La Jolla Economics

Report Detail Summary

The Country Selector

April 06, 1999

As the euro launch date approached; the convergence theme dominated the European analysis. In fact; many analysts were advising investors to stop focusing on national markets in the currency union. They argued that the euro would bring economic convergence and; as a result; the country-to-country gap in stock market performance would narrow. These analysts urged investors to pick stocks by industry groups rather than national markets. But the data from the beginning of the year don't support this view.

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