This thesis examines the integration of European stock markets, focusing on the affect of the EU and Eurozone. Moreover, the thesis analyses whether increasing integration is a local trend possibly caused by the EU and Eurozone, or whether either the Japanese or American stock market gets more integrated with the European ones as well. We study the integration using weekly data of eighteen European stock markets and stock markets of Japan and the US over the horizon of twenty years. The method used is an extension by Klöessner and Wagner (2012) of a method originally introduced by Diebold and Yilmaz (2009). We find a positive effect of the EU on the integration of the stock markets. Also, the integration is rather local as the American and Japanese stock markets are proved to not have a higher increase in integration with the European stock markets that they have with each other. Finally, we find the Eurozone does not have an immediate positive effect on the integration of the stock markets. Keywords Stock markets integration, Spillovers, EU, Eurozone, Diebold and Yilmaz Author's e-mail vildova.t@email.cz Supervisor's e-mail mp.princ@seznam.cz

We examine the relationship between German wind and solar electricity and French spot price volatility. Using hourly data, we find that French imports from Germany driven by German wind and solar electricity sometimes decrease, sometimes increase the volatility of French spot prices. These two opposing effects depend on the shape of the French supply function and on the French demand. We, therefore, estimate different coefficients for imports depending on different demand levels. We acknowledge the endogeneity problem in identifying these effects and employ instrumental variable techniques to circumvent this problem. Our results show the urgent need for further coordination of national energy policies in order to reduce the potential for negative spill over effects of nationally driven energy policies in neighbouring countries as European electricity markets are becoming more integrated. / Series: Department of Economics Working Paper Series

Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / A utilizaÃÃo de dados em painel em estudos econÃmicos tem se tornado cada vez mais constante, em virtude de possuir mais vantagens do que meio de corte transversal puro ou sÃrie temporal pura. Permitindo, assim, obter estimativas economÃtricas mais eficientes. Outro ponto importante decorre da possibilidade de isolar os efeitos de aÃÃes especÃficas, tratamentos ou polÃticas em geral. Neste sentido, este estudo busca analisar trÃs casos na economia brasileira utilizando dados estaduais em painel. No capÃtulo I, busca-se analisar a existÃncia de integraÃÃo no mercado atacadista brasileiro de tomate, utilizando um painel dinÃmico que permite efeitos limiares (threshold) para testar a hipÃtese de convergÃncia desse mercado para a Lei do PreÃo Ãnico. Os resultados favorecem a hipÃtese de integraÃÃo entre os principais mercados brasileiros de tomate e nesse processo hà evidÃncias empÃricas de custos de transaÃÃo. No capÃtulo II, pretende-se analisar a sustentabilidade da dÃvida dos estados brasileiros apÃs a implementaÃÃo da Lei de Responsabilidade Fiscal (LRF) atravÃs da funÃÃo da resposta fiscal do Governo, metodologia esta desenvolvida por Bohn (2006). Os resultados mostram que os estados brasileiros nÃo respondem da forma esperada para manter suas dÃvidas sustentÃveis. No capÃtulo III, busca-se analisar os efeitos do crescimento econÃmico, da desigualdade e do Programa Bolsa FamÃlia (PBF) nos Ãndices de pobreza no Brasil. Para isso, utilizou-se um modelo de painel dinÃmico, estimado pelo mÃtodo de momentos generalizados para sistema em dois passos, desenvolvido por Blundel-Bond (1998). Os resultados mostram que os gastos com a bolsa famÃlia nÃo apresentaram impacto sobre a pobreza e que polÃticas de crescimento econÃmico que promovam um aumento da renda em conjunto com a reduÃÃo de suas disparidades sÃo preferÃveis a polÃticas de crescimento econÃmico que favoreÃam pura e simplesmente o aumento da renda mÃdia no combate à pobreza no Brasil. / The use of panel data in economic studies becomes increasingly constant, because it has more advantages than pure medium cross-section or pure time series. Thus obtain more efficient econometric estimates. Another important point arises from the possibility to isolate the effects of specific actions, treatments or policies in General. In this sense, this study seeks to examine three cases in the Brazilian economy using state data in the pane. In chapter I, to examine the existence of market integration Brazilian wholesaler, tomato using a dynamic Panel that allows effects thresholds (threshold) to test the hypothesis that the market convergence to the law of one price. The results support the hypothesis of integration between the main tomato and Brazilian markets in this process there is empirical evidence of transaction costs. In chapter II seeks to analyze the sustainability of the debt of Brazilian States after implementation of the law of fiscal responsibility (LRF) through fiscal response function of Government, this methodology developed by Bohn (2006). To this end, it was estimated econometric model for data on Panel with annual data for the period 2000-2008 for the stock of net debt and spending and revenue streams. The results show that the Brazilian States do not respond as expected to keep their debts sustainable. In chapter III, sought to analyse the effects of economic growth, inequality and the Bolsa Familia program (PBF) in poverty rates in Brazil. This was a model of dynamic Panel, estimated by the generalized method of moments for two-pass system, developed by Blundel-Bond (1998). The results show that spending on the bolsa famÃlia did not, in any of the models examined, impact on poverty. It was found that the average family income rises per capita as the reduction of inequality are statistically significant in combating poverty, whether in the proportion of poor or indigent ratio and that economic growth policies that promote increased income together with the reduction of their disparities are preferable to economic growth policies that favor simply increased incomes average in combating poverty in Brazil.