{"id":116280,"date":"2024-01-22T19:57:24","date_gmt":"2024-01-22T18:57:24","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/116280\/"},"modified":"2025-10-22T21:49:23","modified_gmt":"2025-10-22T19:49:23","slug":"the-impact-of-foreign-macroeconomic-news-on-financial-markets-in-the-czech-republic-hungary-and-poland","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/116280\/","title":{"rendered":"The impact of foreign macroeconomic news on financial markets in the Czech Republic, Hungary, and Poland"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-116280","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In this paper, we investigate the effects of euro area and US macroeconomic news on financial markets in the Czech Republic, Hungary, and Poland (CEEC-3) from 1999 to 2006. Using a GARCH model, we examine the impact of news on daily returns of 3-month interest rates, stock market indices, exchange rates versus the euro, and the US dollar. First, both US and European macroeconomic news has a significant impact on CEEC-3 financial markets. Second, the process of European integration is accompanied by an increasing importance of euro area news relative to US news. Third, there are country-specific differences: for example, the Czech stock market is relatively more affected by foreign news since the Copenhagen Summit in December 2002. In general, our results support the hypothesis of a deepening euro area influence on the CEEC-3 over time and a corresponding reduction in the relative importance of US shocks.","onlinedate":"2012-02-01 01:00:00","lang":"English","publication_series":"","publication_date":"20120201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"39","monthly_report_pages":"19-44","monthly_report_pages_sort":"19","issue":"1","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[13597,13599,13595],"persons_data":"[{\"personId\":13597,\"personName\":\"David B\u00fcttner\",\"organisationNames\":[]},{\"personId\":13599,\"personName\":\"Bernd Hayo\",\"organisationNames\":[]},{\"personId\":13595,\"personName\":\"Matthias Neuenkirch\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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