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  The Link Between Credit Default Swaps and Stock Markets in Central and Eastern Europe

  Our study aims at testing whether there is long-run relationship between the CDS and stock markets in seven countries of Eastern Europe. First, we define specifics of the seven CEE stock markets and CDS spreads. We have found that they show different performance characteristics – stock markets present very different performance while the ... Our study aims at testing whether there is long-run relationship between the CDS and stock markets in seven countries of Eastern Europe. First, we define specifics of the seven CEE stock markets and CDS spreads. We have found that they show different performance characteristics – stock markets present very different performance while the volatility has been very close. Next, we try to estimate the presence of co-integration among the stock markets on the one side and CDS spread on the other. The results show that both stock market indices and CDS spread are not stationary at levels but are stationary at first difference and they are first-order integrated I(1) for all countries. Next, we apply Granger causality test for short-run relationship and our results show for Russia and Poland that the index return is Granger causing the change in CDS spread, the variance in the CDS explained by the index is 40% and 31% respectively. In the case of Hungary, Bulgaria and Romania, where the change in the CDS spread is Granger Causing change in stock market index, the variance in the index explained by the CDS spread is 36%, 11% and 27% respectively.

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  Evolution of EU Common Agricultural Policy

  The year 2012 marked fifty years of the EU Common Agricultural Policy – the basis for European integration providing food security and dynamic agriculture for European citizens for five decades. This paper focuses on its evolution and achievements of the reforms carried out. These reforms were designed to provide quality food to citizens at ... The year 2012 marked fifty years of the EU Common Agricultural Policy – the basis for European integration providing food security and dynamic agriculture for European citizens for five decades. This paper focuses on its evolution and achievements of the reforms carried out. These reforms were designed to provide quality food to citizens at reasonable prices and a decent standard of living for farmers and their objectives are still valid today. Over the years, European agricultural policy has helped to overcome three key stages: leading Europe from scarcity to abundance of food, meeting the new challenges associated with the sustainable use of natural resources, and expanding the role of farmers in rural development. The reform of the EU Common Agricultural Policy aims to strengthen the competitiveness and sustainability of European agriculture and rural development.

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  Fakes as Objects of Tax Control

  Counterfeits are those results from an act or omission that is false, fraudulent or forged like the existing product. They contain foreign traits (characteristics) that create the illusion of a quality product at a higher cost or price, respectively. Counterfeits are of interest for tax control due to the fact that they generate profit. Tax ... Counterfeits are those results from an act or omission that is false, fraudulent or forged like the existing product. They contain foreign traits (characteristics) that create the illusion of a quality product at a higher cost or price, respectively. Counterfeits are of interest for tax control due to the fact that they generate profit. Tax control shall be established reality of profit, which serves as the basis for the calculation of tax liabilities, and the opportunities for manipulation of revenue and expenditure variables. Due to the wide variety of fakes, in this article false documents created in relation to counterfeit goods will be highlighted. Types of document crimes have been structured and their number compared (including sanctioned offenders) with the counterfeit goods and accompanying forged documents.