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Carry trades and speculative manias: evidence from Central and Eastern Europe

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  • Andreas Hoffmann

Abstract

In this paper I analyze whether carry trade returns can be linked to stock market booms in Central and Eastern Europe prior to the crisis of 2007-8. Empirically, I find that from 1999 to 2009 stock markets hiked when carry trades were lucrative. Based on Minsky's "theory of financial instability" I argue that increased risk-taking via carry trades contributed to financial market exuberance in Central and Eastern Europe.

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  • Andreas Hoffmann, 2013. "Carry trades and speculative manias: evidence from Central and Eastern Europe," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(1), pages 15-30.
    • Handle: RePEc:mes:postke:v:36:y:2013:i:1:p:15-30
    DOI: 10.2753/PKE0160-3477360102
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