Euro, dollar or Swiss franc: which currency had the greatest impact on the Hungarian, Polish and Czech economies during the global financial crisis?

The article presents an analysis of the impact foreign currency dynamics on fundamentals (basic indices economic performance) Czech Republic, Hungary and Poland during financial crisis 2007/2008 its aftermath until 2017. subject are three currencies: US dollar, euro Swiss franc. assessment their above-mentioned economies is based joint volatilities bond spreads currencies. A series copula-GARCH models was estimated. research demonstrates that currencies strongest in case Hungary, as these two countries were more dependent loans than Republic. Another finding shows decreased significantly after government introduced loan conversion.