We define contagion in financial markets as a significant increase in cross-market linkages after a shock to one country (or group of countries). Contagion occurs if cross-market co-movement increases significantly after the shock.The main goal of this paper is to analyse changes in dependence...

The aim of a warning forecast is to signal “early enough” unfavorable changes in selected business activity areas, described by time series. A warning forecast is, by nature, a long-term forecast; its characteristic feature is the fact that it does not give values of forecasted variables but...

In the theory of economy, goods are often split into necessity goods (necessities), which must be purchased for daily life, and luxury goods, which satisfy other needs such as those attributable to social status. Many researches deal with the problem of health-care services – some proved that...

In this study, we identify the optimal hedge ratio for mandatory pension funds, defining the optimum as the value that minimizes the portfolio variance in accordance with the social objective of the mandatory pension system. Unlike most previous studies, we apply a dynamic framework to account...

In this study we explore the issue of foreign assets in mandatory pension funds portfolios. First we provide an overview of the regulatory policies regarding international assets and indicate the externalitieswhich may account for the observed differences among the CEE states. Then, taking the...