Capital markets are regarded as “the barometer” of economic activity at the national level, but among emerging markets, the position of this segment in the economy is far from ideal. The answers that we try to offer are concerning the contribution of capital markets to the economic welfare...

Using negative to low-correlated assets to manage short-term portfolio risk is not uncommon among investors, although the long-term benefits of this strategy remain unclear. This study examines the long-term benefits of the correlation strategy for portfolios based on the stock market in Asia,...

The question of whether or not increased stock market size allows for improved financing conditions for firms in emerging markets is an important one for policy-making. This paper seeks to investigate this issue by analyzing whether increases in market-level liquidity have indeed trickled down...

In this paper, we present systematic regional and cross-country information about the refinancing structure of the banking sector in selected Central, Eastern and Southeastern European (CESEE) countries. We use the most recent data available (from mid-2008 until end-2009) to focus on the...

This article studies the relations between the stock exchanges of Romania, Poland, the Czech Republic and Hungary before and after the start of the crisis in CEE (January 2000-August 2008 and October 2008-September 2010, respectively). The connections among the monthly yields of the main CEE...

The so-called German Dominance Hypothesis (GDH) claimed that Bundesbank policies were transmitted into other European Monetary System (EMS) interest rates during the pre-euro era. We reformulate this hypothesis for the Central and Eastern European (CEE) countries that are on the verge of...

The transition economies of Central and Eastern Europe are trying to construct viable modern financial markets which provide a wide range of financial instruments. The paper focuses on the evolution of exchange-traded derivatives in Czech Republic, Hungary, Poland and Romania. The results...

The goal ofthis comparative research isto investigate intra-market commonality inliquid-ity onsix small emerging Central and Eastern European (CEE) stock exchanges - inthe Czech Republic, Hungary, Slovakia, Lithuania, Estonia, and Latvia. The CEE post-commu-nist countries can beanalyzed together...

Austrian banks are heavily engaged in Central and Eastern European (CEE) markets primarily by running local subsidiaries but also by extending cross-border loans. We give an account of the historical development and the status quo of these exposures and conduct a stress test for the Austrian...

Since the onset of the global financial market turbulence in mid-2007 there have been concerns whether and to what extent the unfolding liquidity squeeze may affect banks in Central, Eastern and Southeastern Europe (CESEE). In this note, we present systematic regional and cross-country...