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Daniel Stavarek is Assistant Professor of International Finance and Banking at Silesian University, School of Business Administration in Karvina, Czech Republic. He received a Ph.D. degree from the Technical University of Ostrava, Czech Republic. His research activities focus on financial sector efficiency as well as exchange rates and foreign exchange markets. Stanislav Poloucek is a Professor of Finance and Head of the Department of Finance at Silesian University, School of Business Administration in Karvina, Czech Republic. He is the chairman of the International Programme Committee of a yearly finance and banking conference that takes place at the Silesian University. His research concentrates on banking sector development in developed as well as transition countries, and monetary theory and policy.