New empirical evidence on CEE's stock markets integration

The main aim of the study was to explore the integration of CEE’s stock markets (Central, South-East and Baltic) with those of the developed ones (Germany, USA and the UK). Using daily data from 20 October 2000 up to 20 October 2016, the static analysis indicates a long-run cointegration relationship between CEE markets and all three counterparts considered. The dynamic analysis indicates several short-run episodes of cointegration, which are influenced by nondomestic factors. When comparing among the counterparts, one can highlight that the US stock market is less integrated with emerging markets, which could be considered for portfolio diversification. Furthermore, the contagion effect is not rejected, given that the dynamic pairwise correlations are likely to be affected by herding behaviour and significant break dates.     

How Do Longer Parental Leaves Affect Women’s Workplace Tasks? Evidence from Germany

This study examines how the radical extension of the period of parental leave, from eighteen to thirty-six months, that occurred in Germany in 1992 affected the nature of tasks women performed in their workplaces. The results of the analysis – which used a difference-in-differences method – suggests that this reform had a significant impact on the type of tasks carried out at work by women in the former West Germany. The study finds that after the reform was introduced, the women affected by it performed roles involving significantly less creative and more codifiable tasks than they had done previously. This analysis adds a new dimension to the discussion of the impact of maternity leave legislation on labor market outcomes.     

Implementation of voting operators

We show that a theory of implementation can be developed in the Aizerman–Aleskerov framework, capturing the main ideas regarding Nash implementation in the Arrovian case. In fact we obtain the counterparts of the results of [Maskin, E., 1977. Nash Equilibrium and Welfare Optimality. MIT, Mimeo] and [Moore, J., Repullo, R., 1990. Nash implementation. A full characterization. Econometrica 58, 1038–1100] in the new framework.     

Consequences of the debt crisis

The indebtedness of the developing countries to foreign creditors which has expanded rapidly over the past few years rose by a further 18% last year and by the end of the year had reached the estimated level of $626 billion. The debt servicing for this sum amounted to $131 billion.¹ The rescheduling operations required as a result of the accumulating payment difficulties reached a volume of $40 billion. According to the Mexican Minister of Finance, the restructuring of Mexico's foreign debts alone was the largest multilateral support operation in modern financial history.²     

Is the USA depriving the rest of the world of capital?

High American interest rates and confident expectations about the future dollar exchange rate have exerted an unprecedented attraction on foreign capital in the past two years. Gross capital inflows into the USA came to as much as $ 89 billion and $ 83 billion in 1982 and 1983 respectively. It is widely held that this is depleting the supply of capital to the rest of the world. Is this view justified?     

XV. Bibliographien und nachschlagewerke

Ohne Zusammenfassung     

III. Weltwirtschaft und Wirtschaft einzlner Länderund und Gebiete

Ohne Zusammenfassung