Okresy kryzysu na rynkach strefy euro w latach 2004–2016
Crisis Periods On The Euro Area Markets In Years 2004–2016

Summary/Abstract: Purpose – The aim of the paper was to identify the crisis periods in the nineteen Eurozone countriesin years 2004-2016 and analyse correctness of down market periods identification.Design/methodology/approach – We used a statistical method of dividing market states into up and downmarkets. Three methods for verifying the bear market conditions were employed. We used the closing pricesof the main indexes of analyzed markets.Findings – We identified bear market conditions in analyzed markets that overlap with global financial crisisin years 2007–2009 and European crisis in years 2009–2012. More bear market conditions were identifiedfor some indexes since 2014.Originality/value – Formal identification of crisis periods allows to investigate the relationships among internationalmarkets with respect to the pre-, post- and crisis periods. To the best of our knowledge, formalidentification of crisis periods on the nineteen Eurozone markets in years 2004–2016 has not been conductedbefore.

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