Paper deals with compliance of the actual system of financing the local self-government in Slovenia with the basic principles of the theory of decentralisation, and with the guidelines of the European Charter of Local Self-Government. Paper is focusing on the level of coverage of costs within the municipal competence by using the allocated appropriate expenditure resources. 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. Analysis shows that on aggregate level, actual system ensures to Local Government more or less enough resources to cover their actual costs and current expenditures, but some groups of municipalities (e.g. larger urban municipalities, municipalities with high level of elderly people, etc) are facing some lack of funds, according to actual costs data available, while other groups of municipalities are in the same time receive more funds than they need.
COBISS.SI-ID: 12630353
Stock market comovements between developed (represented in the article by markets of Austria, France, Germany, and the UK) and developing stock markets (represented here by three Central and Eastern European (CEE) markets of Slovenia, the Czech Republic, and Hungary) are of great importance for the financial decisions of international investors. We applied a maximal overlap discrete wavelet transform correlation estimator and a running correlation technique for the period from 1997 - 2010. At all scales and during the entire observed time period the Hungarian and Czech stock markets were more interconnected to developed European stock markets than the Slovenian stock market was. We found that European integration lead to increased comovement between CEE and developed stock markets, while the financial crises in the observed period led only to short-term increases in stock market return comovements.
COBISS.SI-ID: 11011868
The objective of this paper is to analyze and compare the fractal structure of the Croatian and Hungarian stock market returns. The presence of long memory components in asset returns provides evidence against the weak form of stock market efficiency. The analysis revealed that the fractal structure of individual stock returns may be masked in aggregated stock market returns (i.e. in returns of stock index). The main finding of the paper is that both the Croatian stock index Crobex and individual stocks in this index exhibit long memory. Long memory is identified for some stocks in the Hungarian stock market as well, but not for the stock market index BUX. Based on the results of the long memory tests, it can be concluded that while the Hungarian stock market is weak form efficient, the Croatian stock market is not.
COBISS.SI-ID: 11279644
This article analyzes the suitability of the legal regulation of tax advisory services in relation to their quality based on our comparative analysis of the (non)regulation of tax advisory services in selected EU states, our analysis of the existing regulatory framework in Slovenia, as well as stakeholdersʼ opinions. We use the results of all three analyses to propose an optimal model of regulation of the profession and the level of regulation, centred on the need to ensure quality services for clients, service providers, the state, and society as a whole. The key finding is that greater regulation would improve the quality of tax advisory services, which is important not only for clients of services, but also the public interest as it increases confidence in tax returns and financial statements prepared by tax advisors, which in turn improves the economy and mitigates operative risks.
COBISS.SI-ID: 11128604
The question of the validity of the Purchasing Power Parity (PPP) hypothesis in European transition countries remains relevant and empirically unsettled. This article aims to contribute to this debate by using an updated monthly database on real exchange rates for 12 Central and Eastern European economies. We implemented a range of panel unit root tests characterized by the rejection of the cross-sectional independence hypothesis and taking the US Dollar (USD) and the euro as numeraire currencies separately into account in the testing procedures. The results reported in this study provide additional evidence supporting the PPP proposition.
COBISS.SI-ID: 10960412