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商品詳細
European Financial Markets : The Effects of European Union Membership on Central and Eastern European Equity Markets. 欧州金融市場 －中欧・東欧のエクイティ市場へのEU加盟の影響－
・ISBN 978-3-7908-2073-7 hard EUR 99.99
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| 著者・編者 | Southall, Tony, |
|---|---|
| シリーズ | Contributions to Economics |
| 出版社 | (Physica-Vlg., GW) |
| 出版年月 | 2008 |
| ページ数 | 189 pp. |
| 言語 | ENG |
| ニュース番号 | ＜557-363＞ |
解説
EU membership involves political and economic reforms
which influence financial markets in the new member states.
This study empirically explores and quantifies the effects of
EU accession on the risk and return of equity markets in eight
Central and Eastern European markets joining the EU in 2004.
The study also incorporates a review of how the influence of
macroeconomic variables and the level of integration with
global and European markets change as a result of
EU membership.
Based on empirical tests using weekly data over ten years,
this study concludes that EU membership results in a
significant decline in equity market volatility and a
significant increase in risk-adjusted, but not absolute,
equity returns. Furthermore, the study suggests that equity
markets in new EU member states become increasingly
influenced by global rather than local macroeconomic
factors after the EU accession and that the level of integration
with global markets increases.