Impact of the European Central Bank Monetary Policy on the Financial Indicators of the Bulgaria, Croatia, Romania and Ukraine

 Crisis phenomena that have spread throughout the world are forcing the central banks of many countries to use new methods of regulatory monetary policy. The purpose of this study is to study the impact of the ECB's unconventional monetary policy on the countries of Central and Eastern European countries, as they have economic and trade relations with the euro area. The influence of the ECB policy on the yield of long-term government bonds in Bulgaria, Romania, Croatia and Ukraine and the investment flows in these countries were studied using VAR models. Unconventional monetary policy measures are expressed in the volume of assets of the ECB balance sheet. The quarterly data was taken from the International Monetary Fund and Organization for Economic Co-operation and Development. As a result was revealed a significant influence of the ECB's long-term interest rate on the national government bonds return of the studied countries. Also, the ECB policy stimulated the flow of investments, mainly in debt securities of Croatia, Romania and Ukraine, with a predominance of portfolio investments