Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/76519 
Authors: 
Year of Publication: 
2003
Series/Report no.: 
CESifo Working Paper No. 1020
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
This paper investigates capital market integration in the major Central European emerging economies by testing the covered and uncovered interest parity conditions vis-à-vis the U.S. dollar and the DM/euro. The results for the Central European economies since 1997 are contrasted against those of the euro countries during the period preceding the introduction of the euro. This allows a comparison of conditions in the capital markets in the Central European economies versus those in the pre-euro EU. The results suggest that capital mobility and exchange rate market efficiency in Central Europe are remarkably similar to conditions in the EU during the 1990s.
Subjects: 
covered interest parity
uncovered interest parity
Central Europe
EU enlargement
Document Type: 
Working Paper
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