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1

EXCHANGE RATE DEVELOPMENT AND VOLATILITY IN NEW EUROPEAN UNION MEMBER STATES

100%
Stavárek D.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 6
521-538
EN
This paper assesses the exchange rate development and the volatility in six new EU member states during the period November 1996 - April 2006. The development is examined by the calculating various rates of return. The exchange rate volatility is analyzed by using the moving average standard deviations of the annualized daily returns of the nominal bilateral exchange rates. The three ERM II participating currencies (SIT, CYP, SKK) entered into the mechanism at the optimal time of stable exchange rate development and low volatility. However, the admissible fluctuation band ±2.25% seems to be too narrow for the remaining three currencies (CZK, HUF, PLN). Thus, these currencies should remain out of ERM II for some time.
2

ODHAD FAKTORU OVLIVŇUJÍCÍCH EFEKTIVNOST BANK V NOVÝCH ČLENSKÝCH STÁTECH PřED JEJICH VSTUPEM DO EVROPSKÉ UNIE

100%
Stavárek D.
Ekonomický časopis (Journal of Economics)
|
2005
|
vol. 53
|
issue 6
593-610
EN
The paper incorporates censored tobit regression analysis to detect whether the changes in banking efficiency in Visegrad countries should be explained by country specific environmental factors or the internal variables. The results suggest that the level of efficiency may be explained mainly by banking specific characteristics. The country's environmental factors are likely to be statistically insignificant. Consequently, the paper sheds some light on the issue of the optimal architecture of a banking system. If combined together, the positive effects of capitalization, market concentration and foreign ownership on efficiency indicators suggest that banking sectors with few large, well capitalized banks owned by strategic foreign owner are supposed to generate better efficiency and higher rates of intermediation.
3

ANALÝZA VZÁJEMNÝCH VAZEB MEZI DEVIZOVÝMI KURZY STŘEDOEVROPSKÝCH MĚN

100%
Stavárek D.
Ekonomický časopis (Journal of Economics)
|
2007
|
vol. 55
|
issue 7
646-658
EN
The paper examines long-term and short-term relationships among exchange rates of the Visegrad countries' national currencies vis-a-vis euro. The co-integration tests, vector error correction models and Granger causality tests are applied on the daily nominal exchange rates. The results suggest that long-term linkages are very rare. The only relevant long-term linkage was identified between Polish zloty and Slovak koruna during the period of EU membership. The short-term relationships proved to be significant more often. However, their frequency and intensity have been decreasing during the period analysed. This can be considered as the evidence of diminishing sovereignty of the national currencies and their ability to influence development of other currencies.
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