Giuseppe Galloppo,

Department of Economics and Business,

University of Tuscia, Viterbo, Italy,

Ceis Foundation,

University of Rome Tor Vergata, Roma, Italy,

galloppo@unitus.it, giuseppe.galloppo@uniroma2.it

Volatility and Liquidity in Eastern Europe Financial Markets under Efficiency

and Transparency Conditions

Victoria Paimanova,

Department of Economic Theory and Economic Management Methods,

V.N. Karazin Kharkiv National University,

Kharkiv, Ukraine,

V_Paimanova@hotmail.com

Mauro Aliano,

Department of Economic and Business Science,

University of Cagliari, Cagliari, Italy,

mauro.aliano@unica.it

ABSTRACT. Integration maturity means not just meeting the Maastricht convergence criteria, but we analyse integration maturity in broader terms, and we try to answer the question in the light of compliance with all of these requirements. The acceptance mean how far the participants of monetary integration are prepared to take over the required measures and fit into an institutional and policy structure, which is condition of successful operation of the system. This preparedness assume institutional and policy capacities as well, but also the political support of the project by all the actors, including the general public. The maturity and the acceptance are two sides of the coin, and both are necessary for the success of monetary integration.

This paper concentrates on the three countries (Czech Republic, Hungary and Poland), and we try to explain, why they made a total turn concerning the euro issue, what are the main interest, and positions behind these drastic changes. We examine two major issues: a) how far the three Central European countries comply with the monetary integration maturity criteria, and how far they are ready to accept all of the circumstances and consequences, which follow from their participation in monetary integration.

Received: March, 2015

1st Revision: May, 2015 Accepted:  June, 2015

DOI:10.14254/2071- 789X.2015/8-2/6

JEL Classification: G010, G23, G24

Keywords: Financial Crisis, Risk, Liquidity, Volatility, Emerging Market, Eastern Europe