model. By grouping the countries into euro area countries, "old" EU member states outside the euro area, and new EU member … states, we also evaluate the impact of euro introduction and the European unification process on stock market integration. We … market capitalisation and hindered by foreign exchange risk between old member states and the euro area. Interest rate …

In this paper, we study the effects of euro area and US macroeconomic news on financial markets in the Czech Republic …-month interest rates, stock market indices, exchange rates versus the euro, and the US dollar. First, foreign macroeconomic news has … whole observation period. Third, the process of European integration is accompanied by an increasing importance of euro area …