The economies of European countries have been undergoing constant turbulence for several years. This is the consequence of a range of factors, in particular: the 2007 crisis; violations of the convergence criteria and fiscal discipline; problems with the liquidity of international financial markets; depreciation of the euro currency; increasing unemployment in European Union Member States; the slow increase in productivity in the majority of EU economies; growing indebtedness of public finance sectors; problems with retirement schemes – in particular with correlation between their effectiveness and unemployment and low rate of natural increase. Thus, the author posits that it is important to analyse the key aspects related to these economic parameters which may affect this process in a significant way and decide the risk of its occurrence. This is the assumed aim of this work. The work shows the results of the author’s own study, carried out with the use of different methods, such as the macroeconomic stabilisation pentagon, the Scoreboard, and Spearman's rank correlation coefficient. The variety of test methods employed results on one hand from the problem's complexity, and on the other from a profound analysis of all dependencies and risks resulting from this complexity. The conducted study shows that there is a significant correlation between the Scoreboard parameter imbalances and the intensity of crisis phenomena in case of violations of the acceptable thresholds in terms of current account balance, net international investment position, export market shares, nominal unit labour costs, real house prices, private sector debt, government debt, and the unemployment rate. The imbalances of these eight indicators may form an adverse macroeconomic environment favouring the occurrence of intense crisis phenomena, which means that they should be subject to special monitoring. The shapes of the macroeconomic stabilisation pentagon for CEEC economies in 2014 shows that none of the analysed countries is characterised by total filling of the pentagon. This means that the economic situation in these countries is not stable and requires constant monitoring. The figures related to all analysed indicators, apart from GDP, are characterised by a flattened shape, which is characteristic for such a situation.
The aim of this paper is to assess the effectiveness and risk in the stock exchange market in Central and Eastern Europe countries (CEE) in view of the largest stock exchanges: NYSE2‑LSE‑HKSE2. The implementation of this objective was based on an analysis of basic stock market indicators and a discussion of the investment effectiveness of the stock exchange and the risk and investment effectiveness analysis in the stock exchange market in CEE with regard to NYSE2‑LSE‑HKSE2 – assumptions, test method, tests results. The following working hypothesis was adopted in the analysis: Despite high vulnerability to investment risk, the stock exchanges in CEE, due to dynamic development, are improving their investment position with regard to global stock exchanges. The relative indices of stock market attractiveness and an autoregressive model for forecasting changes in the stock market index were used to verify this thesis. The results from the tests make it possible to state that the stock exchanges in CEE are constantly improving their position with regard to operational effectiveness and risk mitigation when compared to the largest global stock exchanges analysed, ambitiously striving to become significant financial centres within Europe and worldwide.
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