This paper estimates a tri-variate VAR-GARCH(1,1)-in-mean model to examine linkages between the stock markets of three Central and Eastern European countries (CEECs), specifically the Czech Republic, Hungary, and Poland, and both the UK and Russia. The adopted framework allows to analyse...

Dieses Buch untersucht die Anpassungserfordernisse in Mittel- und Osteuropa. Die Systemwechsel in Polen, Ungarn, der slowakischen und der tschechischen Republik haben bislang nicht zu prosperierenden Volkswirtschaften geführt. Die Reformländer sind vom Einkommensniveau ihrer westlichen...

In the course of the EU enlargement process, the participation of accession countries in the European Monetary Union might lead to a significant redistribution of seigniorage wealth if current regulations prevail. In general, accession countries will be winners from this redistribution, for...

Ten Central and Eastern European countries, as well as Cyprus and Malta, have applied for membership of the European Union. Membership involves, among others, alignment of the taxes on tobacco products. Within the acquis communautaire, accession countries can choose between a predominantly...