The characteristics of the interest rate pass-through in the Czech Republic, Hungary and Poland are studied making use of autoregressive distributed lags (ARDL) models. Significant differences are found across market interest rates and countries concerning long-run elasticities of market...

In this study, we seek to better understand the interest rate pass-through in five Central and Eastern European countries – the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5. Our pass-through estimates for several retail rates are generally lower than those reported in the...

In this study, we seek to better understand the interest rate pass-through in fi ve Central and Eastern European countries – the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5 – and compare it with the pass-through in selected euro area countries – Austria, Germany and...

In this paper we examine macroeconomic, external and financial vulnerabilities of 22 Central, Eastern and Southeastern European (CESEE) economies. Our assessment is based on a nonparametric signaling or threshold approach, which involves monitoring selected indicators that show unusual behavior...

On May 1, 2004, ten new Member States (NMS) entered the European Union (EU). Since the NMS are still in the midst of a transition and catching-up process, not only will they face asymmetric shocks, but; these shocks will be largely uncorrelated with those prevailing in EMU. Upon EU accession the...

Die Erhöhung operativer Cash Flows führt nach dem Discounted-Cash-Flow-Modell unmittelbar zu einer Unternehmenswertsteigerung. Die Praxis der wertorientierten Unternehmensführung misst demgegenüber den Erfolg zumeist auf Basis des Economic Value Added. In diesem Konzept schlagen sich...

This study discusses issues that can be expected to arise in the context of preparations for the euro changeover in the new Member States. In doing so, it draws on the experiences of those 12 countries that have already introduced the single European currency, with a specific focus on the case...

At the worldwide level, economic recovery appears to be picking up even more momentum. The U.S. has seen sharp increases in growth given the strong impetus from consumer spending and investment. In Asia, Japan seems to have ended its long period of economic recession, and the Chinese and...

We examine the international effects of adverse loan supply and aggregate demand shocks originating in the euro area and the U.S.A. For that purpose, we use a global vector autoregressive (GVAR) model and isolate disturbances stemming from loan supply from those of four other macroeconomic...