We examine the dynamics of bank lending to the private sector for countries of theEuro area by applying a Markov switching error correction model. We identify forBelgium, Germany, Ireland and Portugal stable, mean reverting regimes andunstable regimes with no tendency to return to the long term...

We estimate monetary policy rules for six central and eastern European countries (CEEC) bytaking changes in the policy settings explicitly into account. Distinguishing rather fixed andmore flexible exchange rate arrangements we find that for most countries exchange ratesplayed an important role...

We investigate the relation between the EUR/HUF exchange rate on the one hand and news announcements and order flow on the other hand using intraday data. We extend the existing literature on foreign exchange market microstructure by considering a small open transition economy. We find that the...