중동부유럽

This paper aims to empirically investigate the effect of the euro on stock marketsfor Hungary, Poland and the UK, and also the co-movement of the stock priceswith the euro-zone using the daily stock price indices. The result reveals that inorder to develop the emerging stock markets, exchange rates should appreciate forHungary, whereas they should depreciate for Poland. Furthermore, evidence ofcointegration between the relative stock prices against Germany and exchangerates suggests that participating in the European Monetary Union may, ceterisparibus, stabilise the stock markets for these non-euro member states.JEL classification: F02, F31, G1, G3