managers as relevant as the suggested avenues for further research. [ABSTRACT FROM AUTHOR]

The main purpose of the paper is to investigate whether and to what extent the Bombay Stock Exchange (BSE), India is integrated with the major mature markets in the US, UK, Germany and Japan. The dataset has been divided into: post Asian Crisis but before Euro Emerged (July 1997-January 2002); after Euro but before US Subprime Crisis (February 2002-November 2007); from the US Subprime Crisis before Modi's emergence as national leader (December 2007-April 2014); and after Modi's emergence (May 2014-July 2016). The study uses unit root test, Johansen-Juselius test, GARCH(p, q) model estimation, and Granger causality test for the purpose. [ABSTRACT FROM AUTHOR]

This paper presents the results of a cross-national study into the ecologically conscious consumer behaviour of senior consumers (aged 50+, mean age 64 years) in the UK, Germany, Japan, and Hungary. Using a survey, the study (n = 1275) utilises a modified version of the Ecologically Conscious Consumer Behaviour Scale, in addition to a battery of variables to measure wider ethical purchasing behaviour and sociodemographic characteristics. Findings suggest that there are segments of older consumers in all countries under study who demonstrate ecologically conscious consumer behaviour, and at the same time there are segments that do not. These segments cannot be identified by sociodemographic variables, but do differ in their wider ethical purchasing behaviour. The study is the first of its kind to measure actual ecologically conscious consumer behaviour in the senior market across different nations. [ABSTRACT FROM PUBLISHER]

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Copyright of Industrielle Beziehungen is the property of Rainer Hampp Verlag and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper provides evidence on the degree of persistence of one of the key components of the CAPM, namely the market risk premium, as well as its volatility. The analysis applies fractional integration methods to data for the US, Germany and Japan, and for robustness purposes considers different time horizons (2, 5 and 10 years) and frequencies (monthly and weekly). The empirical findings in most cases imply that the market risk premium is a highly persistent variable which can be characterized as a random walk process, whilst its volatility is less persistent and exhibits stationary long-memory behaviour. There is also evidence that in the case of the US the degree of persistence has changed as a results of various events; this is confirmed by both endogenous break tests and the associated subsample estimates. Market participants should take this evidence into account when designing their investment strategies. [ABSTRACT FROM AUTHOR]

Involving the global issues as listed in Sustainable Development Goals (SDGs) in education is necessarily done in the education process, especially in English as a Foreign Language (EFL) learning. Exposure to global issues is known to improve students' understanding, awareness, and ability to solve urgent issues faced by global society. This paper aims to find out the trend of research on the coverage of SDGs in students' learning process. This systematic literature analysis was done by applying Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) Method. A total of 25 studies were recognized through a systematic search by using Sustainability, SDGs, and EFL as keywords. The result shows that the trend of associating SDGs with EFL settings was done mostly in Indonesia. In the recent year 2022, it reached the highest number of studies in the particular matter with 7 total of research. It was also found that the study involving SDGs on EFL learning was mostly done in the tertiary setting, compared with K-12, junior high school, secondary, high school, and other educational institutions. It was also discovered that the specific area of study enhances EFL students' learning achievement, environmental awareness, global citizen values, as well as students' levels of self-norms, beliefs, and self-value.

This paper presents a compilation of personal reflections from 66 contributors on the impact of, and responses to, COVID-19 in accounting education in 45 different countries around the world. It reveals a commonality of issues, and a variability in responses, many positive outcomes, including the creation of opportunities to realign learning and teaching strategies away from the comfort of traditional formats, but many more that are negative, primarily relating to the impact on faculty and student health and well-being, and the accompanying stress. It identifies issues that need to be addressed in the recovery and redesign stages of the management of this crisis, and it sets a new research agenda for studies in accounting education.

Purpose Elders' ICT usage is one of the central subjects of ISG. The cabinet office of Japan has conducted "The International Comparative Survey on the Daily Life and Attitudes of the Elderly" every five years, covering individual men and women aged 60 and over (excluding institutionalized residents) in Japan and three foreign countries. The survey provides information on matters related to home life, health and welfare, economic life, employment, housing and living environment, and social relations and purpose in life of the elderly in the countries. The latest 2021 survey has been done in Japan, Germany, Sweden, and the US (https://www.e-stat.go.jp/statsearch/files?page=1&layout=dataset&toukei=00100106&metadata=1&data=1). In Japan and Sweden, 2,500 participants each country were invited by mail. In Germany and the US, 1,000 participants per country were asked by phone. All participants were chosen by random sampling. The survey period was from Dec. 2020 to Jan. 2021. The result of the survey was open for further analysis and research. Survey data was counted and provided as simple tables or cross tables. In this paper, we chose Q.34, Usage of ICT devices, and Q.35, Reason for not-to-use of such devices. The latter question was asked to participants who responded that they are not using any ICT devices. We have analyzed survey data with Correspondence Analysis to reveal four countries of elders' ICT usage features. Method Two question branches are analyzed in this research. Q34 has nine activity categories. All appropriate activities should be answered (multiple answers): 1. Fax to family members and friends, 2. PC e-mail to family and friends, 3. Mobile phone calls (including mail) to family and friends, 4. Net search for information and/or net shopping, 5. Using SNS, 6. Home Page making or Blogging, 7. Netbanking / Net trading, 8. E-government (tax etc.), 9. No ICT usage. Q35: 1. No needs regarded, 2. ICT devices are hard to understand, 3. Have interest, but no clues for purchase/shop, 4. Have no one to instruct device usage, 5. The problem of price/money, 6. The display is unreadable, 7. other reasons. Correspondence analysis was computed with the FactoMineR package (http://factominer.free.fr/), developed by statisticians at d'Agrocampus Rennes. Analysis was done on statistical computing environment R 4.1.2. Results and Discussion Figures 1 and 2 show the ICT device usage. Japanese favor Mobile phone talk and mail. In Japan, Fax and No ICT usage has larger than in other countries. SNS, HP/blogging, E-government, and Netbanking are relatively minor. US participants favor SNS, PC mail, and HP/blogging. Swedish more favors SNS, Netbanking, and E-government. Germans favor Net searching and shopping and are close to the countries average. Figures 3 and 4 show the reasons for not-to-use ICT devices. Germans with negative ICT device attitude tend to think they do not need to use them. A negative attitude in the US is slightly close to having no instructor. Japanese negative attitude is close to readability problem and understanding device. [ABSTRACT FROM AUTHOR]

This paper discusses the role that vocational education and training (VET) in ICT subject areas plays in contributing to the gender and social class structuring of ICT occupations, focusing in particular on education and employment data from the UK. The paper also makes reference to similar data about ICT VET in Germany and Japan to argue that the new areas of 'soft' ICT skills - in education and in occupations - have become feminised, and channel women into low skilled and low paid work. Unlike university level ICT education, which has opened opportunities for women and students coming from families with no experience of higher education, sub-degree level ICT VET seems to be continuing to reproduce gender and socio- economic class within and through ICT occupations. I argue that those concerned with gender equity research and interventions in ICT need to work with an analysis that disaggregates what are now appearing to be quite different skills sets, and different career opportunities often misleadingly conflated under the umbrella term 'ICT'. I also argue for better analytical models for the gendering of ICT than those offered by the 'leaky pipeline' or 'critical mass' models, and for new analyses that would incorporate both a structural analysis and new ways of looking at women's choices, such as Hakim's 'orientation to work'. [ABSTRACT FROM AUTHOR]

This paper examines whether variations in demographic structure have influenced stock prices. The study employs a nonparametric approach based on the Fourier Flexible Form representation, which relates variations in the entire age distribution to the normalized stock price under a flexible functional form. The main findings of this paper are that there is a significant impact from prime working-age consumers on the stock price, and that this impact is robust for all G5 countries (France, Germany, Japan, the UK and the USA). These findings survive many robust tests, and are consistent with the predictions from the life-cycle models. Copyright © 2009 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

In this paper, we present international comparisons of potential output growth among several economies—Canada, the euro area, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, and the United States—for the period 1991–2004, for which we construct consistent and homogenous capital stock series. The main estimates rely on a structural approach where output of the whole economy is described by a Cobb–Douglas function and Total Factor Productivity (TFP) is estimated allowing for possible breaks in the deterministic trend. The results confirm that over the considered period the potential gross domestic product growth has been faster in the United States than in other studied countries, reflecting a combination of higher labour contribution and faster TFP growth. Overall, this paper might help to shed some light on cross-country differences in economic performance over the recent period. [ABSTRACT FROM AUTHOR]

This paper estimates the process of diffusion and decay of knowledge from university, public laboratories and corporate patents in six countries and tests the differences across countries and across technological fields using data from the European Patent Office. It finds that university and public research patents are more cited relatively to companies’ patents. However these results are mainly driven by the Chemical, Drugs & Medical, and Mechanical fields and US universities. In Europe and Japan, where the great majority of patents from public research come from national agencies, there is no evidence of a superior fertility of university and public laboratory patents vis à vis corporate patents. The distribution of the citation lags shows that knowledge embedded in university and public research patents tends to diffuse more rapidly relative to corporate ones in particular in the US, Germany, France and Japan. [ABSTRACT FROM AUTHOR]

The international current account imbalances, where the United States has a vast deficit, and several countries, notably Japan, China, Germany and the oil exporters have corresponding surpluses, are usually seen as problems. The argument here is that current account imbalances simply indicate intertemporal trade – the exchange of goods and services for claims. There are likely to be gains from trade of that kind as from ordinary trade. What, then, are the problems? This paper considers five scenarios, notably one where net savings of the surplus countries decline so that the world real interest rate rises, and another where the US fiscal deficit is reduced, so that the world real interest rate falls and there could be a worldwide aggregate demand problem, essentially caused by the high net savings of the surplus countries. The paper reviews the reasons for the large surpluses in terms of savings and investment ratios (especially China) and also discusses the long-term problem for the United States. While four of the scenarios involve a decline in the dollar, they do not necessarily imply a sudden – and even ‘disruptive’– dollar crisis. [ABSTRACT FROM AUTHOR]

Purpose — The purpose of this paper is to compare typical social problems in Germany and Japan in the context of weavers and female weavers. Design/methodology/approach — The paper compares Gerhardt Hauptmann's Weavers (1892) with Wakizo Hosoi's The Tragic History of Female Weavers (1925). Findings — Despite remarkable differences, there are many similarities between the two works in terms of the economic situations in Germany and Japan. Originality/value — The paper explores differences and similarities in the two works and highlights some typical examples of social problems common to both. [ABSTRACT FROM AUTHOR]

Countries have been shown to be competitive in specific industries. This paper contends that this industrial specialization can be understood in terms of an affinity between national 'models of capitalism' and the characteristics of industrial task environments. Put differently, industry-specific competitiveness is conceived to arise out of a fit between patterns of national business systems and patterns of industrial task environments. Specifically, the paper will propose a relationship between the communitarian or individualistic nature of national business systems and the organization-specificity of knowledge in an industry. More communitarian business systems are thought to enjoy a competitive advantage in industries with a high organization-specificity of knowledge, i.e. in industries that rely more on the long-term accumulation of organization-specific knowledge within tightly-knit corporate communities. More individualistic business systems, on the other hand, are thought to enjoy a competitive advantage in industries with a low organization-specificity of knowledge, i.e. in industries that thrive more on the speedy dissemination or reallocation of company-unspecific knowledge through a constant reconfiguration of social relationships. The paper will offer some illustrations of these proposed relationships in terms of the competitive profiles of the United States, Japan, Germany and Britain. [ABSTRACT FROM AUTHOR]

This paper examines WWII forced labour memory politics in Germany and Japan by drawing from Barkan's concept of amending historical injustices. After lengthy negotiations, germany reached in 2000 a milestone agreement compensating victims individually, while in Japan, settlements, consolation payments and apologies have been overshadowed by a revival of revisionist historical narratives and victim denial. It is argued that the official recognition of forced labour as historical injustice made a mutually acceptable outcome possible in Germany and helped to shape a genuine historical memory in victim nations. In Japan, by contrast, an alliance of politicians, bureaucrats and academics has been reconsecrating revisionism as official position. The revisionist inability to recognize victims and admit mistakes has implications for South Korea as the rift between right-wing pro-revisionists and left-wing nationalists divides the country and prevents the formation of a shared collective memory. unintended consequences have dimmed prospects for a settlement. [ABSTRACT FROM AUTHOR]

In this paper we develop a comprehensive Vector Autoregression Model consisting of five variables; the stock market and price indices of pairs of countries, as well as their bilateral nominal exchange rate. Then, we show that under certain long-run restrictions, our approach encompasses a large number of specifications encountered in the voluminous literature on testing for capital integration with cointegration techniques. This approach minimizes the risk of accepting the null of no cointegration between the equity price indices because of the introduction of additional stochastic trends through the transformation of those indices on a "real or nominal US dollar" basis. Furthermore, other interesting long run specifications emerge either with I(1) only stochastic shocks or with the presence of some I(2) disturbances characterizing the system. We apply the testing methodology on monthly data for the US, UK, Germany, and Japan for the period January 1980-May 2019. The main findings provide partial support in favor of cointegration, and therefore for capital markets integration, among stock market indices when proper attention is given to issues like the identification and temporal stability of the cointegration vectors as well as the choice of units that the stock indices are expressed in. [ABSTRACT FROM AUTHOR]