This paper investigates whether cointegration and causality relationships exist among the stock markets of the PIIGS …-crisis period” and the second “crisis period”. We apply a battery of tests such as Johansen cointegration, Granger causality …, Gregory and Hansen residuals cointegration with regime shifts, fully modified ordinary least squares, as well as a …

markets and Russia, second we investigate the relationship among the currency markets of Poland, Hungry, Russia and Czech … markets. Results show clear evidence of Eastern European markets integration within the region and with Russia as well …