This evaluation examined the support the European Commission’s DG for Development and International Cooperation (DEVCO) provided to Research and Innovation (R&I) in partner countries during the last EU budget period (2007-2013).

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...