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IS THERE A TREND OF EUROIZATION OF EU COUNTRIES STILL USING THEIR NATIONAL CURRENCIES? TRADE AND INVOICING

Jan Mačí

Once entering the European Union, the Czech Republic as well as at present six other countries which are not currently members of the EMU committed to accept common currency – the euro. For example, Sweden accessed in 1995, the Czech Republic in 2004 and these two countries are still using their national currencies. By coincidence, these two countries use for payments their crowns – Czech koruna, respectively Swedish kronor. What is more, in case of these two countries, a date of EMU accession has not been set yet. In fact, due to several major unfortunately rather negative, economic events that have taken place over the last decade (i.e. financial crisis, debt crisis), and due to several ongoing economic problems of the Eurozone (e.g. significant public debt burden for Greece or Italy; the budgetary problems of Italy and, to some extent, France; esponsibility for indebtedness of national economies, etc), the relevant EU institutions do not even put pressure on countries still using their national currencies in order to fulfil the commitment of euro adoption.
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WAVELET ANALYSIS OF STOCK RETURN ENERGY DECOMPOSITION AND RETURN COMOVEMENT – A CASE OF SOME CENTRAL EUROPEAN AND DEVELOPED EUROPEAN STOCK MARKETS

Silvo Dajčman, Alenka Kavkler

Stock market integration, stock market comovement and return spillovers between developed and developing stock markets,particularly CEE markets, are of great importance for international investors making financial decisions. Increased comovement of stock markets returns may diminish the advantage of internationally diversified investment portfolios.
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