Stylizowane fakty o zwrotach z aktywów inwestycyjnych a doświadczenia krajów Europy Środkowo-Wschodniej
Stylized Facts of Asset Returns and the Evidence from Central and Eastern European Countries

Summary/Abstract: The article discusses stylized facts of total returns for major asset classes including equity, housing, bills and bonds in highly developed countries. They play a central role in current debates on risk premiums, secular stagnation, the decline in the natural interest rate, new paradigms in central banking and inequality. In this context, the results of an investigation for a sample of thirteen post-communist Central and Eastern European countries are presented and discussed. Despite a relatively short history of these markets they show quite a lot similarities to the tendencies observed in the advanced economies over very long-run perspective.

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