The objective of this paper is to analyze and compare the fractal structure of the Croatian and Hungarian stock market returns. The presence of long memory components in asset returns provides evidence against the weak-form of stock market efficiency. The starting working hypothesis that there...

This article examines the comovement dynamics between the developed European stock markets of the United Kingdom, Germany, France and Austria. After applying a Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedastic (DCC-GARCH) and wavelet multiscale analysis on a...

In this paper, we examine the stock exchange index returns for the panel of 27 EU countries in the last ten years. Our method of choice is a special kind of tree models, namely model baþed recursive partitioning (MOB). The MOB algorithm uses the generalized M-fluctuation test to examine the...

Rapid credit growth has been one of the most pervasive developments in recent years in Central and Eastern Europe. Our estimates support the hypothesis that the growth of credit and the amount of available finance might harm banking performance and deteriorate non-performing loans (NPL)...

This article examines a range of variables influencing non-performing loan (NPL) ratios in the Czech Republic, Slovakia and Slovenia, as an indicator of the sustainability of banking sector results. Two basic conclusions were drawn from the empirical analysis. First, since the pro-cyclicality of...

If money multipliers are stable, there is a relationship between the controllable variable - base money (B) - and intermediate targets such as M1, M2, and M3. These intermediate targets have a long-term and stable relationship with the final target, the price level. If potential output, money...

This article examines a range of variables influencing non-performing loan (NPL) ratios in the Czech Republic, Slovakia and Slovenia, as an indicator of the sustainability of banking sector results. Two basic conclusions were drawn from the empirical analysis. First, since the pro-cyclicality of...

This article employs an iterative multisectoral model underpinned by estimates of sectoral price functions to simulate six disinflation scenarios for the Slovenian economy. The model simulations show that substantial progress in disinflation can be made during 2004. However, instead of relying...