• ISSN: 2010-023X (Print)
    • Abbreviated Title: Int. J. Trade, Economics and Financ.
    • Frequency: Quaterly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Managing Editor: Ms. Shira. W. Lu
    • Abstracting/ Indexing:  Crossref, Electronic Journals Library , EBSCO
    • E-mail: ijtef.editorial.office@gmail.com
HOME > Archive > 2012 > Volume 3 Number 6 (Dec. 2012) >
IJTEF 2012 Vol.3(6): 472-478 ISSN: 2010-023X
DOI: 10.7763/IJTEF.2012.V3.248

Government Bond Market Integration of New EU Member States

Jiri Chaloupka

Abstract—In this paper we examine the level and dynamic of integration of the government bond markets of the new EU member states with the German market. We analyze interest rates on 10-year government bonds during the period 2001–2011 using the same methodology as the European Central Bank, i.e. price-based and news-based indicators. We found out that during times of economic stability the markets converged to Germany, whereas during times of economic slowdown the markets diverged. However, there exist substantial differences among the new EU member states. Basically, Hungarian and Romanian level of convergence was the lowest, whereas the Czech level of convergence was the highest.

Index Terms—Central and Eastern Europe, EU, financial crisis, financial integration, government bonds.

Jiri Chaloupka is with the Faculty of International Relations, University of Economics, Prague, Czech Republic (e-mail: jiri.chaloupka@vse.cz).

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Cite:Jiri Chaloupka, "Government Bond Market Integration of New EU Member States," International Journal of Trade, Economics and Finance vol.3, no.6, pp. 472-478, 2012.

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