摘要：the purpose of this paper is to investigate the hierarchical structure of the European capital markets in the periods before and after the Global Financial Crisis of 2007-2009. The author uses weekly logarithmic stock market returns of the 28 main indexes of the European exchanges,both from the developed and developing markets,in the period 2000-2016. The examination is based on agglomerative clustering methods,primarily on the Ward’s linkage method. The results show that the Global Financial Crisis has changed the hierarchy of the markets. They also indicate which groups of markets are most strongly interconnected.
其他摘要：Celem niniejszego opracowania jest analiza struktury hierarchicznej europejskich rynków kapitało-wych w okresach: przed globalnym kryzysem finansowym 2007-2009 oraz po jego zakończeniu. W ba-daniu wykorzystano tygodniowe logarytmiczne stopy zwrotu głównyc
