https://www.um.edu.mt/library/oar/handle/123456789/28485 2026-04-15T03:59:01Z https://www.um.edu.mt/library/oar/handle/123456789/30652 Title: European economic integration in the context of globalization Authors: Merikas, Andreas G. Abstract: This paper examines the impact of European Integration in the context of globalization on correlations between stock market returns. Furthermore, it looks at the impact of globalization in periods of crisis on stock market correlations of developed nations of Europe, US and Japan. The methodology used is a simple calculation framework based on the correlation coefficient. The results show that stock market integration in Europe has increased substantially in recent years though it is not yet complete. Moreover, stock markets correlation between Europe,Japan and the US is stronger than ever and is likely to continue to grow. This is more noticeable for the NIKKEI index which recently is very clearly affected by the movement in other major markets. Equity portfolios on developed countries cannot be constructed on the basis of a country allocation strategy anymore. 2000-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/30645 Title: Public sector participation in the development of the EU economies Authors: Karagianni, Stella Abstract: This paper tests statistically the long run and causal relationship between government spending and income, applying six alternative functional forms, by employing two of the most advanced econometric methods, the two-step Engle and Granger cointegration method and the Granger causality test, using data for the EU-15 countries over the time period 1949-1998. There is limited support in favour of Wagner’s law in most European countries. 2000-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/30644 Title: Privatization, management education and entrepreneurship : the sine qua non conditions for economic development in Eastern Europe Authors: Vozikis, George S.; Smith, P.C.; Merikas, Anna Abstract: The purpose of this paper is to advance the proposition that Eastern Europe countries, in order to make the transition from the “Old” to the “New” order, need to break the sociopolitical grip of management and marketing practices and skills. In order to accomplish this, a business education and learning feedback mechanism needs to be instituted in their evolutionary model. By the same token, each Eastern Europe country needs to cultivate its entrepreneurial venture potential by favorably balancing evaluation criteria of expected Return of Investment, sociopolitical risk and investment incentives offered to attract entrepreneurial ventures. 2000-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/30643 Title: Prices and exchange rate of Hellenic drachma (GRD), during 1981-1995 : are they dependent from those of EU-partners? Authors: Stamatopoulos, Theodoros V. Abstract: The paper presents empirical results on an import prices equation to the case of the small open Hellenic economy, during her course to the European Monetary Union, in the 1980s until mid-1990s. The analysis employs cointegration theory to examine the long-run co-movements of prices, effective exchange rate of GRD and unit labour cost of the European countries, which export to Greece. Innovation accounting is also used so as to detect the dynamics of the data set. We found slight evidence to support long run equilibrium, however, it was only the Hellenic inflation rate, which was adjusting to the deviations from this. The fragile stability of the system is confirmed by the impulse response functions examination where the exchange rate of the GRD do not converge to its long-run values, even after a 3 years period from the one unit-shock in various innovations. The determinant role of the growth rate of the unit labour cost and therefore of European countries’ prices to the exchange rate of GRD, to the Hellenic inflation rate, and less to the growth rate of the import prices is (1) justified by its high proportion to their variance decomposition and (2) became apparent approximately after 9 months. The latter seems to amount to the “contract-period” in the Magee’s terminology. 2000-01-01T00:00:00Z