Systematic Search for Publications

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 intrasectoral spillover effects. We use daily data from the period between January 1986 and October 2002. We find that, during the late 1990s, the worldwide importance of European equity markets has increased considerably. More precisely, price innovations in European equities (both aggregate returns and sector returns) have doubled or tripled their impact on other stock markets. At the same time, there is evidence that sectors have become more heterogeneous in each of the three currency areas, ie the response to aggregate shocks has increasingly varied across sectors. Spillover effects of aggregate market innovations have generally outweighed intra-sectoral spillover effects. Overall, the process towards higher integration has been primarily a phenomenon of equity markets in the euro area and the United States. [Bernd Kaltenhaeuser]

There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common business cycle, asymmetries in the national cycles and, using a number of algorithms, date business-cycle turning points. Despite a high degree of trade and financial linkages, the cyclical features of US, Japan and the euro area appear quite distinct. Documenting and comparing such international business-cycle features can aid forecasting, model selection and policy analysis etc. [Peter McAdam]

This report provides results on the advancement indicators of the knowledge-based society for EU countries, enhanced where possible by data from the EU acceding and candidate countries, the US and Japan. It is based on available statistical information and can be used as a starting point in the foresight process. The purpose of the project, now in its second phase (2002?2003), is to increase understanding of the drivers of the knowledge society and to anticipate the potential impact on living conditions, working conditions and industrial relations. [European Foundation for the Improvement of Living and Working Conditions]

The aim of this note is to establish the legislative position regarding the feeding of fishmeal to ruminants in four countries outside the European Union: Australia, Canada, Japan and the United States.[European Parliament]

Financial activities are at the origin of the current global crisis but have also been affected by the economic downturn. This report analyses the impact of the financial crisis on the banking sector in the following countries: Germany, France, Italy, the Netherlands, Spain, Hungary, Sweden, Estonia, UK, US, Japan, Brazil and China. [Eurofound]

ESMA delivers second set of advice on EMIR equivalenceFollowing its technical advice published on 9 September 2013, the European Securities and Market Authority (ESMA) has published a supplement to its advice to the European Commission on the equivalence of the regulatory regime for central counterparties (CCPs) of Japan with the European Markets Infrastructure Regulation (EMIR).This supplement to the September 2013 Final report sets out ESMA’s advice to the European Commission is in respect of the equivalence between the Japanese regulatory regime for commodity CCPs and the regulatory regime for CCPs under EMIR. ESMA proposes conditional equivalence As for ESMA’s advice to the Commission in respect of Japan for CCPs which clear transactions relating to securities, currencies, interest rates, credit, weather, GDP and other indices, ESMA considers that the Japanese regulatory regime for commodity CCPs contains legal provisions and involves supervision and enforcement similar to that of EMIR. The Commission is expected to use ESMA’s technical advice to prepare possible equivalence decisions. Where it adopts such a decision, certain provisions of EMIR may be disapplied in favour of equivalent third-country rules. In particular, ESMA may recognise within the EU a CCP which is authorised outside the EU.[Author vide Copyright]

1 Executive Summary
1.1 Understanding of the situation
1.2 Purpose and scope of stock-taking initiatives
1.3 Project Approach
1.3.1 Data Gathering
1.3.2 Analysis
1.3.3 Synthesis
1.4 Key Insights and Trends
1.4.1 Organizational Model
1.4.2 Strategy & Policy
1.4.3 Methodology & Standards
1.4.4 Public-Private Partnership & International Collaboration
1.4.5 Funding & Human Resources
1.4.6 Training & Exercises
1.4.7 Sector-Specific Key Players & Initiatives
2 Austria
2.1 Summary
2.2 Organisational Model
2.3 Strategy & Policy
2.4 Methodology & Standards
2.5 Public – Private Partnership & International Collaboration
2.6 Funding & Human Resources
2.7 Training & Exercises
2.8 Sector-Specific Key Players & Initiatives
3 Belgium
...
4 Bulgaria
...
5 Cyprus
...
6 Czech Republic
...
7 Denmark
...
8 Estonia
...
9 European Union
...
10 Finland
...
11 France
...
12 Germany
...
13 Greece
..
14 Hungary
..
15 Ireland
...
16 Italy
...
17 Latvia
...
18 Lithuania
...
19 Luxembourg
...
20 Malta21 The Netherlands
...
22 Norway
...
23 Poland
...
24 Portugal
...
25 Romania
...
26 Slovakia
...
27 Slovenia
...
28 Spain
...
29 Sweden
...
30 United Kingdom
...
31 Worldwide CIP Research Report
31.1 R&D ACTIVITIES OUTSIDE EU COUNTRIES
31.1.1 Summary
31.1.2 United States31.1.4 Japan
31.1.5 Brazil
31.1.6 Australia
31.2 Academic forums
32 Annex: Member State Summary Report

Policy attention to the security industry increased substantially after the terrorist attacks in the U.S. on September 11th, 2001. With an increased demand for security, the global security market grew a tenfold to around €100 billion in 2011. Many studies expect that growth of the worldwide security market will continue to exceed the growth rate of world GDP.In summer 2012 the European Commission launched an action plan for an innovative and competitive security industry to enhance growth and increase employment in the EU’s security industry. Better understanding of the main competitive strengths and weaknesses of the security industries in the EU and in major other countries should facilitate the development of policy measures to generate a business environment that enables the EU security industry to keep its leading position.One of the main problems in the EU security market identified by the Commission is its fragmentation along national and sometimes even regional boundaries. One of the first steps to address this problem the Commission proposes is to set up an EU-wide certification system for airport screening (detection) equipment and for alarm systems 3. Insight in costs and benefits of harmonized certification schemes will provide essential information for establishing such schemes at the EU level....The study has been executed by a team of specialists from the framework consortium partners ECORYS, DECISION and TNO, in collaboration with associated partners FOI (Sweden), HCSS (the Netherlands) and PLANCONSULT (Austria). The latter were invited for their access to sources and contacts in respective countries.[Author vide copyright]

Executive Summary
1 Scope and objectives of the study
1.1 General Context – Background
1.2 Aims and Objectives of the study
1.3 Approach
1.4 Chapter Outline
2 Comparative overview of the security industry
2.1 Introduction
2.2 Global and European security market overview
2.2.1 General issues related to market size estimates
2.2.2 Security market taxonomy
2.2.3 Global and EU security market estimates
2.3 Overview of third country security markets
2.3.1 USA
2.3.2 Russia
2.3.3 Japan
2.3.4 South Korea
2.3.5 Israel
2.3.6 China
2.3.7 Brazil
2.4 Competitive position of the airport screening and alarm systems industries
2.4.1 Introduction
2.4.2 Overview of the airport screening sector
2.4.3 Overview of the intruder and fire alarms sector
2.5 Summary and conclusions
2.5.1 Competitive position of selected countries
2.5.2 Market attractiveness of selected countries
3 Alarm systems and airport screening equipment: certification and conformity assessment
3.1 Comparative overview of certification schemes around the world
3.1.1 Alarm systems
3.1.2 Airport screening equipment
3.2 EU Certification and conformity assessment – CBA alarm systems
3.2.1 Introduction
3.2.2 Baseline
3.2.3 Quantifying the baseline
3.2.4 Policy options
3.3 EU Certification and conformity assessment – CBA airport screening equipment
3.3.1 Baseline scenario
3.3.2 Quantifying the baseline
3.3.3 Policy options
4 Security R&D programmes
4.1 Introduction
4.2General context: overall R&D landscape and security environment
4.2.1 Security environment
4.2.2 National innovation system
4.3 Security R&D
4.3.1 Expenditures
4.3.2 Main actors
4.3.3 Thematic priorities
4.4 Lessons from the security R&D in major third countries and recommendations for the EU