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This article examines comovements between stock and government bond markets in the EU countries. Previous authors mostly indicated significant highly volatile comovements between the markets. In addition, it was proven in several markets that in times of

introductionRecent years were a tough challenge for the whole financial market and financial companies that worked in it. Financial crisis showed that even the banks that were considered to be big and safe can go bankrupt suddenly and cause immense confusion. when the financial system was started to be modified, it was noticed that there is a need for additional regulations, which were applied shortly. It is logical that additional regulation can influence mantautas RAČKAUSKAS, Kristina lEVIŠAUSKAITĖ Possible changes in the performance of credit unions according to new central bank regulationsUsing qualitative, comparative, financial and logical analysis, the influence of Central Bank regulations on the Credit unions in Lithuania is analyzed in this article. The aim of the article is to show a model, which allows to evaluate the influence of the changes that are affected by new regulations and supervision provided by the Central Bank for Credit unions. It presents the scenario that should be chosen to assure sustainable growth of a credit union.

Research background: Base erosion and profit shifting (BEPS) is a reduction of corporate income tax base and related corporate income tax payments via taking advantage of tax loopholes. OECD prepared 15 BEPS actions, which set countermeasures to fight tax avoid-ance in a coordinated way and shall be implement by countries on a voluntary basis. Literature review revealed that on a macro-level and company-level the extent of BEPS is large and statistically significant while studies addressing micro-level (transaction-level) impact and BEPS countermeasures’ related issues are limited. Purpose of the article: to identify methods and metrics available for evaluation of BEPS countermeasures’ impact on a micro-level and to assess BEPS countermeasures’ impact on a business group. Methods: the paper employs comparative analysis of scientific and professional literature to identify approaches and methods available for evaluation of BEPS countermeasures’ impact on a micro-level; and a case analysis method to assess an expected impact of BEPS coun-termeasures on a specific business group.  Findings & Value added: An approach used to estimate BEPS countermeasures impact on the micro-level differs from the one applied in macro-level analysis. To conduct the case analysis, OECD’s proposed macro-level fiscal impact assessment approach has been adapted for a micro-level analysis. It includes the analysis of the transactions subject to BEPS countermeasures and develops an action plan to manage related risks. The conducted case analysis differs from previous research as it employs transaction-level data and estimates fiscal effect of BEPS countermeasures on a micro-level. Analysis of the activities of the specific business group revealed that 5 from 15 countermeasures are relevant and directly applicable to this business group. They would not have an immediate significant direct fiscal effect, but risks related to BEPS countermeasures exist and action plans to manage negative effects of BEPS countermeasures have to be implemented.

Pinigų sąjungos poveikis euro zonos šalių ekonomikaiStraipsnyje pateikiami šalies ekonomikos pokyčių, prisijungus prie pinigų sąjungos tyrimo rezultatai. Tiriamas priklausomybės ryšys tarp šalies ekonomikos pokyčių ir šalies ekonomikos charakteristikų, tokių kaip struktūrinis ekonomikos atitikimas, verslo ciklo sinchronizacija ir ekonomikos atvirumas. Taip pat vertinama verslo ciklo fazės (pakilimas, nuosmukis), identifikuotos šalies stojimo į pinigų sąjungą metu, įtaka šalies ekonomikos pokyčiams fiksuotu laikotarpiu po įstojimo. Raktiniai žodžiai: pinigų sąjunga, euro zona, struktūrinis ekonomikos atitikimas, ekonomikos atvirumas, verslo ciklo sinchronizacija, verslo ciklo fazė, makroekonominiai rodikliai.This paper presents results of the research in which changes of country economics after joining monetary union are analyzed. The link between changes in country's economy and economic characteristics, such as structural similarity, openness of economy, business cycle synchronization, have been assessed. This paper also discloses when benefits for the country economy are higher: joining monetary union on business cycle upturn or downturn phase.