Digital Transformation and Economic Recovery in the Post-Crisis Period : 10th Annual Conference, 18-20 November 2024 : Selected Papers
Digital Transformation and Economic Recovery in the Post-Crisis Period : 10th Annual Conference, 18-20 November 2024 : Selected Papers
Contributor(s): Bruno Théret (Editor), Diyana Miteva (Editor), Elena Ponomorenko (Editor), Giovanni Pavanelli (Editor), Jean Paul Pollin (Editor), Mihai Mutascu (Editor), Nikolay Nenovsky (Editor), Petar Chobanov (Editor), Yanko Hristozov (Editor), Yannick Lucotte (Editor)
Subject(s): Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Governance, Economic policy, Environmental and Energy policy, EU-Approach / EU-Accession / EU-Development, Financial Markets, Public Finances, Socio-Economic Research, Green Transformation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: European union; financial development; digital transformation; fiscal policy; digital finance; finances; digital euro; monetary policy; cybersecurity; Central Bank Digital Currency (CBDC); European Central Bank (ECB)
Summary/Abstract: The 10th annual scientific conference of the Monetary and Economic Research Center (MRC) was held from 18th to 20th of November 2024 at the University of National and World Economy (UNWE) in Sofia, Bulgaria. Main accent on the Conference was digital economic challenges and euro acception in Bulgaria. Researchers and professionals from 12 countries took part. The total number of participants was over 400. The present book consists papers in English.
- E-ISBN-13: 978-619-92983-2-9
- Page Count: 291
- Publication Year: 2025
- Language: English
Fiscal Sustainability to Sustainable Economic Development in the Era of Digital Transformation
Fiscal Sustainability to Sustainable Economic Development in the Era of Digital Transformation
(Fiscal Sustainability to Sustainable Economic Development in the Era of Digital Transformation)
- Author(s):Emilia Mioara Câmpeanu
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Sociology, Economic policy, Developing nations, Economic development, EU-Approach / EU-Accession / EU-Development, Fiscal Politics / Budgeting, ICT Information and Communications Technologies, Socio-Economic Research
- Page Range:7-24
- No. of Pages:18
- Keywords:fiscal sustainability; sustainable development; digital transformation; climate change; governance; EU countries
- Summary/Abstract:Countries are thrust into a quadruple transition to revision of the economy by enhancing a more competitive, sustainable, inclusive, and resilient society. In this context, the paper aims to investigate how fiscal sustainability induces sustainable economic development while considering the impact of digital transformation and climate challenges for 27 countries in the European Union (EU). The novelty approach involving data covering multidimensional facets of the quadruple transition and panel regressions brings new perspectives and approaches for sustainable economic development of EU contributing to knowledge creation. The research findings highlighted that the less fiscal policy is sustainable, the more sustainable development is affected with a pronounced reaction due to short-term sustainability issues, while digitalisation, climate change, trade openness and some socio- and governance variables are engine for sustainable development.
An Intellectual History of Resource-Based International Currency
An Intellectual History of Resource-Based International Currency
(An Intellectual History of Resource-Based International Currency)
- Author(s):Nikolay Nenovsky
- Language:English
- Subject(s):History, Economy, Supranational / Global Economy, Business Economy / Management, Economic history, Financial Markets
- Page Range:25-48
- No. of Pages:24
- Keywords:international currency; commodity currency; J. Goudriaan; J.de Largentaye; Pierre Mendes France
- Summary/Abstract:In this paper, we outline the main point of the debates in the past, including the positions of the leading economists who have supported the idea of resource based international currency, such as S. Jevons, A. Marshall, F. Hayek, M. Friedman, JM. Keynes, H. Grubel, A. Hart, N. Kaldor, R. Cooper, several French politicians and scholars (such as L. Fizaine, J. de Larentaye, G. Ardant, P. Mendes France and S. de Brunhoff). Special attention is paid to the fathers of the idea - the two Benjamin and Frank Graham, and the Dutchman Jan Goudriaan.
The Digital Transformation and the Monetary Challenges in the Post-Crisis Period
The Digital Transformation and the Monetary Challenges in the Post-Crisis Period
(The Digital Transformation and the Monetary Challenges in the Post-Crisis Period)
- Author(s):Jovan Zafiroski
- Language:English
- 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:49-58
- No. of Pages:10
- Keywords:CBDCs; digitalization; monetary sovereignty; legal tender; surveillance; weaponization; programmability
- Summary/Abstract:Digitalization of money is one of the most important challenges for the monetary authorities which alongside inflation and geopolitical turbulences has potential for profound changes of the traditional monetary landscape. The launch of the CBDCs a as new form of public money should strengthen monetary sovereignty in times of increased digitalization of the economy. However, the process of introduction of the central bank digital money raises numerous legal questions that should be answered before its launch. Also, the economic effects will be significant especially for the financial system and the payment infrastructure. Moreover, the introduction of the CBDCs might have serious consequences for the society as a whole. In broader terms the risks are related to the possible abuse of the digital money for surveillance, more options for weaponization of money, and manipulation of programmability of money.
Development of Housing Loans in Bulgaria
Development of Housing Loans in Bulgaria
(Development of Housing Loans in Bulgaria)
- Author(s):Gergana Mihaylova-Borisova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Financial Markets, Socio-Economic Research
- Page Range:59-66
- No. of Pages:8
- Keywords:banks; housing loans; Bulgaria; euro area
- Summary/Abstract:Proper management of the loan portfolio by commercial banks is particularly important to avoid generating credit risks that threaten the stability of banks and the financial system as a whole. In Bulgaria, after the COVID crisis of 2020, there has been a significant acceleration in the growth rate of banks' loan portfolios, which are expanding mainly in the direction of housing loans. These accelerating rates require close monitoring and even administrative measures and requirements by the central bank to limit the build-up of risks. The analyses housing loans’ dynamics, which are outpacing the growth of other types of loans such as consumer loans and loans to non-financial corporations, which are presumably drawn for productive purposes. The results of the analysis show that the growth rate of hosing loans reached 25.9% in Q3 2024, a growth rate that has not been recorded in the last 15 years since the global crisis hit Bulgaria. Despite its acceleration, the share of housing loans in GDP is still at a much lower level in Bulgaria than in the euro area. Thanks to the BNB's stricter macroprudential requirements, risks in the banking system are being managed, but close analysis and monitoring of the housing loans market should continue.
Digital Finance and Investor Protection
Digital Finance and Investor Protection
(Digital Finance and Investor Protection)
- Author(s):Diyana Miteva
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Financial Markets, ICT Information and Communications Technologies
- Page Range:67-73
- No. of Pages:7
- Keywords:capital market; digital financial risks; investor protection
- Summary/Abstract:This paper reviews the aspects and features of digital finance but also systemizes risks connected with the enhancing and developing field of digital finance for investors. The vast development of digital financial services and use by retail investors and also its inclusive role of giving access to digital financial means to parts of population that has not had such access before brings financial services to new levels but also introduces new risks that concern regulators as well as consumers. Responsive actions and continuing financial literacy improvements are key points for a stable and confident financial sector.
The Secret Chessboard of the Superpowers: From Bretton Woods to the 21st Century, the Case of Djibouti
The Secret Chessboard of the Superpowers: From Bretton Woods to the 21st Century, the Case of Djibouti
(The Secret Chessboard of the Superpowers: From Bretton Woods to the 21st Century, the Case of Djibouti)
- Author(s):Moustapha Aman
- Language:English
- Subject(s):Politics / Political Sciences, Economy, Supranational / Global Economy, Socio-Economic Research, Geopolitics
- Page Range:74-90
- No. of Pages:17
- Keywords:Exchange Rate Regimes; International Relations and Security; Geopolitics; International Debt and Financing
- Summary/Abstract:Although small in size, Djibouti occupies a crucial geostrategic position in the Horn of Africa, at the intersection of global shipping routes and international currency rivalries. Since 1949, the country has been at the centre of an international compromise in which the pegging of the Djibouti franc to the dollar has enabled France to maintain its influence in East Africa while consolidating the American presence, notably with the installation of the Camp Lemonnier military base in 2002. However, the growing influence of China, marked by massive investment and a strategy of debt diplomacy, is redefining the geopolitical balance. The United States and China, pursuing distinct strategic objectives, are vying for control of Djibouti's key infrastructure, while avoiding destabilisation of the region. This analysis highlights the way in which these superpowers coexist and interact in strategic areas such as Djibouti, illustrating the complexity of global competition.
Challenges for Bulgaria and Croatia in Joining the Euro Area
Challenges for Bulgaria and Croatia in Joining the Euro Area
(Challenges for Bulgaria and Croatia in Joining the Euro Area)
- Author(s):Yanko Hristozov, Ani Dimitrova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development
- Page Range:91-98
- No. of Pages:8
- Keywords:euro; Eurozone; monetary policy; Bulgaria; Croatia
- Summary/Abstract:The main objective of the report is to examine the challenges facing Bulgaria and Croatia before the adoption of the euro. Croatia is already part of the euro area and managed to overtake Bulgaria for years to achieve this goal. The subject of study is the single European currency, and the subject of adoption in Bulgaria and Croatia and the challenges that arise from it. Economic indicators will be examined in the moment before Croatia's accession and Bulgaria's expected accession.
Sustainable Finance Market in Russia
Sustainable Finance Market in Russia
(Sustainable Finance Market in Russia)
- Author(s):Anna Verenikina, Maria Melanina
- Language:English
- Subject(s):Economy, Business Economy / Management, Financial Markets
- Page Range:99-113
- No. of Pages:15
- Keywords:ESG bonds; green finance; sustainable development; Russian financial market
- Summary/Abstract:The present study is dedicated to an in-depth examination of the present state of the ESG-bonds and green finance market in Russia. The market is approaching a state of maturity, and it would be beneficial if investors were to demonstrate a greater propensity towards such instruments. The Moscow Exchange, the Central Bank and the Government of Russia are to contribute to the development of sustainable finance. The study hypothesises that the Russian market is developing more slowly than the global market because institutional investors have a number of questions regarding the rationale for classifying bonds as green or social, the implications of this classification for investors, the purpose of the funds and the nature of the projects to which the funds will be directed. The results of the study demonstrate an increase in investor interest and the formation of a group of such responsible investors.
Prospects and Problems of Central Bank Digital Currency Implementation in BRICS Countries
Prospects and Problems of Central Bank Digital Currency Implementation in BRICS Countries
(Prospects and Problems of Central Bank Digital Currency Implementation in BRICS Countries)
- Author(s):Daniel Akhmetdzhanov, Polina A. Ivanova, Danila Beletsky
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Financial Markets, ICT Information and Communications Technologies
- Page Range:114-122
- No. of Pages:9
- Keywords:economic cooperation; integration; digital currency; Cross-Border concept
- Summary/Abstract:The peculiarities of the current economic situation in the world have given a strong impetus to the development of financial, monetary and trade associations outside the influence of the global West. The most striking example of such rapid development is the BRICS economic forum. By 2024, more than 20 countries have applied to join, which indicates the expansion of the forum and its growing economic potential. The first serious step of the BRICS countries will be the creation of a common digital currency of the cross-border digital payment system (Cross-Border CBDC). It is necessary to consider all factors and risks when developing such a large-scale project. In this article, we will look at examples of other pilot projects of similar purpose, what problems may arise during their implementation, and what threats may arise for BRICS member countries in case of careless implementation of a common digital currency.
Fiscal Policies and Post-Crisis Recovery in Central and Eastern European Countreis of the European Union
Fiscal Policies and Post-Crisis Recovery in Central and Eastern European Countreis of the European Union
(Fiscal Policies and Post-Crisis Recovery in Central and Eastern European Countreis of the European Union)
- Author(s):Dimitar Chobanov
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Economic policy, EU-Approach / EU-Accession / EU-Development, Fiscal Politics / Budgeting, Socio-Economic Research
- Page Range:123-136
- No. of Pages:14
- Keywords:fiscal policy; prudent fiscal policy; budget deficit; public debt; CEE countries
- Summary/Abstract:Fiscal policy is one of the most significant instruments to impact economies, address income inequality and stimulate economic activity during recessions or downturns. Using an indicator approach the fiscal policies of CEE countries which are EU members in 2003-2023 are studied. There are thresholds beyond which higher budget expenditures to GDP ratios lead to higher deficits and higher public debts to GDP which could affect negatively economic performance. Therefore, fiscal discipline is crucial for sustainable public finances and important factor for economic growth.
Determining the Cost of Equity in the Developing Stock Market of Bulgaria: Up-To-Date Approaches and Methods
Determining the Cost of Equity in the Developing Stock Market of Bulgaria: Up-To-Date Approaches and Methods
(Determining the Cost of Equity in the Developing Stock Market of Bulgaria: Up-To-Date Approaches and Methods)
- Author(s):Dimiter Nenkov, Diyana Miteva
- Language:English
- Subject(s):Economy, Business Economy / Management, Financial Markets, Socio-Economic Research
- Page Range:137-158
- No. of Pages:22
- Keywords:cost of equity; risk-free rate; market risk premium; capital asset pricing model (CAPM)
- Summary/Abstract:This research is focused on one of the most problematic and debatable aspects of financial management – the estimation of the cost of equity capital on the developing stock market of Bulgaria. Each of the available methods has its own serious disadvantages and limitations, which casts doubt on the reliability and validity of the determined cost of equity. At this stage, no method has yet been proven to derive a cost of equity with sufficient certainty to achieve consensus among analysts, managers, investors and academics. This paper explores briefly the disadvantages and limitations of each of the methods, especially in the context of their use at emerging capital markets. The possibilities for finding a solution are sought mainly in improving the application of the Capital Asset Pricing Model (CAPM), as the most widely used in practice. The open issues, related to each of the input variables of the model are analyzed, with focus on the equity risk premium (ERM), mainly from the perspective of emerging and developing stock markets. At the end, a combined approach for determining the cost of equity at the Bulgarian stock market is discussed and proposed.
Cash Holdings and Indebtedness of Publicly Traded Companies in Bulgaria during Covid-19 Pandemic
Cash Holdings and Indebtedness of Publicly Traded Companies in Bulgaria during Covid-19 Pandemic
(Cash Holdings and Indebtedness of Publicly Traded Companies in Bulgaria during Covid-19 Pandemic)
- Author(s):Galya Taseva
- Language:English
- Subject(s):Economy, National Economy, Financial Markets, Socio-Economic Research
- Page Range:159-170
- No. of Pages:12
- Keywords:cash holdings; debt; corporate indebtedness; Covid-19 pandemic
- Summary/Abstract:The aim of the study is to examine the impact of the level of indebtedness of companies in Bulgaria on their cash holdings during the crisis caused by the COVID 19 pandemic. The analysis in the article is based on data on non-financial enterprises listed on the Bulgarian Stock Exchange during the period 2019 - 2021. Multiple linear regression analysis establishes a statistically significant negative impact of leverage, measured by the ratio Total debt / Total assets, on the cash holdings of companies, measured by the ratio Cash and cash equivalents / Total assets. Companies that have more debt have lower cash holdings. Debt service costs, measured by the Interest Expenses / Interest Debt ratio, also have a negative impact on the ratio Cash and Cash Equivalents / Total Assets. High debt service costs are depleting companies' cash holdings during the pandemic.
Real Economic Convergence of Bulgarian Economy in the Euro Area – Evidence and Implications
Real Economic Convergence of Bulgarian Economy in the Euro Area – Evidence and Implications
(Real Economic Convergence of Bulgarian Economy in the Euro Area – Evidence and Implications)
- Author(s):Iskra Hristova-Balkanska
- Language:English
- 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:171-182
- No. of Pages:12
- Keywords:Eurozone; European Economic and Monetary Union; Real economic convergence of Bulgaria; Sustainability and economic catching up
- Summary/Abstract:Bulgaria has been applying for membership in the eurozone for years, the main logic being the achievement of a high degree of sustainable economic and monetary convergence. Fulfillment of the nominal criteria under the Maastricht Treaty became the cornerstones for carrying out the conditions set by the ECB first when the country passed through ERM II and subsequently when the country joined the Economic and Monetary Union (EMU) and the euro became its currency. Along with the nominal criteria, a series of additional indicators are also important for the ECB, which shape sustainable macroeconomic stability and contribute to the country's real convergence to the economic and financial structures of the EU. The article aims to highlight some important indicators that show the extent to which Bulgaria has achieved real convergence with the eurozone countries. Will the adoption of the euro contribute to the deepening of this process?
Taxation of Digital Companies – Current State and Prospects
Taxation of Digital Companies – Current State and Prospects
(Taxation of Digital Companies – Current State and Prospects)
- Author(s):Nelly Popova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Fiscal Politics / Budgeting, ICT Information and Communications Technologies
- Page Range:183-192
- No. of Pages:10
- Keywords:digital taxes; corporate income tax; digital economy; international tax coordination
- Summary/Abstract:Globalisation and the spread of new information and communication technologies has led to the creation of a strong digital sector of the economy consisted of companies specialised in the provision of remote services based on online platforms. The taxation of the profits of digital companies has proven to be a significant challenge to the public sector but nevertheless different solutions have been implemented around the world. The present paper has as its objective to outline and analyse the existing national approaches towards the taxation of the companies specialized in the provision of digital services. It is stated in the paper that unilateral fiscal measures increase tax uncertainty and add to complexity of national tax systems.
Should State-Owned Enterprises Pay Dividends?
Should State-Owned Enterprises Pay Dividends?
(Should State-Owned Enterprises Pay Dividends?)
- Author(s):Spartak Keremidchiev
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Public Finances
- Page Range:193-204
- No. of Pages:13
- Keywords:dividend puzzle; state-owned enterprises; dividend policy; Bulgaria
- Summary/Abstract:The dividend puzzle for private corporations has a long-lasting history. Six theories provide to certain extent explanations of this puzzle. However, the dividend puzzle has not yet been discussed as an economic problem for state-owned enterprises (SOEs). The article addresses this issue. All well-known six theoretical concepts of the dividend puzzle are presented and their strengths and weaknesses are analysed. After that, the specific features of SOEs are brought out and the dividend puzzle for them is formulated. After presenting the experience of the dividend policy of SOEs, a confrontation with the theories is made. It is proved that only the theory of dividend payment preference is relevant to SOEs.
Implementation of Smart Contracts Secured by Digital Ruble into the Russian Economy
Implementation of Smart Contracts Secured by Digital Ruble into the Russian Economy
(Implementation of Smart Contracts Secured by Digital Ruble into the Russian Economy)
- Author(s):Alexander Orlov, Anna Verenikina
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Financial Markets
- Page Range:205-215
- No. of Pages:11
- Keywords:smart contract; digital ruble; blockchain; digital financial assets
- Summary/Abstract:Over the past decade, the Russian Federation has made significant progress in the integration of digital technologies into its economy. These include the Quick Payment System (QPS), which facilitates the transfer of funds between commercial banks without the imposition of commission, and the establishment and maintenance of digital services such as "Government Services," which enables citizens to access government services and discharge government duties and fines remotely via a mobile application or online portal. However, the global landscape is constantly evolving, and these high-tech services are no longer considered innovative. One of the most contemporary technologies that all major global economies are striving to integrate into their financial systems is smart contracts. Russia is also planning to introduce smart contracts, and for this purpose, it is creating accompanying tools such as the “digital ruble,” which will ensure the correct operation of this technology. This article aims to elucidate the principles of smart contracts in the Russian Federation, identify the advantages they offer over traditional contracts, examine the modalities of payment in this type of transaction, assess their impact on the Russian economy, and explore the prospects for their implementation and development in the context of current Russian realities.
Potential Consequences of IT Disruptions on the Value of Companies
Potential Consequences of IT Disruptions on the Value of Companies
(Potential Consequences of IT Disruptions on the Value of Companies)
- Author(s):Stoyan Stoyanov
- Language:English
- Subject(s):Economy, Business Economy / Management, ICT Information and Communications Technologies, Socio-Economic Research
- Page Range:216-227
- No. of Pages:12
- Keywords:IT disruption; finance; value; dependency
- Summary/Abstract:The ever-increasing usage of technology and upsurge of tech companies brings attention to an important topic, related to the consequences of disruptions that may occur with these technologies. In this research paper the analysis is based on the effects these outages have on a company’s value, more specifically isolating potential consequences the latest outage would have on the affected company, based on an analysis of previous cases. These cases showed that the effects depend on the company itself, what are it functions in and the grade at which technology is integrated in its activities, and logically the most affected by tech disruptions are tech companies. These effects can be both monetary, as well as reputational and have a possibility of affecting the company’s value as well.
Bulgaria on the Road to the Eurozone: Nominal Convergence Criteria and Policies Adjustment
Bulgaria on the Road to the Eurozone: Nominal Convergence Criteria and Policies Adjustment
(Bulgaria on the Road to the Eurozone: Nominal Convergence Criteria and Policies Adjustment)
- Author(s):Tatiana Houbenova-Delisivkova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development
- Page Range:228-242
- No. of Pages:15
- Keywords:European integration; EMU; Maastricht criteria; financial stability; EU reforms in the financial sector; financial integration
- Summary/Abstract:The paper discusses the adjustment of the Bulgarian economy to the integration process in the EU and the European Monetary Union as regards the prospects to join the EMU. The еconomic and financial integration of Bulgaria since the start of its official membership in 2007 coincided with the Global financial and economic crisis and with the European sovereign crisis in the European Moneraty Union (EMU) as the "core" of the EU integration. The last decade the integration process has been challenged by the deep institutional reforms as crucial for deepening and enlarging the EMU. The macroeconomic performance of Bulgaria is revealed with regard to the compliance with the macroeconomic nominal convergence criteria for the EMU. The real convergence is discussed to outline the ongoing reforms to speed up economic growth and competitiveness in compliance with the EU law and regulation. Conclusions and future prospects are summarized for the Bulgaria’s EMU entry as a challenge and opportunity for further integration of Bulgaria the EU.
The Bulgarian Economists on the Collectivization and the Planning in the Agriculture during Socialism (1945-1960)
The Bulgarian Economists on the Collectivization and the Planning in the Agriculture during Socialism (1945-1960)
(The Bulgarian Economists on the Collectivization and the Planning in the Agriculture during Socialism (1945-1960))
- Author(s):Tsvetelina Marinova
- Language:English
- Subject(s):Economy, National Economy, Agriculture, Marxist economics, Socio-Economic Research
- Page Range:243-256
- No. of Pages:14
- Keywords:Socialism; Comecon; Second World War; collectivization; planning; history of economic thought
- Summary/Abstract:This paper aims to present the leading ideas and debates among the renown Bulgarian economists on the collectivization of land and planning in agriculture after the WWII and during socialism (1945- 1960). This process was in relation to the development of the socialist integration and the great transformation of the Central and Eastern European economies following the USSR experience, but having national specifics.
Natural Resources as a Key Factor in Forecasting GDP in Europe
Natural Resources as a Key Factor in Forecasting GDP in Europe
(Natural Resources as a Key Factor in Forecasting GDP in Europe)
- Author(s):Gildas Bondi, Sarah Goldman, Maya Jandah, Virginia Zhelyazkova
- Language:English
- Subject(s):Social Sciences, Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Sociology, Policy, planning, forecast and speculation, Economic development
- Page Range:257-263
- No. of Pages:7
- Keywords:mixed-frequency Bayesian VAR; GDP growth forecasting; performance; monetary policy tools; Brent and precious metals prices
- Summary/Abstract:A Mixed-Frequency Bayesian Vector Autoregressive (MF-BVAR) model is developed in this work to forecast GDP growth in Europe. To improve forecast accuracy, the model incorporates data on natural resources, macroeconomic variables, and monetary policy instruments. The dynamic interaction between these factors is captured by the model through the integration of mixed-frequency data and Bayesian inference. Furthermore, we employ a Bayesian framework to integrate prior distributions and revise them with observed data, ensuring our model remains robust and adaptable to new information. By including data on natural resources, forecasting errors as determined by metrics such as Theil inequality coefficient and Root Mean Standard Errors (RMSE) can be reduced. The findings show how well the model predicts GDP growth, giving economists and policymakers important information.
Achievements and Problems in Implementing Innovations in Municipal Finance
Achievements and Problems in Implementing Innovations in Municipal Finance
(Achievements and Problems in Implementing Innovations in Municipal Finance)
- Author(s):Borislav Borisov
- Language:English
- Subject(s):Economy, Business Economy / Management, Public Finances, Socio-Economic Research
- Page Range:264-277
- No. of Pages:14
- Keywords:public finance; innovation
- Summary/Abstract:The topic of the relationship between science and practice has always been a subject of discussion, and in the absence of such, criticisms were directed either at the representatives of science, because their works are detached from real reality, or at the representatives of practice, because they do not follow and do not perceive the scientific achievements. This fully applies to the public sector, where declarations of modernization are constant, but the results are not always sufficient. This report asserts the thesis that in the field of public finances, and in particular those of municipalities, there are quite a few innovative developments that are successfully implemented in some of them, but still insufficient, making an attempt to reveal the reasons for this.
On the Psychological Determinant of Personnel Management
On the Psychological Determinant of Personnel Management
(On the Psychological Determinant of Personnel Management)
- Author(s):Levani Kereselidze
- Language:English
- Subject(s):Social Sciences, Economy, Psychology, Business Economy / Management, Sociology, Personality Psychology, Management and complex organizations, Socio-Economic Research
- Page Range:278-286
- No. of Pages:9
- Keywords:psycho-physiological characteristics; personnel; management; introvert; extrovert; psychological type
- Summary/Abstract:The article "On the Psychological Determinant of Personnel Management" discusses three issues: 1 The human subsystem as the main component of the company; 2. The psychological types and characteristics of humans; 3. Scientists on the importance of the psycho-physiological state of humans in the labor process. In the first issue, the three subsystems of the company are compared - the material, the organizational, the human, and the conclusion is that only the human system can "bring to life" the material and organizational subsystems and is thus the company's most valuable asset. In order to prove that a person, in addition to professional knowledge, needs corresponding psycho- physiological characteristics to be employed, the author has conducted a survey by questionnaire in Georgian company, which is about psychological compatibility of employees with the occupied position. The survey found that 70% of employees do not work by profession, 83% do not like their job, 84% do not like the company, 82% think that as interesting job appears elsewhere, they will leave the company, 90% of employees think that there are no partnership relations in the company, 100% think that the company needs to open a psychological cabinet, 60% believe that employees relationship is unfavorable, etc. The second issue states that there are no two persons with identical psychophysiological characteristics. Therefore, even if they are on the same professional level, exactly due to these distinctive characteristics, they produce differentiated results in labor. This part of the work presents 16 groups of humans’ psycho-physiological types and characterizes them, expresses opinions about the determination of job seekers’ types via their testing during the recruitment process carried out by Georgian companies and specifies most productive jobs for some types. This selection is made according to the Meyer-Briggs Indicator Test. In addition, the article discusses the tests of other scientists - R. Jatella test, Bassa Darck test, J. Ravenna test, G. Spielberg test, Luscher test, etc. The third issue introduces the opinions of various scientists - P. Drucker, N. Eriashvili, Z. Ghudushauri, etc. - on the psychological determinant of company personnel management and gives conclusion on its necessary involvement in the management. In the third part of the article, specifically on this subject, all scientists unanimously acknowledge that the company's successes are the result of the will and wisdom of those working there. Their character, mood, emotion, interest and other psychophysiological characteristics are revealed in the will. These scientists conclude that if the interests of the employees match the interests of the employer, such people create creatures of epochal significance.
Conference Program
Conference Program
(Conference Program)
- Author(s):Author Not Specified
- Language:English
- Subject(s):Essay|Book Review |Scientific Life, Scientific Life
- Page Range:287-301
- No. of Pages:5
