In this paper we present a new approach to integration and cointegration. We show that a periodically correlated time series can be divided in a natural way into subseries that are integrated. Moreover, with high probability they are cointegrated. Therefore it is enough to show periodic...

The article is devoted to measuring the effectiveness of institutional systems of European Union countries in terms of their relevance to the requirements of the global knowledge-based economy. The theoretical analysis is based on the framework of new institutional economics with special...