Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/104294
Authors: 
Rousova, Linda
Year of Publication: 
2009
Series/Report no.: 
Munich Discussion Paper 2009-15
Abstract: 
The Central European countries became members of the European Union (EU) in May 2004. Has their accession into the EU also resulted in a stronger financial integration with the global economy in general and with the "old" EU countries in particular? Based on a cointegration analysis applied to stock market movements, I detect for the period after the EU enlargement two new long-run equilibrium relations that indeed suggest a stronger inter-dependence of the markets, whereas no such relations can be observed before this date. In particular, one new relation links the Central European markets to the Western European market, reflecting tighter co-movements of the "new" and the "old" EU markets. The second relation points at the role of the US market for both the Central and the Western European markets.
Subjects: 
Transition Economies
Emerging stock markets
Central Europe
European integration
Cointegration
Long-run stock market linkages
JEL: 
C5
F36
G11
G15
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.