The paper employs a recently developed procedure, based on a bivariate Markov switching model, to analyze the asymmetric causality linkages between credit growth and output growth during banking crises. Using a sample of 103 banking crises, we find that neither credit nor output leads the other...

Homeownership rates are very different across European countries. They range from below 50% in Germany to over 80% in Greece, Spain or Ireland. However the differences lie not only in the overall homeownership rates but also in its structure, and this is the focus of this paper. Its aim is to...

A repeated, discrete time, nonlinear Cournot duopoly game with adjusting heterogeneous players, i.e. bounded rational and adaptive, is subject of investigation. The game is modeled by a system of two nonlinear difference equations. The evolution of outputs over time is obtained by iteration of a...

The study examines main determinants of financial distress of companies in Poland during the recent transformation period. The data compose a sample of 1995-97 annual financial statements of 200 unlisted companies in Poland. The sample was collected by the Institute of Economics of the Polish...

Paper presents the analysis of individual reactions functions of Polish Monetary Policy Council (MPC) members in the years 2004–2005. In the period under study the Polish central bank (National Bank of Poland) used the bias in the monetary policy as an indicator of future interest rate...

Paper analyses subjective economic welfare and well-being in Polish households. The study is based on the Household Budget Survey carried out by the Central Statistical Office in Poland. Subjective measures are estimated using households’ answers to questions about the own satisfaction with...

Paper presents decomposition of the realized rate of return on investment in fixed-income securities in order to identify the income/risk sources. The decomposition is accomplished applying the concept of factorization and factor analysis on treasury bonds returns. Weekly data from the interbank...

This paper presents maximum score type estimators for linear, binomial, tobit and truncated regression models. These estimators estimate the normalized vector of slopes and do not provide the estimator of intercept, although it may appear in the model. Strong consistency is proved. In addition,...

Paper refers to the relations between real economic activity and the state of nancial sys- tem. It presents how the balance sheet eect works and how it in uences the real economic activity and the eectiveness of the monetary policy. The empirical part of the paper presents the theoretical model,...

Quantitative research on corporate governance is mostly rooted in microeconometrics. Paper debates the financial edge of microeconometrics and its relevance to corporate governance. The considerations are illustrated with the examples from Central and Eastern Europe.