This study analyzes the long-run cointegration relationship between equity and real estate prices in 30 developed and emerging economies divided into four subpanels related to the income level and the financial market structure. We test for cointegration between equity and real estate prices...

We analyze the household income and housing endowment during the economic reforms in Slovakia. We compare households that entered the labor market before and after the economic reforms in 1990. On the one hand, the returns to education are significantly different for both labor market cohorts...

The aim of this work is to find the dynamics of interdependencies and similarities between European, American and Asian stock markets. The investigation covers daily returns of 36 market indices. In order to examine the dependencies between these data, the Markov regime switching copula model...

This study investigates volatility spillovers and the dynamic relationship between the stock and currency markets in the Czech Republic, Poland, Hungary and Russia using four multivariate GARCH models. We analyze the optimal weights and the effectiveness of diversification for stock-currency...

This paper shows by means of the concept of utility that annuitization through life annui-ties or a pension can be an efficient instrument for the economic assurance of seniors. Various quantitative arguments are presented supporting this statement (e.g. annuity equivalent wealth [AEW] is...

The empirically documented positive relationship between price momentum and subsequent stock returns constitutes a puzzle that evades a compelling theoretical explanation. This study analyzes one of the proposed explanations, namely that momentum is correlated with stock liquidity, which is the...

The present study chose 14 regions of the Czech Republic as case studies to examine the existence of unemployment hysteresis. To carry out the empirical analysis, it used the SURADF test and the FADF test. The empirical findings from the ADF tests suggested that unemployment in all 14 regions...

This paper presents a duration dependent model for analyzing the evolution of credit ratings. It considers the backward recurrence process to tackle the time of permanence problem in the rating classes. In this way it is possible to manage the duration effects, which represent one of the most...

This study investigates financing behavior in adjusting to the target capital structure of Romanian firms listed on the Bucharest Stock Exchange during the period 2004–2011. Using a dynamic panel data model and Arrelano’s and Bond’s Generalized Method of Moments (GMM), we estimate the size...

Well before the global financial crisis, the long-term trend in fiscal policy had raised concerns about risks for the outcomes of monetary policy. Are fears of an unpleasant monetarist arithmetic justified? To provide some insights, this paper examines strategic fiscal-monetary interactions in a...