Amorphous SiOx alloys containing Ge or GeO2 nanocrystals are produced by dc-magnetron sputtering and controlled crystallization. The samples are investigated by Raman scattering, transmission electron microscopy, photo luminescence and excitation spectroscopy. Under UV excitation, both types of films luminesce around 3.1 eV, with identical PL line shapes and subnanosecond PL dynamics. The strongest PL intensity is found for the films containing GeO2 crystals and for the largest nanocrystals. These results are a clear indication that although the blue luminescence is without a doubt correlated with the formation of Ge (or GeO2) nanocrystals, it is not produced by the radiative recombination of excitons confined in the nanocrystals. Possible mechanisms for the luminescence are discussed, including defects at the nanocrystal/matrix interface or in the matrix itself.