This paper evaluates the functioning, suitability, and effectiveness of the Maastricht convergence criteria regarding fiscal policy and the Stability and Growth Pact for the Baltic States.We argue that the Maastricht fiscal targets from the Baltic perspective should be considered as long-term...

This paper evaluates the functioning, suitability, and effectiveness of the Maastricht convergence criteria regarding fiscal policy and the Stability and Growth Pact for the Baltic States. We argue that the Maastricht fiscal targets from the Baltic perspective should be considered as long-term...

This paper reviews the issues concerning the integration of the Baltic States into the European Union (EU). The focus is on fiscal policy and institutions of policy convergence. More specifically, we evaluate the functioning, suitability, and effectiveness of the Maastricht convergence criteria...

We examine the effects of federal funds target rate changes and all types of FOMC communication on European and Pacific equity market returns using a GARCH model. We show that both types of news have a significant statistical and economic impact, but that the effects are not symmetric: target...

Using a GARCH model, we study the effects of Federal Funds target rate changes and FOMC communication on emerging equity market returns and volatility over the period 1998–2006. First, both types of news have a significant impact on market returns. Second, target rate changes are more...

This paper studies the effects of FOMC communication on U.S. financial markets' returns and volatility using a GARCH model over the period from 1998 to 2006. We build a new data set that includes information on all FOMC speeches, post-meeting statements, monetary policy reports and testimonies....

This paper examines Brada‘s (1998) conjecture about the path of real exchange rates in two successful transition economies, Hungary and Poland. He argues that, as a result of the very diverse fiscal and monetary policies to be found among these economies, real exchange rates in some economies...