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The paper addresses a concept of differentiated integration in Slovenian politics. The analysis showed that the key words associated with the salience of DI are seldom used in parliamentary debates, coalition programmes or prime minister speeches. The issue of DI is more a topic for academic discussion than for daily politics. We identify that the common thread throughout Slovenian foreign policy from independence onwards has been that a strong and united EU, which is of key importance for Slovenia. Primarily because of a fear that a multi-tier EU would mean fewer opportunities for future Slovenian governments and in general fewer opportunities for smaller and/or less developed countries.

Human beings are cultural beings. This implies that being deprived of valuable cultural objects may directly affect them in their possibilities of being human. This predicament could explain the special attention given to cases of Nazi-looted cultural objects and, more recently, to collections of cultural objects looted or acquired under duress in territories of the former colonial empires. It may be one of the reasons why, in particular, the quest for restitution of specific cultural objects is deemed to be so important, despite efforts to also explore alternative 'fair and just solutions', as indicated in the Washington Principles on Nazi-Confiscated Art of 1998. With reference to ideas of the German-Jewish philosopher Walter Benjamin (1892-1940), this paper explores the value of restitution in more detail. How could these ideas be helpful in understanding and perhaps overcoming legal obstacles in the present on the road to restitution of objects from colonial collections?

International audience; The crucial and growing role performed by different financial intermediaries such as venture capitalists and angel investors as well as more traditional intermediaries such as commercial banks in developing entrepreneurial or innovative firms and boosting product market innovations has led to great research interest in the economics of innovation and entrepreneurial finance. Besides this, there are some important factors or developments which have affected the entrepreneurial finance in general as well as its influence upon different entrepreneurial or innovative firms. Indeed, it is also true that the financial and ownership structures of the different entrepreneurial firms and the legal as well as institutional environment, in which they operate, itself affects the product market innovations (Chemmanur and Fulghieri, 2014). .Therefore, in this paper I want to target a broad theme i.e. analysis of the mechanisms behind this scenario, especially, in the context of Indian market system.

This paper provides a detailed description of the Eurace@Unibi model, which has been developed as a versatile tool for economic policy analysis. The model explicitly incorporates the decentralized interaction of heterogeneous agents across different sectors and regions. The modeling of individual behavior is based on heuristics with empirical microfoundations. Although Eurace@Unibi has been applied successfully to different policy domains, the complexity of the structure of the model, which is similar to other agent-based macroeconomic models, has given rise to concerns about the reproducibility and robustness of the obtained insights. This paper addresses these concerns by describing the exact details of all decision rules, interaction protocols and balance sheets used in the model. Furthermore, we discuss the use of a virtual appliance as a tool allowing third parties to reproduce and verify the simulation results. The paper provides a systematic and extensive sensitivity analysis of the simulation output with respect to a set of key parameters. Particular emphasis is put on the question which parameter constellations give rise to strong economic fluctuations and high frequencies of sudden downturns in economic activity.

This paper has been written as a background review for the European Research Council-funded PASTRES project (Pastoralism, Uncertainty, Resilience: Global Lessons from the Margins, pastres.org). Lessons from pastoralists, we argue, may help others working in other domains to develop more effective responses to uncertain contexts. Following prof. Scoones’ paper What is uncertainty and why does it matter?, this is one of two papers developed with a view to analyse and reflect on the interfaces and interrelationships between pastoral societies, the uncertainties that embed their livelihoods, and the related coping/adaptive principles, strategies, and practices. Through a structured review and a meta-analysis of existing literature, the environmental, market, and governance dimensions characterizing uncertainty for pastoralists are explored in six different settings: a) Central and southern Asia, with specific references to the Tibetan plateau in China and to Indian pastoralists; b) the northern and southern shores of the Mediterranean, with a focus on Morocco in the Maghreb-Mashreq region and a wider perspective on pastoralism in Mediterranean Europe; c) the eastern and western flanks of Sub-Saharan Africa drylands, with a specific focus on the Fulani and Borana pastoral groups inhabiting these regions. This paper assesses the practices and strategies pastoral communties adopt in responding to the stresses and shocks generated by the uncertainties that surround them, with a view to understand and appreciate the underpinning inspiring principles. The responses displayed and applied by pastoral communities in the different settings show in fact relevant and intriguing degrees of similarity across the regions. This helps identify a common framework and a set of overarching principles and patterns for pastoralists in dealing with risk and uncertainty. The paper concludes by indicating potential ways we could learn from pastoralists, as part of a wider conversation about embracing uncertainties to meet the challenges of our turbulent world. This endeavour is complemented by another paper that explores the diverse and constantly changing uncertainty frameworks characterising different pastoral regions of the globe.

This country report analyses the salience and position of differentiated integration (DI) in Portugal in the period between 2004-2020. Employing a quantitative and a qualitative analysis, it first examines the salience of DI models and mechanisms for the successive Portuguese governments using documents such as government programmes, Prime-Minister speeches, parliamentary debates, and statements by the Prime Minister in European Council meetings. Secondly, it reviews governments’ general positions on DI, while zooming in on four peaks of salience: the Lisbon Treaty, the debate on the Unitary Patent, the financial crisis and the discussions on the Financial Transaction Tax and the Fiscal Compact, and the White Paper on the Future of Europe. The results from the salience analysis demonstrate a low saliency of differentiated integration (DI) and, more generally, European integration in Portugal. DI models were more salient than DI mechanisms, while DI instances are the most salient. Salience was enhanced by an increasing intersection between domestic and European politics during the euro crisis period, politicising the debate especially around DI instances of an economic nature. The position of Portuguese governments regarding DI during the period analysed was overwhelmingly negative. In general, this stance was also shared by the opposition parties. Over the period of analysis, a wide consensus stood out among Portuguese political parties that DI models clearly go against both the European – by risking a disaggregation of the EU – and the national interest – by possibly pushing Portugal into an even more peripheral position. Notwithstanding this generally negative view of DI, mainstream parties – which alternated in government during the timeframe of the analysis – viewed the enhanced co-operation mechanism in a generally positive manner, recognising its potential to promote advances in European integration when the EU faced critical deadlocks. This Working paper is part of the InDivEU project which has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement number 822304. The content of this document represents only the views of the InDivEU consortium and is its sole responsibility. The European Commission does not accept any responsibility for use that may be made of the information it contains.

Recent research suggests that firm-level factors play a significant role in the gender wage gap. This paper adds to this literature by analysing the role of sorting between firms and bargaining within firms using the methodology of Card et al. (2016). We employ linked employer-employee data for the whole population of firms and employees from Estonia for 2006–2017. Estonia is a country with the highest gender wage gap in the EU with about two-thirds of that unexplained by conventional factors. The results show that firm-level factors are important determinants of the gender wage gap, explaining as much as 35% of the gap. We find that within-firm bargaining plays a larger role in the gender wage gap than similar prior papers. This could be related to lenient labour market institutions, as reflected in low minimum wages and union power, and to lower bargaining skills of women. Further, the role of firm-level factors in the gender wage gap have increased over time, and these are especially important at the top of the wage distribution and among workers that are more skilled. There is a heavy penalty for motherhood in wages, 4–9 log points, but this is not related to firm-specific time-invariant productivity premiums.

This paper argues for introducing data (infrastructural) literacy as a potential response of journalism education to the challenge of growing datafication in the media industry. It begins with pointing to the vocational orientation and centrality of technology in journalism education. Moving on to datafication as the most recent technological revolution and respective changes it is bringing in the news work. After brief mapping out of the existing responses of journalism education to the challenges posed by datafication, arguments in favor of introducing data infrastructural literacy in curricula of journalism education are presented. Arguments raised in this paper are based on the review of the previous literature as well as the insights gained from the in-depth semi-structured interviews with data analysts from the most influential media organizations in Norway.

This report reviews the salience of differentiated integration (DI) in Denmark as well as the shifting positions of Danish governments on DI models and mechanisms. DI was generally a low-salience issue at the level of conceptual models in Denmark in 2004-2020, which is reflected in the government positions, as Danish governments did not take clear public stance on conceptual DI in either 2008, 2012 or 2017-2020. This was the case despite that the EU in general was as salient as economic and social/welfare issues in the period. By contrast, DI mechanisms were highly salient in the Danish debate, driven by discussions on the Danish opt-outs. Danish governments, it seems, would rather engage in public discussions on concrete policies and mechanisms than at the abstract conceptual level when it comes to DI. In 2008 the government wanted to abolish the opt-outs on JHA, the euro and defence. In 2012, it wanted to abolish the opt-out on defence and replace the JHA opt-out with an opt-in model. Neither succeeded. In 2017-2020, after the JHA opt-out referendum in 2015, this position had somewhat changed, supposedly making governments less eager to argue for abolishing the opt-outs. However, the Social Democratic government in 2019-2020 was the only government analysed that did not position itself clearly negatively towards the Danish opt-outs and, as a consequence, DI mechanisms, indicating a policy shift since previous periods. This working paper is part of the InDivEU project which has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement number 822304.

Article 17 of the Directive on copyright and related rights in the Digital Single Market (the DSM Directive) has strengthened the protection of copyright holders. Moving forward, online content-sharing providers will be responsible for copyright infringement unless the use of works on their platforms is authorized or if they have made ‘best efforts’ to obtain an authorization and prevent the availability of unlicensed works. At the same time, the Directive has made it clear that users of protected works shall be able to rely on the existing limitations and exceptions regarding quotation, criticism and review and caricature, parody or pastiche. The Directive even casts these limitations and exceptions as user rights. This paper points out that copyright’s limitations and exceptions have traditionally consti- tuted a corner stone in the internal balancing of the interests of users against rights holders and with a clear view of safeguarding the interests of free expression and information protected by the Charter. Given the overall purpose of the DSM Directive in strengthening the position of rights holders, there is a dire risk that the benefits of the limitations and exceptions evaporate in the attempts of platform operators to escape liability by use of algorithmic enforcement. The article uses the recent decisions of the CJEU in Pelham, Funke Medien and Spiegel Online to draw attention to the central importance of the limitations and exception as the primary channel for fundamental rights analyses in copyright. It is finally pointed out how the DSM Directive –despite of its on-the-paper recognition of users’ rights– is most likely going to lead to a devaluation of those same rights.

Norway is a somewhat exceptional country in Europe in political terms. It is one of the few European countries that are not members of the European Union (EU). Rather it has structured its connections with European institutions and organisations through membership in the European Economic Area (EEA) and a host of other agreements and accessions to EU policies. It is in this context that this paper addresses Norway’s migration policies from the vantage point of three conceptions of global justice. The time period for definitional analysis is recent developments, with a main focus on 2009 to 2016. A relatively recent historical phenomenon to Norway, migration is rapidly becoming an ever more important topic of political debate and policy-making. As any territorial state, Norway is part of the system of states, with effects on the logic of membership and gatekeeping on access to the territory and residence. This system has, however, become more ‘porous’ with supranational actors such as the EU, international legal obligations, and increased interconnectedness in cultural and economic terms transforming the nation-state. A firm conclusion on the adherence of Norway’s migration policy with the three conceptions of justice cannot be provided based on the descriptive definitional work of this paper. If anything, it has shown that there is arguably a tilt toward more adherences with justice as non-domination. Still, in terms of economic migration there is movement in the direction toward justice as impartiality in the equal treatment and non-discrimination principles for EU and EEA citizens. On the other hand, parts of asylum policy clearly stand in the way of realising the notion of reciprocity in the justice as impartiality or mutual recognition.

The report analyses the salience of differentiated integration in the programmes of Bulgarian governments, speeches by heads of governments and heads of state and parliamentary debates between 2007 and 2020 using both quantitative and qualitative methods. Salience analyses produce two key findings. First, the salience of DI models and mechanisms is generally low in official government positions and parliamentary debates. Second, in the case of Bulgaria, the salience of Schengen and EMU is an expression of a preference for more integration, given that fully-fledged participation in these areas has been consistently considered not only an obligation deriving from EU Membership but also a priority by Bulgarian decision-makers ever since 2007. The report shows that European policy and debates on Europe’s future are not central in Bulgarian government positions. Governing parties and opposition parties share a clearly negative stance towards models of DI. In the rhetoric of national politicians, ‘core Еurope’ is used in parallel with ‘periphery,’ triggering negative associations with second-class membership in a union of more developed and powerful countries. While the position on DI seems to be independent of context, the position towards deepening European integration seems to be more complex and context-driven. This Working paper is part of the InDivEU project which has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement number 822304.

Archaeobotanical and genetic analysis of modern plant materials are drawing a complex scenario for the origins of cereal agriculture in the Levant. This paper presents an improved method for the study of early farming harvesting systems based on the texture analysis of gloss observed on sickle blades through confocal microscopy. Using this method, we identify different plant harvesting activities (unripe/semi-ripe/ripe cereal reaping and reed and grass cutting) quantitatively and evaluate their evolution during the time when plant cultivation activities started and domesticated crops appeared in the Levant (12,800 to 7000 cal BC). The state of maturity of cereals when harvested shifted over time from unripe, to semi-ripe and finally to ripe. Most of these changes in harvesting techniques are explained by the modification of crops during the transition to agriculture. The shift in plant harvesting strategies was neither chronologically linear nor geographically homogeneous. Fully mature cereal harvesting becomes dominant around 8500 cal BC in Southern Levant and one millennium later in Northern Levant, which accords with the appearance of domestic varieties in the archaeobotanical record. The evolution of plant harvesting better fits with the gradualist model of explanation of cereal agriculture than with the punctuated one., We acknowledge all the archaeologists who excavated the sites from which the glossed tools analyzed in this paper have been recovered: Dr. J. Cauvin, Dr H. Gebel, Dr. D. Stordeur, Dr- M. Molist, Dr. E. Coqueugniot, Dr. F. Valla, Dr. A.M.T. Moore and Dr. O. Bar-Yosef. The research has been funded by the Spanish Ministry of Science (PID2019-105767GB-I00), the Shelby White-Leon Levy Foundation (Publication of Tell Qarassa), the Palarq Foundation (Excavation of Kharaysin) and the Consejo Superior de Investigaciones Científicas (Proyectos Intramurales para Arqueología en el Exterior).

This paper highlights the way in which workers of different ages and abilities are affected by anticipated and unanticipated trade liberalisations. A two-factor (skilled and unskilled labour), two-sector Heckscher–Ohlin trade model is supplemented with an education sector which uses skilled labour and time to convert unskilled workers into skilled workers. A skilled worker's income depends on her ability, but all unskilled workers have the same income. Trade liberalisation in a relatively skilled labour abundant country increases the relative skilled wage and induces skill upgrading by the existing workforce, with younger and more able unskilled workers most likely to upgrade. But not all upgraders are better off as a result of the liberalisation. The older and less able upgraders are likely to lose. For an anticipated liberalisation we show that the preferred upgrading strategies depend on a worker's ability and that much of the upgrading will take place before the liberalisation. Hence some workers who would have upgraded had they anticipated the liberalisation will not if it is unanticipated, and adjustment assistance that applies only to post-liberalisation upgraders will fail to compensate some losers and distort the upgrading decisions of others.

It is well known that cultural links between countries increase bilateral trade. In this paper we exploit Portuguese firm-level data on exports to 199 destinations to investigate the questions: How? Do cultural links increase the number of exporters, or the shipments per exporter? What is the role of firm heterogeneity? The results reveal that cultural links, measured by common language/colonial ties and emigrant communities, are significantly associated with a lower incidence of within-firm export zeros and with larger shipments per exporter. Furthermore, they show that the former of these relationships tends to be magnified by firm size, suggesting that firm heterogeneity is key in shaping the interplay between cultural links and the extensive margin of international trade.

Cryptocurrencies are gaining momentum in investor attention, are about to become a new asset class, and may provide a hedging alternative against the risk of devaluation of fiat currencies following the COVID-19 crisis. In order to provide a thorough understanding of this new asset class, risk indicators need to consider tail risk behaviour and the interdependencies between the cryptocurrencies not only for risk management but also for portfolio optimization. The tail risk network analysis framework proposed in the paper is able to identify individual risk characteristics and capture spillover effect in a network topology. Finally we construct tail event sensitive portfolios and consequently test the performance during an unforeseen COVID-19 pandemic.

Working from home (WFH) is meanwhile a technologically feasible solution for regular employment in many sectors and with positive impacts on health, resource consumption and the environment. The paper addresses the Corona crisis as a situation where working people are forced to switch to teleworking. A global secondary perception analysis and a subsequent econometric analysis for Southern Germany at district level confirms teleworkability to be a significant tool for more climate protection if implemented in real life (WFH). Higher infection incidence seems to indicate lower levels of teleworkability or less acceptance or less responsiveness during the pandemic. Teleworkability translated into true WFH might also strengthen regional resilience against contagion. It is thus a potential instrument of safer public infrastructure. &nbsp

We analyse impacts of the rising labor force participation of women on the gender wage gap. We formulate and structurally estimate an equilibrium model of the labor market in which the elasticity of substitution between male and female labor is allowed to vary depending on the task content of occupations. We find that the elasticity of substitution is higher in high- paying occupations that are intensive in abstract and analytical tasks than in low-paying manual and routine occupations. Consistent with this we find a narrowing of the gender wage gap towards the upper end of the wage distribution and an increase in the gender wage gap at the low end. Demand side trends favoured women and this attenuated the supply-driven downward pressure on women's wages in low-paying occupations, and fully counteracted it in high-paying occupations. The paper contributes new evidence on the distribution of the gender wage gaps, and contributes to a wider literature on technological change, occupational sorting, wage inequality and polarization.

Turkey’s futures with the European Union has never looked so uncertain. Turkey’s relations with the European Union are at a stalemate, with accession negotiations effectively frozen. Yet, Turkey and the EU have a high degree of functional cooperation, where Turkey complies with the EU acquis. Turkey’s opting into the EU acquis in multiple policy areas, where its voluntary compliance-prior to or an alternative to accession, could be conceptualized as external differentiated integration. Turkey adjusts itself to the EU rules on foreign policy, customs union, Schengen regime, development policy to name a few. This paper looks at the varying degrees of Turkish compliance into the EU acquis, and proposes that Turkey will remain an integral part of the European integration.

Do new communication technologies, such as social media, reduce collective action problem? This paper provides evidence that penetration of VK, the dominant Russian online social network, affected protest activity during a wave of protests in Russia in 2011. As a source of exogenous variation in network penetration, we use information on the city of origin of the students who studied together with the founder of VK, controlling for the city of origin of the students who studied at the same university several years earlier or later. We find that a 10% increase in VK penetration increased the probability of a protest by 4.6%, and the number of protesters by 19%. Additional results suggest that social media has affected protest activity by reducing the costs of coordination, rather than by spreading information critical of the government. In particular, VK penetration increased pro-governmental support and reduced the number of people who were ready to participate in protests right before the protests took place. Also, cities with higher fractionalization of network users between VK and Facebook experienced fewer protests. Finally, we provide suggestive evidence that municipalities with higher VK penetration received smaller transfers from the central government after the occurrence of protests.

In this paper, we develop a penalized realized variance (PRV) estimator of the quadratic variation (QV) of a high-dimensional continuous It\^{o} semimartingale. We adapt the principle idea of regularization from linear regression to covariance estimation in a continuous-time high-frequency setting. We show that under a nuclear norm penalization, the PRV is computed by soft-thresholding the eigenvalues of realized variance (RV). It therefore encourages sparsity of singular values or, equivalently, low rank of the solution. We prove our estimator is minimax optimal up to a logarithmic factor. We derive a concentration inequality, which reveals that the rank of PRV is -- with a high probability -- the number of non-negligible eigenvalues of the QV. Moreover, we also provide the associated non-asymptotic analysis for the spot variance. We suggest an intuitive data-driven bootstrap procedure to select the shrinkage parameter. Our theory is supplemented by a simulation study and an empirical application. The PRV detects about three-five factors in the equity market, with a notable rank decrease during times of distress in financial markets. This is consistent with most standard asset pricing models, where a limited amount of systematic factors driving the cross-section of stock returns are perturbed by idiosyncratic errors, rendering the QV -- and also RV -- of full rank.

Can bombs and broadcasts instigate resistance against a foreign regime? In this paper, we examine the canonical case of bombing designed to undermine enemy morale-the Allied bomber offensive against Germany during World War II. Our evidence shows that air power and the airwaves indeed undermined regime support. We collect data on treason trials and combine it with information on the bombing of over 900 German towns and cities. Using plausibly exogenous variation in weather, we show that places that suffered more bombardment saw noticeably more opposition. Bombing also reduced the combat motivation of soldiers: fighter pilots from bombed-out cities performed markedly less well after raids. We also provide evidence that exposure to BBC radio, especially together with bombing, increased the number of resistance cases. We corroborate these findings with the evidence on people's opinions and behavior using unique survey data collected in 1945.

Since its inception, the European Union has proclaimed an ambition to promote values and justice at the global level. In this paper, I discuss how we can assess a foreign policy that has such an ambition. There is no common understanding of how claims to justice beyond borders should be met. Further, in order to be relevant, any critical assessment of foreign policy must take into consideration the constraints of global politics, while at the same time not losing sight of normative requirements. In order to take heed of these concerns, I suggest an analytical framework based on three different conceptions of global justice. These conceptions come with strengths and weaknesses, as they prioritise some challenges to global justice over others. The differences between these conceptions facilitate the empirical effort of discerning inhibiting and facilitating factors for the conduct of a just foreign policy – of taking into account the constraints of global politics. At the same time, the framework acknowledges the contested nature of justice without compromising on the need to assess foreign policy practice against explicit normative criteria. The approach makes it possible for the analyst to provide a more nuanced assessment as well as one based on what might be considered feasible criteria for justice, and to specify the strengths and weaknesses of the observed foreign policy practice from different perspectives.

This report analyses the salience and position of the German government concerning differentiated integration in the European Union. The report employs a range of quantitative and qualitative methods to analyse government programs, speeches of the prime minister and parliamentary debates. The results of the salience analysis show that differentiated integration is sparsely mentioned by the German government. It occurs most frequently in parliamentary debates, where it is discussed on a concrete level and concerns instances and mechanisms of differentiated integration. The results of the position analysis show that the German government and opposition parties take a very similar stance that encourages homogenous European legislation in reference to Germany’s historical role and responsibility in Europe. However, when the parliament discusses a specific issue that is in one of the parties’ or Germany’s general interest, mechanisms of differentiated integration are embraced as a way to move forward. This stance can be summarized as homogenisation if possible, DI if necessary. This [report/publication/etc] is part of the InDivEU project which has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement number 822304.

Recent scholarly literature on the EU’s development policy has argued that the Union is using its provision of development cooperation to advance its geo-strategic interests. This paper investigates whether there has been an equivalent rupture with the EU’s core normative commitment, namely to conduct a human rights-based approach to development. Contrary to the hypothesis of change, I find that continuity characterises the EU’s mandate for a new partnership with the Africa, Caribbean and Pacific group of states. In fact, the EU’s commitment to a rights-based approach to development shaped the EU’s negotiating directives for a post-Cotonou agreement. In particular, the EU sought to make sure that human rights commitments in the self-standing EPA trade agreements were not lost, as these relied on references to the Cotonou-acquis. However, drawing on a concept of justice as impartiality, I also find that there are ambiguities to the EU’s rights-based approach. I find that national executives’ delegated authority to initiate and conduct dispute settlement on violations of the Cotonou-acquis comes at the cost of promoting individuals’ and civil society’s right to autonomy. Arguably, the EU’s political conditionality policy prioritises support to duty-bearers (states) to uphold their obligations over the empowerment of rights-holders (individuals) to claim their rights.

In this paper, we build a theoretical model to study the underlying factors behind the various partnership levels in different cooperation schemes between airline and high-speed rail (HSR). We study two different intermodal relationships: a parallel one where the networks of the airline and the rail operator overlap partially and a vertical one where they do not overlap at all. We examine the situations when the cooperation levels are either exogenous or endogenous. For any given cooperation level, we show that the incremental profit of a vertical partnership is higher than that of a parallel partnership. However, when the two types of partnerships are both possible, the parallel partnership might be dominated by the vertical partnership only when the air-rail connecting service is sufficiently inferior to the connecting flight. The social welfare level of a parallel partnership is higher than that of a vertical partnership when the air-rail connecting service is sufficiently superior to the connecting flight. When the cooperation level is also a decision variable, a parallel partnership will have higher cooperation level than a vertical partnership when the travel time of HSR is sufficiently short compared with that of air.

This paper examines the relationship between oil price movements and systemic risk of many financial institutions in major petroleum-based economies. We estimate ΔcoVaR for those institutions and thereby observe the presence of elevated increases in the levels corresponding to the subprime and global financial crises. The results provide evidence in favour of a better risk measurement by accounting for oil returns in the risk functions. The estimated spread between the standard CoVaR and the CoVaR that includes oil is absorbed in a time range that is longer than the duration of the oil shocks. This indicates that the drop in oil prices has a longer effect on risk and requires more time to be discounted by the financial institutions. To support the analysis, we consider other major market-based systemic risk measures. This version: November 5, 2017