Integration of Greek and Polish Equity Markets with the Euro Area Equity Market. Comparative Analysis
Journal Title: Central European Review of Economics and Finance - Year 2015, Vol 9, Issue 3
Abstract
The aim of this article is to present the comparative analysis of integration of Greek and Polish equity markets with the Euro area equity market. The authors explain and analyze theoretical aspects and measures of international equity market integration and main tendencies in the development of Greek and Polish equity markets. Econometric analysis of Greek and Polish equity markets integration with the equity market in euro area is based on the "news-based" measures and econometric model GARCH (1.1). We use monthly statistical data for the period from 1999 till 2014 in the analysis. The results show tendencies of integration degree in euro area equity market for the analyzed period of time. In the paper authors formulate conclusions concerning present and future of Greek equity market integration with euro area equity market and future prospects for Polish membership in European Monetary Union. (original abstract)
Authors and Affiliations
Sławomir Bukowski, Alina Hyz
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