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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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  Standardized Model for Subsequent Measurement of Fixed Assets in the Public Sector Enterprises

  This article addresses some shortcomings in the existing pricing model after recognition /post evaluation/ of fixed assets in the public sector enterprises. Prerequisite for the studied problem is the lack of standardization of the accounting system in the public sector enterprises. The author offers a standardized accounting model and argues that ... This article addresses some shortcomings in the existing pricing model after recognition /post evaluation/ of fixed assets in the public sector enterprises. Prerequisite for the studied problem is the lack of standardization of the accounting system in the public sector enterprises. The author offers a standardized accounting model and argues that the problem can only be resolved with the adoption of accounting standards that would replace the current practice of regulation of accounting in the public sector enterprises with instructions and letters. The proposed accounting standard model for periodic assessment of fixed assets are designed ways and means to improve the accounting system of the public sector entities through its adaptation to the conceptual framework of international accounting standards for the public sector. This will increase the reliability and credibility of accounting information and the overall improvement of the accounting methodology.

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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.