In this article we investigate comovement of the three Central and Eastern European (CEE) stock markets (Slovenia, the Czech Republic and Hungary) with certain developed European stock markets (Austria, France, Germany and the United Kingdom) through the novel approach of maximal overlap discrete wavelet transform (MODWT). We use two features of MODWT to explore energy decomposition of stock market returns at different time scales and to apply methodology of [29] to study comovement between investigated stock markets. We show that most of the energy (variability) of stock market return series is captured by scale 1 (which correspond to 2%4 days return dynamics) and scale 2 (which correspond to 4%8 days return dynamics) MODWT coefficients. MODWT details are used to show that comovement between stock markets is scaledependent and declines from raw (daily) return series to first- and second-scale reconstructed return series. The findings of the survey then have important implications for foreign financial investors who already hold international portfolios that exactly replicate those of non-Czech or non-Hungarian stock markets: international investing in the Czech or Hungarian stock markets with investment horizons corresponding to scale 2 (4 to 8 days) brings greater international diversification benefits than shorter (2 to 4 day horizon) international trading diversification strategies. The Slovenian stock market differs from the Czech and Hungarian markets also in this respect, as when the scale is increased the benefits of diversification are reduced. We also find that the volatility of Slovenian stock index returns is less synchronized with other observed stock return series. Interestingly, the Czech and Slovenian stock markets seem to comove with the Austrian stock market to a greater extent than with other developed stock markets.
COBISS.SI-ID: 11686940
The “market organizer” in developed countries is more than average active (according his revenues). His mission is to achieve external economies. Larger “market organizer's” activity (more revenues of “market organizer”) influences the decrease of transaction costs in energy markets and improve the possibility for greater use of energy. The active “market organizer” is characteristically connected with international openness in energy market as well as with the development of gas use in given country. Better equipped (greater assets used by “market organizer”) and more active (according to his revenues) “market organizer” was in 2010 connected with relatively higher level of electricity and natural gas prices.
COBISS.SI-ID: 520235801
Slovenia has been often considered “a success story” of transition. However, after two decades, the country has found itself in the economic, social, political and moral crunch which has no end in sight. It is thus proper to reconsider the events that had a decisive impact on the current situation. Have there been better paths than actually chosen? When was Slovenia straying from the path which would bring the country closer to the romantic expectations of two decades ago? Or maybe it was just a time for illusions? These are the questions dealt with in the article.
COBISS.SI-ID: 520400153
In published book we present results of research, which aim was to verify a compliance of the actual system of financing the local self-government in Slovenia with the basic principles of the theory of decentralisation and guidelines of the European Charter of Local Self-Government /MELLS/, and the main focus is on the level of coverage of costs within the municipal competence by using the allocated appropriate expenditure resources calculated upon the Law of Financing Municipality Act. It is therefore about seeking an answer to the question whether and to what extent the obtained funds correspond to the actual workload that municipalities have for performing statutory tasks, and for exercising their competences.
COBISS.SI-ID: 273207808