Suchergebnisse

This paper investigates capital market integration in the major Central European emerging economies by testing the covered and uncovered interest parity conditions vis-á-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.

This paper considers the possibility that economic liberalization, by which is meant a reduction in tariffs, quotas, capital controls, and other government distortions of international transactions, may reduce private saving rates. A two stage approach is used to analyze a panel data set covering OECD countries during the past two decades. The conclusion is that there is a significant and robust relationship between economic liberalization and lower rates of savings. One implication is that at least part of the decline in savings rates in some countries over the past two decades may be explained by the liberalization process.