The CROBEX in the EU. The CROBEX under the influence of Croatia's EU-accession

Bachelor Thesis, 2014

57 Pages


Table of Content



List of Figures

1. Introduction
1.1 Problem Statement
1.2 Research Question

2. Financial markets and the European Union
2.1 The Fundamentals of financial markets
2.1.1 Classifying different types of financial markets
2.1.2 Basic Definitions for stock market analysis
2.1.3 Factors influencing the value of a stock Political andmacroeconomic events
2.2 Economic Integration in the European Union
2.2.1 History and integration process
2.2.2 Effects ofEuropean Integration on the economies and financial markets of. member states

Part II: Empirical Case Study for Croatia

3. Overview of Croatia's EU accession and current economic situation
3.1 Characteristics
3.2 Croatia's EU accession
3.2.1 History
3.2.2 Accession problems
3.2.3 Croatia the 28'th member state
3.3 Main economic indicators
3.3.1. Unemployment
3.3.2 Growth
3.3.3 Inflation
3.3.4 Indebtedness in foreign countries
3.3.5 Trade industry

4. Croatia's Financial Market
4.1 Financial system and stock market
4.2 ZSE - Zagreb Stock Exchange
4.2.1 CROBEX Development of the CROBEX

5. The stock market effect of the EU accession: Analysis of CROBEX
5.1 Analytical part I: fluctuations during accession negotiations
5.2 Analytical part II: economic effect
5.2.1 The economic effect of the EU accession
5.2.2 CROBEX chart 2007 - 2014
5.3 Main findings

6. Conclusion

7. References

8. Appendix


The EU integration process is a complex process which introduces many economical and social changes. The new introduced member state is willing to integrate and adapt to the EU's "blueprint". On one side this process brings a lot of benefits; such as abolishment of borders, new job possibilities and in general a chance for a better economy and social wealth. But on the other side it also means that individuality and identity need to play secondary role.

The capital market is a very important fundament in a national economy. The influence of an EU accession on the capital market and its main index, is the essence of this thesis. The CROBEX, Croatia's main index, will be the investigation instrument, the youngest since Croatia is the youngest member in the EU.

The thesis is divided into two main parts. The first part will introduce the fundamentals of the financial market and the complexity of the EU accession progress. Further the complexity of investors reaction and interpretation is made, by presenting different types of events which can influence the stock market. The two main integration categories, which is partly the effect of the EU accession, are presented at the end of this part.

The second part presents the main content of this thesis, Croatia. The process of its EU accession and current economical situation is presented firstly. Followed by an insight of its financial market, the thesis finishes with the analysis of how the EU accession of Croatia did influence its index CROBEX.


Abbildung in dieser Leseprobe nicht enthalten

List of Figures

Figure 1: Structure of financial market

Figure 2: The Balassa stages of economical integration

Figure 3: Croatia's Unemployment rate from 2003 -2013

Figure 4: Croatia's GDP development from 2003 - 2013

Figure 5: Croatia's export rate development from 2002 till 2012

Figure 6: Bulgaria's inflation rate development

Figure 7: Croatia's inflation rate development

Figure 8: Hungary's inflation rate development

Figure 9: Rumania's inflation rate development

Figure 10: Croatia's two gross debt factors

Figure 11: Croatia's Export Partners

Figure 12: Croatia's Import Partners

Figure 13: Development ofthe SETX from 01.01.2008 till 01.01.2013

Figure 14: CROBEX development from 14.12.2011 till 14.12.2014

Figure 15: CROBEX chart 27.01.2005 - 03.02.2005

Figure 16: CROBEX chart 30.09.2005 - 04.10.2005

Figure 17: CROBEX chart 05.12.2005 - 15.12.2005

Figure 18: CROBEX chart 23.11.2007 -28.11.2007

Figure 19: CROBEX chart 30.06.2009 - 03.07.2009

Figure 20: CROBEX chart 09.09.2009 - 15.09.2009

Figure 21: CROBEX chart 07.10.2009 - 18.09.2009

Figure 22: CROBEX chart from 2013

Figure 23: HT-hrvatske telekomunikacije chart from 2013

Figure 24: HT-hrvatske telekomunikacije company data

Figure 25: CROBEX chart from 2007 till 2014

1. Introduction

"United in diversity" The European Union's motto which was formulated in 2000. It stands for the united Europe which is willing to help each other in any situations and the beware peace and wealth. As well it stance for the importance of that every member state keeps its identity, language and traditions (, n.d.)

The global impact the European Union is having today, was probably not imaginable when it was founded in the 1950's. Back then Belgium, France, Germany, Italy, Luxembourg and The Netherlands decided to form a economical union. The purpose first was the management of raw materials to avoid another chance of conflicts which could result in a war. WWII were just over and the need for an economical and social upswing in Europe was essential. Over the years the EU enlarged. More European countries entered the EU and more agreements for an economical improvement were made (, n.d.). That the EU is driven by their motto has been proven in several situations, for example the financial support for Greece, to name the most famous example (, n.d.). Over time also the Eastern European countries, made their way into the EU. 2013 went the EU for its so far last enlargement round. Croatia joined the EU as its 28th and youngest member, after carrying the "candidate" title for almost ten years (, n.d.). Croatia had to manage many categories which needed to be completed to get one step closer of becoming a member of the EU. Expectations of a countries EU accession are numerous. New economical possibilities, foreign investments, increasing wages, better education and wealth in the society. Fear again, can be the other side of the expectations. The fear of increasing competition especial for small businesses and farmers, fear of movement of labor, fear of disappointment. As the second ex-Yugoslavian state as a member in the EU, Croatia did face the named expectations and fears. While the from the political position pressure and excitement characterized the mood, the public however was split. Almost half of the public weren't too happy about the accession (Hassel, F, 01.07.2013). . It was discovered, that the effects of an EU-accession, whether positive or negative, have influence on the countries stock market development (Dvorak, T, 2005). This thesis will present Croatia's career in becoming an EU-member state and analyze the reaction of the CROBEX.

1.1 Problem Statement

The purpose of this thesis will be to analyze if and whether positive or negative, the EU accession of a country has influence on their stock market index. 2013 the youngest member Croatiajoined the EU and was therefore chosen to be a good representative for the case study of this thesis. It will be assumed that the accession was positive for Croatia's economy. The correctness and greatness of this assumption will be the base for the investigation.

1.2 Research Question

- Main Research Question: How did Croatia's EU accession in 2013 influence its economy regarding to the CROBEX?

Two sub research questions will be part of this investigation. They will provide an assessment to the research questions which will be more suitable.

- Sub research question 1: What kind of effects can influence an index?
- Sub research question 2: When was the most significant movement of the CROBEX during 2013?

The sub research questions will be answered in the following order as they are presented above. They will help to follow the road to answer the main research question, which will basically be answered in the final conclusion. The sub research question will be answered in the following parts.

The thesis is divided in two main parts which are on the one hand the theoretical background and on the other hand the example of Croatia. It will start with the fundamentals of the financial market. By giving a closer look on the main topics on the stock market, it will also be explained what kind of events can influence a shares value. Internal and external examples will be announced to show the variety of actions and reactions. Furthermore an introduction of the European Union and the integration process ofbecoming a EU-member state, as well as the influence on the integration for the economic and financial markets is made.

The empirical case study will start with an introduction to Croatia's acceding process and its main economic indicators. Continuing with an insight to the financial markets, its share market ZSE, taxes and the CROBEX. Finally the research question will be analyzed.

Time tables and graphs will be used to show two company examples. In the end a conclusion of this investigation and its results is given.

2. Financial markets and the European Union

This chapter gives an insight and basic knowledge of the stock market and the European Union. Both are key elements in this thesis and a few things are crucial to understand before continuing with the empirical part. It will start with structure of the financial market, its single key categories and it will be announced which category will be part of this thesis. Further the key elements of a stock market will be presented. Continuing with an introduction to the EU; its history and the process of becoming an EU-member state. Lastly the effects on the EU accession candidates economy and financial markets will be presented.

2.1 The Fundamentals of financial markets.

A financial market can be considered as a market where in exchange of capital, for example shares or stocks, options and bonds can be received (, n.d.).

To understand a financial market it is important to know its basics. Firstly it needs to be decided which of the three different financial market classification will be dealt with. Since this thesis is based on the capital market, a basic introduction to the stock market is important. Further it needs to be determined which events do have influence on this financial market category. The following part will present the three different categories of the financial market. It will continue with a briefly introduction to the stock market and end with three economical factors which can influence a stock's value.

2.1.1 Classifying different types of financial markets

As mentioned above the financial market has three categories it can be divided up on. The money market, the capital market and the credit market (Darskuviene,V, 2010). All three categories have their own process and task on the financial market. Important is also to differ between organized and unorganized markets. An organized market is characterized through easy, fast and safe transactions which are approved by state/ government. Next to the stock market, bonded loan markets and issue markets are said to be examples of an organized market. The unorganized market however is a market where guidance and rules aren't that present. Transactions and prices are made and determined without the influence of banks or state. While the money and capital market are considered as organized markets, the credit market is considered as unorganized (Mewes, G, 2009).

Money market

The money markets main task is to deal with short term funds on the financial market. These short term funds/moneys are amounts which have been passed by the central banks money deposit. The interest here is made through demand and supply. Central banks and credit institutions are two of the main protagonist active on the money market. Mainly because both are more interested in a shorter capital commitment, which is compared to the capital market, much shorter on the money market (TheEconomicTimes, n.d.).

Capital market

Long term investments for the state and households are the main tasks of the capital market. Bond market and stock market are both big parts of the capital market. This is also why this thesis still focuses on this category. Fixed interest bonds and dividend-paying bonds are both rather long term investments, which differ the capital market to the money market. The capital market is divided in two parts; primary and secondary market (Jogani, S, 2014). The primary market is very important for investors, which can be active from anywhere on the globe. It doesn't matter if they are big companies, or a single individual from a random household. The investors attention to this part is that important, because this is where any information of the bond "stored". Also "new arrivals" on the capital market can be found here. The secondary market embraces the transaction of trading itself, said the action of buying and selling. Compared to the primary, this market can be localized to for example the stock market itself (TheEconomicTimes, n.d.).

Credit market

The credit market is responsible for the financing. It finances the economy which operates on the capital market. The relationships between the three named categories of a financial market, are shown in the graph below. The graph shows that the capital and money market are sub categories of the organized market, and that they have multiple sub categories as well.. The credit market differs from the other markets, because it is only responsible for the finances. (TheEconomicTimes, n.d.).

The graph below shows the structure of the financial market. Not all sub categories are listed in graph because they would require new explanations, which would lead into a new direction and away from the main point of this thesis.

Figure 1: Structure of the financial market:

illustration not visible in this excerpt

Financial market

2.1.2 Basic Definitions for stock market analysis

The stock market basically is a huge market place where shares of a company can be purchased and sold, while a stock is the part of a company the individual purchases or sells (, n.d.). The amount of stocks an investor owns is called for share. The share however determines the investor's stack of the company. For example, if an investor has purchased 15 out of 100 in total available stocks of a company, he owns 15% of the company. Or in other words he has a 15% stack in the company (Callahan, T, 06.06.2010). There are two variations of a stock which are the "common" and the "preferred" stock. The common stock is the one which is more likely spread under the regular households. For example if private persons invest money trying to increase their wealth. The owner of common stocks benefits from the possible increasing value of his stocks, which is positive when he considers selling them. The dividends payment will be the benefits, when the 1 investor considers keeping the stocks. The dividend is a share of the company's annual profit, which is giving out to the stack holders. Preferred stocks are rather for investors who focus on the dividend and on the power to vote and make decisions within the company. More likely stocks for large investments made by for example companies. A company though has the possibility to make a "split" (Callahan, T, 06.06.2010). This means that the stocks giving out will multiply. Each owner of these stocks will automatically own increase his share of stocks, but has to consider a drop in value. The value and the price of a stock is not the same. The value determines only the price which investors or the market is willing to pay for a stock. It is not unusual that a stock is traded for a price that is far over its real value. Likewise the other way around. The market capitalization is another expression for a company's total valuation. By multiplying the amount of stocks available with the price per stock, the result will give the company's market capitalization (Madison, M, n.d.). This is important for the major indexes. The S&P 5002, Standard & Poor's 500, gives a great example since it is one of the major indexes in the US. It is focused on the 500 most valuable, the ones with the highest market capitalization, companies quoted on the stock market (, n.d.). Out of the definition above, an index measures the price changes in stocks which are components of it. It is to differ between the price index, as the example above, and the performance index. The performance index however focuses on the on the value development the components made over a certain time. That is also why dividend payments and purchase rights are still considered as part of the price. The German DAX or the American Dow Jones are examples of a stock market index. The price however is determined by demand and supply. Making a stock rare in quantity, will push up the price. A surplus will lead to a decrease in price as effect (Callahan, T, 06.06.2010).

2.1.3 Factors influencing the value of a stock

The unachievable dream of a stock market investor, individual and company, would probably be, to give a hundred percent prediction of how the price of a stock will develop. Unfortunately this is not possible, since many factors are tied up to a stocks development (, n.d.). Crucial political and economical events can influence the stock market. Such as a small sensible event can dramatically exert pressure on the stock and the market. Political and macroeconomic events

Company take over's are a sensible topic on the capital market. A great example for such an event happened in October 2008. October 26th 2008 the German carmaker Porsche AG announced that they from now on will be owned by more than seventy percent by VW, another German carmaker (, n.d.). Likewise twenty percent will be owned by the German federal state Niedersachsen (VW's head quarter is in Niedersachsen). Since the remaining amounts of stocks available for free float were small, the demand increased dramatically. Hence the price did as well. Only a day later the VW stock price ended with being up on 520 Euro, while its days best performance way above 630 Euro. October 28th, one day after, the best performance was over 1000 Euro a stock, while the price at the end of the day was at over 900 Euro. The dark side of this performance run was that October 29th the VW stock price decreased by more than fifty percent and at the end of this year the price was less than a quarter of its highest point (FAZ, 28.10.2008). The DAX, German index, had basically problems to comply its task. The VW run had that much influence on the DAX, that the results of the German market condition couldn't be projected properly ( 28.10.2008). A graph of the VW stock performance during October 2008 can be found in Appendix nr. 1. Nevertheless VW managed it through this run to be the world's most valuable stock. The sensibility of investors in macroeconomic events is greatly shown in this example. Political decisions can influence stock markets as well. Slovenia was member of the largest enlargement round of the EU in 2004. Ten new member states official joined the EU in that year. The SBI 20, Slovenia's index, already showed the year before significant value extensions on the capital market. Return rates with up to forty percent have been shown. But the excitement about the EU integration somehow took the excitement for the official announcement. After Slovenia officially became a EU member, the SBI literally increased by 0,3% (Lazeta, K2011). Events on the capital market

The investors sensibility can somehow be compared with the attitude in a first grade school class; the strongest leads the way. Warren Buffet, the Oracle of Omaha, one of the greatest investors of our time (Gloger, K, n.d.), can be taken as example. When he decides investing in company A, it likely that many other investors will follow, even when they don't know anything about the company. The reason is that investors trust in Warren Buffets decision, since he made himself a name (Alter, D, 21.05.2012). The same will be when he decides to sell his stocks from company A. Other investors might think that he received any kind of insider information or other kind of knowledge, which made him sell his share of the company. The word of events greatly has impact on investors attitude and confidence (Callahan, T, 06.06.2010). Industrial and firm-specific factors

2010 the oil platform Deepwater Horizon in the Gulf of Mexico exploded after a failed attempt of repair works. The platform was owned by BP, one of the four largest oil companies worldwide. The explosion set BP's stock value into a shock, made them decrease by 15% within the first few days after. This dramatically decrease was supported by rumors, that the imminent dividend payment probably will be left out. In total the BP had a loss in value of 44%.. BP was considered to go bankrupt as experts said. Not only BP's stock value did suffer under this event. A global decrease in oil stocks was noticed. Other competitors like Shell and Exxon Mobil noticed a decrease with up to 9% in their stock value. This event put BP in a very weak position. Since the costs of cleaning works, fine payments etc. were up in the multiple billions of US Dollars, rumors started that BP is forced to release parts of the company (Heinzelmann, S, 21.06.2010). This again started rumors that Shell and Exxon Mobil had plans to over-take BP, which again leads to topic above. A graph of the BP stock rate from the first to the second quarter in2012 can be visualized in Appendix nr 2.

Also a single person with the equivalent status in a company can have a huge influence a stock's value. In 2011 the CEO of Apple, Steven Jobs, announced that his physical condition forces him to take a step back and give more responsibility within the company to employees. The reaction on the capital market was that Apple within minutes, had notice a value decrease of more than 25 Billions US Dollars (Lazeta, K, 2011).

The sensibility of the investors and the market makes it unpredictable to assume if a stock will rise or fall. Every event can be a reason for an increase or decrease, though it is not a given that this definitely will happen.

2.2 Economic Integration in the European Union

Integration is an important part of becoming an EU member state. It represents the candidates who will to become part of the "big" and its view for the future (, n.d.).

2.2.1 History and integration process

The European Union could be defined as an association to a unit of European countries, with the purpose of economical and political benefits, n.d.). Just like the NAFTA3 or the ASEAN4, the EU enjoys common external tariffs and internal free trade between the member states. The foot prints World War II left in Europe were huge. Already five years after the ending of WW II the first innovation was made to avoid another bloody disaster. 1950 Belgium, France, Germany, Italy, Luxembourg and The Netherlands agreed on a common coal and steel trade, and settled thereby the fundament of the European Union / European Community. This agreement was known as the Schuman Declaration, named after its editor Robert Schuman, foreign minister of France to that time. 1957 The Roma agreement was made and with that the EEC were founded - European Economic Community. The Roma agreement implies that all member states agree on a democratically basis on operations done on this new common market (, n.d.). 1958 the European Court of Justice was founded. During the sixties the abolishment of duty/toll costs for trading between the member states, was just one of many positive economical improvements. The seventies were characterized by Denmark, Ireland and The United Kingdom join the EU, the energy-crisis caused of the Arabian-Israel war, and through the ending of the last two fascistic regimes in Europe, Portugal and Spain. Greece, Spain and Portugal find their way to the EU in the eighties. In the same decade the Single European Act agreement was signed. This program was invented to solve the problems of free trade in the domestic markets. The fall of the famous Berlin Wall on November 9th 1989 was probably the biggest event in the eighties. Soon after Germany was able to work again as united country (, 2013).

In the nineties the EU slowly benefit from the progress it made during the earlier years. The four freedoms, free trade of goods, service, labor and capital, positively influenced the domestic market. The relationship between the single European countries benefit from the communistic meltdown in Middle- and East Europe. The Maastricht treaty and the Amsterdam treaty were signed in 1993 and 1995. Another three countries became member of the EU, which were Austria, Finland and Sweden. The general wealth in the EU slowly increased and also a through the global technological process was made. Traveling from member state to member state becomes easier. The Schengen agreement was responsible for the abolishment of pass port check points at the borders (Leckebusch, R, 15.07.2014). Four main events influenced the EU during the years 2000 - 2009. The euro was introduced as a common currency between the EU member states. It was responsible to increase the cohesion within the EU on the one hand and on the other hand to strengthen the economy positively by having a common currency. Furthermore was the united cooperation of member states in the fight against terror. This was the result of the terror attack September 11th 2001, when terrorists destroyed the WTC in New York City (, 30.06.2011). Third is the largest assumption of new member states in the EU. Twelve countries became EU members in 2004 and 2007. The fourth event was the global financial crisis which started in 2008 (Leckebusch, R, 15.07.2014). The Lisbon treaty was signed one year later. This treaty supported the cooperation between the member states (, n.d.). The start of the new decade was still suffering from the financial and economical crisis. Croatia was so far the latest addition to the EU-family and represents the 28th member state (, n.d.).

Some criteria had to be fulfilled before a European country is able to become an EU member. The criteria's as well as the EU integration process are both divided into three groups, which are the political criteria, economical criteria and further-criteria (, n.d). The political criteria implies that a member states legal systems is based on a democratic system. Likewise for the constitutional law. Democracy and freedom are both important integration criteria an appliance must full fill. The standard human rights in total are part of the integration criteria. The EU has developed an open market including free competition. The economic criteria imply that a candidate is able to fit its economy to the EU's, a currency which is convertible and which is connected to the EU's exchange rate system. Further criteria's are covering the duty's a candidate has to full fill. They are mainly integration of political duties and integration to the existing rules and laws. The political duty describes the process on how to become a part of the EEC5 and CFSP6. By the other duty is meant, that the candidate has to adopt the existing rules and laws of the EU. The identity of EU has to be adopted and is not allowed to be changed in any kind of way (Vosmirko, K, 2010).

The integration process is divided into allocation process, negotiation process and final process. During the allocation process two individuals are important, the commission and the council of the EU. The application will be processed by the commission. They will have a closer look at the candidate and send its recommendation to the council. But since both departments are independent, the commission's recommendation not necessarily does have impact of the council's decision. It is accepted when the majority of the council members voted for the negotiation process. During the first year of this part, both sides have the possibility to get each other to know. The candidate has the time to adapt its institutions and laws to the EU's. In total, thirty five chapters have to be adapted and be full filled. The commission such as the council members of all EU member states will decide about the application. Every party has the right to step out of the decision making process (, n.d.). The commission's decision has to be consented by the European Parliament and the council. Their decision is crucial if the application is refused or not. The final decision is made by the council. In case of unequal agreement, the candidate has the right to raise objections and is able to claim for new negotiation. In case of an equal decision for the candidate the application is accepted, which would likewise be the other way around. The integration agreement between the EU member states and the accepted candidate includes all the integration criteria's and will be checked through national parliaments from both sides (, n.d.).

2.2.2 Effects of European Integration on the economies and financial markets of member states.

The following part will have a closer look on two important integration factors. Economical and financial integration are both crucial parts in the EU accession process. Economic and political effects

Economic integration is when at least two nations or states decide to erase the economical barriers between their economies (, n.d.). In Europe the economic integration is used as a tool to eliminate the expression of barriers/frontiers and create a "unit" between the neighbors. Further is the main point of economical integration to stimulate the competition potential. This increasing potential will lower prices on an extended variation of better quality products and "force" the economy to conform and change (Pelkman, J, 1997). The negative side will be that regional economy like farming and small business in for example retail, probably won't catch up with the large economy change. The lack of financial possibilities will slow down their process, which will make them fall behind more and more over time (Bogdanic, S/ Husic, S, 23.03.2014). Economic decisions and political decisions often affect each other. Economic integration is similar to political integration (Pelkman, J, 1997). Economical and political integration within the EU were a given since the day it was formed. 1951 the ECSC, European Coal and Steel Community, were founded, to control the coal and steel production within the EU. Both materials are important for weapon production, which was tried to avoid, since WW Iljust were endured. (, n.d.). Europe's security was the aim behind this political on economical based decision, which had a positive side effect of market integration. Only years later the EEC treaty was signed by the member states, which included parts of an increasing political integration as well as pull the will of becoming an even closer unit between people in Europe (Pelkman, J, 1997). The Roma treaties are known as main corner posts of the EU genesis (, n.d.) and represent political integration within the EU. As the member states signed the treaties, the EEC, European Economy Community, and the EURATOM, European Atomic Energy Community, were founded. These foundations on the other hand had positive influence on the economy such as its integration ( n.d.).

Economical integration can be either market integration, or policy integration. Market integration refers straight to the economical integration. This means the measurement of the market performance in outcome, activity and demand-and-supply conditions between the market participants in the integrated region. Policy integration however relates to the integration on paper documents. It covers elements like laws, contracts and policies on different levels like cooperation, common and coordination, in a possible large variety (Pelkman, J, 1997). Economic integration is a wide ranged topic which because of its complexity comes in different variation. The table on the following page shows the five Balassa stages of economical integration with a definition such as examples to every stage. Federalism is the result of a higher level of economical integration. The purpose of federalism is to find the "golden middle way" between "becoming a unit" and "diversity" to create the maximum level of wealth (Pelkman, J, 1997). Federalism means a unit which consists out of small independent units, who are able to make political decision as a unit and independent (, 2011). As also the EU is its way to become federalism embossed unit (, 21.08.2012).


1 Graphic: personal graphic, source: Mewes, G, 2009

2 S&P 500, Standard & Poor 500, is one of the three largest stock market index of the USA. It represents the development of the500 most important companies on the stock market (, n.d.)

3 NAFTA: North American Free Trade Agreement. An agreement of a free trade area between The United States of America, Canada and Mexico (

4 ASEAN: Association of South East Asian Nations. Organization of ten Asian states, with the purpose of economical and political benefits (

5 EEC - European Economic Community. Part of the Roma treaties, signed in 1957 by the EU formers (, n.d.)

6 Common Foreign and Security Policy. EU's own security laws, part of the integration process (, n.d.)

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The CROBEX in the EU. The CROBEX under the influence of Croatia's EU-accession
University of Southern Denmark
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Henrik Fürst (Author), 2014, The CROBEX in the EU. The CROBEX under the influence of Croatia's EU-accession, Munich, GRIN Verlag,


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