Икономиката на България и Европейския съюз: предизвикателства, конфликти, решения : Деветнадесета международна научна конференция на младите учени : Сборник с доклади

The Role of Unemployment in Reduction GDP Forecasts Errors: Mixed Frequency Bayesian Vector Autoregression (MF-BVAR) Models for the Euro Zone from 1999Q1 to 2014Q2

The Role of Unemployment in Reduction GDP Forecasts Errors: Mixed Frequency Bayesian Vector Autoregression (MF-BVAR) Models for the Euro Zone from 1999Q1 to 2014Q2
(The Role of Unemployment in Reduction GDP Forecasts Errors: Mixed Frequency Bayesian Vector Autoregression (MF-BVAR) Models for the Euro Zone from 1999Q1 to 2014Q2)

Author(s):Sarah Goldman, Maya Jandah
Language:English
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Business Economy / Management, Sociology, Methodology and research technology, Policy, planning, forecast and speculation, EU-Approach / EU-Accession / EU-Development, Human Resources in Economy, Socio-Economic Research
Page Range:46-54
No. of Pages:9
Keywords:time-series models; forecasting and prediction methods; forecasting and simulation; central banks and their policies
Summary/Abstract:This paper has two objectives. First, a brief introduction to the MF-VAR methodology that accounts for mixed frequencies is the goal. The second aim is to forecast GDP growth employing this method. Two specifications have been proposed by us. Model 1 outlines a number of monthly variables that are considered to have an impact on GDP growth. The strict monetary aggregate (M1), inflation rate, and short interest rate are the model's monthly variables. Since the correlations between these factors have been thoroughly investigated in the theoretical literature, it is common sense to use them to estimate GDP growth forecasts. Actually, those variables are frequently included in the overall framework of monetary policy and significantly contribute to our comprehension of how monetary instruments shape economic growth. As model 2 adds the unemployment rate, it is an enhanced version of model 1. The presence of the unemployment variable in the specification matters since the Federal Reserve Banks have a dual objective involving employment and price stability, whereas the European Central Bank (ECB) prioritizes price stability (primary mandate). We rely on a variety of metrics, such as Root Mean Square Error (RMSE), Mean Absolute Error (MAE), Mean Absolute Percentage Error (MAPE), and Theil inequality coefficient, that gauge forecast error, to assess the performance of the forecasts. In regards to error predictions, Model 2 performed better than Model 1 according to the majority of the criteria. The ECB could be encouraged by this outcome to move forward with a dual mandate encompassing unemployment.

Adequate and Sustainable Pensions – Alternative Model of the Pension System in Bulgaria

Adequate and Sustainable Pensions – Alternative Model of the Pension System in Bulgaria
(Adequate and Sustainable Pensions – Alternative Model of the Pension System in Bulgaria)

Author(s):Stanislav Dimitrov
Language:English
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Business Economy / Management, Civil Society, Sociology, Economic policy, Welfare systems, Social development, Policy, planning, forecast and speculation, Welfare services, Socio-Economic Research
Page Range:55-64
No. of Pages:10
Keywords:adequate pensions; sustainable pensions; pension model
Summary/Abstract:The ageing population in Bulgaria, the decrease in the relative share of the working population, the growing costs for pensions and the increasing deficit in the Pension Fund of the State Social Insurance pose significant challenges to the development of the pension system in the country. Addressing these challenges can be done through different solutions. The article examines what parameters in the current pension system in Bulgaria can be changed in a way to achieve adequate and sustainable pensions. The research seeks answers to questions like how to achieve a balance between adequacy and sustainability, what are the possible measures to reduce the negative effects, what measures will improve the pension system. The analysis concludes that it is necessary to formulate a Pension Action Plan, which contains a system of measures to improve and develop the pension system in Bulgaria. Among these measures are the formulation of shortterm, mid-term and long-term goals, policies, deriving metrics for follow-up, adoption of good practices by European Union member states and others.

Прилагане на изкуствения интелект в счетоводството и одита

Прилагане на изкуствения интелект в счетоводството и одита
(Аplication of Аrtificial Intelligence in Accounting and Auditing)

Author(s):Snejana Bacheva, Iavor Bachev
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Accounting - Business Administration, ICT Information and Communications Technologies
Page Range:65-76
No. of Pages:12
Keywords:artificial intelligence; accounting; organization
Summary/Abstract:Accounting is one of the professions that will be affected by artificial intelligence (AI). For several years, he has already been present in the organization of the accounting activity. At the moment, the areas in which artificial intelligence is most often used are: reading invoices and accounting documents, followed by automated payment transfers and information database monitoring, and document reconciliation. There are companies that offer software solutions for managing and automating accounting and auditing activities. For example, one of the major auditing companies PwC has already developed relevant tools, such as GL.ai (Artificial Intelligence of the General Ledger), which uses algorithms in financial statement audits to save time in analyzing large data sets and identifying risky areas (PwC, 2018). The purpose of the report is to provide a brief overview of research on digitization and the applicability of artificial intelligence (AI) in accounting and auditing, outlining trends and issues. To explore marketed software solutions for accounting management and automation.

Българският капиталов пазар – предизвикателства и перспективи

Българският капиталов пазар – предизвикателства и перспективи
(The Bulgarian Capital Market – Challenges and Perspectives)

Author(s):Manyu Moravenov
Language:Bulgarian
Subject(s):Social Sciences, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Sociology, Evaluation research, Economic development, Financial Markets
Page Range:77-87
No. of Pages:11
Keywords:capital market; stock indices
Summary/Abstract:This report presents the trends in the development of some European capital markets in thelast five years. For this purpose, main stock market indicators were studied in the period 2019 - September 2024. The trends in the development of the Bulgarian capital market were also analysed and, on this basis, the strategic priorities and challenges were formulated.

Статистиката като основополагащ елемент за членство в регионални и международни организации. Присъединяване на НСИ към Комитета по статистика и политики в областта на статистиката на ОИСР

Статистиката като основополагащ елемент за членство в регионални и международни организации. Присъединяване на НСИ към Комитета по статистика и политики в областта на статистиката на ОИСР
(Statistics as a Fundamental Element for Membership in Regional and International Organizations. Joining the NSI to the OECD Committee on Statistics and Policies)

Author(s):Atanas Atanassov
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Public Administration, Economic policy, Government/Political systems, EU-Approach / EU-Accession / EU-Development
Page Range:88-103
No. of Pages:16
Keywords:National Statistical Institute (NSI); Organization for Economic Co-operation and Development (OECD); Committee on Statistics and Statistical Policies
Summary/Abstract:The main objective of the paper is to examine the accession of the National Statistical Institute (NSI) to the Committee on Statistics and Statistical Policies of the Organization for Economic Co-operation and Development (OECD). For this purpose, firstly, the paper presents brief historical data on the NSI, the status and structure of the NSI, the statistical authorities and the main documents in the field of statistics, and secondly, it examines the accession of Bulgaria as a full member of the OECD Committee on Statistics and Statistical Policies. The NSI has been designated as the lead institution for the review of the legal instrument “OECD Council Recommendation on Good Statistical Practice”. Bulgaria’s candidacy for OECD membership, the OECD Council Recommendation on Good Statistical Practice, OECD missions to the NSI and the commitments that arise for Bulgaria from OECD membership are presented.

Не(осигуреност) с медицински персонал и професионалисти по здравни грижи и други медицински специалисти в лечебните и здравните заведения в България

Не(осигуреност) с медицински персонал и професионалисти по здравни грижи и други медицински специалисти в лечебните и здравните заведения в България
(Un(Provision) of Medical Staff and Health Care Professionals and Other Medical Specialists in Medicaland Health Institutions in Bulgaria)

Author(s):Silvia Trifonova, Anton Pramatarov, Tatiana Valova-Ilieva
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Sociology, Welfare systems, Management and complex organizations, Health and medicine and law, Policy, planning, forecast and speculation, Human Resources in Economy, Socio-Economic Research
Page Range:104-131
No. of Pages:28
Keywords:medical personnel; healthcare professionals; medical and health institutions; Bulgaria
Summary/Abstract:The main objective of the paper is to examine the problem of the shortage of medical personnel and healthcare professionals and other medical specialists in medical and healthcare institutions in Bulgaria. There is hardly a person in our country who has not encountered this problem in one way or another, unfortunately in a negative way. The problem of the shortage of medical personnel and healthcare professionals in Bulgaria became particularly noticeable during the covid pandemic, which caused a high mortality rate not only in our country, but worldwide. This paper examines the main strategic documents in the field of healthcare and analyzes the status of medical personnel, healthcare professionals and other medical specialists in hospitals and health facilities nationwide and by statistical region. The paper concludes with a summary of the main conclusions of the study.

The Role of Digital Skills in Driving Digital Transformation and Economic Growth

The Role of Digital Skills in Driving Digital Transformation and Economic Growth
(The Role of Digital Skills in Driving Digital Transformation and Economic Growth)

Author(s):Anastasiia Mostova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Developing nations, EU-Approach / EU-Accession / EU-Development, Human Resources in Economy, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:132-140
No. of Pages:9
Keywords:digital skills; digital competence; digital economy; digital literacy; digital competitiveness
Summary/Abstract:Digital transformation is reshaping economies and societies, making digital skills a critical driver of economic growth and competitiveness. This paper explores the role of digital competence in fostering digital transformation, emphasizing its importance for job creation, social progress, and overcoming global challenges such as unemployment and inequality. A linear regression model is used to analyze the relationship between digital skills and digital competitiveness in EU countries, providing insights into effective policy directions.

Дигиталната финансова грамотност на студентите – състояние и перспективи

Дигиталната финансова грамотност на студентите – състояние и перспективи
(Students’ Digital Financial Literacy – Status and Prospects)

Author(s):Elena Stavrova, Lindita Durmishi, Elona Mustafaraj, Georgi Nikolov, Evelina Kapitanska
Language:Bulgarian
Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Evaluation research, Social development, Social Informatics, Economic development, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:141-159
No. of Pages:19
Keywords:digital financial literacy; financial digital ecosystem
Summary/Abstract:The pervasive financialization of the real economy, combined with the emergence of new and more sophisticated financial instruments that can be used for consumption, saving and investment, has increased the need for more financial literacy among citizens of all age groups to navigate the complex menus of options offered to them by financial intermediaries. At the same time, following the global financial crisis of 2007-2008 and the recent COVID-19 pandemic crisis, the debate on the importance of financial literacy has gained even greater momentum, as the most uninformed investors are considered to be the most exposed to financial and economic disruptions, regardless of their source. Last but not least, the liberalization of financial markets and policy reforms have led to a continued shift of decision-making responsibility from governments, institutions and employers to economic agents and households. Therefore, the importance of having a sufficient level of financial literacy for individuals and households to make wiser decisions in various areas of their own business is now widely recognized. The real establishment of financial literacy, in particular digital literacy, is a step forward in the formation of a working system for building a system of knowledge, skills and competencies in adolescents and young people for coping behavior in the conditions of a fluctuating and threatened financial ecosystem.

За дигиталното евро и бъдещето на валутите

За дигиталното евро и бъдещето на валутите
(Оn Digital Euro and Future of Currencies)

Author(s):Irena Nikolova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Financial Markets, ICT Information and Communications Technologies, Geopolitics
Page Range:160-166
No. of Pages:7
Keywords:Central bank digital currencies (CBDCs); digital euro; cryptocurrencies; electronic payments; digitalization; fintech
Summary/Abstract:Technology develops fast in the recent years, especially after the Covid pandemic. That has affected all the economic sectors and at the same the future of currencies is discussed and analyzed as well. The purpose of the paper is to present the digital euro in terms of the digitalization of financial operations and the role of the central banks as well as to discuss its opportunities and challenges.

Предизвикателства пред паричната политика на Европейската Централна Банка в периода 1999-2015 г.

Предизвикателства пред паричната политика на Европейската Централна Банка в периода 1999-2015 г.
(Challenges to the Monetary Policy of the European Central Bank, 1999-2015)

Author(s):Alexandra Kasabova, Irena Nikolova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, Financial Markets
Page Range:167-180
No. of Pages:14
Keywords:monetary policy; European Central Bank; monetary policy instruments; Euro area; European System of Central Banks
Summary/Abstract:There are a number of obstacles for the monetary policy of the European Central Bank as it is applicable in all member states in the Euro area, while in others the central bank is responsible for one country only. Thus, synchronization of activities for the implementation of the monetary instruments is needed. The purpose of the paper is to present the major challenges and to analyze the aims of the central bank and its monetary policy instruments.

Research of Forest Insurance Practices in Bulgaria

Research of Forest Insurance Practices in Bulgaria
(Research of Forest Insurance Practices in Bulgaria)

Author(s):Diyana Bankova
Language:English
Subject(s):Economy, National Economy, Business Economy / Management, Socio-Economic Research
Page Range:181-187
No. of Pages:7
Keywords:forestry; insurance; environmental; social; governancе
Summary/Abstract:Forest owners can choose forest insurance to manage financial risks associated with potential disasters affecting forests. Forest insurance refers to a financial risk management tool designed to mitigate the economic impact of forest disasters, such as wildfires, storms, pests, or diseases. The idea is to provide coverage and compensation for the losses incurred by forest owners or stakeholders when their forested areas suffer damage. To maximize its effectiveness, it is crucial to actively engage and involve all relevant stakeholders in the planning, implementation, and benefits of such insurance programs. This collaborative approach helps create a more resilient and sustainable management system for forests. The insurance market commits to take care, through insurance, of the forest enterprises' property as well as their employees. The paper aims to make an overall analysis of the insurance market in Bulgaria in terms of the proposed insurance for forest owners and forestry enterprises. For that purpose, the desk research method is used as well as the method of analyses and synthesis of data published on the websites of some of the biggest insurance companies in Bulgaria.

Устойчивост и справедливост: предизвикателства и перспективи пред пенсионната система в България

Устойчивост и справедливост: предизвикателства и перспективи пред пенсионната система в България
(Sustainability and Fairness: Challenges and Prospects for the Pension System in Bulgaria)

Author(s):Radostin Vazov
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Law, Constitution, Jurisprudence, National Economy, Business Economy / Management, Civil Society, Economic policy, Welfare systems, Socio-Economic Research, Labour and Social Security Law
Page Range:188-200
No. of Pages:13
Keywords:pension system; demographic challenges; pension reform; pension funds
Summary/Abstract:The pension system in Bulgaria stands at a crossroads, facing significant demographic, economic, and social challenges. Population aging, emigration of the working-age population, and the rising dependency ratio between workers and retirees exert substantial financial pressure on the system. In recent years, the share of people aged 65 and above has grown, while poverty and social inequalities remain high, particularly among women and vulnerable groups. The current three-pillar structure, comprising a public pillar, mandatory funded schemes, and voluntary pension plans, offers diverse options for retirement security. However, it requires substantial improvements. Private pension funds are underdeveloped, and public trust in them is limited due to a lack of financial literacy and accessible information. Financial sustainability remains a challenge, as a significant portion of pension expenditures is covered by transfers from the state budget. The article proposes possible solutions, including the introduction of life-cycle funds, improvement of funded scheme management, and enhanced transparency. Other key recommendations include promoting longer working lives, increasing the adequacy of minimum pensions, and expanding professional pension schemes.

Оптимизация на собственото участие в съфинансирани грантови проекти чрез абсорбиране на финансовите ефекти и модифициране на инвестиционния разход

Оптимизация на собственото участие в съфинансирани грантови проекти чрез абсорбиране на финансовите ефекти и модифициране на инвестиционния разход
(Оwner’s Capital Optimization in Co-financed Grant Projects by Absorption of Financial Effects and Investment Cost Modification)

Author(s):Evgeni Raykov
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Financial Markets, Public Finances
Page Range:201-211
No. of Pages:11
Keywords:subsidies and owner’s capital; financial effects; present value; investment costs
Summary/Abstract:In this paper we present the practical aspects of the options for optimization of owner’s capital in subsidized projects by identifying and fully utilizing the grants and net financial effects in favor of the owners, considered separately from the activities of the enterprise. The residual equity is compensated by adjusting the value and amortization of the initial investment cost. The purpose of the analysis is to implement the project with minimal risk for the investor, reducing the value and horizon of the actually committed capital by equalizing the present value of the expected cash flows of the project, the present value of the cash flow for the owner and the present value of the expected EBITDA.

Управление на застрахователните операции

Управление на застрахователните операции
(Management of Insurance Operations)

Author(s):Tzvetelina Andreeva
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy
Page Range:212-220
No. of Pages:9
Keywords:insurance operations; financial stability; corporate and business strategies
Summary/Abstract:The management of insurance operations occupies an important place in the strategic management of insurance companies. The management of insurance operations does not go beyond traditional management, it combines it with modern approaches and means for their effective connection with the profitability of the company and the added value for customers,shareholders and investors.The scope includes insurance operations at the corporate level in general insurance as part of the processes and activities of operational management. Emphasis is placed on strategies as a key element for management success.

Новият МСФО 18 “Представяне и оповестяване във финансовите отчети” – стандартизиран подход за подобряване на качеството на счетоводната информация

Новият МСФО 18 “Представяне и оповестяване във финансовите отчети” – стандартизиран подход за подобряване на качеството на счетоводната информация
(The New IFRS 18 “Presentation and Disclosure in Financial Statements” – a Standardized Approach to Improve the Quality of Accounting Information)

Author(s):Lilyana Dzhoneva
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Accounting - Business Administration
Page Range:221-230
No. of Pages:10
Keywords:IFRS; financial reporting; presentation; disclosure
Summary/Abstract:The application of IFRS 18 Presentation and Disclosures in Financial Statements marks a significant change in accounting standards aimed at improving the quality and comparability of financial statements. This report examines the main changes introduced by the standard, focusing on its implications for the presentation of income, expenses and management-defined performance indicators. The analysis highlights the role of the standard in addressing long-standing challenges, such as inconsistent presentation of financial performance and inadequate disaggregation of material items that impede objective comparisons between entities. Through its focus on relevance, IFRS 18 aims to better align financial reporting practices with the needs of users.

Възможности за решения на икономическите предизвикателства и конфликти чрез ефективна комуникация и комуникационни политики

Възможности за решения на икономическите предизвикателства и конфликти чрез ефективна комуникация и комуникационни политики
(Oportunities for Solutions to Economic Challenges and Conflicts Through Effective Communication and Communication Policies)

Author(s):Andrey Velchev
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Supranational / Global Economy, Business Economy / Management, Sociology, Economic policy, Management and complex organizations, Economic development, Socio-Economic Research
Page Range:231-236
No. of Pages:6
Keywords:economic challenges; communication policies; transparency; adaptability; trust; public empathy; trade disputes; global crises, social stability; European Parliament; debt crisis; strategic communication
Summary/Abstract:The report examines how effective communication and strategic communication policies can be utilized as tools to address economic challenges and conflicts. Examples from international practice are analyzed, highlighting the role of transparency, adaptability, and regularity in communication, which are key to fostering trust and social stability.

Приносът на УНСС в изграждането на стопанския елит на България

Приносът на УНСС в изграждането на стопанския елит на България
(The Contribution of UNWE in Building of the Business Elite of Bulgaria)

Author(s):Ivan Stoychev Vinarov
Language:Bulgarian
Subject(s):Social Sciences, Economy, National Economy, Business Economy / Management, Sociology, Evaluation research, Sociology of the arts, business, education, Socio-Economic Research
Page Range:237-246
No. of Pages:10
Keywords:business (economic) elite of Bulgaria; business leaders; financiers; managers; political elite of Bulgaria
Summary/Abstract:UNWE is an educational institution and center of science with over a century of history. During this period, a huge number of graduates completed their higher education at our university – after 1989 alone, there were more than 100 000 graduates (bachelor's, master's and PhD). The highest standards in Southeast Europe have the tradition in the formation of the professorial body. In the words of the 14th rector, prof. MIhail Dinev (1989 – 1990): "UNWE is a temple, it is full if icons…". In this line of thought, many prime ministers, ministers and senior representatives of the legislative powers, who are directly connected in the way or another with the university, testify to the contribution of the native Alma Mater in the state administration of Bulgaria. In this report, we will present the contribution of UNWE in the other significant public sphere – the economic one. Or it is these eminent persons, defines as financiers, managers and business leaders, of who any education institution would be proud and who are an example both of the level of teaching at UNWE and of the successful transfer (and enrichment) of what has been learned in university classrooms on the field of the national and world economy.

Конкурентоспособност на българската данъчна система в условията на динамично развиваща се глобална икономикa

Конкурентоспособност на българската данъчна система в условията на динамично развиваща се глобална икономикa
(Competitiveness of the Bulgarian Tax System in the Light of Dynamic Global Economy)

Author(s):Velichka Nikolova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Fiscal Politics / Budgeting
Page Range:247-258
No. of Pages:12
Keywords:competitiveness; tax policy; Bulgaria
Summary/Abstract:The present report analyzes the competitive stance of the Bulgarian tax system in the light of the dynamic global economy. For this purpose, Bulgaria's performance is examined and compared with other countries, using data on measured tax competitiveness according to the methodology of the International Institute for Management Development. Additionally, the report traces Bulgaria's positions in two rankings, in particular a study focusing on the socalled tax complexity index and data from one of the latest World Bank studies „Business Ready, dedicated to assessing of the business environment.

Интернационализация на висшето образование и развитиетo на човешкия капитал в областта на международните икономически отношения: изследване на опита на преподавателите

Интернационализация на висшето образование и развитиетo на човешкия капитал в областта на международните икономически отношения: изследване на опита на преподавателите
(Internationalization of University Education and the Development of Human Capital in the Field of International Economic Relations: exploring Lecturers’ Experience)

Author(s):Margarita Ivanova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Education, Supranational / Global Economy, Business Economy / Management, Higher Education , Human Resources in Economy, Socio-Economic Research, Sociology of Education
Page Range:259-266
No. of Pages:8
Keywords:international economic relations; international specialization
Summary/Abstract:The international economic relations, with their intrinsic complexity, require comprehensive research, which can fulfil the potential of available opportunities and offer solutions to different cross-border challenges. This paper relates to one of the aspects in the debate about the internationalization of university education and the development of human capital. The experience of lecturers is reviewed. Three levels in the academic hierarchy are studied. Several key parameters are compared for each of them. The results of this research can be thought-provoking for the representatives of various academic positions, who are interested in the recommendations and requirements for qualitative and quantitative criteria related to the periodic evaluation of lecturers.

Currency Board or Monetary Union – a Small Country’s Central Bank Perspective

Currency Board or Monetary Union – a Small Country’s Central Bank Perspective
(Currency Board or Monetary Union – a Small Country’s Central Bank Perspective)

Author(s):Darina Koleva
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Electoral systems, EU-Approach / EU-Accession / EU-Development, Financial Markets
Page Range:267-275
No. of Pages:9
Keywords:central bank; currency board; monetary union
Summary/Abstract:Having a strong currency and independent monetary policy is a difficult task for a small open economy in a world of free capital movement and trade. Many small countries try to stabilize their currencies through exchange-rate targeting to achieve price stability. Bulgaria is not an exception – it adopts a currency board in mid-1997 by fixing the lev against the DEM as a political commitment to join the EU, and later the eurozone. The paper discusses the relevance of the currency board and the common currency area for Bulgaria from the central bank perspective. The implications of the two regimes for monetary policy are described and compared. The raising concerns of the regime shift are addressed through a systematic analysis. The main conclusion is that exiting a currency board by becoming a member of the eurozone is a step in the right direction not only for the central bank but also for the entire economy.

Някои съображения при прилагането на коефициентите за ефективност в анализа на финансовото състояние на фирматa

Някои съображения при прилагането на коефициентите за ефективност в анализа на финансовото състояние на фирматa
(Some Considerations When applying Efficiency Ratios in the Analysis of the Financial Position of the Company)

Author(s):Ivan Kostov
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Accounting - Business Administration
Page Range:276-284
No. of Pages:9
Summary/Abstract:This report examines the specifics of the application of activity ratios in the financial statement analysis of the company. Specifically, the report focuses on the characteristics and limitations of the two most commonly used ratios from this group: the inventory turnover ratio and the receivables turnover ratio.

Дигитализация в банковия сектор на Европейския Съюз

Дигитализация в банковия сектор на Европейския Съюз
(Digitalisation in the Banking Sector of the European Union)

Author(s):Aglika Kaneva
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, Financial Markets, ICT Information and Communications Technologies
Page Range:285-292
No. of Pages:8
Keywords:digitalisation; banking sector; digital euro
Summary/Abstract:In this paper, the main trends in digitalisation in the banking sector of the European Union have been studied. The major benefits and risks of digital technologies for banks and their customers have been outlined. The main features and benefits of the introduction of the digital euro have been examined.

Предизвикателства и тенденции в корпоративната устойчивост и влиянието и върху корпоративните финансови резултати

Предизвикателства и тенденции в корпоративната устойчивост и влиянието и върху корпоративните финансови резултати
(Challenges and Trends of Corporate Sustainability and the Impact on Corporate Financial Performance)

Author(s):Katerina Vojcheska-Nikodinoska
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Governance, Sociology, Economic policy, Evaluation research, Management and complex organizations, Sociology of the arts, business, education, Economic development, Socio-Economic Research
Page Range:293-303
No. of Pages:11
Keywords:corporate sustainability; sustainable frameworks; ESG; financial performance measurement
Summary/Abstract:The topic of sustainability in relation to the economy is not something new or an issue that has emerged in the last few years. One of the first studies was done by Bowen (1953), and it mainly focused on the social responsibility of managers and their impact on the lives of people in society. Then, various studies appeared in the field of the relationship between sustainability and economic development. The dependence is mainly in line with the legitimacy theory, according to which in order to carry out their activities, companies must ensure that they operate efficiently and respect social boundaries and norms in order to be more profitable and valuable. This study aims to conduct a literature review regarding the impact of environmental, social and governance (ESG) scores on the value and profitability of the firm. The main findings show that the overall combined score of ESG scores positively influences and is significantly related to the value of the firm. Individual social and governance scores have a positive and significant relationship, while the environmental score has no significant relationship with the firm value. The main recommendation provided to the various board members of companies in the EU region is to follow ESG principles and guidelines and hold more cash, as this should significantly increase the value of the company.

Ликвидност на публично търгуваните предприятия в България през Covid-19 кризата и периода на възстановяване

Ликвидност на публично търгуваните предприятия в България през Covid-19 кризата и периода на възстановяване
(Liquidity of Publicly traded Companies in Bulgaria during the Covid-19 Crisis and Recovery Period)

Author(s):Galya Taseva
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Public Finances, Accounting - Business Administration
Page Range:304-314
No. of Pages:11
Keywords:liquidity; indebtedness; crisis; Covid-19
Summary/Abstract:The purpose of the study is to track the dynamics of traditional liquidity indicators and the relationship between them and indicators of indebtedness of companies before, during and in the period of recovery from the crisis caused by the coronavirus pandemic. The analysis in the article is based on data for 43 publicly traded companies in Bulgaria for the period 2018 - 2022. Companies in Bulgaria managed to avoid mass bankruptcies and achieved an increase in their liquidity indicators. A statistically significant negative correlation was established between the ratio Short-term debt / Total assets and the indicators current liquidity, quick liquidity and cash liquidity. The results also show that companies that bear a lower debt burden are more liquid.

Предизвикателства пред фискалната политика на България през 2025 година

Предизвикателства пред фискалната политика на България през 2025 година
(Challenges to Bulgaria's Fiscal Policy in 2025)

Author(s):Diyana Metalova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Fiscal Politics / Budgeting
Page Range:315-323
No. of Pages:9
Keywords:fiscal policy; budget; fiscal rules; budget deficit
Summary/Abstract:This study aims at outlining the main challenges related to the preparation of the budget of the Republic of Bulgaria for 2025. Fiscal policy has always had a significant impact on the economy, but in 2025 it will be crucial for the fulfillment of the Maastricht criteria and, respectively, for Bulgaria's admission to the euro area. In addition to the fact that the moment is extremely important, the preparation of the budget is carried out in a situation of political instability and deteriorated state of public finances. The expectations for the country's macroeconomic development may further complicate or facilitate the task of preparing a state budget in line with the set strategic priorities and acceptable to society.

Темпът на инфлация в България и в Eврозоната: Kоинтеграционен анализ

Темпът на инфлация в България и в Eврозоната: Kоинтеграционен анализ
(Inflation Rate in Bulgaria and the Euro Area: Cointegration analysis)

Author(s):Milena Kovachevich
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, Socio-Economic Research
Page Range:324-330
No. of Pages:7
Keywords:inflation; monetary policy; cointegration analysis
Summary/Abstract:One of the most discussed topics in the last two years has been Bulgaria's admission to the euro area and, more specifically, the fulfillment of the main Maastricht convergence criterion - similarity in inflation rates in the candidate country and in the European Union. By applying cointegration analysis, the study reveals whether there is a long-term relationship between the inflation rate in Bulgaria and the inflation rate in the European Union and the euro area.

Интернационализация на българските малки и средни предприятия

Интернационализация на българските малки и средни предприятия
(Internationalization of Bulgarian Small and Medium-Sized Enterprises)

Author(s):Boyko Takov
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Economic policy, International relations/trade
Page Range:331-342
No. of Pages:12
Keywords:SMEs; internationalization; research; level
Summary/Abstract:In the conditions of globalization and free trade between countries, SMEs are constantly looking for ways to internationalize their business. They understand that this is a way to achieve a higher return on investment and to ensure company growth. Their small scale, as well as a number of other internal and external factors, make this process difficult. Given the importance of internationalization for the development of SMEs, the purpose of this publication is to briefly present the summarized results of a study and analysis of its level in a sample of Bulgarian SMEs. These results may be useful for properly directing the efforts of managers and government agencies to support internationalization in SMEs.

Modernizing Public Administration – Key Issues and Strategic Solutions Related to EU Legislation

Modernizing Public Administration – Key Issues and Strategic Solutions Related to EU Legislation
(Modernizing Public Administration – Key Issues and Strategic Solutions Related to EU Legislation)

Author(s):Dimcho Shopov
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Law, Constitution, Jurisprudence, Business Economy / Management, Public Administration, Economic policy, EU-Approach / EU-Accession / EU-Development, ICT Information and Communications Technologies, Socio-Economic Research, EU-Legislation
Page Range:343-353
No. of Pages:11
Keywords:modernization; public administration; European Union; digital transformation
Summary/Abstract:The European Union has recognized modernizing public administration as a key transformative goal for the rapidly changing public governance environment. This report examines the multifaceted challenges of the transformation and its related strategic solutions with a particular focus on Bulgaria. Key issues such as technological hurdles, human resource management, financial constraints, and imperatives of fighting corruption and enhancing transparency are all explored. The analysis focuses on the vital role of the EU legislative frameworks, the Digital Single Market Strategy, and the General Data Protection Regulation to promote these reforms. It also assesses the effect of the latest trends, such as digitalization, participative governance, and sustainability, on public administration. An attempt to offer a route map for effective and enduring modernization is made by suggesting a wide range of legislative, digital infrastructure, and capacity building strategies, which highlight the value of continuous adaptation and stakeholder collaboration in maintaining a system of public administration that is resilient and responsive.

Маркетингово изследване на мнението на студентите от специалност „Маркетинг“, относно качеството на обучението, предоставяно от асистентите на упражнения

Маркетингово изследване на мнението на студентите от специалност „Маркетинг“, относно качеството на обучението, предоставяно от асистентите на упражнения
(Marketing Research of the Opinion of the Students of the Specialization "Marketing", regarding theQuality of the Training Provided by the Exercise Assistants)

Author(s):Svetla Atanasova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Education, Business Economy / Management, Higher Education , Marketing / Advertising, Socio-Economic Research
Page Range:354-363
No. of Pages:10
Keywords:marketing research; student opinion; quality of education; marketing major
Summary/Abstract:The quality standard should be perceived as a framework that describes what the quality education offered by the institution should look like in order to achieve certain results. This standard can be considered in the following four directions: Firstly, as knowledge, skills and attitudes to be achieved by students; Second, providing tools to acquire relevant knowledge, skills and experience; Third, as a measure of the outcomes of the education provided; Fourth, as a system of guidelines for the appearance of successful teaching. In this regard, the quality standard should not be perceived as a strict administrative document, but rather as a detailed vision and guidelines that should lay the foundations of the educational system at the university. In the context of the problems presented in this way, it can be noted that the main goal of the present work is connected with the creation of a foundation based on the theoretical arguments for the essence of the quality of education and on it to carry out an empirical study of the opinions and attitudes of the students of the 1st year, "Marketing" specialty, regarding the quality of the training provided by the exercise assistants.

Статистически анализ на социално-икономическото измерение на устойчивото развитие на районите в България през периода 2015- 2022 година

Статистически анализ на социално-икономическото измерение на устойчивото развитие на районите в България през периода 2015- 2022 година
(Statistical Analysis of the Socio-Economic Dimension of the Sustainable Development of Bulgarian Regions During the Period 2015-2022)

Author(s):Ventsislava Stoyanova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Business Economy / Management, Micro-Economics, Energy and Environmental Studies, Sociology, Evaluation research, Rural and urban sociology, Economic development, Socio-Economic Research, Green Transformation
Page Range:364-377
No. of Pages:14
Keywords:sustainable development; socio-economic indicators
Summary/Abstract:The 2030 Agenda represents a commitment for sustainable development achievement and poverty eradication for all people worldwide. The object of study in the present work is the socio-economic dimension of sustainable development in the statistical regions of Bulgaria. Southwestern region has the most favorable values of the predominant part of the analyzed indicators. For 56% of these indicators, it has more favorable values than the average for the EU-27. Northwestern region has the most unfavorable values of the indicators for the socioeconomic sustainable development of Bulgaria. A positive change in the values of the majority of the indicators is observed in all regions during the period 2015-2022. The Northeastern region shows such a change in the largest share of its indicators.

От Брикс към Брикс+ : Финансово-икономически аспекти

От Брикс към Брикс+ : Финансово-икономически аспекти
(Brics vs. Brics+ : Financial and Economic Comparisons)

Author(s):Angel Angelov
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Sociology, Economic policy, Economic development, Financial Markets, Globalization, Geopolitics
Page Range:378-395
No. of Pages:18
Keywords:BRICS; enlargement; economy; fiscal sustainability; competitiveness
Summary/Abstract:In the last few years, the world has been faced with a series of global problems of a health, economic, social, environmental and other kind of nature. Along with the emergence of the COVID-19 pandemic and its impact on financial and economic systems, certain geographic regions have seen an increase in political tensions, escalating into military conflicts. All this leads to a search for mechanisms to strengthen economic and geopolitical relations between certain groups of countries. The present study is aimed at the analysis of such intergovernmental cooperation as BRICS, the current trends and the future dimensions in financial and economic terms of its eventual expansion (BRICS+).

The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims

The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims
(The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims)

Author(s):Zlatin Sarastov
Language:English
Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:396-403
No. of Pages:8
Keywords:electronic money; digital currency stored-value instruments; claim, digital finance
Summary/Abstract:This article examines the multifaceted concept of electronic money by distinguishing between its broad interpretation—as any monetary value represented digitally—and its narrow regulatory definition, which focuses on stored-value instruments directly linked to fiat currency deposits. In addition, the discussion extends to the nature and storage of these instruments, emphasizing that all forms of money except commodity and fictional crypto assets, whether electronic or physical, fundamentally represent a claim on an issuer. The paper aims to provide a comprehensive understanding of these concepts and their implications for financial systems and regulatory frameworks.

Experiencing a Museum. An Innovative Approach Toward Museum Visits

Experiencing a Museum. An Innovative Approach Toward Museum Visits
(Experiencing a Museum. An Innovative Approach Toward Museum Visits)

Author(s):Boryana Umnikova-Rusev
Language:English
Subject(s):Economy, Business Economy / Management, Marketing / Advertising, Tourism, Socio-Economic Research
Page Range:404-411
No. of Pages:8
Keywords:museums; tourists; innovations; experiences
Summary/Abstract:Innovation and digital transformation are the driving force of several industries, one of them highly influenced by them is the tourism. Following the Pandemic, the tourism sector was crashed by enormous challenges leading to a much needed change in the approach toward the tourism product. The online based distribution channels of every element of the travel, following by interactive and engaging consumption of the product and much more web present feedback and follow up are of highest importance for the success of a tourist attraction. The strategical management of tourist attractions changed drastically in order to survive not only the competitive market, but rather to improve the product answering the tourist needs. The aim of the paper is to state the importance of experiences in museums for the tourist and to provide with suggestions how new technologies and innovations can help immerse them. With the help of systematical and coherent analysis of relevant academicals literature, as well as content analysis of users comments and feedback on the consumption of tourism product of museums, the paper objective is to be reached. Stakeholders of the research paper are museum managers, travel providers, tourists, destination management organizations etc.

Възможности за финансиране чрез капиталовия пазар на малките и средни предприятия (сравнителен анализ на примера на капиталовите пазари в Полша, Румъния и България)

Възможности за финансиране чрез капиталовия пазар на малките и средни предприятия (сравнителен анализ на примера на капиталовите пазари в Полша, Румъния и България)
(Opportunities for Financing of Small and Mediumsized Enterprises Through the Capital Market (Comparative Analysis on the Example of the Capital Markets in Poland, Romania and Bulgaria))

Author(s):Snezhana Yotinska
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Sociology, Economic policy, Evaluation research, Financial Markets
Page Range:412-426
No. of Pages:15
Keywords:capital market; SME specialized markets
Summary/Abstract:This study is dedicated to research and presentation of the experience of Poland, Romania and Bulgaria in the field of financing of small and medium-sized enterprises (SMEs) through the capital market. The criteria and procedures for listing companies on the SME markets in the three countries have been analysed. The stages of listing and the peculiarities of trading on the SME growth market of the Warsaw Stock Exchange – NewConnect, the SME market of the Bucharest Stock Exchange - AeRO and the SME growth market of the Bulgarian Stock Exchange - BEAM have been examined. On this basis, a comparative analysis of the opportunities for financing the SMEs through the capital market on the stock exchanges in the three countries has been made and the main comparative characteristics of the SME specialized markets have been derived.

Новият МСФО 18 Представяне и оповестяване във финансовите отчети

Новият МСФО 18 Представяне и оповестяване във финансовите отчети
(The New IFRS 18 Presentation and Disclosure in Financial Statements)

Author(s):Kiril Bashikarov
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Accounting - Business Administration
Page Range:427-434
No. of Pages:8
Keywords:presentation; disclosure; IFRS; financial statements; statement of profit or loss
Summary/Abstract:This report aims to present the new requirements of IFRS 18 Presentation and disclosure in financial statements. They include: requirements to classify all income and expenses included in the statement of profit or loss into one of five categories and to present two new mandatory subtotals; disclosure about management-defined performance measures and enhanced guidance on the aggregation of information across all the primary financial statements and the notes. The new standard will give investors more transparent and comparable information about companies’ financial performance, thereby enabling better investment decisions.

Adoption of the Euro in Bulgaria

Adoption of the Euro in Bulgaria
(Adoption of the Euro in Bulgaria)

Author(s):Donka Garcheva
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, Financial Markets, Socio-Economic Research
Page Range:435-439
No. of Pages:5
Keywords:currency; banks; crisis; pandemic
Summary/Abstract:The euro as a single currency is the main exchange currency in the European Union. In this way, the free movement of goods and services takes place. Bulgaria strives to comply with all the regulations of the European Union. The banking system is stable, providing the necessary resources. During the pandemic, many grants were awarded to stabilize the business.

Financial System and Its Role for Recovery and Sustainability of the Economy

Financial System and Its Role for Recovery and Sustainability of the Economy
(Financial System and Its Role for Recovery and Sustainability of the Economy)

Author(s):Donka Garcheva
Language:English
Subject(s):Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
Page Range:440-445
No. of Pages:6
Keywords:financial system; banks, crisis; pandemic
Summary/Abstract:During the financial crisis, the banks in Bulgaria imposed a relative restriction on the credit resource. High cost of borrowed capital. Before that and in the years when the crisis subsided. Banks stay away from securitization of assets and with too insignificant positions in risky securities. Thus, they do not help the development of the Bulgarian capital market, maintain the capital allocation with a low return and realize a symbolic income for the attracted assets.

Рентабилност в предприятията от избрани сектори на българската икономика

Рентабилност в предприятията от избрани сектори на българската икономика
(Profitability of Enterprises in Selected Sectors of the Bulgarian Economy)

Author(s):Valya Vasileva
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Micro-Economics, Socio-Economic Research
Page Range:446-455
No. of Pages:10
Keywords:profitability; profit margin; return on assets; return on equity
Summary/Abstract:The aim of the report is to analyse the profitability in two key sectors of the Bulgarian economy – manufacturing and the trade sector, to highlight the main trends. The study covers the period 2013-2022. The analysis is based on three main profitability indicators: profit margin, return on assets, and return on equity. The results in the two sectors have been compared. Tracing the dynamics of the indicators reveals the influence of their components on the changes found in each of the two sectors. The conclusions summarise the evolution of profitability in the two sectors.

The Impact of Stock Market Volatility on the Popularity of Dividend Stock Amongst Institutional Investors

The Impact of Stock Market Volatility on the Popularity of Dividend Stock Amongst Institutional Investors
(The Impact of Stock Market Volatility on the Popularity of Dividend Stock Amongst Institutional Investors)

Author(s):Alexander Godumov
Language:English
Subject(s):Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
Page Range:456-464
No. of Pages:9
Keywords:dividends; dividend policy; stock exchanges; institutional investors; behavioral finance
Summary/Abstract:The process of making an investment decision is a topic that is always relevant and is the subject of research in the field of economics. This paper examines the influence of dividend policy on the share prices of public companies in the context of the turbulence observed in the last few years on stock exchanges and the leading role of institutional investors in the securities markets. By examining this issue, the report can create new knowledge with a practical focus in the field of investments and the development of effective investment strategies. This report focuses on the influence of dividend policy on share prices, examining the popularity of companies among institutional investors as one of the main drivers of this influence. Through a series of statistical analyses related to the relationship between dividend policy and the popularity of companies among institutional investors, the report seeks to examine some of the factors determining the influence of dividend policy on the stock market performance of public companies in the modern investment environment. The research outlined in this report is part of a more detailed dissertation that seeks to build a comprehensive model describing the influence of dividend policy in the modern world of investment.

Аnalysis of the Еffects of the Covid-19 Crisis Impact on the National Banks of the Republic of Bulgaria and the Republic of North Macedonia

Аnalysis of the Еffects of the Covid-19 Crisis Impact on the National Banks of the Republic of Bulgaria and the Republic of North Macedonia
(Аnalysis of the Еffects of the Covid-19 Crisis Impact on the National Banks of the Republic of Bulgaria and the Republic of North Macedonia)

Author(s):Biljana Tasheva
Language:English
Subject(s):Economy, National Economy, Financial Markets, Socio-Economic Research
Page Range:465-477
No. of Pages:13
Keywords:national banks; Bulgarian national bank; the National bank of Republic of North Macedonia; banking operations; coronavirus crisis
Summary/Abstract:The interest in analyzing the policies of the National Banks of the countries is continuously present, and especially is emphasized in times of crisis. In that regard the aim of this paper is to examine and to compare the banking activities among Bulgarian National Bank, and The National Bank of Republic of North Macedonia during the pandemic with the coronavirus. From the research, in the period of the global crisis with Covid-19, there is a decrease in economic activity, a decline in financial results, progress in terms of policies and strategies related to the implementation of international standards, and no debt relief of the corporate sector. During the global pandemic in both countries analyzed, a temporary measure was adopted banning banks from paying dividends. The recommendation proves to be successful in maintaining the stability of the financial system of both countries in times of crisis.

Exploring Key Employee Motivation Factors Related to Business Process Management

Exploring Key Employee Motivation Factors Related to Business Process Management
(Exploring Key Employee Motivation Factors Related to Business Process Management)

Author(s):Ina Petrova-Gancheva
Language:English
Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Management and complex organizations, Human Resources in Economy, Socio-Economic Research
Page Range:478-484
No. of Pages:7
Keywords:business processes; business process management; employee motivation
Summary/Abstract:Business Process Management (BPM) has become a focal point in both business and academic circles and is seen as an effective instrument for achieving better results. However, current research largely focuses on BPM’s role in establishing performance metrics and optimizing processes, often overlooking its impact on other organizational aspects than the operational. This paper aims to study the factors that impact employee motivation, drawing on data collected through a questionnaire in 2024 containing answers from 213 international respondents across various industries. The results of a factor analysis highlight six factors that influence employee motivation. It is used as a basis for grouping the respondents into three clusters based on their attitude towards BPM. The paper serves as a resource for managers and researchers to further elaborate on the effect of BPM on organization strategy from a people management perspective.

Influence of the Leadership Support on the Project Teams Working in a Hybrid Work Model

Influence of the Leadership Support on the Project Teams Working in a Hybrid Work Model
(Influence of the Leadership Support on the Project Teams Working in a Hybrid Work Model)

Author(s):Stanislava ivanova
Language:English
Subject(s):Economy, Business Economy / Management, ICT Information and Communications Technologies
Page Range:485-491
No. of Pages:7
Keywords:motivation; knowledge sharing; conflict management
Summary/Abstract:The article explores the critical role of leadership support and skills in enhancing the effectiveness of project teams working within a hybrid work model, a structure increasingly common in today’s ICT sector. As hybrid models involve team members working from both remote and in-office locations, leaders face unique challenges in maintaining cohesion, motivation, and job satisfaction. In this context, leadership takes on a pivotal role, not only in managing tasks but also in fostering a supportive environment where team members feel valued and engaged. The study highlights the importance of specific leadership behaviors in enhancing team effectiveness. While general leadership capability is valuable, its direct impact may be less significant compared to actionable, behavior-driven support mechanisms. The results indicate that facilitating knowledge sharing and providing targeted assistance in conflict resolution have a clear influence on team outcomes. Meanwhile, leadership support in sustaining motivation showed a meaningful, albeit less pronounced, effect.

Oптимизиране на съотношението между доходност и риск при структуриране на инвестиционен портфейл от договорни фондове на банковите клиенти

Oптимизиране на съотношението между доходност и риск при структуриране на инвестиционен портфейл от договорни фондове на банковите клиенти
(Optimizing the Ratio Between Profitability and Risk Instructuring of the Investment Portfolio of Mutual Funds for Clients of the Bank)

Author(s):Gergana Petrova
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Financial Markets
Page Range:492-500
No. of Pages:9
Keywords:investment portfolio; diversification; optimization; profitability; consumers
Summary/Abstract:Development of the economy market in Bulgaria, more of customers are becoming interested in investment strategies in order to preserve the value of money, ensure profitability and “jump” inflation. The last 20 years, apart from the term “consumption” and management of consumption, the concept of investment and “investing” is also discussed. Investing as a form of consumption of various assets from professional and lay investors, implies the formation of strategy of action with a goal achieving optimal and cost – effective results in the shorter long term. Like any actions where large amounts of monetary units are spent, investing in any asset should be well thought out and financially sound. The subject of the report will be the contractual funds as a fundamental unit of the investment portfolio in a banking environment. Based on a comparative analysis of the contractual fund offered by the Bulgarian banking institutions, due to their significant number, it would be difficult for each of the clients to create a “basket” of funds that complement each other and neutralize market, currency, institutional risk and the risk of loss of investment value. The aim of report will be to bring out the benefits and advantages for the bank client in constructing an investment portfolio of contract funds to multiply the possibility of profitability and to diversify the risk of potential losses. Conclusions will be drawn that are specific and geographically limited to the territory of the Republic of Bulgaria, given the peculiarities of the folk psychology of consumers and the characteristic political and economic realities.

E-фактура – дигитален инструмент срещу ДДС измами

E-фактура – дигитален инструмент срещу ДДС измами
(Е-invoice – a Digital Tool Against VAT Fraud)

Author(s):Yordanka Slavkova
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Accounting - Business Administration, ICT Information and Communications Technologies
Page Range:501-509
No. of Pages:9
Keywords:electronic invoice; digital transformation; value added tax; VAT fraud, control
Summary/Abstract:The introduction of electronic invoicing in business is one of the biggest technological breakthroughs in the field of financial management. It is a digital tool that replaces paper invoices. In the context of economic crisis and rising inflation, every government will have to look for effective ways to manage the revenue side of the budget. Digital technologies couldcontribute in this direction, ensuring the automation of financial operations and building sustainable financial control systems. Value Added Tax (VAT) has the largest share in the revenue side of the budget of countries in the European Union (EU) and countries outside the EU. The introduction of mandatory electronic invoicing would provide better visibility of financial operations and more effective control in the fight against VAT fraud.

Институционални механизми за мониторинг и контрол на антикорупционните политики в Република България

Институционални механизми за мониторинг и контрол на антикорупционните политики в Република България
(Institutional Mechanisms For Monitoring and Control of Anti-Corruption Policies in the Republic of Bulgaria)

Author(s):Sevinch Hristemova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Socio-Economic Research, Corruption - Transparency - Anti-Corruption
Page Range:510-519
No. of Pages:10
Keywords:monitoring; control; anti-corruption policy; institutions
Summary/Abstract:The institutional mechanisms for monitoring and control of anti-corruption policies in the Republic of Bulgaria are a set of structures, legal instruments and approaches aimed at preventing, investigating and sanctioning corrupt practices. These mechanisms aim to ensure transparency, accountability and legality in the public sector, as well as to ensure effective implementation of anti-corruption measures. The aim of this report is to present and analyse the institutional mechanisms for monitoring and control of anti-corruption policies in the Republic of Bulgaria, as well as to provide guidelines and recommendations for their improvement. The anti-corruption system in the Republic of Bulgaria is complex and multifaceted, bringing together a multitude of institutions and mechanisms for monitoring and control. One of the main problems is related to the lack of coordination and integration between the various institutions, as well as the insufficient transparency in their actions. Achieving significant results in the fight against corruption requires strengthening institutional capacity, improving the legal framework and better cooperation between the state and civil society.

Данъчният ефект от вдигането на праговете за задължителен независим финансов одит в България

Данъчният ефект от вдигането на праговете за задължителен независим финансов одит в България
(Тhe Tax Еffect of Raising the Thresholds for Mandatory Independent Financial Audit in Bulgaria)

Author(s):Monika Krivoshapkova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Fiscal Politics / Budgeting
Page Range:520-526
No. of Pages:7
Keywords:financial audit; auditor; taxation
Summary/Abstract:The primary function of an independent financial audit is to protect the public interest and ensure the accurate and fair presentation of companies' financial statements. An integral part of the work of the certified public accountant—the registered auditor—also includes reviewing tax returns and the taxation of certain complex transactions. With the latest amendments to the Accounting Act, the legislature has decided to drastically narrow the scope of enterprises subject to mandatory independent financial audit, under the pretext of reducing financial pressure on small and medium-sized enterprises (SMEs) in Bulgaria. Considering that SMEs form the backbone of the Bulgarian economy, this change leaves a significant number of companies without the obligation to apply this form of oversight. This could lead to risks related to tax evasion or inaccurate financial reporting, potentially affecting state revenues and society at large. The article aims to examine the negative longterm implications of this change from the perspective of tax collection efficiency. Drawing on examples from other economies that have implemented similar changes, the article will explore potential solutions to address the adverse tax effects that this amendment may bring to society.

Предизвикателства при сливания и придобивания в софтуерни компании: нужда от проектни решения

Предизвикателства при сливания и придобивания в софтуерни компании: нужда от проектни решения
(Challenges in Mergers and Acquisitions in Software Companies: Тhe Need for Project Solutions)

Author(s):Denitsa Aleksandrova-Salim
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, ICT Information and Communications Technologies
Page Range:527-534
No. of Pages:8
Keywords:mergers; acquisitions; cultural integration; technological compatibility; change management; project solutions
Summary/Abstract:Mergers and acquisitions (M&A) are key strategic decisions for growth and competitiveness across various industries, including the dynamic software sector. However, these processes come with their own set of challenges that can significantly impact the success of such ventures. In the software industry, M&A activities are particularly complex due to the need to integrate diverse technological platforms, manage intellectual property, and merge different corporate cultures. The significance of these challenges is underscored by the high failure rates of M&A, often due to cultural clashes and integration difficulties, which can lead to the loss of key employees and financial difficulties. These issues highlight the critical need for effective project solutions to address and manage the complexities associated with M&A processes in the software industry. The aim of this report is to identify the key challenges faced by managers in software companies during M&A and to assess the need for project solutions that can facilitate successful integration and the achievement of strategic goals. By focusing on these aspects, the report aims to contribute to improving the success rate of M&A in the software industry, ensuring that these strategic endeavors enhance, rather than hinder, corporate growth and competitiveness.

Дигитални стратегии и управленски предизвикателства в условията на навлизане на изкуствен интелект

Дигитални стратегии и управленски предизвикателства в условията на навлизане на изкуствен интелект
(Digital Strategies and Managerial Challenges in the Еra of Widespread Adoption of Artificial Intelligence)

Author(s):Svetla Tsenova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Management and complex organizations, Social Informatics, ICT Information and Communications Technologies
Page Range:535-548
No. of Pages:14
Keywords:digital strategies; project management; challenges; digital transformation; innovation
Summary/Abstract:The rapid development of digital technologies significantly increases the need for adapting organizational strategies and transforming business models, necessitating a holistic reformatting of the organization at various levels and through different lenses. In the current environmental conditions, where it becomes clear that the old pursuit of endless growth leads to overproduction and irresponsible and senseless waste of finite resources, which does not meet the current imperatives for environmental sustainability, sustainable development, and reasonable consumption, it is time for a disruptive shift in the economic paradigm. This backdrop sets the stage for new behavior and thinking among economic entities. Most of them see solutions not in the previous incremental improvements but in the revolutionary opportunities offered by digitalization, the management of and through big data, and artificial intelligence. And yes, artificial intelligence is a zero-waste technology, with no direct carbon footprint, redirecting society's consumer aspirations, saving time, especially for specialists who process large volumes of information to produce their quality final product—be it advertising, creative, legal, psychological, scientific, in customer service, or in making managerial decisions. Concerns about replacing certain groups of experts and specialists can only be a topic for those professionals who are not ready to develop in step with their time. For the rest, the use of artificial intelligence in daily work is a convenient and useful tool that brings benefits to those who are ready to get to know it. Yes, artificial intelligence—as a product of collective knowledge and its arithmetic mean—may offer speed, first steps, and a foundation in performing a certain set of activities, but the first (setting the task) and the last word (review and evaluation of the result) belong to the specialist, expert, manager, etc. At this stage, artificial intelligence remains, at best, an extrapolated collective result and arithmetic mean, but always and only within the limits of collective human knowledge and experience. Deviations—both good and bad—from this "collective average" will long remain the prerogative of natural intelligence and the professional Homo sapiens. For us, as managers and researchers of the interconnections between theory and practice, the above description is only the backdrop and stage on which we will strive to develop and expand our own expertise to fit adequately into this increasingly digitalized scene with our own contribution.

Eфективното управление на водните ресурси – от жизнена необходимост до стратегически приоритет

Eфективното управление на водните ресурси – от жизнена необходимост до стратегически приоритет
(The Effective Management of Water Resources – from a Necessity to Strategic Priority)

Author(s):Marina Belcheva
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Energy and Environmental Studies, Environmental and Energy policy
Page Range:549-560
No. of Pages:12
Keywords:natural resources; water; sustainable management; renewable resources; water pollution
Summary/Abstract:Water conservation is one of the priorities of European environmental policy. Climate change has sharpened attention to the topic of more sustainable use of water resources by reducing losses, limiting pollution and sustainable use. This report focuses on the European policy for the protection of water resources and the possibilities for its implementation at the national level. The main causes of water shortages and losses are examined, as well as possible measures for water conservation and more effective management. The report summarizes and analyzes data from a survey conducted on the use of water resources, based on which recommendations for improving access to water are formulated.

Закрила на промишлени продукти с географски означения като фактор, доказващ конкурентоспособност

Закрила на промишлени продукти с географски означения като фактор, доказващ конкурентоспособност
(Protection of Industrial Products with Geographical Indications as a Factor Proving Competitiveness)

Author(s):Petar Atanasov
Language:Bulgarian
Subject(s):Economy, Law, Constitution, Jurisprudence, Business Economy / Management, Law on Economics, Socio-Economic Research, Commercial Law
Page Range:561-570
No. of Pages:10
Keywords:geographical indication; management; intellectual property
Summary/Abstract:The report clarifies the nature of geographical indications for industrial products and their protection as intellectual property in the context of the new European Union regulatory framework. The potential factors for competitiveness in the introduction of unified protection of geographical indications for industrial products are commented.

Традиции в българската счетоводна практика относно новите европейски законодателни изисквания за социалната отчетност

Традиции в българската счетоводна практика относно новите европейски законодателни изисквания за социалната отчетност
(Traditions in Bulgarian Accounting Practice Regarding the New European Legislative Requirements for Social Reporting)

Author(s):Mariya Vlaeva
Language:Bulgarian
Subject(s):Economy, Law, Constitution, Jurisprudence, Business Economy / Management, Accounting - Business Administration, Socio-Economic Research, EU-Legislation
Page Range:571-576
No. of Pages:6
Keywords:accountability; social orientation; result of the activity
Summary/Abstract:This report examines historically since the Renaissance, as well as in the early 1930s. of the 20th century, the Bulgarian accounting reporting on the achieved results of the activity. Examples are shown from the first Bulgarian accounting book "Diplografiya ili kak sya dryzhyaty targovskay knigay" by Karaminkovi Brothers and from two published Reports of the Bulgarian Evangelical Charitable Society for 1929/1930 and 1932/1933. With the mentioned examples, it is shown that the reflection of results with a social determination is not something new in Bulgarian accounting reporting. The European requirements for social responsibility, introduced in the last 10-15 years, and the need to announce the achieved results with a social orientation to the various business and non-profit organizations in Bulgaria have roots, albeit in their infancy, at the birth of the Bulgarian school of accounting.

Карта на Балканския Иншуртех към края на 2022

Карта на Балканския Иншуртех към края на 2022
(Balkan Insurtech Map at the End of 2022)

Author(s):Desislav Danov
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, ICT Information and Communications Technologies
Page Range:577-584
No. of Pages:8
Keywords:Insurtech; map; Balkans; insurance; digitalization; investments
Summary/Abstract:Insurance digitalization across the Balkans is making slowly its way through the incumbent landscape. Newcomers are facing different challenges due to national fragmentation, small market capacity, lack of adequate financing and poor interaction with the industry. Nevertheless the Insurtech pioneers are adapting rapidly and try to catch-up with their counterparts from more developed areas. In the present study is pictured the first-of-akind attempt to be created an all-encompassing map of the Insurtech developments in the region. This mapping effort introduces existing taxonomy from the Cambridge Fintech Ecosystem Atlas, adapted to reflect the Balkan insurtech reality.

Еразъм+ и мобилността на човешкия капитал: възможности за икономически растеж в България и Европейския съюз

Еразъм+ и мобилността на човешкия капитал: възможности за икономически растеж в България и Европейския съюз
(Erasmus+ and Human Capital Mobility: Opportunities for Economic Growth in Bulgaria and the European Union)

Author(s):Spasimira Davidova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Developing nations, Human Resources in Economy, Socio-Economic Research
Page Range:585-592
No. of Pages:8
Summary/Abstract:Тhis article examines the Erasmus+ program as a key tool for promoting educational and professional mobility, creating new opportunities for the development of human capital in Bulgaria and the European Union. The program aligns educational needs with labor market demands by providing international exchange opportunities and preparing qualifiedprofessionals capable of meeting contemporary challenges. In Bulgaria, Erasmus+ plays a significant role in improving the skills of young specialists and strengthening the country's position in science and innovation.

Балкански стратегии за управление на риска в обучението на реално работно място

Балкански стратегии за управление на риска в обучението на реално работно място
(Balkan Risk Management Strategies in Work-based Learning)

Author(s):Silvia Toneva, Ivana Karadzhinska
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Labor relations, Socio-Economic Research
Page Range:593-602
No. of Pages:10
Keywords:dual education; labor market; skills; qualification; management; risk management
Summary/Abstract:This report summarizes information regarding the management of work-based learning in the partner countries of the consortium established under the "Balkan WBL Cooperation" project: Bulgaria, Greece, North Macedonia, and Romania. The data included has been gathered through surveys and questionnaires conducted among various target groups – employers, training organizations, and policy-responsible institutions. Specific recommendations are formulated to address the identified challenges related to the need for improved systemic management of organizing practical training.

Дигитализация на музеите : Пътят на Нидерландия и България към цифровата трансформация

Дигитализация на музеите : Пътят на Нидерландия и България към цифровата трансформация
(Digitisation of Museums : Тhe Path of the Netherlands and Bulgaria Towards Digital Transformation)

Author(s):Zlatina Todorova
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:603-611
No. of Pages:9
Keywords:digitalization; museums; comparative analysis; Netherlands; Bulgaria
Summary/Abstract:Digitisation in museums significantly improves visitor experiences and management processes, but the degree of integration and the results vary across Europe. This study compares the path and impact of digitisation in the Netherlands and Bulgaria, which have different technology levels. The study shows that Dutch museums are leading the way in digitisation, while Bulgaria is showing initial but promising results thanks to European support. The analysis highlights the differences in the conditions for digital transformation and the importance of these contextual factors.

Правно-регулаторни и етични предизвикателства при използването на генетични данни за маркетингови цели

Правно-регулаторни и етични предизвикателства при използването на генетични данни за маркетингови цели
(Regulatory and Ethical Challenges in the Use of Genetic Data for Marketing Purposes)

Author(s):Ivelina Ivanova-Kadiri
Language:Bulgarian
Subject(s):Politics / Political Sciences, Economy, Law, Constitution, Jurisprudence, Business Economy / Management, Human Rights and Humanitarian Law, Political Theory, Civil Society, Politics and law, Marketing / Advertising
Page Range:612-623
No. of Pages:12
Keywords:genetic data; genetic marketing; regulatory framework
Summary/Abstract:With the advancement of biotechnology and the growing popularity of direct-toconsumer genetic tests, the traditional model for the distribution of bioproducts is changing. Although these tests are widely advertised as reliable tools for tracing genealogical origins and identifying potential genetic disorders, there are legal, regulatory, and ethical concerns regarding the protection of consumers' genetic data. The global accessibility of this data underscores the need for a unified global legal framework for data protection. The report examines key international legislative practices and explores challenges related to national and transnational biobanks, as well as the risks of using genetic data for marketing purposes.

Приложение на изкуствения интелект в ценообразуването : Етични и регулаторни аспекти според политиките на Европейския съюз

Приложение на изкуствения интелект в ценообразуването : Етични и регулаторни аспекти според политиките на Европейския съюз
(Integration of Artificia Iintelligence in pricing : Ethical and Regulatory Aspects in Accordance with European Union Policies)

Author(s):Bilyana Ivanova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:624-631
No. of Pages:8
Keywords:Аrtificial Intelligence; pricing; еthical challenges; EU Regulations
Summary/Abstract:Artificial intelligence (AI) is revolutionizing pricing processes across various industries, providing advanced mechanisms for automation, personalization, and real-time price optimization. Despite the significant advantages it offers, AI presents serious ethical and regulatory challenges that require careful consideration. This report analyzes the regulatory framework of the European Union, focusing on Regulation EU 2024/1689 and the EU Artificial Intelligence Act, which emphasize data protection, transparency, accountability, and fairness in pricing algorithms. For effective AI implementation in pricing, it is essential to integrate technological innovations with strict ethical and legal standards that safeguard consumer rights and ensure fairness and competitiveness in the EU markets.

Съвременни ИИ (AI) инструменти и приложението им в предприемаческата дейност

Съвременни ИИ (AI) инструменти и приложението им в предприемаческата дейност
(Мodern ai Тools and Тheir Application in Intrepreneurial Activities)

Author(s):Ivo Mihaylov
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, ICT Information and Communications Technologies
Page Range:632-651
No. of Pages:20
Keywords:artificial intelligence (AI); generative AI; Large Language Models (LLMs); entrepreneurship; competitive analysis
Summary/Abstract:This report analyzes the essence and features of generative artificial intelligence (AI) and large language models (LLMs), examines the types of AI chatbots, and presents the procedures and basic concepts of queries used in entrepreneurial activities. The focus is on AI tools that enable entrepreneurs to analyze the competitive environment and create valuable propositions using generative models. Examples of queries and tools include competitive keyword analysis and product description generation. The report also highlights AI tools useful for setting business objectives and key performance indicators (KPIs), providing analyses and forecasts for achieving these goals. Examples of queries and tools in this area include market opportunity analysis and success measurement through specific KPIs. The report further explores AI tools essential for identifying target audiences through social media analysis, behavioral data, and other sources. The final section presents AI tools for generating digital content, including texts (copywriting), articles, blog posts, social media posts, reviews, emails, and product descriptions. These tools save time and resources for entrepreneurs and streamline communication with target audiences. The research methods used include a review of the current literature, encompassing existing theories, models, and studies on modern AI tools and their applications in entrepreneurship, as well as a comparative analysis of different types of AI chatbots and generative models based on criteria such as efficiency, cost, ease of use, and more. Through this analysis, the most suitable tools for entrepreneurs are identified. Qualitative methods, such as thematic text analysis, are also employed to examine trends and opportunities related to the use of AI tools in entrepreneurship. The report concludes with findings and recommendations based on the conducted study of modern AI tools and their application in entrepreneurial activities.

Новият коефициент Grееn Assеt Rаtiоn (GАR) – предизвикателства пред банките в Европа и България

Новият коефициент Grееn Assеt Rаtiоn (GАR) – предизвикателства пред банките в Европа и България
(Thе Nеw Grееn Assеt Rаtiоn Cоеfficiеnt (GАR) – Chаllеngеs fоr Bаnks in Eurоpе аnd Bulgаriа)

Author(s):Kadifka Asanova Borizanova, Alie Borizanova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Supranational / Global Economy, Business Economy / Management, Sociology, Methodology and research technology, Economic development, Financial Markets, Socio-Economic Research
Page Range:652-660
No. of Pages:9
Keywords:bаnks; ЕSG; GАR; Grееn Assеt Rаtiо
Summary/Abstract:Tо suppоrt thе trаnsitiоn pаth tоwаrds а lоw-cаrbоn еcоnоmy guidеd by thе Pаris Аgrееmеnt оn climаtе chаngе аnd thе UN 2030 Аgеndа, ЕU Rеgulаtiоn 2020/852 оn thе Еurоpеаn Tаxоnоmy cаmе intо fоrcе in Junе 2020, which is thе first clаssificаtiоn systеm thаt usеs sciеntific critеriа tо idеntify thе diffеrеnt еcоnоmic аctivitiеs cаrriеd оut (оr finаncеd) аs еnvirоnmеntаlly sustаinаblе. Frоm 1 Jаnuаry 2024, thе lаrgеst bаnks in Еurоpе аrе оbligеd tо mеаsurе аnd rеpоrt thе GАR (Grееn Аssеt Rаtiо) in thеir Pillаr 3 rеpоrts, оr thе prоpоrtiоn оf invеstmеnts, tаking intо аccоunt thе tаxоnоmy, оf tоtаl аssеts. In оthеr wоrds, which pаrt оf thе bаlаncе shееts оf crеdit institutiоns mееts thе critеriа fоr еnvirоnmеntаl sustаinаbility. Thе purpоsе оf this rеpоrt is tо еxаminе in mоrе dеtаil thе mаin аspеcts оf thе rаtiо. Thе first twо disclоsurеs оn thе еligibility оf bаnks' tаxоnоmy rеvеаl mаjоr discrеpаnciеs in thе mеthоdоlоgy usеd by diffеrеnt bаnks. Thеy аrisе frоm diffеrеnt cаlculаtiоns usеd by cоrpоrаtiоns thаt bаnks rеly оn fоr thеir оwn tаxоnоmy еligibility rеpоrting. In rеаlity, cоrpоrаtiоns cаn cаlculаtе thеir sustаinаbility rаtiо bаsеd оn thrее sеpаrаtе vаriаblеs: thеir turnоvеr, cаpitаl еxpеnditurе (CАPЕX) оr оpеrаting еxpеnditurе (ОPЕX). Аs а rеsult, bаnks disclоsе thеir еligiblе rаtiо using diffеrеnt mеthоdоlоgiеs. Thе ЕU tаxоnоmy is а brоаd rеgulаtоry frаmеwоrk thаt rеquirеs cоrpоrаtiоns tо cоllеct significаnt infоrmаtiоn аbоut thеir аctivitiеs. This cаn bе а significаnt chаllеngе. In аdditiоn tо thе difficultiеs in cоllеcting thе nеcеssаry dаtа, nоt аll cоrpоrаtiоns hаvе а dаtа stоrаgе systеm оr а mеthоdоlоgy fоr prоcеssing thе infоrmаtiоn. Аs а rеsult, bаnks fаcе difficultiеs in cоllеcting thе nеcеssаry dаtа frоm thеir cliеnts, which incrеаsеs thе gаps in thе publishеd dаtа аnd cаlculаtеd rаtiоs. Cоmpliаncе with thе nеw disclоsurе rеquirеmеnts, аnd spеcificаlly in cаlculаting thе GАR, will pоsе sеriоus chаllеngеs fоr bаnks аcrоss Еurоpе аnd in Bulgаriа in pаrticulаr.

Обзор на сливанията и придобиванията на банките в България за периода 2000 – 2024

Обзор на сливанията и придобиванията на банките в България за периода 2000 – 2024
(Overview of Banks’ Mergers and Acquisitions in Bulgaria for the Period 2000 – 2024)

Author(s):Kadifka Asanova Borizanova, Alie Borizanova
Language:Bulgarian
Subject(s):Economy, National Economy, Financial Markets, Socio-Economic Research
Page Range:661-671
No. of Pages:11
Keywords:banks; banking; merger and acquisition
Summary/Abstract:The trend towards consolidation of the Bulgarian banking market has been current for almost 20 years. Consolidation in the sector takes place through mergers and acquisitions of some banks by others. Most of the regulations in the sector and investments in new technologies can be cited as the main reason for these activities. Consolidation is a process that moves along the lines of rather strengthened regulations in the sector, which make banking activities too expensive. On the other hand, larger banks can afford to buy fintech companies that rely mostly on technology and cloud services – and less on physical locations – to provide financial services that affect the way consumers store, save, borrow, invest, move, pay and protect their money or technology from it to apply in their business. These are constant investments in new software, which is a very expensive undertaking for some of the small banks in Bulgaria. The reviewed overview provides a glimpse of a process that started back in the distant year 2000. Thanks to it, the growth of the market share of individual banks in Bulgaria can be traced over the years.

Ползите за банките от управлението на данни

Ползите за банките от управлението на данни
(The Benefits of Data Management for Banks)

Author(s):Galina Sabkova
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Financial Markets, ICT Information and Communications Technologies
Page Range:672-680
No. of Pages:9
Keywords:digitalization; banking sector; data management; data management model
Summary/Abstract:To address digital dividends and improve data governance, banks must apply data management. In turn, this development will enable them to ensure compliance with regulatory regimes and standards, widespread digital technologies across their clients and mitigate the risks. Going forward in terms of digitalization of the banking sector remains a major challenge due to the complexity of the topic and requires a holistic approach.

Блокираните активи като източник на системен риск за финансовата стабилност

Блокираните активи като източник на системен риск за финансовата стабилност
(Stranded Assets as a Source of Systemic Risk for the Financial Stability)

Author(s):Tzvetelina Simeonova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Socio-Economic Research
Page Range:681-690
No. of Pages:10
Keywords:stranded assets; systemic risk; financial stability
Summary/Abstract:In the context of climate change and the ambitious goal of the Paris Agreement, the phenomenon of "stranded assets" is becoming increasingly important. This goes beyond the risk for the individual financial institution and becomes one of the main factors of systemic risk. The current report reviews the conceptual framework for stranded assets in the context of climate and environment, examines their potential effects on the financial system, and the reasons for their transformation into a systemic risk. Various options for reducing their impact are also proposed.

Mонетарната свобода да избираш или дигиталното парично робство : Размисли на един мислещ псевдо лаик

Mонетарната свобода да избираш или дигиталното парично робство : Размисли на един мислещ псевдо лаик
(The Monetary Freedom to Choose or the Digital Money Slavery : Thoughts of a Rational False Amateur)

Author(s):Ognyan Ganev
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Political Theory, Economic policy, Politics and society, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:691-707
No. of Pages:10
Keywords:monetarism; digital currency; central bank; freedom, control
Summary/Abstract:The article is written in the context of the commencing fundamental changes in the economic and political world, in which mankind lives, as a result of the processes of digitalization of the economies and their consequences. The coming changes will bring new directions in the development of economic science and the system of relationships in the real economic environment, will contribute to a complete change or revolutionary reformation of the current global political order by change of the tools of control and authority. The purpose of the article is to reveal a different point of view connecting interpretations of monetarism as one of the most powerful directions in the contemporary economic science and leading economic theory and policy about money and money in circulation with the events happening as a result of the processes of digitalization of the financial world. An attempt for is made to reach a conclusion in what way the process of appearance and utilization of digital currencies of the central banks will affect the economic and social life of people, what consequences, risks and challenges will occur due to the changes resulting form the distribution and use of the new digital currencies of the central banks.

Оценка на състоянието на сектор Строителство в България за периода 2018 – 2022 година

Оценка на състоянието на сектор Строителство в България за периода 2018 – 2022 година
(Evaluation of the Status of Sector Construction in Bulgaria for the Period 2018 – 2022)

Author(s):Ognyan Ganev
Language:Bulgarian
Subject(s):Social Sciences, Economy, Business Economy / Management, Micro-Economics, Sociology, Evaluation research
Page Range:708-717
No. of Pages:10
Keywords:construction companies; turnover; output; added value on factor costs; purchase of goods and services; labor costs; remuneration costs; number of people employed
Summary/Abstract:In this article the data of the major economic indicators characterizing sector: "Construction in the Republic of Bulgaria" are presented, examined and recapitulated. The major economic indicators in sector: "Construction in the Republic of Bulgaria" for which statistical information is collected are the following: number of enterprises, realized turnover, production output, added value on factor cost, purchase of goods and services, labor cost, remuneration costs and number of people employed. By means of the analysis of the economic indicators made the tendencies of change and progression are described, the factors influencing their change are summarized.

Политики, стратегии и инструменти за постигане на финансова стабилност на Европейската система за финансов надзор

Политики, стратегии и инструменти за постигане на финансова стабилност на Европейската система за финансов надзор
(Policies, Strategies and Tools to Achieve Financial Stability of the European System of Financial Supervision)

Author(s):Elena Dimitrova-Tsoneva
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, Socio-Economic Research
Page Range:718-737
No. of Pages:20
Keywords:monetary policy; macroprudential policy; integrated inflation targeting framework; policy instruments; financial stability
Summary/Abstract:In the new global economic conjuncture, conventional economic policies are insufficient to achieve financial and economic stability. There is a need to improve the existing policy framework by broadening it and jointly implementing a policy mix: capital flow management, monetary and fiscal policy, macroprudential and exchange rate policy, and structural adjustments. The essence of formulating the policy mix is the backbone of a future strategy to deal with global uncertainty, which with the advent of the new digital age and the complication of serious geopolitical cataclysms is intensifying.

Ползи, предимства и значение на продуктовото позициониране в киното

Ползи, предимства и значение на продуктовото позициониране в киното
(Benefits, Advantages and Importance of Product Placement in Movies)

Author(s):Simona Ivanova
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Marketing / Advertising
Page Range:738-744
No. of Pages:7
Keywords:product placement; movies; marketing communications; advertising
Summary/Abstract:This report is dedicated to introducing to its audience the concept of product placement which has been considered to be a relatively new and modern method of marketing communications in Bulgaria. The topic of this piece of paper is question of present interest and generates different and mixed emotions both for marketing and advertising experts along with film makers and ordinary viewers. The main objective of the author is to provide useful information about product placement as an non-traditional method for communication and building a relationship between the product (brand/company) and the customer. To achieve this goal, the author explains and clarifies the term “product placement”; analyzes its meaning and importance; describes the features, benefits and advantages of using it; supports the theory with relevant examples from the Bulgarian film industry. A conclusion has been drawn about the establishment of product placement as an effective way of reaching to current and potential clients.

Влиянието на дигиталната култура върху младите поколения

Влиянието на дигиталната култура върху младите поколения
(The Influence of Digital Culture on Young Generations)

Author(s):Milena Vinarova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Sociology, Evaluation research, Social Informatics, Sociology of Culture, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:745-754
No. of Pages:10
Keywords:artificial intelligence; communication; digital culture; generations
Summary/Abstract:The current report examines the topic of the characteristic features in the development of generations and the new postmodern communication integrated into the culture of the young person. Today, we face the challenges of misinformation and misunderstood digitalization, catalysts of risks to children online and cultural diversity. They give rise to the need to implement policies, set frameworks and restrictions related to the security of young generations, which protect their interests, media pluralism and social relationships between them. Artificial intelligence is stepping into the role of the new storyteller, and so modern digital culture is undergoing a transformation. But not in the sense of technology, but of people. Starting from the position that children are the main pillar and priority of any society, we come to the conclusion that the identity crisis among young people requires the prompt imposition of ethics in all forms of communication in society in order to preserve their physical and mental health.

Утайки от ПСОВ в контекста на системите за отвеждане и пречистване на отпадъчните води в България

Утайки от ПСОВ в контекста на системите за отвеждане и пречистване на отпадъчните води в България
(Sewage Sludge in the Context of Wastewater Disposal and Purification Systems in Bulgaria)

Author(s):Lilia Ananieva
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Energy and Environmental Studies
Page Range:755-767
No. of Pages:13
Keywords:sewage sludge; wastewater treatment plants; sewage networks; disposal; purification
Summary/Abstract:Modern societies are facing serious global environmental problems caused by the negative impact on the environment. In order for societies to cope with these challenges, it is necessary to change not only the way goods are produced and consumed, but also the actions that are taken towards the waste generated from them. Taking these actions will also determine the future vision of sustainable material recovery - whether the resulting waste will take on the properties of a secondary product with high consumption characteristics or will retain its form as household waste, which will have its negative impacts on the environment and human health. Aspects of the circular economy in the context of sewage systems are the recycling of valuable substances from wastewater. The sludge that is extracted in the treatment processes represents a 'waste' of mineral and organic substances that can and should find a circular use. Efforts to promote the use of sewage sludge as a by-product could prove decisive in the context of the sustainable development of various sectors of the economy. On the other hand, the extent and quality of the sewage networks and also of the WWTPs in operation in the country provide clarity as to what the options are for wastewater management in general, and this in turn should give a new direction to the development of their efficiency and hence a reduction in the environmental footprint. The subject of this paper is the sludge from WWTPs as a by-product of wastewater disposal and treatment activities in Bulgaria - their location, importance and distribution in the context of sewerage networks in Bulgaria. The development aims to examine the scope, importance and current status of the drainage systems and sludge flows generated by the wastewater disposal and treatment processes in Bulgaria as part of the centralized sewerage network in the country. In addition, the main objective is to identify the current constraints and opportunities facing the sector, in particular in management and current practices in the context of sustainable development. In order to achieve the above objectives, the following tasks are set in the development: To review and determine the level of coverage of wastewater disposal and treatment services in the country; To review the number of population using wastewater services; Review both the quality and quantity of wastewater generated and discharged; Review the levels of sludge produced, recovered and disposed of in the country.

Търговска отвореност на българската икономика: измерване и сравнение с останалите държави от Централна и Източна Европа

Търговска отвореност на българската икономика: измерване и сравнение с останалите държави от Централна и Източна Европа
(Trade 0penness of the Bulgarian Economy: Measurement and Comparison with Other Central and Eastern European Countries)

Author(s):Lidia Kabatliyska-Andonova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, International relations/trade, Socio-Economic Research
Page Range:768-777
No. of Pages:10
Keywords:trade openness; trade volume; trade liberalization; trade restrictions; CEE countries
Summary/Abstract:The paper analyses the trade openness of the Bulgarian economy and its dynamics in the period from 2000 to 2023. This is done using a system of openness indicators that reveal its various characteristics and are divided into two main groups - based on trade volumes and based on the removal of trade restrictions. More specifically, indicators based on trade volume are constructed, referring to the ratios of foreign trade exchange, exports and imports to GDP, and those that measure the country's share in world trade. As for trade liberalization, it is assessed using the average tariff rate, the ratio of import duties and the ratio of taxes to total import revenue, and the trade freedom index. The behaviour of the various measures of openness over time is tracked and their specifics are highlighted in the periods before and after the country's membership in the European Union. Emphasis is placed on the similarities and differences between the various metrics and the main domestic and international factors for their dynamics are commented on. The data for Bulgaria are compared with the data for the other CEE countries, which are current members of the EU and are part of the former socialist bloc. This makes it possible to outline the similarities and differences in the trade openness of the Bulgarian economy compared to the other ten countries, as well as to highlight the country's relative position among the countries of the region. The obtained results are interpreted from the point of view of the impact of openness on economic growth and macroeconomic stability.

Оценка на достъпността до обществен транспорт като индикатор за постигане целите за устойчиво развитие

Оценка на достъпността до обществен транспорт като индикатор за постигане целите за устойчиво развитие
(Assessing Accessibility to Public Transport as an Indicator for Achieving Sustainable Development Goals Title of the Paper)

Author(s):Marta Klisurova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Sociology, Evaluation research, EU-Approach / EU-Accession / EU-Development, Transport / Logistics
Page Range:778-787
No. of Pages:10
Keywords:ITS; sustainable development; public transport; indicator; SDG 11
Summary/Abstract:The document assesses accessibility to public transport as an indicator for achieving the 2030 Sustainable Development Goals, in particular SDG 11 - Sustainable Cities and Communities. Indicator - 11.2.1 Proportion of population with convenient access to public transport by gender, age and persons with disabilities aims to monitor the successful use and accessibility of public transport systems and the shift towards reduced reliance on private transport. This indicator is monitored by the proportion of the population that has convenient access to public transport. An overview of a sample metadata methodology is provided in the document. Challenges and opportunities for future development are discussed and a conclusion is drawn.

Развитие и тенденции при моделите за предоставяне на бизнес услуги

Развитие и тенденции при моделите за предоставяне на бизнес услуги
(Evolution and Trends in Service Delivery Models)

Author(s):Desislava Mihaylova
Language:Bulgarian
Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Socio-Economic Research
Page Range:788-796
No. of Pages:9
Keywords:global business services; shared services; outsourcing
Summary/Abstract:Thе following report examines the different models for providing business services such as BPO (Business Process Outsourcing), SSC (Shared Service Center) and GBS (Global Business Services). The evolution of these models is traced and their most significant characteristics are highlighted. Emphasis is placed on the GBS model, as it contributes to the creation of the greatest added value in a company. The trends in the development of this type of organizations, as well as the challenges they face, are also analyzed.

Влияние на демографските фактори върху развитието на бизнеса в Северозападния регион в България

Влияние на демографските фактори върху развитието на бизнеса в Северозападния регион в България
(Influence of Demographic Factors on Business Development in the North-Western Region in Bulgaria)

Author(s):Mariyan Aleksandrov
Language:Bulgarian
Subject(s):Social Sciences, Economy, National Economy, Business Economy / Management, Sociology, Demography and human biology, Economic development, Socio-Economic Research
Page Range:797-806
No. of Pages:10
Keywords:business; demography; sustainable development
Summary/Abstract:Bulgaria has been part of the European Union for seventeen years. According to the latest statistical data, Bulgaria is the country with the lowest average life expectancy in the European Union and, accordingly, with the lowest working life expectancy, according to the European statistical service Eurostat. The demographic state of the territory reflects on all spheres, but it has the most significant impact on economic development, since the economy of a country is driven by the active working population. It is the significance of the interrelationship between demographic and economic development that determines the topicality of the problem and its multifaceted aspects. The North-West region is characterized by negative trends in demographic, economic and business indicators. In parallel with the negative demographic indicators, there is high unemployment, a high level of job offer by businesses and a high lack of interest on the part of the unemployed to join the working life.

Иновации в киберсигурността в малките и средните предприятия

Иновации в киберсигурността в малките и средните предприятия
(Innovation in Cybersecurity in SMES)

Author(s):Tatyana Docheva
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, ICT Information and Communications Technologies
Page Range:807-815
No. of Pages:9
Keywords:cyber security; cyber resilience; innovations; new technologies
Summary/Abstract:The paper highlights the need to innovate and invest in cybersecurity tools and services for small and medium-sized enterprises in Bulgaria, which are most affected by the constantly evolving threat environment driven by advances in technology. It presents the current trends in cybersecurity and cyber resilience, the benefits and threats of new technologies. An analysis is made of the challenges faced by small and medium-sized enterprises in implementing innovative activities and digitalization of their processes and services. Results and recommendations for cyber protection and R&D investment are outlined to ensure the security and sustainability of digital assets in an ever-changing technological environment and achieve business success.

Състояние на капиталовия пазар в България след COVID-19 и количествена оценка на акциите чрез МОКА (CAPM)

Състояние на капиталовия пазар в България след COVID-19 и количествена оценка на акциите чрез МОКА (CAPM)
(The State оf Bulgarian Capital Market After COVID - 19 аnd Quantitative Assessment оf Stock Using CAPM)

Author(s):Michaela Atanassova
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
Page Range:816-825
No. of Pages:10
Keywords:CAPM; beta; capital market; Bulgaria; stock; quantitative; assessment
Summary/Abstract:The aim of the paper is to analyse the state of Bulgarian capital market and to derive the tendencies in its development. Indicators of the old index SOFIX and new one BGBX40 are important for forming a complete picture of the Bulgarian capital market. Investors and fund managers in finance are interested in those indicators in order to isolate opportunities to invest. In the paper there is 20-year sample (2004-2024) and 3-year sample (2021-2024) of data used for 15 companies in order to estimate the beta coefficient on daily, monthly and yearly basis via CAPM. Results follow the literature that CAPM is more efficient when applied on individual companies than on indices.

Българският банков пазар в периода 2010-2023 – развитие и тенденции

Българският банков пазар в периода 2010-2023 – развитие и тенденции
(The Bulgarian Banking Market in the Period 2010-2023 – Development and Trends)

Author(s):Daniel Dimitrov
Language:Bulgarian
Subject(s):Economy, National Economy, Business Economy / Management, Financial Markets
Page Range:826-835
No. of Pages:10
Keywords:banks; digitization; capital adequacy; banking sector
Summary/Abstract:The report examines and analyses the development and accompanying trends of the Bulgarian banking sector in the period 2010-2023. The focus of the study is on key factors and processes related to the banking sector – regulatory requirements, consolidation and digitalization and financial indicators for the sector's activities. The main challenges in the period under review are also outlined. Based on documentary analysis and quantitative data on key financial indicators - capital adequacy, return on assets and return on equity, the report outlines the main trends in the Bulgarian banking sector as well as the current challenges facing Bulgarian banks.

Ролята на сенчестото банкиране за функционирането на финансовата система

Ролята на сенчестото банкиране за функционирането на финансовата система
(The Role of Shadow Banking in the Functioning of the Financial System)

Author(s):Violeta Todorova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Socio-Economic Research, Corruption - Transparency - Anti-Corruption
Page Range:836-845
No. of Pages:10
Keywords:shadow banking; non-bank financial intermediaries; non-bank lending
Summary/Abstract:The paper explores the development of the non-bank financial sector, which provides products similar to the banking sector, also known as "shadow banking". It presents annual data on the size of the non-bank financial sector relative to total assets worldwide, showing that almost half of the financial assets globally are managed by non-bank financial intermediaries. Non-bank financial intermediation complements traditional banking by expanding access to finance and thereby contributing to economic growth. In a financial crisis, the lack of regulation in the shadow banking sector, combined with high levels of leverage, large volumes of illiquid assets and lack of access to central bank liquidity, make non-bank financial intermediaries a threat to the safety of the financial system.

Малки и средни предприятия в България при прехода лев – евро: възможности и заплахи

Малки и средни предприятия в България при прехода лев – евро: възможности и заплахи
(Small and Medium Enterprises in Bulgaria during the Transition from the Lev to the Euro: Oportunities and Threats)

Author(s):Iliyana Gyorcheva, Daniel Metodiev
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Business Economy / Management, Sociology, Economic policy, Evaluation research, Policy, planning, forecast and speculation, EU-Approach / EU-Accession / EU-Development
Page Range:846-856
No. of Pages:11
Keywords:small and medium enterprises (SMEs); Bulgaria; euro transition; currency risk; European markets; inflation; financial regulations; economic impact; business adaptation; opportunities in the Eurozone
Summary/Abstract:The upcoming transition of Bulgaria from the lev to the euro creates significant opportunities and challenges for small and medium enterprises (SMEs), which play a key role in the country’s economy. This change brings both new opportunities and considerable challenges for businesses. On the one hand, the introduction of the euro may improve Bulgarian SMEs' access to European markets and reduce currency risk. On the other hand, businesses may face increased costs and challenges related to inflation and heightened compliance requirements with financial regulations. This report examines the main risks and benefits, as well as recommendations for the successful adaptation of SMEs to the new currency. The report focuses on the specific ways in which this currency change will affect SMEs in Bulgaria, considering economic, financial, and regulatory aspects. This comprehensive assessment of the impact on Bulgarian SMEs aims to provide information for the effective adaptation of businesses to the upcoming transition, while also analyzing how small and medium enterprises can make the most of the new conditions within the Eurozone.

Подобряване на оценката на кредитния риск чрез отворено банкиране: предизвикателства и възможности за финансовите институции в България

Подобряване на оценката на кредитния риск чрез отворено банкиране: предизвикателства и възможности за финансовите институции в България
(Improving Credit Risk Assessment through Open Banking: Challenges and Opportunities for Financial Institutions in Bulgaria)

Author(s):Dafinka Lazarova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Financial Markets, Public Finances
Page Range:857-870
No. of Pages:14
Keywords:Open Banking; credit risk; financial technologies; regulatory framework; banking in Bulgaria; financial product personalization
Summary/Abstract:The introduction of Open Banking in Bulgaria offers significant potential for enhancing credit risk assessment methods in the banking sector. Open Banking provides financial institutions with access to richer and more up-to-date financial information, creating opportunities to improve the accuracy and efficiency of risk assessment models. This study examines the role of Open Banking in building better credit models, focusing on the potential benefits of improved customer segmentation and the adaptation of financial products to their specific needs.

Съвременни икономически измерения на бедността и социалното изключване в България

Съвременни икономически измерения на бедността и социалното изключване в България
(Economic Dimensions of Poverty and Social Exclusion in Bulgaria)

Author(s):Pavlina Mladenova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Social Sciences, Economy, National Economy, Business Economy / Management, Civil Society, Sociology, Politics and society, Social differentiation, Economic development, Socio-Economic Research
Page Range:871-880
No. of Pages:10
Keywords:multidimensional poverty; exclusion; employment; welfare
Summary/Abstract:Poverty and social exclusion are among the most serious issues of the economy and society in Bulgaria and EU. In 2023 more than a fifth of the population (21%) in the EU is at risk of poverty and social exclusion, in Bulgaria reaching 30%. In addition to income, poverty refers to also other deprivations and lack of opportunities, such as access to education and health care, access to assets and resources, limits employment opportunities and results in social isolation and exclusion. Poverty is multidimensional and integrated multidimensional economic models should be used to enable effective activation, participation in the labor market and social inclusion. Adopting appropriate economic and social models can activate and support inclusion of the poorest in the labor market and in society, reducing unemployment. The aim of the work is to present economic models to combat poverty applied in EU, and to give guidance for suitable approaches for Bulgaria.

Обществено-икономическите отношения между Япония и Русия след началото на ХХI в.

Обществено-икономическите отношения между Япония и Русия след началото на ХХI в.
(Socio-Economic Relations Between Japan and Russia Since the Beginning of ХХI Century)

Author(s):Raytcho Diankov
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, International relations/trade, Socio-Economic Research
Page Range:881-891
No. of Pages:11
Keywords:Japan; Russia; trade; bilateral relations
Summary/Abstract:Socio-economic relations between Japan and Russia often remain in the shadow of the relations between the USA and Russia, or between the West as a group and Russia. At the same time, these are important relations for both countries and for the relationships with other leading economies - EU, the USA and China. In the work presented, subject of study is trade and economic relations between the two countries in a time period when the best results and the highest values in bilateral trade are achieved. Mutually beneficial relations have been developed in the fields of commerce, science and technology. During the period under review, policymakers in Japan and to some extent in Russia, put political differences aside and developed bilateral trade relations, driven mainly by economic benefits for both countries.

Key Risky Events in Citigroup

Key Risky Events in Citigroup
(Key Risky Events in Citigroup)

Author(s):Krasimir Mihaylov
Language:English
Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Evaluation research, Management and complex organizations, Financial Markets
Page Range:892-898
No. of Pages:7
Keywords:bank regulation; risk assessment; commercial banks; standard
Summary/Abstract:Being such an enormous global financial institution, Citigroup has encountered a large number of risky events throughout the years. Each of these risky events demonstrates the complexity and interconnectedness of the risks that Citigroup, and every large bank faces. Since 2000, the bank has taken more than 27 billion dollars in penalties. From credit and market risks to operational and compliance challenges, these incidents have shaped the bank’s approach to risk management and reinforced the need for continuous improvements in its systems, controls, and oversight mechanisms. However, recent events highlight that there is one particular risk that is hard to regulate and standardize. This paper will provide an alternative for operational risk management as a common international standard for bank solution systems.

Рамка на управление и степен на интеграция на ESG рисковете в Банка ДСК АД

Рамка на управление и степен на интеграция на ESG рисковете в Банка ДСК АД
(Management Framework and Level of ESG Risk Integration in Bank DSK AD)

Author(s):Lia Yoveva
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
Page Range:899-908
No. of Pages:10
Keywords:ESG; bank; risk; sustainability
Summary/Abstract:The banking sector plays a vital role in integrating ESG (Environmental, Social and Governance) principles to promote sustainability, stability and responsible risk management. Bank DSK AD exemplifies this approach by embedding ESG criteria across all operations, including risk identification, monitoring, and control. Bank DSK focuses on sustainable financing, emphasizing projects in renewable energy, energy efficiency and green technologies. It fosters an internal culture of sustainability by training employees and leveraging data for strategic decisions. Regulatory frameworks like the EU Taxonomy for sustainable activities enhance ESG accountability, while technological innovations, including AI, improve data management efficiency. The strategy rank Bank DSK as a leader in responsible banking, ensuring trust in-between customers and investors while supporting sustainable development.

The Involvement of Social and Solidarity Economy Entities (SSES) in Circular Economy Practices in Toulouse, France

The Involvement of Social and Solidarity Economy Entities (SSES) in Circular Economy Practices in Toulouse, France
(The Involvement of Social and Solidarity Economy Entities (SSES) in Circular Economy Practices in Toulouse, France)

Author(s):Valeri Konicheva
Language:English
Subject(s):Economy, Business Economy / Management, Micro-Economics, Socio-Economic Research
Page Range:909-915
No. of Pages:7
Keywords:circular; economy; sustainability; policies; social
Summary/Abstract:This paper views the role of Social and Solidarity Economy entities in accelerating the Circular Economy and how they can be seen as pivotal. They already engage in these principles and can thus be seen as pivotal productive assets. By fostering synergies between SSE entities and traditional companies, supported by local government policies, we may upscale and increase the role of SSE entities in the CE. This may be achieved by establishing a collaborative platform that not only features the companies but also institutions and the local government, to foster knowledge transfer and enable efficient financial resource allocation. The platform and streamlined supply chain is able to create value and advantages for both the SSE entities as well as the traditional companies. Through continuous collaboration, knowledge sharing, and strategic policy support, SSE entities and traditional companies can jointly contribute to a sustainable and inclusive future for Toulouse, driving progress towards environmental sustainability and social equity, following EU policy principles on the just transition.

Risk Management Policy of HSBC Bank

Risk Management Policy of HSBC Bank
(Risk Management Policy of HSBC Bank)

Author(s):Yoana Yordanova
Language:English
Subject(s):Economy, Business Economy / Management, Financial Markets
Page Range:916-925
No. of Pages:10
Keywords:risk management; HSBC Bank; credit risk; liquidity management; financial risk control
Summary/Abstract:This paper explores the risk management policy of HSBC Bank, emphasizing its comprehensive approach to managing diverse financial and operational risks in a global context. It provides an overview of the primary risks HSBC faces, including credit risk, market risk, liquidity risk, currency risk, operational risk, interest rate risk, and position risk. The study categorizes and discusses potential risk events and their impact on the bank's financial stability and operational continuity. The paper further examines HSBC’s organizational framework for risk management, highlighting the role of senior management and specialized units in implementing internal rules, reporting protocols, and monitoring mechanisms. Key processes like asset-liability management, liquidity strategies, and risk control mechanisms such as stress testing are also analyzed to illustrate HSBC’s proactive approach to risk mitigation. Through a comprehensive analysis, the paper underscores the importance of an integrated risk management structure in safeguarding HSBC’s resilience against financial shocks and aligning with regulatory standards.

Fraud and Controversy – Lloyds Banking Group

Fraud and Controversy – Lloyds Banking Group
(Fraud and Controversy – Lloyds Banking Group)

Author(s):Daniel Georgiev
Language:English
Subject(s):Economy, Business Economy / Management, Financial Markets
Page Range:926-933
No. of Pages:8
Keywords:scandal; bank; fraud; controversy; risk; management
Summary/Abstract:This paper investigates the multifaceted issues of fraud and controversy associated with Lloyds Banking Group. By analyzing high-profile cases of fraud within the institution, we explore the systemic vulnerabilities that allowed these incidents to occur and the subsequent controversies that arose. Our findings indicate that a lack of transparency, insufficient oversight, and cultural factors contributed to both the prevalence of fraudulent activities and the ensuing public backlash. The paper emphasizes the importance of robust governance frameworks and most importantly ethical practices in rebuilding trust and mitigating future risks.

Risk Factors of Bank of America

Risk Factors of Bank of America
(Risk Factors of Bank of America)

Author(s):Mariya Stoyanova
Language:English
Subject(s):Economy, Business Economy / Management, Financial Markets
Page Range:934-941
No. of Pages:8
Keywords:risk management; financial stability; market volatility
Summary/Abstract:This paper outlines Bank of America's main risk factors, including pandemic-related economic impacts, market and liquidity risks, credit, regulatory and geopolitical risks. These factors threaten the bank's stability and necessitate strengthened risk management to adapt to evolving market and operational demands.

The Role of International Taxation in Shaping Multinational Corporation Strategies

The Role of International Taxation in Shaping Multinational Corporation Strategies
(The Role of International Taxation in Shaping Multinational Corporation Strategies)

Author(s):Presiana Ilieva
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, International relations/trade
Page Range:942-950
No. of Pages:9
Keywords:Multinational Corporations (MNCs); corporate taxation; global minimum tax rate; tax harmonization; sustainable development
Summary/Abstract:European countries seek sustainable development by attracting multinational corporations (MNCs) to invest in targeted sectors. However, this strategy can lead to tax abuses, as some countries offer lower corporate tax rates to attract investors. In response, the European Union has enacted directives, including the Global Anti-Base Erosion Rules, to ensure fair international taxation and establish a global minimum tax rate of 15%. This paper examines the implications of these regulations, particularly the Income Inclusion Rule (IIR) and Undertaxed Profit Rule (UTPR), which aim to harmonize taxation across jurisdictions. Additionally, the paper explores how comparative advantage per jurisdiction influences MNC strategies, guiding their investment decisions based on local resources and tax environments. Ultimately, effective taxation policies are vital for creating efficient international markets and fairer tax systems.

Credit Risk Management in Standard Chartered Bank

Credit Risk Management in Standard Chartered Bank
(Credit Risk Management in Standard Chartered Bank)

Author(s):Karina Sikander
Language:English
Subject(s):Economy, Business Economy / Management, Financial Markets
Page Range:951-957
No. of Pages:7
Keywords:credit risk management; Standard Chartered Bank; Basel III; risk mitigation; financial innovation
Summary/Abstract:Credit risk management (CRM) is pivotal to the financial stability and operational efficiency of banking institutions. In the case of Standard Chartered Bank, a global financial services provider, CRM acts as the backbone of its risk governance and strategic operations. This paper delves into the multifaceted CRM practices at Standard Chartered, exploring its frameworks, technological advancements, regulatory compliance, and challenges. By leveraging advanced risk assessment models, customer segmentation, and risk mitigation strategies, the bank ensures optimal balance between profitability and credit exposure. The analysis also highlights the role of global regulations, market-specific challenges, and innovative technology in shaping the bank’s risk management paradigm.

Business Strategy of Metro Bank

Business Strategy of Metro Bank
(Business Strategy of Metro Bank)

Author(s):Irina Andreeva
Language:English
Subject(s):Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
Page Range:958-965
No. of Pages:8
Keywords:general Information; Metro Bank; business strategy; banking activities; financial statements
Summary/Abstract:Metro Bank focuses on creating a unique banking experience that prioritizes customer service, innovation, and community involvement. Its strategy centers on providing personalized service and engaging with local communities through events and tailored financial products. The bank invests in digital tools to improve customer interactions and streamline banking processes, effectively blending modern technology with traditional services. Additionally, Metro Bank is committed to responsible lending and sustainability, ensuring that its operations benefit both customers and the environment. By offering distinctive features like fee-free accounts and flexible lending options, Metro Bank differentiates itself from traditional banks, attracting a diverse range of customers. Overall, Metro Bank's strategy aims to enhance customer loyalty and achieve steady growth in a competitive market, making banking more accessible and enjoyable.

Risk Management Policy at First Investment Bank

Risk Management Policy at First Investment Bank
(Risk Management Policy at First Investment Bank)

Author(s):Ivana Borisova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Financial Markets, Socio-Economic Research
Page Range:966-972
No. of Pages:7
Keywords:FiBank; risk management; risk identification; risk assessment; risk mitigation; credit risk; supervisory board; value at risk; interna audit; risk exposure; asset-liability management; Key Risk Indicators (KRI); financial stability
Summary/Abstract:The risk management policy of First Investment Bank (Fibank) establishes a comprehensive framework to identify, assess, and manage a wide array of risks, balancing risk with return and capital requirements to align with its business strategy. Key risk categories include credit, market, liquidity, currency, operational, interest rate, and position risks. Fibank employs strategies such as Value at Risk (VaR) models, stress tests, and regulatory compliance measures to address these risks. Its three-tier risk management system includes business units (first line of defense), independent risk and compliance functions (second line), and an internal audit function (third line), following international best practices. The governance structure involves a Chief Risk Officer who oversees risk monitoring and reporting, supported by a risk committee and compliance functions. Regular reporting, risk monitoring tools, and a database system for real-time assessments ensure all risks are managed effectively and comply with evolving regulatory and market demands. The bank also actively engages in asset-liability management and supports clients in managing their investment portfolios through specialized risk assessment and diversification strategies.

Risk Management Policy of the Bulgarian National Bank

Risk Management Policy of the Bulgarian National Bank
(Risk Management Policy of the Bulgarian National Bank)

Author(s):Mihaela Zlatanova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Financial Markets
Page Range:973-982
No. of Pages:10
Keywords:risk management; Bulgarian National Bank; financial stability; credit risk; emerging risk
Summary/Abstract:This paper analyzes the risk management policy of the Bulgarian National Bank (BNB), emphasizing its significance in maintaining financial stability and public trust. As the central bank of Bulgaria, the BNB confronts various risks, including credit, liquidity, operational, market, and compliance risks. The report details how these risks impact the bank's objectives and outlines the governance structure that guides risk management practices, including the role of the Governing Council and specialized committees. It highlights the alignment of the BNB’s risk strategies with its strategic objectives, such as ensuring price stability and fostering a robust banking environment. The BNB's proactive approach to adapting its risk management in response to emerging threats, including technological changes, is also discussed. By implementing a comprehensive risk management framework, the BNB enhances its resilience and supports its mission to promote economic stability in Bulgaria.

Credit Risk Management in PostBank

Credit Risk Management in PostBank
(Credit Risk Management in PostBank)

Author(s):Stela Papazova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Financial Markets
Page Range:983-990
No. of Pages:8
Keywords:credit; risk; assessment; strategies; frameworks
Summary/Abstract:Credit risk management is crucial for financial institutions like PostBank, especially given its mission to serve low-income, underserved communities. This research examines the strategies PostBank employs to mitigate credit risk, the specific challenges it faces, and areas for improvement in its risk management framework. Serving a high-risk demographic, PostBank encounters unique risks, including default, concentration, counterparty, collateral, and country-specific risks. These are compounded by challenges like clients’ lack of formal credit histories, economic vulnerability, and regulatory constraints. To address these, PostBank employs various strategies, including credit appraisal, risk-based pricing, portfolio diversification, and alternative credit scoring. The study utilizes both qualitative and quantitative methods, analyzing PostBank's loan portfolio, credit risk metrics, and internal practices. Key findings highlight the effectiveness of PostBank’s risk management practices while recommending enhancements in data analytics, partnerships, client financial literacy, and staff training. By continually adapting its credit risk approach, PostBank can maintain financial health, promote financial inclusion, and fulfill its social mission responsibly. This research underscores the bank's role in balancing financial sustainability with its commitment to underserved populations.

Анализ и оценка на конкурентоспособността на фирмите Фаворит Милк ЕООД, Петя 2006 ЕООД и Опицвет Милк АД

Анализ и оценка на конкурентоспособността на фирмите Фаворит Милк ЕООД, Петя 2006 ЕООД и Опицвет Милк АД
(Analysis and Evaluation of the Competitiveness of the Companies Favorit Milk EOOD, Petya 2006 EOOD and Opicsvet Milk AD)

Author(s):Blagovesta Lozanova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Business Economy / Management, Micro-Economics, Sociology, Evaluation research, Management and complex organizations, Socio-Economic Research
Page Range:991-1002
No. of Pages:12
Keywords:competitiveness; assessment; analysis; dairy industry
Summary/Abstract:The competitiveness of companies is essential for their long-term success and sustainable development in the current dynamic business environment. Globalization and rapid technological changes require companies to be aware of market trends and customer requirements in order to adapt and remain competitive. A competitive assessment allows businesses to identify their strengths and weaknesses, as well as the opportunities and threats, which can help them make informed decisions about their future actions. The current research focuses on assessing the competitiveness of three firms in the milk and dairy products sector. The purpose of the research is to assess the competitiveness of the three companies and, on this basis, to indicate the most competitive of them. As a result of the analysis, there were conclusions and recommendations drawn, which are of essential importance for making specific management decisions. This makes it possible to strengthen the companies positions in the market and achieve long-term success.

Ликвиден риск и управлението му в Алианц Банк

Ликвиден риск и управлението му в Алианц Банк
(Liquidity Risk and Its Management at Allianz Bank)

Author(s):Maria Dimitrova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets, Accounting - Business Administration
Page Range:1003-1012
No. of Pages:10
Keywords:liquidity risk; liquidity; assets; liabilities
Summary/Abstract:Liquidity risk in banking refers to the possibility that a bank will not be able to cover its obligations or realize assets at an appropriate price in a short period of time. The management of this risk is a key part of asset and liability management (ALM) strategies and is carried out by specialized committees in "Allianz Bank Bulgaria" AD. The Bank implements systems for daily monitoring and analysis of its liquidity positions and conducts regular stress tests under various scenarios, including market and institution-specific shocks. To ensure liquidity, it maintains a buffer of liquid assets, which includes deposits, current accounts, credit lines and assets with a high credit rating. The institution also uses key indicators such as the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR), which regularly exceed the minimum requirements. In this way, Allianz Bank Bulgaria demonstrates resilience and efficiency in managing liquidity risk, while maintaining a stable deposit base and high levels of trust among customers.

Възможности за алтернативно пенсионно осигуряване сега и при влизането на България в Еврозоната

Възможности за алтернативно пенсионно осигуряване сега и при влизането на България в Еврозоната
(Opportunities for Alternative Pension Insurance Now and Upon Bulgaria's Entry into the Eurozone)

Author(s):Martina Rangelova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Welfare systems, EU-Approach / EU-Accession / EU-Development
Page Range:1013-1022
No. of Pages:10
Keywords:pension insurance; reverse mortgage; mutual funds; life insurance; Eurozone
Summary/Abstract:Issues related to alternative pension insurance are very poorly covered in our specialized literature, and this report will address various options and the extent to which they are applicable to the existing pension insurance in Bulgaria. Main attention will be paid to the so-called "Reverse mortgages", examining their mechanism of action and their characteristics. The advantages of this type of alternative pension insurance, the risks of using a reverse mortgage and examples of countries that have successfully implemented this instrument will also be discussed.

Основни рискове, пред които е изправена Юробанк АД

Основни рискове, пред които е изправена Юробанк АД
(Main Risks Faced by Eurobank AD)

Author(s):Kaloyan Traev
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Micro-Economics, Financial Markets, Socio-Economic Research
Page Range:1023-1031
No. of Pages:9
Keywords:bank; risk; management
Summary/Abstract:The present study on the topic "MAIN RISKS FACED BY EUROBANK AD" is an independent analysis, the main purpose of which is to outline the essence of the key risks in "Eurobank AD". The study provides a comprehensive review and assessment of the impact mainly of credit risk, as well as market risk in its main areas - interest rate risk, currency risk and liquidity risk. The objective picture presented in the report, concerning the situation with regard to risk events affecting the activities of the specific joint-stock company, creates a solid basis for generating and substantiating ideas regarding the need for effective risk management strategies that will ensure the stability and sustainability of the bank in the changing financial environment.

Промени в Закона за счетоводството и Закона за независимият финансов одит – 2024

Промени в Закона за счетоводството и Закона за независимият финансов одит – 2024
(Changes to the Accounting Act and the Independent Financial Audit Act – 2024)

Author(s):Nikolay Yovchev
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Law, Constitution, Jurisprudence, National Economy, Business Economy / Management, Political Theory, Economic policy, Politics and law, Accounting - Business Administration, EU-Legislation, Administrative Law
Page Range:1032-1041
No. of Pages:10
Keywords:transpose; directive; sustainability; Accounting Act; Independent Financial Audit Act
Summary/Abstract:The purpose of this study is to cover the European regulations and the legal framework in relation to its transposition into national accounting legislation - the Accounting Act (AA) and the Independent Financial Audit Act (IFAA). The recent changes to the Accounting Act (AA) came about through the promulgation of the Accounting Act as amended by the Accounting Act. Journal of Laws No. 70 of 20 August 2024, as amended. SG 72 of 27 August 2024, amend. SG 79 of 17 September 2024. Amendments to the Accounting Act, reflecting the need to change the existing regulatory accounting framework imposed by the adoption of European legislation and to meet both the general and specific needs of market participants. The main objective is to align European accounting legislation with national legislation. The change also appropriately reflects the understanding of reporting and the applicable basis to the requirements of the organisation of the accounting system, as well as the auditing and publication of financial statements having information on sustainability reporting and the new requirements for the management of the environmental and social impact of the activities of enterprises. With a view to reducing the administrative burden and costs for businesses and establishing clear rules and procedures regarding accounting by businesses, the main points to be taken into account in terms of accounting legislation are discussed.

Управление на ликвидността на Първа инвестиционна банка АД

Управление на ликвидността на Първа инвестиционна банка АД
(Liquidity Management of First Investment Bank AD)

Author(s):Dimitar Doynovski
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1042-1050
No. of Pages:9
Keywords:liquidity; management; risk; banking regulation; financial stability
Summary/Abstract:Banks liquidity represents their ability to meet demandable obligations while maintaining a sustainable financial position. Liquidity management is a key aspect of banking, as the imbalance between the short-term nature of liabilities (deposits) and the long-term nature of assets (loans) requires strict planning. Basel III and European Union directives impose strict requirements such as the Liquidity Coverage Ratio (LCR), ensuring that banks maintain buffers of high-quality liquid assets to meet financial distress. Key components include daily monitoring of cash inflows and outflows, analysis of liquidity needs and management of liquidity buffers that balance profitability and risk. First Investment Bank (FIBANK AD) applies a modern framework for liquidity risk management, including cash flow monitoring and mandatory reserves. The bank maintains significant liquidity buffers, such that in 2023 the Liquidity Coverage Ratio (LCR) reached 298.13%, exceeding the minimum regulatory requirements. Preventive measures include the analysis of stress scenarios and the development of a Liquidity Crisis Action Plan. Liquidity management is an essential tool for bank stability. It balances the interests of shareholders who seek high returns and customers who expect security. The efficiency of this process is critical to ensuring adequate funding, minimizing risk and maintaining confidence in the banking system.

Стрес тестове, ключови рискови индикатори и ранни показатели на риск в ПроКредит Банк (България) ЕАД

Стрес тестове, ключови рискови индикатори и ранни показатели на риск в ПроКредит Банк (България) ЕАД
(Stress Tests, Key Risk Indicators and Early Risk Indicators at Procredit Bank (Bulgaria) EAD)

Author(s):Vasilena Tabakova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Micro-Economics, Sociology, Economic policy, Methodology and research technology, Management and complex organizations, Financial Markets
Page Range:1051-1060
No. of Pages:10
Keywords:stress tests; key risk indicators; early risk indicators; ProCredit Bank (Bulgaria) EAD
Summary/Abstract:The purpose of the paper is to examine the stress tests, key risk indicators and early risk indicators in ProCredit Bank (Bulgaria) EAD. For this purpose, firstly, a general presentation of the bank is made, secondly, the risk management policy in the bank is examined and thirdly, the stress tests, key risk indicators and early risk indicators in the bank are analyzed.

Сделки за финансов контрол, извършени от Обединена българска банка

Сделки за финансов контрол, извършени от Обединена българска банка
(Financial Control Transactions Carried Out by United Bulgarian Bank)

Author(s):Simeon Barev
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
Page Range:1061-1067
No. of Pages:7
Keywords:UBB; consolidation; stability; financial products; transactions
Summary/Abstract:United Bulgarian Bank (UBB) was established on September 30, 1992 through the merger of 22 regional commercial banks, which was the first large-scale consolidation project in the Bulgarian banking sector. The main motives for the merger included stabilization of the industry, optimization of resources and expansion of the client base. The establishment of UBB enabled better competitiveness compared to international banks. In 1997, UBB was privatized by a consortium including the European Bank for Reconstruction and Development (EBRD), Bulbank and the financial company Oppenheimer, making it the first privatized state-owned bank in Bulgaria. This privatization was an important step in attracting foreign investment and economic stability. On July 20, 2000, the National Bank of Greece (NBG) acquired a majority stake in UBB, and in 2002 it purchased the remaining 10% from EBRD, securing full control over the bank. NBG applies its own management standards, which leads to the optimization of operations. In 2017, KBC Group acquired UBB from NBG for EUR 610 million, with the aim of strengthening its presence on the Bulgarian market and expanding the financial services offered. Following the acquisition, UBB received the highest credit rating in Bulgaria from Fitch – ‘A-‘, confirming its financial stability. The integration into KBC Group allows UBB to expand its distribution network and offer the full range of financial services, including insurance, leasing and asset management. In the summer of 2022, KBC Group acquired Raiffeisenbank International’s business in Bulgaria for over EUR 1 billion, after which the bank was renamed KBC Bank Bulgaria and later UBB. UBB has several subsidiaries in Bulgaria, including DZI (insurance), UBB Asset Management (investment products), UBB Factoring (factoring services) and Interlease (leasing services). These subsidiaries allow UBB to offer a variety of financial services and establish it as a major player in the Bulgarian financial market. Historically, UBB has not carried out significant spinoffs or divestitures, but has instead focused on consolidation and integration following acquisitions by KBC Group.

Bank Risk Management in Banco Di Napoli

Bank Risk Management in Banco Di Napoli
(Bank Risk Management in Banco Di Napoli)

Author(s):Riccardo Altieri, Andrea Verde
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1068-1074
No. of Pages:7
Keywords:Bank risk; Bank risk management; Banco di Napoli; Risk mitigation
Summary/Abstract:The paper is focused on bank risk management in Banco di Napoli. The paper examines the different types of risks the Banco di Napoli faces and the tools for managing them. Banco di Napoli has developed a multidimensional approach to risk management, which is essential to ensure its financial stability and the safety of its customers. The bank applies a variety of strategies to manage banking risks - credit, market, operational, liquidity and compliance risk.

Sustainability Issues In Banca Etica

Sustainability Issues In Banca Etica
(Sustainability Issues In Banca Etica)

Author(s):Clarashinta Canggih
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1075-1084
No. of Pages:10
Keywords:Banca Etica; sustainability; sustainable risk management; compliance
Summary/Abstract:The paper is dedicated to the study of the sustainability issues in Banca Popolare Etica (Banca Etica). In this paper, we will explore in detail Banca Etica’s approach to sustainability and the risks associated with it, highlighting its policies, projects and strategies implemented to ensure a sustainable and resilient future.

Future Expectations of Sabadell Bank in the European Bank System

Future Expectations of Sabadell Bank in the European Bank System
(Future Expectations of Sabadell Bank in the European Bank System)

Author(s):David Arguedas, Alejandro Campos
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets, Socio-Economic Research
Page Range:1085-1094
No. of Pages:10
Keywords:Bank Sabadell; future expectations; financial services; strategic plan for the future
Summary/Abstract:The paper is focused on the analysis of the conclusions from a conference delivered by Josep Oliu, President of Bank Sabadell, in order to gain insight into the current position and future projections of the bank.

Economic Perspectives for the Economy by Bank Santander

Economic Perspectives for the Economy by Bank Santander
(Economic Perspectives for the Economy by Bank Santander)

Author(s):Maria Torres, Diego Lledó
Language:English
Subject(s):Economy, Business Economy / Management, Micro-Economics, Financial Markets, Socio-Economic Research
Page Range:1095-1104
No. of Pages:10
Keywords:bank santander; bank risks; economic forecasts
Summary/Abstract:The paper analyzes the economic forecasts made by the Bank Santander for the Spanish and European Economy. The paper is structured in 5 parts: first part includes short introduction to Bank Santander’s economic outlook; second part represents brief analysis of the key economic drivers; third part is devoted to the Bank Santander’s strategic responses; fourth part concerns risk management in economic forecasts; fifth part shows the forecast by the Bank Santander for 2024-2025 and beyond.

COVID-19 Supply Chain Disruptions and Financial Crisis

COVID-19 Supply Chain Disruptions and Financial Crisis
(COVID-19 Supply Chain Disruptions and Financial Crisis)

Author(s):lorena Petrova
Language:English
Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
Page Range:1105-1110
No. of Pages:6
Keywords:supply chain disruptions; financial crisis; COVID-19 pandemic; global trade; resilience strategies
Summary/Abstract:The COVID-19 pandemic created significant challenges for global supply chains and financial systems, exposing vulnerabilities that had previously gone unnoticed. Lockdowns, factory closures, and logistical disruptions caused delays in the production and delivery of goods, while financial systems struggled with liquidity shortages, rising inflation, and market instability. Industries like healthcare, technology, and retail faced unique challenges, particularly due to their reliance on just-in-time models and single-source suppliers. In this paper, I explore the impact of these disruptions, focusing on the interconnectedness of supply chain operations and financial stability. I also examine strategies that were implemented to mitigate these challenges, such as diversifying suppliers, adopting digital tools, and increasing localized production. Finally, I highlight the lessons learned during this period, emphasizing the need for resilience, risk management, and collaboration to prepare for future crises. This analysis aims to provide a deeper understanding of the steps businesses and governments can take to build more robust systems and ensure long-term economic stability.

Credit Risk Management in Allianz Bank Bulgaria AD

Credit Risk Management in Allianz Bank Bulgaria AD
(Credit Risk Management in Allianz Bank Bulgaria AD)

Author(s):Yoanna Peneva
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1111-1118
No. of Pages:8
Keywords:credit; risk; management; NPLs; exposure
Summary/Abstract:This study investigates “Allianz Bank Bulgaria” AD's credit risk management, focusing on methods for risk identification, assessment, and mitigation to sustain financial stability. The Bank utilizes a structured approach aligned with IFRS 9 standards, a dedicated Credit Council, and strict loan classification protocols. By maintaining low levels of nonperforming loans (2.5% as of December 2023) and a high coverage ratio (95.9%), “Allianz Bank Bulgaria” AD effectively manages its credit exposure, ensuring compliance and reducing default risks.

Analysis of the Advantages and Disadvantages for Capital Market-Oriented SMES in the Disclosure of ESG Information

Analysis of the Advantages and Disadvantages for Capital Market-Oriented SMES in the Disclosure of ESG Information
(Analysis of the Advantages and Disadvantages for Capital Market-Oriented SMES in the Disclosure of ESG Information)

Author(s):Luca Dickmeiß
Language:English
Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Evaluation research, Financial Markets
Page Range:1119-1126
No. of Pages:8
Keywords:ESG; disclosure; SMEs
Summary/Abstract:The disclosure of Environmental, Social, and Governance (ESG) information presents both advantages and challenges for capital market-oriented small and medium-sized enterprises (SMEs). ESG transparency can enhance a company’s attractiveness to investors, improve access to capital, and boost financial stability by improving credit ratings and lowering financing costs. Additionally, proactive ESG reporting strengthens market reputation and long-term sustainability strategies, positioning SMEs as responsible and forward-thinking in a competitive market. However, the process is also resource-intensive, requiring significant investments in personnel, expertise, and bureaucratic systems. SMEs may struggle with the complexities of collecting and analyzing ESG data, especially related to emissions, and face high costs of reporting, which could strain their financial and operational capacities. While ESG disclosure can offer significant market benefits, companies must weigh these against the financial and administrative burdens, carefully considering their strategic priorities before adopting reporting practices, especially ahead of the mandatory deadline in 2026.

Wells Fargo Risk Management Practices

Wells Fargo Risk Management Practices
(Wells Fargo Risk Management Practices)

Author(s):Mihail Mihov
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Financial Markets
Page Range:1127-1134
No. of Pages:8
Keywords:Wells Fargo; risk; management
Summary/Abstract:This analysis provides a thorough overview of Wells Fargo's recent financial performance, including profitability metrics, revenue analysis, and risk-adjusted returns. Key financial ratios and revenue distribution trends are explored to assess the bank’s ability to maintain stability amid economic fluctuations. Additionally, this paper delves into Wells Fargo's risk management strategies, particularly its handling of credit risk, operational and reputational risk, and market and interest rate risk. Through its compliance efforts, including adherence to anti-money laundering laws, capital requirements, and consumer protection regulations enforced by agencies like the CFPB and Federal Reserve, Wells Fargo aims to restore its reputation and maintain regulatory approval.

Развитие на сектора на информационните и комуникационни технологии (ИКТ) в българската икономика

Развитие на сектора на информационните и комуникационни технологии (ИКТ) в българската икономика
(Development of the Information and Communication Technology (ICT) Sector in the Bulgarian Economy)

Author(s):Martina Stankova
Language:Bulgarian
Subject(s):Economy, National Economy, Business Economy / Management, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:1135-1145
No. of Pages:11
Keywords:information and communication technologies (ICT); economic growth, digitalization
Summary/Abstract:The purpose of this paper is to track the development of the ICT sector in the Bulgarian economy by examining the structure of the sector, what are the trends in the development of ICT in Bulgaria, as well as to draw conclusions about the role of the ICT sector in the Bulgarian economy, its future potential and the areas in which strategic focus is needed to address the challenges and exploit the potential future benefits.

Risk Management Policy of BNP Paribas

Risk Management Policy of BNP Paribas
(Risk Management Policy of BNP Paribas)

Author(s):Miroslava Kostadinova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1146-1153
No. of Pages:8
Keywords:risk; risky events; management
Summary/Abstract:BNP Paribas (sometimes referred to as BNPP or BNP) is a French multinational universal bank and financial services holding company headquartered in Paris. Located in 63 countries and territories on 5 continents. This paper will talk about BNP Paribas Group and the bank risks. About the bank’s risky events and risk management policy of the bank.

Case Study Wirecard Scandal

Case Study Wirecard Scandal
(Case Study Wirecard Scandal)

Author(s):Margareta Romanciuc
Language:English
Subject(s):Economy, Business Economy / Management, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
Page Range:1154-1161
No. of Pages:8
Keywords:Wirecard; digital; payment; bankruptcy; finance
Summary/Abstract:The research examines digital finance. First, a little background on the development stages of a Wirecard’s life cycle is given. Second, the key dates that led to the collapse of Wirecard are demonstrated. Third, the risks faced by the company have been identified and arisk analysis has been considered.

Oбразователният сектор в България: детски градини и училища в условията на глобална финансова криза и пандемията COVID-19 (2007-2024)

Oбразователният сектор в България: детски градини и училища в условията на глобална финансова криза и пандемията COVID-19 (2007-2024)
(The Education Sector in Bulgaria: Kindergarten and Schools in the Conditions of the Global Financial Crisis and the Covid-19 Pandemic (2007-2024))

Author(s):Miroslava Aleksandrova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Education, Supranational / Global Economy, Business Economy / Management, Sociology, Preschool education, School education, State/Government and Education, Sociology of the arts, business, education, Environmental interactions
Page Range:1162-1169
No. of Pages:8
Keywords:education; kindergartens; schools; economic crisis; COVID-19
Summary/Abstract:This report examines the development of the education sector in Bulgaria, focusing on kindergartens and schools, in the context of the global financial crisis and the COVID-19 pandemic in the period 2007-2024. The main objective is to analyze how these global challenges have affected the education system and the economy. The methods used include theoretical analysis and a comparative approach between different time periods. The theoretical part describes the structure of the sector, the main legislative frameworks regulating its activities, and the main actors. Main attention is paid to the education sector in Stara Zagora and Plovdiv. The empirical analysis presents data on revenues, expenditures, the level of wages and the impact of the financial crises on the sector. The conclusion includes main conclusions and recommendations for future strategies for the development of education.

Risk Management in the Bank: Intesa Sanpaolo

Risk Management in the Bank: Intesa Sanpaolo
(Risk Management in the Bank: Intesa Sanpaolo)

Author(s):Gianluca Lops, Giuseppe Schioppa
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Socio-Economic Research
Page Range:1170-1178
No. of Pages:9
Keywords:bank risk; bank risk management; Intesa Sanpaolo
Summary/Abstract:The aim of the paper is to analaze the bank risk management in Intesa Sanpaolo. With this regard we analyze the position of Intesa Sanpaolo, types of risk, risk culture of the bank, the models for measurement of bank risk and the impacts of these models.

The Global Chip Shortage and its Economic Impact (2020 – 2023)

The Global Chip Shortage and its Economic Impact (2020 – 2023)
(The Global Chip Shortage and its Economic Impact (2020 – 2023))

Author(s):Nikolay Kostov
Language:English
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Supranational / Global Economy, Business Economy / Management, Sociology, Economic policy, Policy, planning, forecast and speculation, Economic development, Environmental interactions, ICT Information and Communications Technologies, Globalization, Socio-Economic Research
Page Range:1179-1186
No. of Pages:8
Keywords:semiconductor shortage; supply chain; inflation; economic impact
Summary/Abstract:The global semiconductor shortage, spanning from 2020 to 2023, has become a critical economic disruption, revealing vulnerabilities in global supply chains and triggering widespread consequences across various industries. This paper explores the causes of the shortage, including the COVID-19 pandemic, geopolitical tensions, and shifts in consumer behavior, and examines its profound impact on key sectors such as automotive manufacturing, consumer electronics, and healthcare. The study analyzes governmental and corporate responses, highlighting initiatives like the U.S. CHIPS Act and the European Union’s Chips Act, which aimed to address supply constraints and bolster domestic production. Furthermore, the paper assesses the economic consequences of the shortage, such as inflationary pressures, production delays, and unemployment, while considering the broader implications for global trade and industrial strategy. Finally, the discussion reflects on the lessons learned and how the crisis has reshaped global perspectives on supply chain resilience, urging future investments to mitigate similar disruptions. Through this analysis, the paper sheds light on the complexity of modern supply chains and the need for strategic planning to ensure long-term economic stability.

Quality Assurance Services: the ESG Case

Quality Assurance Services: the ESG Case
(Quality Assurance Services: the ESG Case)

Author(s):Stiliyan Dzhoykev
Language:English
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Sociology, Economic policy, Methodology and research technology, Management and complex organizations, EU-Approach / EU-Accession / EU-Development, Socio-Economic Research
Page Range:1187-1194
No. of Pages:8
Keywords:sustainability; sustainability assurance engagements; ESG
Summary/Abstract:As more stakeholders are requesting improved transparency and accountability regarding sustainability-related matters, the pressure is on businesses to uphold environmental, social & governance (ESG) reporting. With the recent Directive 2022/2464 which demands corporate sustainability reports and audit of these reports, there is even more reason to ensure quality assurance measures before being published. The aim of this paper is to stress: on the one hand what quality assurance on ESG reports would look like; and on the other hand how these parameters should be reflected in audit report.

Credit Risk Management in UniCredit Group

Credit Risk Management in UniCredit Group
(Credit Risk Management in UniCredit Group)

Author(s):Chiara Faggiano, Lisa Held
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets, Socio-Economic Research
Page Range:1195-1199
No. of Pages:5
Keywords:credit risk; UniCredit Group; key pillars in credit risk management; Non- Performing Loans; ESG Risks
Summary/Abstract:The paper is aimed at analyzing the credit risk management in UniCredit Group. Attention has been paid to the key pillars in UniCredit Group’s credit risk management, including the Internal Ratings-Based (IRB) Approach, policies for handling Non-Performing Loans (NPLs), an advanced Risk Appetite Framework (RAF), and the use of predictive models and continuous monitoring.

Развитие на сектора на хотелиерството през последните години

Развитие на сектора на хотелиерството през последните години
(Development of the Hospitality Sector in Recent Years)

Author(s):Mihaela Atanasova
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Micro-Economics, Tourism, Socio-Economic Research
Page Range:1200-1210
No. of Pages:11
Keywords:hospitality; tourism; crisis; COVID-19; economy
Summary/Abstract:This paper analyses the development of the hotel sector in Bulgaria during the global financial crisis (2007-2009), the post-crisis recovery and the COVID-19 pandemic (2020- 2024). The main objective is to track key phenomena and statistical indicators reflecting the state and transformation of the sector. It examines the economic and social challenges, their impact and the resilience of the sector, which despite the difficulties has demonstrated a sustained recovery and a significant role in GDP and employment. The analysis combines.

Risk Management in TB Bank

Risk Management in TB Bank
(Risk Management in TB Bank)

Author(s):Iva Ivanova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1211-1217
No. of Pages:7
Keywords:risk; derivatives; management; banking sector; policies
Summary/Abstract:This paper provides an overview of TD Bank’s comprehensive risk management framework, which addresses credit, market, liquidity, and operational risks through a structured approach involving both Group Risk Management and business units. By leveraging credit derivatives, such as Credit Default Swaps, TD Bank enhances its ability to manage credit exposure and strengthen its resilience. The bank’s governance structure, which includes a Risk Committee and clearly defined risk policies, plays a key role in setting limits, monitoring exposures, and supporting stable, long-term growth. This study illustrates TD Bank’s commitment to managing risks proactively while supporting sustainable operations across various economic environments.

Personal Budgeting Strategies Inspired by CAPEX Budgeting: Insights from a CAPEX

Personal Budgeting Strategies Inspired by CAPEX Budgeting: Insights from a CAPEX
(Personal Budgeting Strategies Inspired by CAPEX Budgeting: Insights from a CAPEX)

Author(s):Gergana Komsiyska
Language:English
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Sociology, Economic policy, Methodology and research technology, Social development, Socio-Economic Research
Page Range:1218-1226
No. of Pages:9
Keywords:CAPEX; personal budget; budgeting; fixed and variable costs; results
Summary/Abstract:As a CAPEX Analyst at Coca-Cola, I’ve spent year working on creating and optimizing capital expenditure budgets for large-scale projects. This role has provided me with a deep understanding of financial planning, resource allocation, and long-term strategy. Over time, I have come to realize that the principles driving corporate success can also be applied to personal finances with remarkable effectiveness. In the corporate world, capital expenditure budgeting is a rigorous process that involves setting clear objectives, analyzing costs and benefits, and preparing for uncertainties. These practices ensure that every dollar spent contributes to the company's long-term growth and stability. Similarly, individuals can achieve financial stability and success by adopting a disciplined and strategic approach to managing their personal budgets. A well-structured personal budget does more than just track income and expenses; it acts as a roadmap for achieving life goals. Whether it's saving for a house, paying off debt, or building an emergency fund, a thoughtful budget provides clarity and control over your financial future. My experience in handling CAPEX budgets has equipped me with tools and insights that can help individuals navigate their financial journeys with confidence. This article delves into practical personal budgeting strategies, each inspired by real-world CAPEX practices. From prioritizing long-term goals to leveraging financial tools, these strategies are designed to empower individuals to take control of their finances and build a sustainable future. By aligning your personal financial habits with proven corporate principles, you can unlock the potential to achieve both stability and success. So, in this article you will find eight principles I learned and took from my job and helped me build a sustainable personal budget for my goals.

Последиците от глобалната финансова криза 2007 г. и от Ковид-19 върху аутсорсинг сектора

Последиците от глобалната финансова криза 2007 г. и от Ковид-19 върху аутсорсинг сектора
(The Effects of the 2007 Global Financial Crisis and Covid-19 on the Outsourcing Sector)

Author(s):Vasilena Gaganelova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Supranational / Global Economy, Business Economy / Management, Sociology, Economic policy, Economic development, Environmental interactions, Human Resources in Economy, Socio-Economic Research
Page Range:1227-1236
No. of Pages:10
Keywords:The Effects of the 2007 Global Financial Crisis and Covid-19 on the Outsourcing Sector
Summary/Abstract:The paper examines the development of the outsourcing sector, covering major areas such as IT services, business processes and personnel management. Also, the consequences of global economic crises - such as the financial crisis of 2008 - are discussed in detail. and the COVID-19 pandemic, on this sector. Large international companies such as Accenture, IBM, TCS, Wipro and Infosys dominate the market, along with regional suppliers in countries such as India, the Philippines and Poland. Major clients include technology, pharmaceutical and financial companies. The global financial crisis has accelerated the demand for outsourcing as a cost-cutting strategy. Despite the bankruptcies of many small companies, big players like Uber, Airbnb and Netflix have been able to use outsourcing for their growth. The pandemic has caused significant changes, driving accelerated digitization and adoption of cloud technologies, cybersecurity and fintech solutions. Demand for outsourcing services has grown, especially with remote work becoming the new norm. Both the 2008 financial crisis and the COVID-19 pandemic prompted companies to rethink their spending strategies and increase investment in outsourcing. While the first crisis focused on cost-cutting, the pandemic has accelerated the digitization and globalization of the workforce.

Efects of Trade Wars on Global Financial Markets

Efects of Trade Wars on Global Financial Markets
(Efects of Trade Wars on Global Financial Markets)

Author(s):Dimitar Nikolov
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, International relations/trade, Socio-Economic Research, Geopolitics
Page Range:1237-1244
No. of Pages:8
Keywords:trade wars; global financial markets; intellectual property disputes; U.S.-China trade relations
Summary/Abstract:This report examines the impacts of the U.S.-China trade war on global financial markets and economies. Beginning in 2018, the trade conflict between the world’s two largest economies led to a series of tariffs and restrictions on goods, disrupting international trade flows and increasing uncertainty. The report explores how the tariffs affected the economies of the U.S. and China individually, with significant consequences for industries, consumers, and currency stability in each country. It also addresses the wider global implications, including shifts in supply chains, increased volatility in financial markets, and emerging trade alliances.

Управление на рисковете в Токуда Банк АД

Управление на рисковете в Токуда Банк АД
(Risk Management in Tokuda Bank AD)

Author(s):Zornitsa Yonkova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1245-1253
No. of Pages:9
Keywords:Tokuda; credit risk; market risk; operational risk; liquidity risk
Summary/Abstract:Tokuda Bank AD is a commercial bank that carries out banking activities in the Republic of Bulgaria and abroad. The main shareholder is “Tokushukai Incorporated”, which owns 99.94% of the share capital. For risk management, it applies reliable control systems for identifying, assessing and reducing risk. The organizational structure covers all categories of risks to which the bank is exposed. Credit risk is the largest and indicates that the bank must analyze the creditworthiness of its customers. The second type is market risk, for which the ratio of assets in the bank and receivables from non-financial enterprises is determined. The third type is liquidity risk, which is associated with the probability that the bank cannot convert a sufficient amount of its assets into liquid ones. The fourth type is operational risk, for which the bank uses a system for classifying losses incurred as a result of a different combination of factors that lead to an operational event.

Исторически преглед на развитието на сектора на ресторантьорството в България

Исторически преглед на развитието на сектора на ресторантьорството в България
(Historical Overview of the Development of the Restaurant Sector in Bulgaria)

Author(s):Viktoria Efremova
Language:Bulgarian
Subject(s):History, Economy, Micro-Economics, Economic history, Socio-Economic Research
Page Range:1254-1262
No. of Pages:9
Keywords:restaurant industry; crises; recovery; adaptability; growth
Summary/Abstract:The report analyzes the development of the restaurant sector in Bulgaria, examining its historical development, the impact of the global financial crisis, as well as the effects of the COVID-19 pandemic. An overview of the structure of the sector, the main economic indicators and the factors that determine the existing trends in its development is provided. The study is based on the hypothesis that despite the crises and the challenges they have caused, the sector demonstrates a stable capacity for adaptation and growth. Methodologically, the report uses descriptive and statistical analysis, supported by data from the National Statistical Institute and international statistical agencies.

The Impact of Foreign Direct Investment (FDI) on Emerging Markets

The Impact of Foreign Direct Investment (FDI) on Emerging Markets
(The Impact of Foreign Direct Investment (FDI) on Emerging Markets)

Author(s):Nikol Georgieva
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Socio-Economic Research
Page Range:1263-1269
No. of Pages:7
Keywords:Foreign Direct Investment; emerging markets; multinational corporations; risk management; economic growth
Summary/Abstract:In emerging markets, Foreign Direct Investment (FDI) plays a vital role in framing the budgetary and monetary structure. The paper examines the dual impact of FDI for these economies; how they have reaped benefits— in terms of technological advancement, employment generation and creation/improvement of infrastructure — but also faced challenges such as political instability, exchange rate volatility, domestic ownership over key sectors. Taking inspiration from the growth stories of China (manufacturing), India (IT) and 5 other regions including Brazil that thrived on their resource endowment; this research explores how multinational corporations (MNCs) adopt when entering emerging markets. It highlights the risks across exchange, political risk and regulatory lines. the paper concludes by offering recommendations for optimizing FDI inflows to benefit both MNCs and host countries.

Управление на кредитния риск по модела на УниКредит Булбанк АД

Управление на кредитния риск по модела на УниКредит Булбанк АД
(Credit Risk Management Model of UniCredit Bulbank AD)

Author(s):Nikolay Milev
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1270-1276
No. of Pages:7
Keywords:UniCredit Bulbank AD; credit risk; bank risk; credit policy; banking sector
Summary/Abstract:The report presents the organizational structure for credit risk management, the credit policy, the approaches for assessing and managing credit risk at “UniCredit Bulbank AD”, and the measures taken to mitigate and control credit risk in response to the economic and geopolitical issues in recent years.

Long-term Financing of Multinational Corporations

Long-term Financing of Multinational Corporations
(Long-term Financing of Multinational Corporations)

Author(s):Lilyana Denkova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy
Page Range:1277-1285
No. of Pages:9
Keywords:long-term financing; Multinational corporations (MNCs); sustainable growth; investment efficiency; financial instruments
Summary/Abstract:This report examines the long-term financing of multinational corporations (MNCs), highlighting its significance in promoting sustainable growth, stability, and investment efficiency. Long-term financing provides MNCs with the necessary capital to undertake substantial investments without the frequent rollover risks associated with short-term financing. By extending the maturity structure of financial instruments, companies can align their funding sources with their investment horizons, thereby enhancing performance and reducing vulnerability to market fluctuations. The report discusses various sources of long-term financing, including bonds, bank loans, equity financing, and alternative instruments. It emphasizes that while banks predominantly provide long-term financing, the role of capital markets is becoming increasingly important, particularly for larger firms. The analysis also explores how different sectors utilize long-term financing, with variations based on economic conditions and corporate strategies. Furthermore, the report presents statistical data on the trends in long-term financing, showcasing the growth of corporate bond issuance and long-term loans over the past decade. It identifies key challenges faced by MNCs in accessing long-term finance, including market volatility and regulatory environments, while suggesting potential solutions such as enhancing the role of non-bank intermediaries. In conclusion, long-term financing is crucial for the sustained growth of multinational corporations. By understanding and effectively utilizing various financing options, MNCs can secure the capital needed for future investments, drive innovation, and contribute to overall economic development.

Credit Risk Management of Deutsche Bank

Credit Risk Management of Deutsche Bank
(Credit Risk Management of Deutsche Bank)

Author(s):Albena Evtimova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1286-1293
No. of Pages:8
Keywords:credit risk; Deutsche Bank; credit risk management; regulatory framework; security measures
Summary/Abstract:This paper aims to explore how Deutsche Bank navigates the complex landscape of credit risk management, with a particular focus on its strategies, historical challenges, and evolving frameworks in response to regulatory and market pressures. By examining Deutsche Bank’s approach to managing credit risk, the paper will provide insights into the effectiveness of Deutsche Bank’s risk management practices and offer a broader understanding of the critical role credit risk management plays in maintaining financial stability.

Impact on Government Fiscal Policies on the Growth of Small Businesses

Impact on Government Fiscal Policies on the Growth of Small Businesses
(Impact on Government Fiscal Policies on the Growth of Small Businesses)

Author(s):Yana Galabova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Governance, Fiscal Politics / Budgeting, Socio-Economic Research
Page Range:1294-1298
No. of Pages:5
Keywords:government fiscal policies; small enterprises; United States
Summary/Abstract:This study explores the effect of government fiscal policies on the growth of small enterprises in developed countries such as the United States. The research will bring together the information and highlight common ideas to help guide the selection of fiscal instruments. The major goal of the paper is to improve our understanding of how fiscal policies affect the business environment and the expansion of small businesses.

Foreign Exchange Risk Management: Investigate Different Methods Companies Use to Mitigate Currency Fluctuations and Protect Their Profits

Foreign Exchange Risk Management: Investigate Different Methods Companies Use to Mitigate Currency Fluctuations and Protect Their Profits
(Foreign Exchange Risk Management: Investigate Different Methods Companies Use to Mitigate Currency Fluctuations and Protect Their Profits)

Author(s):Antonina Todorova
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, International relations/trade, Socio-Economic Research
Page Range:1299-1306
No. of Pages:8
Keywords:FX risk; fluctuations; hedging; currency markets
Summary/Abstract:Foreign exchange (FX) risk management is crucial for companies operating in the global marketplace, as fluctuations in currency values can significantly impact profitability. Organizations employ various strategies to mitigate these risks, ensuring financial stability and protecting their bottom lines. One of the primary methods is hedging through financial derivatives, such as forward contracts, options, and swaps. These instruments allow firms to lock in exchange rates, minimizing the uncertainty associated with future transactions. Additionally, companies often diversify their currency exposures by conducting business in multiple currencies or strategically aligning their revenues and costs in the same currency, which reduces vulnerability to adverse movements. Another effective approach is pricing strategy adaptation, where firms adjust product prices based on currency fluctuations to maintain profit margins. Furthermore, selecting the appropriate currency for financing can help manage risks—borrowing in a currency that matches the revenue stream can effectively offset potential losses from currency depreciation. Apple Inc., as a leading global technology company, exemplifies the challenges posed by foreign exchange fluctuations. With extensive international operations, Apple faces exposure to varying currency risks, impacting both its revenue and costs. The company's financial results can be influenced by changes in exchange rates, necessitating a robust risk management strategy. In conclusion, CFOs must prioritize the integration of comprehensive FX risk management practices into their financial strategies. It is essential for them to continuously monitor currency markets and employ advanced hedging techniques to mitigate potential losses. Additionally, ensuring that pricing policies are agile and responsive to exchange rate fluctuations can further protect profit margins. By adopting a proactive and strategic approach to foreign exchange risk, CFOs can effectively safeguard their organizations against currency volatility and enhance overall financial resilience.

Bank Risk Management – Mitsubishi UFJ Financial Group

Bank Risk Management – Mitsubishi UFJ Financial Group
(Bank Risk Management – Mitsubishi UFJ Financial Group)

Author(s):Entzo Atanasov
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Page Range:1307-1324
No. of Pages:18
Keywords:risk management; bank; finance
Summary/Abstract:The objective of this paper is to examine and evaluate the effectiveness of Mitsubishi UFJ Financial Group’s (MUFG) risk management practices. Specifically, it aims to clarify how MUFG identifies, monitors, and mitigates key risks, including credit, market, operational, and liquidity risks, within the complex regulatory and economic environments in which it operates. Additionally, this paper will try to evaluate how effectively MUFG’s risk management practices have supported its resilience during recent market disruptions, such as financial crises or shifts in global interest rates. Mitsubishi UFJ Financial Group is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan which is currently the largest Japanese banks and one of the world’s 10 largest. MUFG was created in 2005 by merger between Mitsubishi Tokyo Financial Group and UFJ Holdings. MUFG holds assets of around US$2.7 trillion as of 2024 Mand is the parent company of fully-owned MUFG Bank.

Основни тенденции в развитието на животозастраховането в България

Основни тенденции в развитието на животозастраховането в България
(Key Trends in the Development of Life Insurance in Bulgaria)

Author(s):Simeon Kutsarov
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Welfare systems, Developing nations, Socio-Economic Research
Page Range:1325-1334
No. of Pages:10
Keywords:life insurance; trends; global financial crisis; Covid-19
Summary/Abstract:The report examines the structure of the life insurance sector in Bulgaria. It begins with a theoretical analysis of the main regulations, regulatory mechanisms, actors and activities of the sector. In the empirical part of the analysis, I focus on the main indicators of development, the impact of the global financial crisis on the sector, the post-crisis recovery, as well as the impact of Covid-19 on development.

Развитие на външната търговия на определени тестени продукти (по примера на макаронени изделия)

Развитие на външната търговия на определени тестени продукти (по примера на макаронени изделия)
(Development of Foreign Trade in Certain Pastry Products (on the Example of Pasta Products))

Author(s):Daniela Yordanova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, International relations/trade
Page Range:1335-1347
No. of Pages:13
Keywords:foreign trade; pasta; European Union; Global financial crisis; COVID-19
Summary/Abstract:The global financial crisis (GFC) and the COVID-19 pandemic have caused significant economic shocks that have affected both macroeconomic indicators and consumer behavior. However, empirical evidence does not show a direct correlation between these events and foreign trade (FT) in pasta (PA). There has been a relative increase in imports of PA into the European Union (EU) during crises and recovery phases, in contrast to periods of economic growth. Exports of PA from the EU have shown a more erratic dynamics, with no clear trend observed.

Цифровизацията на валутите на международните финансови пазари, нейното развитие и бъдещото на цифровите валути и по-специално цифровизацията на еврото

Цифровизацията на валутите на международните финансови пазари, нейното развитие и бъдещото на цифровите валути и по-специално цифровизацията на еврото
(Digitalization of Currencies of International Financial Markets, their Development and Future of Digital Euro and more Specially Digitalization of Euro)

Author(s):Ivan Petrov
Language:Bulgarian
Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Financial Markets, ICT Information and Communications Technologies
Page Range:1348-1357
No. of Pages:10
Keywords:digital money; digital euro; digital international financial markets; effects of digitalization
Summary/Abstract:Transaction has for object to look at what ways the digitalization of money influence on international financial markets, on what level is developed and on what stage they get into it and what amount it takes in this moment on international financial markets, what is there future development and on what level we can talk about future digital money, who are they and what they are presenting, it will give attention on positive and negative effects on international financial markets and on what level can be talked about digitalization of euro.

Risk Management in Bank of America

Risk Management in Bank of America
(Risk Management in Bank of America)

Author(s):David Todorov
Language:English
Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Evaluation research, Management and complex organizations, Financial Markets
Page Range:1358-1367
No. of Pages:10
Keywords:liquidity risk; credit risk; market risk; exchange risk
Summary/Abstract:This paper gives general information about Bank of America and analyzes the risks faced by the Bank and the strategies it adopted for risk management. Four major risk categories were particularly focused on: liquidity risk, credit risk, market risk and exchange rate risk in this paper. The study examined the bank's risk exposure in these areas, assessed the effectiveness of its risk management practices, and evaluated the impact of market volatility on its financial performance. The paper provides insights into the bank's overall risk position and emphasizes the importance of effective risk management practices in the banking industry.

Aнализ на финансовото състояние на сектор „Операции с недвижими имоти“ в условията на Covid-19 криза

Aнализ на финансовото състояние на сектор „Операции с недвижими имоти“ в условията на Covid-19 криза
(Analysis of the Financial Statement of the “Real Estate Operations Sector” in the Context of the Covid-19 Crisis)

Author(s):Tsvetomila Kolarova
Language:Bulgarian
Subject(s):Economy, Business Economy / Management, Micro-Economics, Accounting - Business Administration
Page Range:1368-1377
No. of Pages:10
Keywords:real estate; financial statement; COVID-19
Summary/Abstract:The real estate business is a driver for the economies of the countries, in Bulgaria over the past 20 years there has been a significant growth in this type of investment, both on the part of businesses and households. Over the years, there have been declines and rises, with the biggest impact left by the crisis of 2008. Now, the world and Bulgaria are in the conditions of recovery from the COVID-19 crisis, but also in an ongoing crisis influenced by the war in Ukraine. The main question the author asks himself is whether the consequences of COVID-19 have had an impact on the real estate market. The purpose of the study is to track key financial indicators of the Real Estate Operations sector for the period 2019-2022 to assess the impact of the crisis on this type of investment.

Секюритизация на активи – същност и приложение, видове, предимства и недостатъци

Секюритизация на активи – същност и приложение, видове, предимства и недостатъци
(Securitization of Assets - Essence and Application, Types, Advantages and Disadvantages)

Author(s):Violeta Todorova
Language:Bulgarian
Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Financial Markets
Page Range:1378-1390
No. of Pages:13
Keywords:securitization; assets; loans; risk; investors
Summary/Abstract:This article investigates a relatively new process of financial intermediation – securitization of assets. The main definitions and understandings so far about the nature of securitization are presented. Its different types are also examined - traditional securitization, balance synthetic securitization and arbitrage synthetic securitization. Opinions and findings about the advantages and disadvantages of securitization are summarized. Securitization can be a source of great benefits for the financial system and the credit institutions, as it provides opportunities for improvement of liquidity, risk redistribution, solving the problem with nonperforming loans and stimulation of lending. The lack of clear rules for the securitization process, the incorrect risk assessment during its implementation and the ineffective supervision of it are prerequisites for equally great losses.

The Role of Unemployment in Reduction GDP Forecasts Errors: Mixed Frequency Bayesian Vector Autoregression (MF-BVAR) Models for the Euro Zone from 1999Q1 to 2014Q2

Adequate and Sustainable Pensions – Alternative Model of the Pension System in Bulgaria

Adequate and Sustainable Pensions – Alternative Model of the Pension System in Bulgaria (Adequate and Sustainable Pensions – Alternative Model of the Pension System in Bulgaria)

Прилагане на изкуствения интелект в счетоводството и одита

Прилагане на изкуствения интелект в счетоводството и одита (Аplication of Аrtificial Intelligence in Accounting and Auditing)

Българският капиталов пазар – предизвикателства и перспективи

Българският капиталов пазар – предизвикателства и перспективи (The Bulgarian Capital Market – Challenges and Perspectives)

Не(осигуреност) с медицински персонал и професионалисти по здравни грижи и други медицински специалисти в лечебните и здравните заведения в България

The Role of Digital Skills in Driving Digital Transformation and Economic Growth

The Role of Digital Skills in Driving Digital Transformation and Economic Growth (The Role of Digital Skills in Driving Digital Transformation and Economic Growth)

Дигиталната финансова грамотност на студентите – състояние и перспективи

Дигиталната финансова грамотност на студентите – състояние и перспективи (Students’ Digital Financial Literacy – Status and Prospects)

За дигиталното евро и бъдещето на валутите

За дигиталното евро и бъдещето на валутите (Оn Digital Euro and Future of Currencies)

Предизвикателства пред паричната политика на Европейската Централна Банка в периода 1999-2015 г.

Предизвикателства пред паричната политика на Европейската Централна Банка в периода 1999-2015 г. (Challenges to the Monetary Policy of the European Central Bank, 1999-2015)

Research of Forest Insurance Practices in Bulgaria

Research of Forest Insurance Practices in Bulgaria (Research of Forest Insurance Practices in Bulgaria)

Устойчивост и справедливост: предизвикателства и перспективи пред пенсионната система в България

Устойчивост и справедливост: предизвикателства и перспективи пред пенсионната система в България (Sustainability and Fairness: Challenges and Prospects for the Pension System in Bulgaria)

Оптимизация на собственото участие в съфинансирани грантови проекти чрез абсорбиране на финансовите ефекти и модифициране на инвестиционния разход

Управление на застрахователните операции

Управление на застрахователните операции (Management of Insurance Operations)

Новият МСФО 18 “Представяне и оповестяване във финансовите отчети” – стандартизиран подход за подобряване на качеството на счетоводната информация

Възможности за решения на икономическите предизвикателства и конфликти чрез ефективна комуникация и комуникационни политики

Приносът на УНСС в изграждането на стопанския елит на България

Приносът на УНСС в изграждането на стопанския елит на България (The Contribution of UNWE in Building of the Business Elite of Bulgaria)

Конкурентоспособност на българската данъчна система в условията на динамично развиваща се глобална икономикa

Конкурентоспособност на българската данъчна система в условията на динамично развиваща се глобална икономикa (Competitiveness of the Bulgarian Tax System in the Light of Dynamic Global Economy)

Currency Board or Monetary Union – a Small Country’s Central Bank Perspective

Currency Board or Monetary Union – a Small Country’s Central Bank Perspective (Currency Board or Monetary Union – a Small Country’s Central Bank Perspective)

Някои съображения при прилагането на коефициентите за ефективност в анализа на финансовото състояние на фирматa

Дигитализация в банковия сектор на Европейския Съюз

Дигитализация в банковия сектор на Европейския Съюз (Digitalisation in the Banking Sector of the European Union)

Предизвикателства и тенденции в корпоративната устойчивост и влиянието и върху корпоративните финансови резултати

Ликвидност на публично търгуваните предприятия в България през Covid-19 кризата и периода на възстановяване

Ликвидност на публично търгуваните предприятия в България през Covid-19 кризата и периода на възстановяване (Liquidity of Publicly traded Companies in Bulgaria during the Covid-19 Crisis and Recovery Period)

Предизвикателства пред фискалната политика на България през 2025 година

Предизвикателства пред фискалната политика на България през 2025 година (Challenges to Bulgaria's Fiscal Policy in 2025)

Темпът на инфлация в България и в Eврозоната: Kоинтеграционен анализ

Темпът на инфлация в България и в Eврозоната: Kоинтеграционен анализ (Inflation Rate in Bulgaria and the Euro Area: Cointegration analysis)

Интернационализация на българските малки и средни предприятия

Интернационализация на българските малки и средни предприятия (Internationalization of Bulgarian Small and Medium-Sized Enterprises)

Modernizing Public Administration – Key Issues and Strategic Solutions Related to EU Legislation

Modernizing Public Administration – Key Issues and Strategic Solutions Related to EU Legislation (Modernizing Public Administration – Key Issues and Strategic Solutions Related to EU Legislation)

Маркетингово изследване на мнението на студентите от специалност „Маркетинг“, относно качеството на обучението, предоставяно от асистентите на упражнения

Статистически анализ на социално-икономическото измерение на устойчивото развитие на районите в България през периода 2015- 2022 година

От Брикс към Брикс+ : Финансово-икономически аспекти

От Брикс към Брикс+ : Финансово-икономически аспекти (Brics vs. Brics+ : Financial and Economic Comparisons)

The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims

The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims (The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims)

Experiencing a Museum. An Innovative Approach Toward Museum Visits

Experiencing a Museum. An Innovative Approach Toward Museum Visits (Experiencing a Museum. An Innovative Approach Toward Museum Visits)

Новият МСФО 18 Представяне и оповестяване във финансовите отчети

Новият МСФО 18 Представяне и оповестяване във финансовите отчети (The New IFRS 18 Presentation and Disclosure in Financial Statements)

Adoption of the Euro in Bulgaria

Adoption of the Euro in Bulgaria (Adoption of the Euro in Bulgaria)

Financial System and Its Role for Recovery and Sustainability of the Economy

Financial System and Its Role for Recovery and Sustainability of the Economy (Financial System and Its Role for Recovery and Sustainability of the Economy)

Рентабилност в предприятията от избрани сектори на българската икономика

Рентабилност в предприятията от избрани сектори на българската икономика (Profitability of Enterprises in Selected Sectors of the Bulgarian Economy)

The Impact of Stock Market Volatility on the Popularity of Dividend Stock Amongst Institutional Investors

The Impact of Stock Market Volatility on the Popularity of Dividend Stock Amongst Institutional Investors (The Impact of Stock Market Volatility on the Popularity of Dividend Stock Amongst Institutional Investors)

Аnalysis of the Еffects of the Covid-19 Crisis Impact on the National Banks of the Republic of Bulgaria and the Republic of North Macedonia

Аnalysis of the Еffects of the Covid-19 Crisis Impact on the National Banks of the Republic of Bulgaria and the Republic of North Macedonia (Аnalysis of the Еffects of the Covid-19 Crisis Impact on the National Banks of the Republic of Bulgaria and the Republic of North Macedonia)

Exploring Key Employee Motivation Factors Related to Business Process Management

Exploring Key Employee Motivation Factors Related to Business Process Management (Exploring Key Employee Motivation Factors Related to Business Process Management)

Influence of the Leadership Support on the Project Teams Working in a Hybrid Work Model

Influence of the Leadership Support on the Project Teams Working in a Hybrid Work Model (Influence of the Leadership Support on the Project Teams Working in a Hybrid Work Model)

Oптимизиране на съотношението между доходност и риск при структуриране на инвестиционен портфейл от договорни фондове на банковите клиенти

E-фактура – дигитален инструмент срещу ДДС измами

E-фактура – дигитален инструмент срещу ДДС измами (Е-invoice – a Digital Tool Against VAT Fraud)

Институционални механизми за мониторинг и контрол на антикорупционните политики в Република България

Институционални механизми за мониторинг и контрол на антикорупционните политики в Република България (Institutional Mechanisms For Monitoring and Control of Anti-Corruption Policies in the Republic of Bulgaria)

Данъчният ефект от вдигането на праговете за задължителен независим финансов одит в България

Данъчният ефект от вдигането на праговете за задължителен независим финансов одит в България (Тhe Tax Еffect of Raising the Thresholds for Mandatory Independent Financial Audit in Bulgaria)

Предизвикателства при сливания и придобивания в софтуерни компании: нужда от проектни решения

Предизвикателства при сливания и придобивания в софтуерни компании: нужда от проектни решения (Challenges in Mergers and Acquisitions in Software Companies: Тhe Need for Project Solutions)

Дигитални стратегии и управленски предизвикателства в условията на навлизане на изкуствен интелект

Дигитални стратегии и управленски предизвикателства в условията на навлизане на изкуствен интелект (Digital Strategies and Managerial Challenges in the Еra of Widespread Adoption of Artificial Intelligence)

Adequate and Sustainable Pensions – Alternative Model of the Pension System in Bulgaria
(Adequate and Sustainable Pensions – Alternative Model of the Pension System in Bulgaria)

Прилагане на изкуствения интелект в счетоводството и одита
(Аplication of Аrtificial Intelligence in Accounting and Auditing)

Българският капиталов пазар – предизвикателства и перспективи
(The Bulgarian Capital Market – Challenges and Perspectives)

The Role of Digital Skills in Driving Digital Transformation and Economic Growth
(The Role of Digital Skills in Driving Digital Transformation and Economic Growth)

Дигиталната финансова грамотност на студентите – състояние и перспективи
(Students’ Digital Financial Literacy – Status and Prospects)

За дигиталното евро и бъдещето на валутите
(Оn Digital Euro and Future of Currencies)

Предизвикателства пред паричната политика на Европейската Централна Банка в периода 1999-2015 г.
(Challenges to the Monetary Policy of the European Central Bank, 1999-2015)

Research of Forest Insurance Practices in Bulgaria
(Research of Forest Insurance Practices in Bulgaria)

Устойчивост и справедливост: предизвикателства и перспективи пред пенсионната система в България
(Sustainability and Fairness: Challenges and Prospects for the Pension System in Bulgaria)

Управление на застрахователните операции
(Management of Insurance Operations)

Приносът на УНСС в изграждането на стопанския елит на България
(The Contribution of UNWE in Building of the Business Elite of Bulgaria)

Конкурентоспособност на българската данъчна система в условията на динамично развиваща се глобална икономикa
(Competitiveness of the Bulgarian Tax System in the Light of Dynamic Global Economy)

Currency Board or Monetary Union – a Small Country’s Central Bank Perspective
(Currency Board or Monetary Union – a Small Country’s Central Bank Perspective)

Дигитализация в банковия сектор на Европейския Съюз
(Digitalisation in the Banking Sector of the European Union)

Ликвидност на публично търгуваните предприятия в България през Covid-19 кризата и периода на възстановяване
(Liquidity of Publicly traded Companies in Bulgaria during the Covid-19 Crisis and Recovery Period)

Предизвикателства пред фискалната политика на България през 2025 година
(Challenges to Bulgaria's Fiscal Policy in 2025)

Темпът на инфлация в България и в Eврозоната: Kоинтеграционен анализ
(Inflation Rate in Bulgaria and the Euro Area: Cointegration analysis)

Интернационализация на българските малки и средни предприятия
(Internationalization of Bulgarian Small and Medium-Sized Enterprises)

Modernizing Public Administration – Key Issues and Strategic Solutions Related to EU Legislation
(Modernizing Public Administration – Key Issues and Strategic Solutions Related to EU Legislation)

От Брикс към Брикс+ : Финансово-икономически аспекти
(Brics vs. Brics+ : Financial and Economic Comparisons)

The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims
(The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims)

Experiencing a Museum. An Innovative Approach Toward Museum Visits
(Experiencing a Museum. An Innovative Approach Toward Museum Visits)

Новият МСФО 18 Представяне и оповестяване във финансовите отчети
(The New IFRS 18 Presentation and Disclosure in Financial Statements)

Adoption of the Euro in Bulgaria
(Adoption of the Euro in Bulgaria)

Financial System and Its Role for Recovery and Sustainability of the Economy
(Financial System and Its Role for Recovery and Sustainability of the Economy)

Рентабилност в предприятията от избрани сектори на българската икономика
(Profitability of Enterprises in Selected Sectors of the Bulgarian Economy)

The Impact of Stock Market Volatility on the Popularity of Dividend Stock Amongst Institutional Investors
(The Impact of Stock Market Volatility on the Popularity of Dividend Stock Amongst Institutional Investors)

Аnalysis of the Еffects of the Covid-19 Crisis Impact on the National Banks of the Republic of Bulgaria and the Republic of North Macedonia
(Аnalysis of the Еffects of the Covid-19 Crisis Impact on the National Banks of the Republic of Bulgaria and the Republic of North Macedonia)

Exploring Key Employee Motivation Factors Related to Business Process Management
(Exploring Key Employee Motivation Factors Related to Business Process Management)

Influence of the Leadership Support on the Project Teams Working in a Hybrid Work Model
(Influence of the Leadership Support on the Project Teams Working in a Hybrid Work Model)

E-фактура – дигитален инструмент срещу ДДС измами
(Е-invoice – a Digital Tool Against VAT Fraud)

Институционални механизми за мониторинг и контрол на антикорупционните политики в Република България
(Institutional Mechanisms For Monitoring and Control of Anti-Corruption Policies in the Republic of Bulgaria)

Данъчният ефект от вдигането на праговете за задължителен независим финансов одит в България
(Тhe Tax Еffect of Raising the Thresholds for Mandatory Independent Financial Audit in Bulgaria)

Предизвикателства при сливания и придобивания в софтуерни компании: нужда от проектни решения
(Challenges in Mergers and Acquisitions in Software Companies: Тhe Need for Project Solutions)

Дигитални стратегии и управленски предизвикателства в условията на навлизане на изкуствен интелект
(Digital Strategies and Managerial Challenges in the Еra of Widespread Adoption of Artificial Intelligence)

Eфективното управление на водните ресурси – от жизнена необходимост до стратегически приоритет
(The Effective Management of Water Resources – from a Necessity to Strategic Priority)

Закрила на промишлени продукти с географски означения като фактор, доказващ конкурентоспособност
(Protection of Industrial Products with Geographical Indications as a Factor Proving Competitiveness)

Карта на Балканския Иншуртех към края на 2022
(Balkan Insurtech Map at the End of 2022)

Балкански стратегии за управление на риска в обучението на реално работно място
(Balkan Risk Management Strategies in Work-based Learning)

Дигитализация на музеите : Пътят на Нидерландия и България към цифровата трансформация
(Digitisation of Museums : Тhe Path of the Netherlands and Bulgaria Towards Digital Transformation)

Правно-регулаторни и етични предизвикателства при използването на генетични данни за маркетингови цели
(Regulatory and Ethical Challenges in the Use of Genetic Data for Marketing Purposes)

Съвременни ИИ (AI) инструменти и приложението им в предприемаческата дейност
(Мodern ai Тools and Тheir Application in Intrepreneurial Activities)

Новият коефициент Grееn Assеt Rаtiоn (GАR) – предизвикателства пред банките в Европа и България
(Thе Nеw Grееn Assеt Rаtiоn Cоеfficiеnt (GАR) – Chаllеngеs fоr Bаnks in Eurоpе аnd Bulgаriа)

Обзор на сливанията и придобиванията на банките в България за периода 2000 – 2024
(Overview of Banks’ Mergers and Acquisitions in Bulgaria for the Period 2000 – 2024)

Ползите за банките от управлението на данни
(The Benefits of Data Management for Banks)

Блокираните активи като източник на системен риск за финансовата стабилност
(Stranded Assets as a Source of Systemic Risk for the Financial Stability)

Mонетарната свобода да избираш или дигиталното парично робство : Размисли на един мислещ псевдо лаик
(The Monetary Freedom to Choose or the Digital Money Slavery : Thoughts of a Rational False Amateur)

Оценка на състоянието на сектор Строителство в България за периода 2018 – 2022 година
(Evaluation of the Status of Sector Construction in Bulgaria for the Period 2018 – 2022)

Ползи, предимства и значение на продуктовото позициониране в киното
(Benefits, Advantages and Importance of Product Placement in Movies)

Влиянието на дигиталната култура върху младите поколения
(The Influence of Digital Culture on Young Generations)

Утайки от ПСОВ в контекста на системите за отвеждане и пречистване на отпадъчните води в България
(Sewage Sludge in the Context of Wastewater Disposal and Purification Systems in Bulgaria)

Развитие и тенденции при моделите за предоставяне на бизнес услуги
(Evolution and Trends in Service Delivery Models)

Влияние на демографските фактори върху развитието на бизнеса в Северозападния регион в България
(Influence of Demographic Factors on Business Development in the North-Western Region in Bulgaria)

Иновации в киберсигурността в малките и средните предприятия
(Innovation in Cybersecurity in SMES)

Състояние на капиталовия пазар в България след COVID-19 и количествена оценка на акциите чрез МОКА (CAPM)
(The State оf Bulgarian Capital Market After COVID - 19 аnd Quantitative Assessment оf Stock Using CAPM)