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The Membership of Bulgaria in the European Union: Fifteen Years Later: Twenty-First Scientific Conference Cover Image

The Membership of Bulgaria in the European Union: Fifteen Years Later: Twenty-First Scientific Conference
The Membership of Bulgaria in the European Union: Fifteen Years Later: Twenty-First Scientific Conference

Contributor(s): Paskal Zhelev (Editor), Dobroslav Emilov Mollov (Editor), Alexander Hristov (Editor), Elena Simeonova (Editor), Stela Jivkova (Editor), Ingrid Shikova (Editor), Tatiana Houbenova (Editor), Matilda Aleksandrova (Editor), Virginia Zhelyazkova (Editor), Milen Baltov (Editor), Preslav Dimitrov (Editor), Karim Naama (Editor), Desislava Stoilova (Editor), Georgi Marinov (Editor), Elif Dağdemir Uçkan (Editor), Mirko Tripunoski (Editor), Duško Dimitrijević (Editor), Silvana Jovcheska (Editor), Maia Tripunoska (Editor)
Subject(s): Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, International relations/trade, EU-Accession / EU-DEvelopment
ISSN: 2815-2727
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: European Union; Bulgaria; EU Policy; International Economics; Innovations; International trade; Sustainability; Energy; Marketing; Business
Summary/Abstract: On two consecutive days, on 6th and 7th October 2022, the 21st international scientific conference was held, organized by the Department of "International Economic Relations and Business" at the University of National and World Economy. It was dedicated to the 70th anniversary of the International Economic Relations and Business Department and was under the patronage of the Rector of UNWE, Prof. Dr. Dimitar Dimitrov. Traditionally, it was dedicated to topics related to Bulgaria's membership in the European Union, but also a wide range of other issues were discussed such as politics, economy, sustainable development, decarbonization, trade, marketing, innovation, technology, etc.

  • Page Count: 300
  • Publication Year: 2023
  • Language: English
Introduction

Introduction
(Introduction)

  • Author(s):Not Specified Author
  • Language:English
  • Subject(s):Essay|Book Review |Scientific Life, Scientific Life
  • Page Range:7-9
  • No. of Pages:3
The World Economy and Bulgaria – Trends and Perspectives

The World Economy and Bulgaria – Trends and Perspectives
(The World Economy and Bulgaria – Trends and Perspectives)

  • Author(s):Vasil Petkov
  • Language:English
  • Subject(s):Economy, National Economy, Supranational / Global Economy
  • Page Range:11-21
  • No. of Pages:11
  • Keywords:world economy; economic outlook; main indicators for Bulgarian economy; Bulgarian economic development
  • Summary/Abstract:The paper reveals the world economic development in retrospective period with a stress on the past few years. It tries to find the interconnections between the different factors and phenomenon. The trends in the leading economies are outlined – the USA, China, Japan, Germany and the Eurozone. Special attention is paid to Gross Domestic Product (GDP) growth rates, economic activity, and inflation rates. Short-term forecasts are made and a comparison with ready predictions is done. The major issues for the future development are assessed. The main macroeconomic indicators for Bulgaria are discussed and explanations for their specific movement is given – GDP growth, its components, export, import, budget deficit, debt to GDP rate, inflation and unemployment rates, etc. The specific factors which influence Bulgarian economy are found and solution for the mitigation of negative ones is given. At the end a forecast for the development of the economy of Bulgaria is given based on analysis of empirical information.
The Economic Dynamics of the EU in Relation to the Dynamics of the World Economy from 1970 to the Present

The Economic Dynamics of the EU in Relation to the Dynamics of the World Economy from 1970 to the Present
(The Economic Dynamics of the EU in Relation to the Dynamics of the World Economy from 1970 to the Present)

  • Author(s):Kaloyan Valentinov Haralampiev, Georgi Naidenov
  • Language:English
  • Subject(s):Politics / Political Sciences, Economy, Supranational / Global Economy, Geopolitics
  • Page Range:22-33
  • No. of Pages:12
  • Keywords:economic dynamics of the EU; dynamics of the world economy; gross domestic product; Kondratiev waves; great depression; world war
  • Summary/Abstract:A comparative analysis is made of the economic dynamics of the EU in relation to the dynamics of the world economy from 1970 until now. Several economic indicators are analyzed – Gross domestic product in dollars at constant 2015 prices, exports and imports in dollars at constant 2015 prices, research and development expenditures as a percentage of GDP, and data on dealing with the coronavirus pandemic 19. The complex situation facing the world and European economies is outlined in relation to the specific moment in which they find themselves – at the bottom of the transition from the first to the second Kondratiev long waves – respectively the risks of a Great Depression and a world war.
How to Measure Cohesion in the EU?

How to Measure Cohesion in the EU?
(How to Measure Cohesion in the EU?)

  • Author(s):Dimitar Hadjinikolov
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, EU-Accession / EU-DEvelopment, Socio-Economic Research
  • Page Range:34-41
  • No. of Pages:8
  • Keywords:cohesion; cohesion policy; cohesion indicators; European Union
  • Summary/Abstract:To implement common policies in the EU, the Member States need to have a very strong cohesion among them in all the three dimensions of the cohesion specified in the EU treaties - economic cohesion, social cohesion, and territorial cohesion. But how do we determine the size of cohesion? How can we assess whether the financial means used for cohesion measures in the EU have in fact given the necessary result? If we want to measure cohesion, we must define a proper set of indicators that actually measure it and not only various side effects associated with it. This article examines two possible approaches to assessing cohesion in the EU. The first of them is labeled by the author as a traditional approach. It is based on the understanding that the convergence process is a kind of catch-up development of the Member States and regions that lag EU average in various aspects. Another approach proposed by the author is labeled as a new approach and is focused more on the fitness and readiness of Member States and regions to function together as one organism.
Bulgaria and the EU Convergence Reports from 2022

Bulgaria and the EU Convergence Reports from 2022
(Bulgaria and the EU Convergence Reports from 2022)

  • Author(s):Kaloyan Simeonov
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Supranational / Global Economy, EU-Accession / EU-DEvelopment
  • Page Range:42-52
  • No. of Pages:11
  • Keywords:Euro Area; Bulgaria; accession; convergence criteria
  • Summary/Abstract:The 2022 Convergence Reports from the European Commission and European Central Bank are currently the last official assessments of the preparedness of the EU Member States that are outside the euro area about their readiness to adopt the euro. In these reports only Croatia was assessed as a Member State that is ready to adopt the euro. The paper will analyse the assessment of the EU institutions on the Bulgaria readiness to adopt the euro. The initial reading of the reports may suggest that they are not too positive about Bulgaria as there are several requirements that shall be further met in the short to medium term, including in relation to the price stability and the need to further amend the legal framework. However, these reports contain also many good news for Bulgaria that will be the focus of the current research.
Applying Trade Facilitation Measures for Increasing Regional Trade in Southeast Europe

Applying Trade Facilitation Measures for Increasing Regional Trade in Southeast Europe
(Applying Trade Facilitation Measures for Increasing Regional Trade in Southeast Europe)

  • Author(s):Katerina Toshevska-Trpchevska, Elena Makrevska Disoska, Irena Kikerkova, Jasna Tonovska
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, International relations/trade
  • Page Range:53-65
  • No. of Pages:13
  • Keywords:SEE countries; OECD Trade Facilitation Indicators; gravity model; trade; trade facilitation
  • Summary/Abstract:In this paper we analyze the exchange of goods between the countries in Southeast Europe (SEE). By application of the gravity model of international trade, we determine the drivers of trade among 10 SEE countries: Albania, Bosnia and Hercegovina, Bulgaria, Croatia, Montenegro, Moldova, North Macedonia, Romania, Serbia and Slovenia. The focus of the research is to evaluate the influence of Trade Facilitation Indicators (TFIs) developed by OECD on intraregional trade. These indicators cover a wide range of existing border procedures determined as trade facilitation measures. The individual estimations show that, after controlling for the usual gravity model variables, seven out of the total eleven TFIs show a positive and significant impact on trade in SEE. These results point to the existence of a potential for a further boost of the intraregional trade by improving the activities related to information availability, formalities-documents, fees and charges, formalities-automation, formalities-procedures, appeal procedures and governance.
The Changing Globalization: What Possible Changes for European Companies?

The Changing Globalization: What Possible Changes for European Companies?
(The Changing Globalization: What Possible Changes for European Companies?)

  • Author(s):Iskra Christova-Balkanska
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy
  • Page Range:66-76
  • No. of Pages:11
  • Keywords:European global values chains; Central and East European countries inclusion in industrial network; COVID 19 and the impact on European GVCs
  • Summary/Abstract:Globalization has given rise to new forms of production and trade, which have found expression in the fragmentation of production processes within Global Value Chains (GVCs). The European Union is an open economy and the European single market, European GVCs oriented their investments, not only in Southeast Asia and mainly China, but they localize industries in geographically close regions, as Central and East European (CEE) countries. The EU CEE member states were bound by production and trade value chains and they became part of the international trade. Recently, the pandemic crisis related to COVID-19 changed the structure and the organization of GVCs and they followed (albeit more slowly) to strengthen the broken connections and productions. The EU faces new challenges in relation to rising inflation and rising economic and political risk factors. Questions are being asked about the future economic and political power stance in the world and how it would affect European companies and the EU‘s goals towards a digitalized and green economy.
Trade Finance – Key Factor for International Economic Growth

Trade Finance – Key Factor for International Economic Growth
(Trade Finance – Key Factor for International Economic Growth)

  • Author(s):Vessela Todorova
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, International relations/trade, Financial Markets
  • Page Range:77-91
  • No. of Pages:15
  • Keywords:trade finance; bills of exchange; negotiable trade finance instruments; acceptance houses; documentary credit; documentary collection; cash-in-advance; open account
  • Summary/Abstract:Similar world trade finance instruments stayed in use from long-term perspective more than eight centuries. The bill of exchange has proven to be extremely flexible. Its transformation over time reflected the evolution of global trade finance market. Nowadays the structure of trade finance market is the same as it was at its origin. Local banks and local branches of world banks offer to firms a range of products. In combination with credit insurance or guarantees as additional government`s support medium-term trade finance (or export finance) has been comparatively more flexible in comparison with short-term trade finance. Trade finance kept its low-risk profile in the turbulence times.
The European Green Bond Market – Development, Current State and Regulatory Regime

The European Green Bond Market – Development, Current State and Regulatory Regime
(The European Green Bond Market – Development, Current State and Regulatory Regime)

  • Author(s):Silvia Kirova
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Environmental and Energy policy
  • Page Range:92-105
  • No. of Pages:14
  • Keywords:green bonds; regulation; EU green bond standard
  • Summary/Abstract:The financial markets, and more specifically the debt markets are expected to play a significant role in the transition to a green economy. One of the instruments that offers several advantages and whose market has seen the most substantial growth in recent years are green bonds. Currently the green bond market regulation is based on private governance and market-based standards, as there is no public regulation. With the launch of the EU green bond standard, the EU is going to pave the way for a public governance in this field. Therefore, the paper aims at exploring the current state and the development of the European green bond market, as Europe is a leading player. Additionally, I try to compare the suggested EU standard to the existing private standards, namely the Green Bond Principles and the Climate Bond Standard.
Research on the Relationships Among Bulgarian Banks’ Financial Statement Elements as a Basis for a Thorough Analysis of Their Activities

Research on the Relationships Among Bulgarian Banks’ Financial Statement Elements as a Basis for a Thorough Analysis of Their Activities
(Research on the Relationships Among Bulgarian Banks’ Financial Statement Elements as a Basis for a Thorough Analysis of Their Activities)

  • Author(s):Ventsislav Vechev , Diana Papradanova
  • Language:English
  • Subject(s):Economy, National Economy, Financial Markets
  • Page Range:106-117
  • No. of Pages:12
  • Keywords:banks; financial statements; regression analysis
  • Summary/Abstract:Banks’ financial statements are the main source of information for a wide range of users (investors, regulatory authorities, etc.). A qualitative analysis of the information contained in the elements of financial statements is a prerequisite for making justified and constructive decisions. This paper presents a research that aims to assess the significance of information relationships among the elements of the financial statements of banks as a starting point for analysing their financial position. The research thesis is that the relationships and dependencies among financial statement elements should be used as a basis for structuring the indicators and models for analysis of banking activity in order to obtain qualitative analytical information that would help the users of these financial statements (including bank managers and supervisory bodies) make informed economic decisions. To prove this thesis, the following hypothesis was formulated and empirically tested: financial statement elements reflect different aspects of the economic processes taking place in banks and therefore there is an interdependence among the positions (items) of the financial statements. The correlation of certain financial statement positions was identified and measured by means of regression and correlation analyses of the data from the financial statements of Bulgarian banks published on the official website of the Bulgarian National Bank. The relationships were determined using a univariate linear regression analysis while the covariance was measured using the Pearson correlation coefficient. The research covers twenty-five banking institutions (including branches of foreign banks) operating on the territory of our country. The results of the research determine the relationships and correlations among certain positions of the financial statements of these banks and empirically confirm the formulated hypothesis, which in turn corroborates the main research thesis.
Bank for International Settlements’ Actions to Limit the Negative Consequences of the Crisis with the Covid-19 Pandemic on the Banking System

Bank for International Settlements’ Actions to Limit the Negative Consequences of the Crisis with the Covid-19 Pandemic on the Banking System
(Bank for International Settlements’ Actions to Limit the Negative Consequences of the Crisis with the Covid-19 Pandemic on the Banking System)

  • Author(s):Aglika Kaneva
  • Language:English
  • Subject(s):Economy, National Economy, Supranational / Global Economy, Financial Markets
  • Page Range:118-124
  • No. of Pages:7
  • Keywords:Bank for International Settlements; COVID-19 pandemic; global financial and economic crisis
  • Summary/Abstract:In this paper, the effects the implemented Basel standards have had on the resilience of the banking system and banks’ behaviour during the period of the COVID-19 pandemic have been evaluated. The measures taken by the Bank for International Settlements to limit the negative impact of the COVID-19 pandemic on banks have been examined. The Bank for International Settlements’ response to economic crises has been studied.
Migration Trends and Labour Migration Policy in the European Union in the Period 2013 – 2020

Migration Trends and Labour Migration Policy in the European Union in the Period 2013 – 2020
(Migration Trends and Labour Migration Policy in the European Union in the Period 2013 – 2020)

  • Author(s):Monika Moraliyska
  • Language:English
  • Subject(s):Politics, Economy, Labor relations, Socio-Economic Research, Asylum, Refugees, Migration as Policy-fields
  • Page Range:125-133
  • No. of Pages:9
  • Keywords:migration; emigration; immigration; labor market; European Union
  • Summary/Abstract:The paper analyses the migration trends in the EU in the last decade (2013 – 2020) – emigration and immigration. The net migration is then presented and analyzed in terms of its major economic and social consequences and its potential impact on the European labour market. For that purpose, migration and migrant population data from Eurostat are used to analyze the current state and perspectives on union and country level, as well as some projections and analytical reports regarding the labor force deficit in them.
Asylum Seekers and Economic Burden: Evidence from Refugees’ Realities in Germany

Asylum Seekers and Economic Burden: Evidence from Refugees’ Realities in Germany
(Asylum Seekers and Economic Burden: Evidence from Refugees’ Realities in Germany)

  • Author(s):Mykhaylo Kunychka, Martina Brezániová
  • Language:English
  • Subject(s):Politics / Political Sciences, Economy, National Economy, Supranational / Global Economy, Human Resources in Economy, Asylum, Refugees, Migration as Policy-fields
  • Page Range:134-142
  • No. of Pages:9
  • Keywords:refugee crisis; labour market; economic burden; spatial distribution; Germany
  • Summary/Abstract:In the context of refugee crises, which have become the leading topic of political as well as scientific debates in past decade, the impact of migrants and asylum seekers on the labour market of the receiving country has attracted remarkable attention. Empirical research in this area indicates that migration has an insignificant effect on the change of the average wage, but it negatively affects the low-skilled labour force on the one hand and positively affects the high-skilled labour force on the other. The purpose of this article is to analyse the influx of refugees and asylum seekers to Germany with an emphasis on the genesis of the crisis in 2015-2016. We try to illustrate the integration of refugees in the local labour market. In accordance with the purpose of the paper we suggest two hypotheses reflecting refugees’ economic burden for hosted country and spatial distribution relevance for integration. To reach the purpose, we apply qualitative research methods such as semi-structured interviews. Our results suggest the limited refugees’ economic burden for German economy and significant effect of geographical allocation on integration process.
China and Bulgaria: So Far and So Close. The Authentic Energy of Cultural Proximity

China and Bulgaria: So Far and So Close. The Authentic Energy of Cultural Proximity
(China and Bulgaria: So Far and So Close. The Authentic Energy of Cultural Proximity)

  • Author(s):Antoaneta Daneshka
  • Language:English
  • Subject(s):Politics, Economy, Supranational / Global Economy, Business Economy / Management, International relations/trade
  • Page Range:143-149
  • No. of Pages:7
  • Keywords:international business; China; national culture; comparative management; intercultural competence
  • Summary/Abstract:Despite the many obvious differences, China and Bulgaria share common cultural fundamentals, providing for a fertile ground for successful long-term meaningful relationships between the people of both countries. Undoubtedly cultural similarities create inroads for mutually satisfactory business relationships as well. At first glance, China and Bulgaria are so distant from one another. Situated in different continents, at a distance of almost 7000 kilometers, representatives of different races, speaking so different languages. However, all these dissimilarities may prove to be outweighed by the aspects of culture, shared by both countries. The paper presents cross-cultural analysis of both countries, based on the framework of cultural divides as suggested by Richard Gesteland. To that end, literature review and analytical reasoning are used. The elaborations lead to the conclusion that although spotted at a distance on the cultural continuums, what is ‘desirable’ in both countries is quite close in the perception and interpretation of the Chinese and Bulgarians. That cultural proximity heralds trustworthy, emotionally comfortable and productive relationships which to beused to the advantage of both countries.
Overcoming Barriers to Digitalisation in Performing Arts - Evidence from a European Project

Overcoming Barriers to Digitalisation in Performing Arts - Evidence from a European Project
(Overcoming Barriers to Digitalisation in Performing Arts - Evidence from a European Project)

  • Author(s):Vesselina Dimitrova, Vito Sandro Furio, Lino Manosperta
  • Language:English
  • Subject(s):Theatre, Dance, Performing Arts, Economy, Fine Arts / Performing Arts, ICT Information and Communications Technologies, Socio-Economic Research
  • Page Range:150-157
  • No. of Pages:8
  • Keywords:performing arts; digitalization; barriers; training; Covid-19
  • Summary/Abstract:This paper summarizes the experiences of performing artists during Covid-19 in five European countries as Cyprus, Greece, Italy, Lithuania, and Portugal in the framework of DigitAct (Erasmus+) project. Based on surveys and focus groups are tested the perceptions of the barriers and challenges faced to identify areas of competencies with significant reference to digitalisation. Furthermore, this paper will make a comparison with the literature review for digitalisation in the performing art sector highlighting opportunities for the countries that participate in the DigitAct project.
Accelerating Consumer Adoption of AR Technologies as a Result of the Covid -19 Crisis

Accelerating Consumer Adoption of AR Technologies as a Result of the Covid -19 Crisis
(Accelerating Consumer Adoption of AR Technologies as a Result of the Covid -19 Crisis)

  • Author(s):Christian Zhelev
  • Language:English
  • Subject(s):Economy, Business Economy / Management, ICT Information and Communications Technologies, Socio-Economic Research
  • Page Range:158-164
  • No. of Pages:7
  • Keywords:marketing; consumer behaviour; adoption forces
  • Summary/Abstract:The current report, relying on literature review, tries to shed light on a still not enough explored phenomena – the influence of Covid -19 on consumer behaviour in general and on the consumer adoption process and the rate of adoption of products. The main research question lies in the domain of the acceleration of the adoption – to what extend it is possible and feasible to aid the adoption rate of new products and services namely by the means of augmented reality (AR) and to what extend has the Covid - 19 pandemic facilitated or hindered this process. The report is based on publicly available information.
Analysis of Factors for Innovation Activity of Companies in the South-East and South-West Regions of Bulgaria

Analysis of Factors for Innovation Activity of Companies in the South-East and South-West Regions of Bulgaria
(Analysis of Factors for Innovation Activity of Companies in the South-East and South-West Regions of Bulgaria)

  • Author(s):Yulia Yorgova, Gergana Kirova
  • Language:English
  • Subject(s):Economy, National Economy, Micro-Economics
  • Page Range:165-175
  • No. of Pages:11
  • Keywords:innovation activity; factors for innovation; innovation capabilities; innovation barriers
  • Summary/Abstract:The innovation capabilities of companies are affected by numerous factors that can act as both drivers and blockers. The research presents the state of innovation activities of companies in the Southeastern and Southwestern regions of Bulgaria. The main goal is to analyze some factors influencing their innovation potential and activity, and on this basis, to formulate specific conclusions and recommendations. The work uses data from a survey conducted with 151 companies from both regions. The results show insufficient innovation activity of companies in both regions, especially in the southeastern region.
Continuing Training of Bulgarian Managers and Entrepreneurs

Continuing Training of Bulgarian Managers and Entrepreneurs
(Continuing Training of Bulgarian Managers and Entrepreneurs)

  • Author(s):Mariya Neycheva
  • Language:English
  • Subject(s):Social Sciences, Economy, Education, Business Economy / Management, Vocational Education, Adult Education
  • Page Range:176-182
  • No. of Pages:7
  • Keywords:lifelong learning; continuing vocational training; management training; Bulgarian management
  • Summary/Abstract:Vocation training of managers has a positive impact on profitability, productivity, and staff retention. Moreover, it makes managers aware of the significance of learning for employees’ satisfaction and motivation. The present paper focuses on determinants of company’s investments in continuing training of managers/entrepreneurs. The empirical analysis is based on a survey of Bulgarian companies located in the southeastern and southwestern part of the country. The results highlight the role of internal environment for involvement in management training. The likelihood for training is higher for larger companies and also for those with R&D and innovations. The focus on human resources development as well as the learning-oriented culture is important. Additionally, the output implies that the lack of trainers with expertise corresponding to the specific company needs is a major determinant of underinvestments in staff training in Bulgaria. These results have practical implications for the government policy for stimulating the firm investments in lifelong learning.
European Union and Welfare Economics – Reasoned Through Some Papers of Sir Angus Deaton

European Union and Welfare Economics – Reasoned Through Some Papers of Sir Angus Deaton
(European Union and Welfare Economics – Reasoned Through Some Papers of Sir Angus Deaton)

  • Author(s):Atanas I. Vladikov
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, Welfare systems, EU-Accession / EU-DEvelopment, Socio-Economic Research
  • Page Range:183-189
  • No. of Pages:7
  • Keywords:welfare economics; inequalities; poverty; consumption; economic development; EU economic policies
  • Summary/Abstract:In this report, a comparison is made between the classical paradigm of welfare economics and its application in the European Union, based on the understanding of the Nobel laureate in Economic Sciences – Sir Angus Deaton. The report discusses the challenges facing the institutional establishment of the EU, positioned on the principles of federalism without the EU being a federal state. In practice, the „fiscal federalism” for building the US welfare economy is currently not possible to be implemented by and through the institutions of EU without changing the two main treaties – the Treaty on EU /TEU/ and the Treaty on the Functioning of the EU /TFEU/.
Competitiveness of Bulgarian Economy – Comparison with Other Member-States of the European Union

Competitiveness of Bulgarian Economy – Comparison with Other Member-States of the European Union
(Competitiveness of Bulgarian Economy – Comparison with Other Member-States of the European Union)

  • Author(s):Sabrina Kalinkova
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Political Sciences, Comparative politics, EU-Accession / EU-DEvelopment
  • Page Range:190-202
  • No. of Pages:13
  • Keywords:competitiveness; Bulgarian economy; comparative analysis; European Union
  • Summary/Abstract:The development of a country (economic and social) is one of the key issues in modern society. For this reason, it is an object of increased research interest - with different research goals and objectives, as well as with a different methodology used for this research. One of the categories often used in modern economic life is competitiveness. It is the focus of the present study, which has as its main objective the analysis, assessment and comparison of the competitiveness with which the Bulgarian economy functions in the context of its membership in the European Union.
Structural Changes and Convergent Processes of Employment in Bulgaria and Romania

Structural Changes and Convergent Processes of Employment in Bulgaria and Romania
(Structural Changes and Convergent Processes of Employment in Bulgaria and Romania)

  • Author(s):Silvia Gospodinova
  • Language:English
  • Subject(s):Politics / Political Sciences, Economy, Business Economy / Management, Political Sciences, Comparative politics, Human Resources in Economy
  • Page Range:203-214
  • No. of Pages:12
  • Keywords:economic structure; employment structure; structural convergence; sigma convergence; divergence index
  • Summary/Abstract:The report analyzes the structure and convergent processes of employment in the Bulgarian and Romanian economies for the period 2000-2020, and examines the dynamics of relative shares and rates of change for the respective period. In order to quantitatively measure the degree of convergence/divergence, a divergence index and a difference index were calculated, comparisons with other EU countries with similar characteristics were used, and some possible explanations and consequences of the structural changes that took place were also derived. Overall, the results show a slow process of convergence of the sectoral structure of employment of the Bulgarian and Romanian economies with that of the Eurozone, which continues throughout the period, regardless of some specifics before and after the global recession.
Export-Oriented SMEs in Dynamic International Conditions: Key Aspects

Export-Oriented SMEs in Dynamic International Conditions: Key Aspects
(Export-Oriented SMEs in Dynamic International Conditions: Key Aspects)

  • Author(s):Margarita Ivanova
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, International relations/trade
  • Page Range:215-221
  • No. of Pages:7
  • Keywords:European Union; small and medium enterprises; tariffs; quotas
  • Summary/Abstract:International markets offer different possibilities to small and medium enterprises (SMEs) as well as require careful preparation. This paper strives to bridge theory and practice when it comes to informed decision-making for export. The focus is on important obligations and opportunities that the management should be aware of as they adjust their strategies and approaches for the diverse conditions across national borders. Emphasis is placed on the importance of gaining better understating of three concepts that have high practical value, while targeting foreign markets. This contribution can be thought provoking in the context of the research of SMEs as well as of export.
Process and Product Innovations as Marketing Strategy Tools of Organizations

Process and Product Innovations as Marketing Strategy Tools of Organizations
(Process and Product Innovations as Marketing Strategy Tools of Organizations)

  • Author(s):Vilyana Ruseva
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Marketing / Advertising, ICT Information and Communications Technologies
  • Page Range:222-230
  • No. of Pages:9
  • Keywords:marketing strategy; innovation process; product innovation
  • Summary/Abstract:In the last few decades, the world industry has witnessed a turbulent development due to new technologies, leading even to the creation of new types of entrepreneurship. The purpose of this report is to discover the importance of innovative activities as an element of the organization’s marketing strategy for successful and sustainable development. The report provides a brief literature review of the main concepts applied in practice in the organization: innovation, product innovation and process innovation. In addition to clarifying the meaning of these concepts, the author also aims to highlight the effect of adding value to already existing products or services in order to improve company productivity and competitiveness. Based on a survey conducted on 150 enterprises in South-Eastern Bulgaria, the research seeks to shed light on what is the attitude of management towards the process and product innovation base and the degree of their positive impact on the strategic company on the innovation focus process.
Artificial Intelligence, Economic Growth and the end of the Free Market

Artificial Intelligence, Economic Growth and the end of the Free Market
(Artificial Intelligence, Economic Growth and the end of the Free Market)

  • Author(s):Miroslav Kamdzhalov
  • Language:English
  • Subject(s):Politics / Political Sciences, Economy, Business Economy / Management, Economic policy, ICT Information and Communications Technologies
  • Page Range:231-239
  • No. of Pages:9
  • Keywords:artificial Intelligence; economic growth; economic freedom
  • Summary/Abstract:Artificial Intelligence occupies the minds of scholars, researchers and curios people. In the economic context, there are numerous topics concerning Artificial Intelligence to think about. Implementation of such disruptive technology will presumably increase economic growth as a whole. Looking at the details, we cannot conclude unambiguously that this will happen in a proper manner. This article will try to look beyond the current development of artificial intelligence applications. These days, we use more and more of them. There are numerous fields of applications of Artificial Intelligence such as natural language processing, machine learning, problem-solving, uncertain knowledge, robotics, etc. Meanwhile, our world still does not have the full-fledged Artificial Intelligence, one who can substitute man. When this happens, there will be a completely different society with new economic and social policies. This study attempts to figure out what could be the probable outcomes of Artificial Intelligence on economic theory and practice. In order to achieve this, content analysis, induction, and deduction have been applied.
The European Labour Market in the Technological Era

The European Labour Market in the Technological Era
(The European Labour Market in the Technological Era)

  • Author(s):Tsvetina Tsakova
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, Labor relations, Human Resources in Economy, ICT Information and Communications Technologies
  • Page Range:240-251
  • No. of Pages:12
  • Keywords:digitalization; ecological technology; green transformation; innovation; science; education; structural transformation
  • Summary/Abstract:The global climatic changes and the reindustrialization of the European economy in the technological XXI century construct a cause-effect chain which starts and ends with education and science: digitalization and robotization – structural economic reforms -imbalance in the labour market – professional qualification and competence – transfer of science and innovations in the applied economy – lifelong learning. The ambitious aim of the ecologically-oriented European Union is to achieve a carbonneutral economy by the year 2050. In the process of Green and Digital Transformation innovative industrial productions will be opened with the integration of digital and ecological technologies. The segments of the labour market change. The professional realization in the education, science and information and communication technologies increases, and the one in the industrial and agricultural decreases. The deficit of engineering human capital (educated and competent workforce) reaches record levels on the labour market. The focus of the study is on the education and science in the context of the Green and Digital Transformation of the European Economy. The long term aim of the research is the sustainable professional balance on the labour market. The topic concerning the European labour market is developed on the base of the modern multidisciplinary method of scientific research. The educational policies in the Victorian industrialization of the economy and the analogous present day reindustrialization are compared in the analysis and interpretation of the results of the study.
The Role of the European Union as a Factor for Security, Stability and Prosperity of the Balkan Countries

The Role of the European Union as a Factor for Security, Stability and Prosperity of the Balkan Countries
(The Role of the European Union as a Factor for Security, Stability and Prosperity of the Balkan Countries)

  • Author(s):Todor Kondarev
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Developing nations, EU-Accession / EU-DEvelopment
  • Page Range:252-260
  • No. of Pages:9
  • Keywords:European Union; Balkans; stability; prosperity; security; EU candidate and potential countries; EU member countries
  • Summary/Abstract:The report "The role of the European Union as a factor in the security, stability and prosperity of the Balkan countries" presents an in-depth analysis of how the foreign policy priorities and the domestic political situation in the countries of the Western Balkans are changing through the harmonization of local legislation and policies with the aim of rapprochement and achieving of full membership in the European Union. After years of war caused by ethnic conflicts in the 1990s in Yugoslavia, to date the countries of the region have focused on covering pan-European norms and values, namely political stability, civil security and economic growth, so that one day to be able to join the big European family and take advantage of all the advantages that membership in the European Union would provide them - more security, more financial resources, more opportunities for development, etc.
Development of Wine Tourism Destinations to Support the Repositioning of Bulgaria’s Tourism Product

Development of Wine Tourism Destinations to Support the Repositioning of Bulgaria’s Tourism Product
(Development of Wine Tourism Destinations to Support the Repositioning of Bulgaria’s Tourism Product)

  • Author(s):Kristina Georgieva
  • Language:English
  • Subject(s):Economy, National Economy, Marketing / Advertising, Tourism
  • Page Range:261-271
  • No. of Pages:11
  • Keywords:wine tourism; repositioning; experience economy; tourism product
  • Summary/Abstract:The past three years proved to be an exceptional challenge for the development of tourism in Bulgaria. The years-long problems in the sector combined with the new global situation forced all countries involved in this economic field to realize the need to take active measures to reposition Bulgaria’s tourism product. One of the possibilities for differentiating the portfolio of tourist destination Bulgaria is through the development and promotion of local destinations for wine tourism. The present study aims to characterize the possibilities for wine tourism destinations’ development in support of the repositioning of Bulgaria’s tourism product. The research object is the local wine destinations, and the subject – their importance in the repositioning of the national tourism product.
Gold Investments – Regression Analysis of the Gold Price Over a Certain Period

Gold Investments – Regression Analysis of the Gold Price Over a Certain Period
(Gold Investments – Regression Analysis of the Gold Price Over a Certain Period)

  • Author(s):Mariya Yaneva
  • Language:English
  • Subject(s):Economy, Financial Markets
  • Page Range:272-279
  • No. of Pages:8
  • Keywords:gold; investments; precious metals; regression analysis
  • Summary/Abstract:The global development of the monetary and financial system has evolved over different historical periods. Increasingly, the subject of discussions among economic subjects are the ways to increase their financial well-being through investments in the financial markets. One of the most preferred ways to preserve and increase the financial wealth of individuals is investments in precious metals, in this case – gold, which are realized in specialized financial markets for raw materials. In this regard, the subject of discussions and analyzes in the present development is gold, as an element of the financial markets and a way of investing, and the subject is emphasized on regression analyzes related to its price values and author’s forecasts for future periods.
Creative Accounting Techniques, Methods for Detection and Prevention

Creative Accounting Techniques, Methods for Detection and Prevention
(Creative Accounting Techniques, Methods for Detection and Prevention)

  • Author(s):Ivan Gudev
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Accounting - Business Administration
  • Page Range:280-291
  • No. of Pages:12
  • Keywords:creative accounting; accounting manipulation; detection; prevention
  • Summary/Abstract:This paper aims to investigate the most widely used techniques for creative accounting, methods for detection of those techniques and ways of prevention of such practices. The focus of this paper will be on the earnings manipulation. Comparative analysis will be carried out to identify the most widely used methods of detection of such practices in order to facilitate users in detecting those practices. In today’s global business environment, the competition is increasing on a daily basis and every company is pushed to present its’ financial figures in a favorable way, so it looks good in the eyes of the clients, investors, vendors, banks and other stakeholders. This is the reason why more and more managers are looking for alternative ways to present company’s financial information even though it could not be the most appropriate way. We will investigate the most reliable methods to detect creative accounting techniques and the role of auditors in detecting such practices will be discussed too. Recommendations are given how to deal with the problem of creative accounting. Methods used in this study are the deductive reasoning, abstract reasoning and literature analysis.
Creative Accounting and Accounting Fraud – Differences and Similarities

Creative Accounting and Accounting Fraud – Differences and Similarities
(Creative Accounting and Accounting Fraud – Differences and Similarities)

  • Author(s):Ivan Gudev
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Accounting - Business Administration
  • Page Range:292-299
  • No. of Pages:8
  • Keywords:accounts manipulation; creative accounting; accounting fraud
  • Summary/Abstract:In today’s global, dynamic, and turbulent business environment, the most prominent imperative for companies is to present their financial figures to look good in the eyes of the wide public. This is the reason that increasing number of managers indulge in accounting manipulation. However, accounting manipulation consists of two major types – creative accounting (which operates within the regulatory framework but outside the ethical standards) and accounting fraud which means manipulation stretching out of the regulatory framework and in most cases involves illegal activities. The borderline between these two terms is very tight and it is difficult even for the auditors to detect such practices if they are masterfully concealed. The main purpose of this paper is to define both terms, clarify where is the borderline between them and explore the major differences and similarities. The most prominent accounting scandals in the last century were caused by accounting fraud and this led to catastrophic consequences not only to the companies involved but also to whole sectors and economies. That’s why it is vital to explore the topic of those two phenomena, provide solutions to overcome them and recommendations for subsequent research to find ways to reduce such practices in the future.
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