relationshipbetween stock indices allowing for structural changes in the cointegration space that might capturethe effect of the …

This thesis provides clear empirical evidence that the establishment of the EMU has influenced the stock market … integration process within the Euro-area. This is mostly evident across the large four EMU-stock markets: France, Germany, Italy … Ireland appear to be modestly influenced by the establishment of the EMU, while Austria is the least integrated market within …

. The use of cointegration tests has shown the existence of a long-run equilibrium relationship between real exchange rate … estimated a time-series cointegration VAR model. We found out that the relationship between long-run equilibrium and adjustment …

countries of the European Monetary Union. Applying a variety of cointegration techniques, we first test for a long …