Revista OEconomica

Iulian-Gabriel IONESCU, Mariam BALINT, Gabriel-Robert SAIU - An Inquiry into the Determinants of Stock Market Performance in CEE: A Dual Approach Based on ARDL and Quantile Regression

Ioana Anastasia MUŞAT - Detecting Speculative Bubbles and Contagion Dynamics in the European Technology Sector [Detectarea bulelor speculative şi analiza contagiunii în sectorul tehnologic european]

Laura PREDA - Determining the Socio-Economic Factors of Home Ownership Across Europe

Maria Cristina DRĂGUŢESCU, Esra CADÎR, Rebecca Elena APOSTOLESCU - The European Union and the Innovation and Competitiveness Gap Vis-à-Vis the United States [Uniunea Europeană şi decalajul de inovaţie şi competitivitate faţă de SUA]

Iulian Cezare DEDIU - Economic Warfare: Analyzing the Use of Sanctions in Geopolitical Conflicts [Arma economică: analiza utilizării sancţiunilor în conflictele geopolitice]

Articles on Issue Theme

Ioana Anastasia MUŞAT

Academia de Studii Economice din Bucureşti

This paper investigates the emergence and propagation of speculative bubbles within the European technology sector using the Generalized Sup Augmented Dickey-Fuller (GSADF) econometric test. The analysis relies on a sample of companies included in the STOXX Europe 600 index over the period 2010-2025. The results provide evidence of both firm-specific speculative bubbles and episodes of contagion, during which multiple companies simultaneously experienced bubble-like dynamics. Positive contagion effects were more prevalent during the periods 2016-2018 and 2019-2021, coinciding with accommodative monetary policies and heightened investor optimism, particularly during the COVID-19 pandemic. Conversely, negative contagion was most pronounced in 2020 and throughout 2021-2022, reflecting tightening monetary conditions, rising interest rates, and increased economic and geopolitical uncertainty. By offering an empirical assessment of speculative bubble dynamics in a sector characterized by rapid innovation and elevated volatility, the study contributes to a deeper understanding of systemic risk in technology-driven markets. The findings are particularly relevant in light of the growing prominence of artificial intelligence–based firms and their implications for financial stability.

ŒCONOMICA no. 3/2025

Keywords: European technology sector, speculative bubbles, financial contagion, systemic risk, GSADF test, boom–bust dynamics

JEL: C22, G10, G12, G14, G15

Detecting Speculative Bubbles and Contagion Dynamics in the European Technology Sector [Detectarea bulelor speculative şi analiza contagiunii în sectorul tehnologic european]

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