We employ the time-varying copula approach to investigate the conditional dependence between the Brent crude oil price and stock markets in the Central and Eastern European (CEE) transition economies. Our results show evidence of a positive dependence between the oil and the stock markets of the...

The main objective of the study is to empirically investigate the differential impact of services and manufacturing Foreign Direct Investment (FDI) on economic growth over the period of 1972 to 2008. The study further examines the role of FDI in presence of macroeconomic instability and...

Our paper investigates the extent of capital market co-movements between three emerging markets– Czech Republic, Hungary and Poland – and three developed markets from the European Union - Austria, France and Germany. We test whether an increase in correlations between the six markets took...

We analyze the effects of a recent financial reform that enables cross-market investment between Hong Kong and Shanghai stock exchanges. Using a vector error-correction model, we nd that the reform announcement considerably narrows the equilibrium level of price disparity and strengthens the...