We examine the international stock market comovements between Western Europe vis-àvis Central (the Czech Republic, Hungary and Poland) and South Eastern Europe (Croatia, Macedonia and Serbia) using multivariate GARCH models in 2006-2011. Comparing these two groups, we find that the degree of...

We assess whether the voting records of central bank boards are informative about future monetary policy using data on five inflation targeting countries (the Czech Republic, Hungary, Poland, Sweden and the United Kingdom). We find that in all countries the voting records, namely the difference...

Die Staaten Osteuropas haben seit dem Fall des Eisernen Vorhangs ausgehend von einer institutionell recht homogenen Situation eine sehr heterogene Entwicklung genommen. Diese Heterogenität bezieht sich nicht nur auf einige zentrale makroökonomische Größen, sondern insb. auch auf die Ebene...

The Euro Plus Pact was approved by 23 EU countries in March 2011. The Pact stipulates a range of quantitative targets meant to strengthen competitiveness and convergence with the ultimate aim of preventing unsustainable financial imbalances from accumulating. This paper uses Granger causality...