This paper aims to contribute to the growing pool of literature on the spillover effects of the European Central Bank’s (un)conventional monetary policies on the exchange rate, sovereign bond and equity markets of the Czech Republic, Hungary and Poland (CEE-3 countries), which are collectively known as the CEE-3 countries. The study is conducted using daily data from January 2010 to September 2019. Our results indicate that the financial markets of the CEE-3 countries have been strongly influenced by the nonstandard measures enacted by the European Central Bank, particularly those involving purchases of euro-area sovereign debt. The strongest spillover effects were identified for the Securities Markets Program, while the effects from the Outright Monetary Transactions program turned out to be the most durable. At the same time, the financial markets of the CEE-3 countries were found to have been largely unaffected by interest rate changes enacted by the European Central Bank.

本文旨在为越来越多的文献提供资料，说明欧洲中央银行的（非）常规货币政策对捷克共和国，匈牙利和波兰（CEE-3国家）的汇率，主权债券和股票市场的溢出效应，这些国家统称为CEE-3国家。该研究使用2010年1月至2019年9月的每日数据进行。我们的结果表明，CEE-3国家的金融市场受到欧洲中央银行实施的非标准措施的强烈影响，尤其是涉及购买欧元区的措施。主权债务。证券市场计划的溢出效应最强，而直接货币交易计划的溢出效应最持久。同时