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This book provides a deep insight into the market changes and policy challenges that transition economies have undergone in the last twenty years. It not only comments on and evaluates the development of financial markets in transition economies, but also highlights the key obstacles to full integration of financial markets into the EU market.

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Introduction The Spread of the Financial Crisis to Central and Eastern Europe: Evidence from the BIS Data; D.Mihaljek Are Product Market Structures Affected by Banking Concentration: Evidence from Transition Countries; F.Coricelli & M.Marc Financing Constraints, Credit, Rationing, and Financing Obstacles: Evidence From firm Level Data in South Eastern Europe; I.Hashi & V.Z.To‡ Efficiency, Persistence and Predictability of Central European Stock Markets; L.Kristoufek Non-Linear Stock Market Comovement in Central and East European Countries; B.Harrison & W.Moore Cross-Country Versus Cross-Regional Convergence in the European Union: An Empirical Exploration; M.Workie Price- and News-Based Measures of Financial Integration Among New EU Member States and the Euro Area; J.Babeckì, J.Feait, L.Komárek & Z.Komárková Exports and Economic Growth of East European Economies 1996-2007; S.Naghshpour & B.S.Sergi Inflation Convergence in The New EU Member States From Central and Eastern Europe; A.M.Spiru Persistent Differential Inflation Rates in The New Euro Member Countries: The Phillips Curve Before and After Adopting the Euro; M.Senjur Implications of Volatility for Uncovered Interest Parity Testing; A.Horobet, S.Dumitrescu & D.G.Dumitrescu

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