This paper investigates the possibility that the newly emerging equity markets in Central Europe exhibit a degree of efficiency similar to that which prevails in more developed markets. The different privatization strategies adopted by the various countries in the region are shown to have...

This paper investigates the possibility that newly emerging equity markets in Central Europe exhibit semi-strong form efficiency such that no relationship exists between lagged values of changes in economic variables and changes in equity prices. We find that while there are connections between...

One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. Little research into this question, however, has used a true causality framework. This paper fills this lacuna by using...