A reduction in real wages arising from price liberalisation has been a standard feature of economies undergoing industrial restructuring. In this article, the impact of real wages on industrial performance is examined using a panel dataset of Romanian industries from 1990-96. Using both static...

In this paper we demonstrate that the measurement of stock market efficiency is an important activity in establishing whether eastern European countries satisfy the Copenhagen Criteria for EU membership. Specifically, we argue that developing an efficient stock market should be an important...

The use of the GARCH-class of models is commonplace when examining stock market returns. In this paper we use data on stock markets in two transition economies to demonstrate the importance of using the correct GARCH specification. When returns are characterised by ‘fat tails’ or kurtosis...