Ph.D. degree process successfully completed

His dissertation is entitled "Cross-Country Co-Movement of Real and Nominal Term Structures." In his dissertation, Dominik Staniewski examines the factors influencing international yield curves. To this end, he develops and estimates an econometric model of nominal and real interest rates for the United States and the United Kingdom. His findings demonstrate that the selected factors can have markedly different effects on nominal and real yield curves. This suggests that results obtained for nominal yields cannot be directly transferred to real yields.

The Chair of Banking and Financial Control warmly congratulates Mr. Staniewski on this outstanding achievement.