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The Membership of Bulgaria in the European Union: Eleven Years Later Cover Image

Членството на България в Европейския съюз: единадесет години по-късно
The Membership of Bulgaria in the European Union: Eleven Years Later

The conference has been organized under the patronage of the Rector of the University of National and World Economy Prof. D. Sc. (Econ) Statti Stattev and dedicated to the the Bulgarian Presidency of the Council of the EU 2018

Contributor(s): Bistra Boeva (Editor), Dimitar Hadjinikolov (Editor), Iordanka Stateva (Editor), Mirko Tripunoski (Editor), Duško Dimitrijević (Editor), Milanka Slavova (Editor), Ivan Stoytchev (Editor), Svetla Boneva (Editor), Oleg Lozanov (Editor), Silvia Kirova (Editor), Alexander Hristov (Editor), Silvana Jovcheska (Editor), Maia Tripunoska (Editor)
Subject(s): Politics / Political Sciences, Economy, Law, Constitution, Jurisprudence, National Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Governance, Sociology, Environmental and Energy policy, International relations/trade, Economic development, Law on Economics, EU-Accession / EU-DEvelopment, Financial Markets, Public Finances, Fiscal Politics / Budgeting, Accounting - Business Administration, Marketing / Advertising, Tourism, Human Resources in Economy, Business Ethics, Socio-Economic Research, EU-Legislation, Transport / Logistics
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Bulgaria; European Union; Bulgarian presidency; Council of EU; Eurozone; Western Balkans; EU Development; Cohesion; Fiscal Stability; Regional Policy; EU trade; International Business; Finance; Competitiveness; Public Finance
Summary/Abstract: This book collects scientific papers and reports presented on the conference ‘The Membership of Bulgaria in the EU: Eleven Years Later’ organized by the International Economic Relations and Business Department at University of National and World Economy (UNWE), Sofia, Bulgaria. The conference, held on 19 October 2018, was dedicated to the results of the Bulgarian presidency of the Council of European Union in 2018. It was patronaged by the UNWE Rector Prof. D. Sc. (Econ) Statti Stattev. The keynote speaker at the conference was Lilyana Pavlova, PhD, Minister for the Bulgarian Presidency of the Council of the European Union 2018, the first time Bulgaria chaired the rotating presidency. The authors dedicate their research topics in areas such as: practical results of the 2018 Bulgarian presidency of the Council of EU, contemporary financial issues and trends within EU and the Eurozone, banking trends, the common currency, risk management, Fintech, climate action and climate change, electricity production, Cohesion, competitiveness, multiannual financial framework, migration, social entrepreneurship, corporate identity, marketing efficiency aspects, multicultural projects and stakeholders management, etc.‘The Membership of Bulgaria in the EU: Eleven Years Later’ is an annually organized academic event with the vision to foster open dialogue, offer contemporary research and exchange of ideas between fellow academics, policy makers, businesses, stakeholders and the public.

  • Print-ISBN-13: 978-619-232-244-1
  • Page Count: 526
  • Publication Year: 2019
  • Language: English, Bulgarian
Научените уроци и ползите от първото българско председателство на Съвета на Европейския съюз

Научените уроци и ползите от първото българско председателство на Съвета на Европейския съюз
(Lessons Learned from the Bulgarian Presidency of The Council of the European Union)

  • Author(s):Lilyana Pavlova
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, EU-Accession / EU-DEvelopment
  • Page Range:15-18
  • No. of Pages:4
  • Keywords:Bulgaria; European Union; Council of EU; Rotating presidency
  • Summary/Abstract:The rotating presidency of the Council of the European Union is a practice, though being limited in the short-term period of six months, that requires visionary approach in setting the agenda for one of the two legislative institutions in the EU. The situation in a global and European perspective, during which Bulgaria took the presidency of the Council of the EU for the very first time, could be described as a dynamic, volatile, dominated by changes resulting from Industry 4.0 revolution as well as the issues emanating from the unprecedented case one of the member states to leave the EU, growing protectionism and measures being taken by some of the largest trade partners of the EU, climate change, urgent solutions required to respond to the migratory pressure but most of all – an answer to the question ‘What kind of Europe do we want?’.
ERM II и насоките на ОИСР за корпоративно управление в българските предприятия с държавно участие

ERM II и насоките на ОИСР за корпоративно управление в българските предприятия с държавно участие
(ERM II, OECD Guidelines for Corporate Governance for SOEs and Bulgarian Perspective)

  • Author(s):Bistra Boeva
  • Language:Bulgarian
  • Subject(s):Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Public Finances
  • Page Range:19-30
  • No. of Pages:12
  • Keywords:corporate governance; SOE; state owned enterprises; Banking Union; Eurozone
  • Summary/Abstract:This report explores and presents systematically a contemporary issue with practical dimensions which had not yet been discussed by the Bulgarian academics. The issue with the corporate governance of a specific subject in the market economy - the state-owned enterprises (SOEs). The focus of this article is on how and at which extent the Guidelines on corporate governance of SOEs, OECD/15/, are applicable in Bulgaria and whether the status quo allows it. The research is based on limited academic data available – publications by the European Commission, International Monetary Fund, World Bank, etc. The paper presents legislative acts and rules for corporate governance of state-owned enterprises. An analysis was conducted on company data – limited annual statements of some Bulgarian SOEs. Guidelines on corporate governance of SOEs, OECD (2015), were used as a framework for the present research.
Финансови центрове в Европа – каква е перспективата?

Финансови центрове в Европа – каква е перспективата?
(Financial Centers in Europe – What is the Perspective?)

  • Author(s):Iordanka Stateva
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Financial Markets
  • Page Range:31-45
  • No. of Pages:15
  • Keywords:financial centers; euro clearing
  • Summary/Abstract:After Britain’s decision to leave the European Union, a new situation has emerged, where smaller European financial centers are struggling to attract, in practice to deprive London at least of a part of its financial business. The main competitors in this respect are Frankfurt, Paris, Luxembourg, Dublin and Amsterdam. The result most probably will be a network of smaller financial centers, which as a whole is meant to substitute London, leaving the union. It means fragmentation of the financial services industry and EU will not have a financial center of global dimensions and scope like London in the foreseeable future. The most important question is about the competitiveness of the financial industry of EU without London and to the greatest extent it depends on financial technologies and innovations.
Ротационното председателство на Съвета на Европейския съюз и важната роля на отношенията с Европейския парламент

Ротационното председателство на Съвета на Европейския съюз и важната роля на отношенията с Европейския парламент
(The Presidency of the Council of the European Union and the Important Role of the Relations with the European Parliament)

  • Author(s):Monika Panayotova
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Public Administration
  • Page Range:46-57
  • No. of Pages:12
  • Keywords:Bulgaria; Council of EU; European Parliament; rotating presidency of the Council
  • Summary/Abstract:The rotating presidency of the Council of the European union is a multi-aspect process. It is often described by EU integration researchers as a marathon of negotiations comprised by a combination of high complexity from institutional interests, government preferences, leadership strategies and regulatory procedures to achieve agreements and policy making. Herewith I would like to focus the attention to an important dimension in this complex process – the collaboration between the Rotating presidency with the European Parliament. This is emphasized in three directions: i) the important role of the European Parliament post adoption of the Treaty of Lisbon; ii) main aspects of collaboration between the Rotating Presidency and the European Parliament; iii) collaboration between the Rotating Presidency with the Constitutional Affairs Committee of the European Parliament that is responsible for the institutional questions.
Финансиране на действия срещу изменение на климата

Финансиране на действия срещу изменение на климата
(Financing Actions Address to Climate Change)

  • Author(s):Svetlana Aleksandrova-Zlatanska
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Energy and Environmental Studies, Financial Markets
  • Page Range:58-71
  • No. of Pages:14
  • Keywords:climate change; climate policy; climate finance; green bonds;European structural and investment funds
  • Summary/Abstract:The climate change is emerging as a significant political, economic, financial and social issue. The researches present that carbon dioxide (CO2) accumulated by industry and agriculture, additional greenhouse gases contribute an increase average temperature. Possible consequences of climate change are a frequency of extreme temperature events (such as heat waves), intensity of storms, raise the level of sea and oceans. These changes significant impact on the economy, ecosystems and on the viability of nature and people well-being. The researchес address to finance climate change adaptation and mitigation. The sources of as European, Structural and Investment Fund (ESIF) and opportunities for investments from capital markets. The EU grants are used mainly for climate change mitigation than adaptation. Green bond issuance has grown significantly since 2007 with offering by the European Investment Bank (EIB), it is due to due to growth in the issuance of bonds by public and private institutions from France, Italy, Germany, Spain, Sweden, Denmark.
Корпоративната идентичност – необходим елемент от бизнес стратегията на българските фирми на общия европейски пазар

Корпоративната идентичност – необходим елемент от бизнес стратегията на българските фирми на общия европейски пазар
(Corporate Identity – a Necessary Element of the Business Strategy of Bulgarian Companies in the Internal Market)

  • Author(s):Oleg Lozanov
  • Language:Bulgarian
  • Subject(s):Economy, Business Economy / Management, Marketing / Advertising
  • Page Range:72-80
  • No. of Pages:9
  • Keywords:corporate identity; market positioning; Bulgaria; Single market
  • Summary/Abstract:This article explores the corporate identity as a necessary element of the business strategy which Bulgarian companies shall employ on the EU’s internal market. There has been slow but stable growth since 2006 on the presence of the Bulgarian companies in the Single market in the EU. Apart from the well-known difficulties in economic, financial, technological and marketing aspect, one of the most important and yet unsolved issues turns out to be the lack of recognition by the European consumers and, as a result of that, the lack of positive reputation and good company image. This observation is based on the underestimation and, quite often, the absence of special attention to the policy pertaining to the corporate identity and the competitive market positioning.
Икономическа и неикономическа ефективност в маркетинговите комуникации: теория и практика

Икономическа и неикономическа ефективност в маркетинговите комуникации: теория и практика
(Economic and Non-Economic Efficiency of Marketing Communications: Theory and Practice)

  • Author(s):Alexander Hristov
  • Language:Bulgarian
  • Subject(s):Social Sciences, Economy, Business Economy / Management, Communication studies, Theory of Communication, Marketing / Advertising
  • Page Range:81-86
  • No. of Pages:6
  • Keywords:efficiency; marketing communications; economic efficiency; non-economic efficiency
  • Summary/Abstract:The article presents a relatively new direction, related to the understanding of the efficiency of marketing communications – the distinction between economic and non-economic efficiency. A thesis is supported, that discussions whether these activities should lead to sales or achieve other results do not have strong base, because the main point in these cases is the purchase that can be even postponed for the future. In this sense, measurement of the effectiveness in practice is important to be done based on indicators related both to economic and non-economic results.
Управление на мултикултурни проектни екипи като фактор за повишаване на успеха на проектното портфолио

Управление на мултикултурни проектни екипи като фактор за повишаване на успеха на проектното портфолио
(Management of Multicultural Project Teams as a Factor for Enhancing the Project Portfolio Success)

  • Author(s):Matilda Aleksandrova, Boryana Bogoeva
  • Language:Bulgarian
  • Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Management and complex organizations, Human Resources in Economy
  • Page Range:87-93
  • No. of Pages:7
  • Keywords:project team; project team management; multicultural environment; project portfolio
  • Summary/Abstract:The paper is focused on identification of major features of project team management in a global multicultural environment related to the achievement of success of project portfolio management. A special emphasis is put on the interrelation between project portfolio management, organizational strategy, and effectiveness of project teams operating in a global multicultural environment. Various indications are provided regarding the behavioral aspects, multicultural competences, and virtual project teams’ management. Particular attention is devoted to the impacts of the cultural diversity on the management of multicultural project teams.
Световната финансова криза и загубеното десетилетие за Еврозоната

Световната финансова криза и загубеното десетилетие за Еврозоната
(The Global Financial Crisis and the Eurozone’s Lost Decade)

  • Author(s):Vasil Gechev
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Public Finances, Socio-Economic Research
  • Page Range:94-103
  • No. of Pages:10
  • Keywords:financial crisis; financial crisis effects; Eurozone (euro area)
  • Summary/Abstract:This article explores the effects of the Great Recession of 2007-2008. This has been the most significant disruption of the global economy for the past several decades. Its broad scope and deepness are reaffirmed by the circumstances at present. None of the biggest economies in the world (Brazil, USA, Russia, Eurozone, Japan) have entirely overcome the consequences of the Great Recession – 10 years in its aftermath. There are, though, palpable differences in the degree at which Eurozone and another two developed countries – USA and Japan, have overcome the crisis. As we compare, it is visible that the economic situation in the Eurozone is rather unfavourable. The most distinct feature is the unemployment – in the mid-2018 the proportion of the unemployed people proportioned to the working age population in the Eurozone is as high as twice compared to USA and three times higher than the level in Japan. Apart from the unemployment, this paper reviews the real GDP growth as well as the GDP dynamics per capita, budget deficit and government dept in the Eurozone. Based on the analysis of a 10-year period post-2007, we could conclude this was Eurozone’s lost decade.
Динамика на депозитите в банките в страните членки на Европейския съюз през периода 2007 – 2017 г.

Динамика на депозитите в банките в страните членки на Европейския съюз през периода 2007 – 2017 г.
(Dynamics of Bank Deposits in the EU Member States in the Period 2007 – 2017)

  • Author(s):Aglika Kaneva
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Financial Markets
  • Page Range:104-109
  • No. of Pages:6
  • Keywords:banks; bank deposits; European Union; Eurozone
  • Summary/Abstract:This paper reviews the dynamics of the banking deposits in the European Union and Eurozone countries for the period 2008-2017. A comparative analysis was conducted on the banking deposits dynamics for the above-mentioned group of countries for the period 2008-2017. We conclude with main trends of the deposit dynamics in the banking systems of the EU member states.
Новите страни-членки и процесът на ценова конвергенция в ЕС

Новите страни-членки и процесът на ценова конвергенция в ЕС
(The New Member Countries and the Process of Price Convergence in the EU)

  • Author(s):Valentin Bilyanski
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, EU-Accession / EU-DEvelopment, Socio-Economic Research
  • Page Range:110-127
  • No. of Pages:18
  • Keywords:price level; price convergence; new member countries; European Union
  • Summary/Abstract:This study examines price level differences in the New Member States (NMS) and their deviation from the EU average. The analysis is based on 61 analytical product groups for which Eurostat data are published. Then the process of price convergence is examined and an attempt to be identified the main factors that influence it is made. The results of the study show that lower price levels in NMS are mainly due to cheaper services, while prices for the most commodity groups are close to the average EU levels, even in some cases higher. The price convergence is not one-way process. In the NMS it is more intense in the pre-accession period to the EU and in periods of high economic growth. However, during and after the world financial and economic crisis, this process was slowing down, and there was even a divergence of price levels.
Интернационализацията на еврото

Интернационализацията на еврото
(The Internationalisation of the Euro)

  • Author(s):Vessela Todorova
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Financial Markets
  • Page Range:128-133
  • No. of Pages:6
  • Keywords:Anchor currency; International currency; Means of payment; Unit of account; Store of value; Currency internationalisation
  • Summary/Abstract:International currency serves international economic trade. It originated as a result of the internationalisation of national currencies or as supera-sovereign currency. Following the latest financial crisis an urgent answer is sought to the question: Is it possible to substitute the American dollar by some other international currency without shocks to world economy. The substitution of one currency by another is a normal process. The current world economic order, based on the supremacy of the dollar, is already losing ground. The future of the key currencies is indefinite. Every result is possible. The evolution of international currencies depicts the evolution of world economy.
Coordination of the Corporate Income Tax in the European Union

Coordination of the Corporate Income Tax in the European Union
(Coordination of the Corporate Income Tax in the European Union)

  • Author(s):Nelly Popova
  • Language:English
  • Subject(s):Economy, Supranational / Global Economy, Public Finances
  • Page Range:134-146
  • No. of Pages:13
  • Keywords:corporate income tax; classical system; tax coordination; European Union
  • Summary/Abstract:In the context of globalization taxation of business profits becomes an important factor for the investment decisions of companies. The predominating in the world classical system causes economic double taxation of corporate earnings and distorts the choice of capital structure and the choice between dividend distributions and reinvestments. Some Member States have adopted alternative tax regimes based on the integration of corporate and individual income taxes to eliminate the imperfections of the classical system. However, most of the alternative tax regimes are incompatible with the free mobility of capital within the Internal Market. The European Commission has acknowledged that the differences in corporate tax regimes of the Member States limit the free movement of capital, on the one hand, and create the risk of tax avoidance, on the other hand. The present article provides a concise review of the existing systems of corporate income tax and a comparison of their advantages and shortcomings. It also focuses on the most important initiatives for CIT coordination at the EU level. The main conclusion is that the classical system remains the most widely applied regime because of its neutrality between residents and non-residents.
An Outlook on the Changes of the External Trade Composition of Turkey with her Main European Union Trading Partners: 1996, 2017

An Outlook on the Changes of the External Trade Composition of Turkey with her Main European Union Trading Partners: 1996, 2017
(An Outlook on the Changes of the External Trade Composition of Turkey with her Main European Union Trading Partners: 1996, 2017)

  • Author(s):Elif Dağdemir Uçkan
  • Language:English
  • Subject(s):Politics / Political Sciences, Economy, National Economy, International relations/trade, EU-Accession / EU-DEvelopment, Public Finances
  • Page Range:147-163
  • No. of Pages:17
  • Keywords:External Trade of Turkey; Turkey and European Union; Trade Composition of Turkey; Turkey and European Union Customs Union
  • Summary/Abstract:The significant role of the external trade for an economy is incontestable. External trade not only helps to the capital accumulation for the industrialization of an economy but also generates employment. Furthermore, external trade which reflects the national production of an economy speeds up the transfer and the usage of the new technology and might increase the foreign exchange supply which is necessary for the balance of payments. Last but not least, external trade serves for enhancing political and diplomatic relations between countries. Along with the incontestable importance of increasing the volume of trade, trade composition and export diversification are as significant as the quantity for an economy. Classical trade theory as well as Heckscher-Ohlin theory that explain the gains from international trade by the static comparative advantage under perfect competition are far from conceiving today’s tangibles and the assumption of trade as an engine of growth deals with short-run economic growth. These weaknesses might be reinforced with a differentiation of trade composition and export diversification. Such a structural change on the external trade composition might then positively affect long-run economic growth. Regarding Turkey’s external trade, European Union has been the main trading partner of Turkey since the entering into force of the Association Agreement. The Association Agreement which aims the full membership of Turkey to the European Union foresees a Customs Union for industrial commodities. The Customs Union between the parties has been constructed upon three different stages, namely the Preparatory Stage, the Transitional Stage and the Final Stage. The Final Stage which reflects the readiness of the parties for the well-functioning of the Customs Union started in 1996. The aim of this paper is to analyse the changes in the composition of trade between Turkey and the main European Union trading partners and to evaluate the changes by taking into consider 1996 and 2017. The conclusions of this paper would give us the opportunity to discuss the actual as well as potential trade composition and export diversification of Turkey at the Final Stage of the Customs Union and might lead to further studies which examine the relationship between export diversification and long-run economic growth.
A Research Study of Nonlinearity Experiencing in the Rate of Current Account Deficit to the Bulgarian Tourism National Product

A Research Study of Nonlinearity Experiencing in the Rate of Current Account Deficit to the Bulgarian Tourism National Product
(A Research Study of Nonlinearity Experiencing in the Rate of Current Account Deficit to the Bulgarian Tourism National Product)

  • Author(s):Stoyanka Petkova-Georgieva, Zlatina Karadzhova
  • Language:English
  • Subject(s):Economy, National Economy, Public Finances, Tourism, Socio-Economic Research
  • Page Range:164-173
  • No. of Pages:10
  • Keywords:Rate of current account deficit to the Bulgarian Tourism National Product; Nonlinearity Experiencing; Kaplan Test; McLeod-Li test; BDS Test; Tzay Test
  • Summary/Abstract:The nonlinearity in any rate of current account deficit is an important task of research because of the so-called Regime Switching Models: TAR, SETAR, Markov Switching Model, etc. Usually, the behavior of time series exhibit breaks is associated with structural changes in government policy or financial crises. In the present research it is used as an example the calculated data about the rate of current account deficit to the Bulgarian Tourism National Product. The series are hard to be modelling because of the structural change of the government policy about the Bulgarian Tourism National Product. The basic hypothesis that is tested in the conducted research is that when there is a case of changes in the time series in their structure it is impossible the principles of linearity assumption to be applied. In the traditional econometrics as a science the linearity is an important assumption but there are practical evidences in which most of the time series do not provide this assumption. These cases of such time series behavior are called nonlinearity series. It is important to test the linearity assumption because of the differing between the ways of modelling the series in the case of linearity and nonlinearity using the date of the rate of current account deficit to the Bulgarian Tourism National Product. If any series do not provide the linearity assumption and also have change in the structure then the case can be modelling with TAR, SETAR or Markov Switching Model. We provided the research by questioning whether there is nonlinearity in the rate of proportion of current account deficit to the Bulgarian Tourism National Product and it is experienced with four nonlinearity tests: Kaplan Test, McLeodLi test, BDS Test and Tzay Test.
The Bulgarian Presidency of the Council of the EU and the Integration of the Western Balkans as a Key Priority – Lessons Learned

The Bulgarian Presidency of the Council of the EU and the Integration of the Western Balkans as a Key Priority – Lessons Learned
(The Bulgarian Presidency of the Council of the EU and the Integration of the Western Balkans as a Key Priority – Lessons Learned)

  • Author(s):Gergana Radoykova
  • Language:English
  • Subject(s):Politics / Political Sciences, EU-Accession / EU-DEvelopment, Geopolitics
  • Page Range:174-177
  • No. of Pages:4
  • Keywords:Bulgaria; European Union (EU); Council of the EU; rotating presidency;presidency of the Council of the EU; Western Balkans
  • Summary/Abstract:It was set clear that the European perspective of the Western Balkans is a key priority for the Bulgarian Presidency of the Council of the EU (1 January – 1 July 2018). The membership in the EU is only workable way to achieve sustainable peace, security, economic growth and prosperity in the region. In this context the bilateral relations between Bulgaria and Macedonia are of utmost importance and many positive steps for strengthening and improving the political dialogue have been made, emanating with the signing of the signing and ratification of the Treaty of Friendship between the two countries. The author’s main task is to analyze the current debate about the Euroatlantic perspective of Macedonia in the overall context of the integration of the Western Balkans, including the achievements and future challenges. There is a special focus upon the importance of building an active and aware civil society that is able to leave behind the contradictions of history and to look ahead and work with dedication to a "united in diversity" future for the region.
Регистър за синдикалните организации и организациите на работодателите - законодателна рамка и практически ефекти

Регистър за синдикалните организации и организациите на работодателите - законодателна рамка и практически ефекти
(Register of the Trade Union Organizations and the Organizations of the Employers – Legislative Frame and Practical Effects)

  • Author(s):Galina Yolova, Andriyana Andreeva
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Law, Constitution, Jurisprudence, Public Law, Labor relations, Law on Economics
  • Page Range:178-184
  • No. of Pages:7
  • Keywords:Special register; register enrolment; trade unions; transparency; syndicates; employer associations
  • Summary/Abstract:In this paper we conduct an analysis of the legislative solutions related to the establishment of a dedicated register of trade union organizations and the organizations of the employers. In the aspect of the present legislative hypothesizes author concludes about the specifics, necessity and the impact of the register requirement considering the principles of stability and transparency in the social dialogue field.
Две концепции за счетоводна предпазливост в Европейския съюз

Две концепции за счетоводна предпазливост в Европейския съюз
(Two Concepts for Economic Cautiousness in the European Union)

  • Author(s):Nedyalka Alexandrova
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Accounting - Business Administration
  • Page Range:185-191
  • No. of Pages:7
  • Keywords:Accounting conservatism; Conceptual Framework for Financial Reporting; financial reporting; prudence principle;
  • Summary/Abstract:There are two spheres of regulation in the EU legislative framework regarding the accounting – at first, Directive 2013/34/EU and on the other side - Regulation (EC) No 1606/2002 on the application of international accounting standards. Directive 2013/34/EU oversees the traditional understanding and strict compliance with the prudence concept by all accountancy scholars and practitioners on continental Europe. On the other hand, a key role to understand the philosophy of the International accounting standards plays the Conceptual Framework for Financial Reporting which is not officially accepted in the EU but it defines basic terms, principles and concepts. The latest update of the Conceptual Framework was in March 2018. The prudence principle was brought back to the document (as it was removed back in 2010). In this report the author claims that the prudence concept highlighted in the Directive 2013/34/EU and in the Conceptual Framework for Financial Reporting, hence in the International accounting standards, does not have same implication which is because of different philosophical foundations.
Новият МСФО 16 „Лизинги“ и корпоративното управление на предприятието

Новият МСФО 16 „Лизинги“ и корпоративното управление на предприятието
(IFRS 16 Leases and The Company's Corporate Management)

  • Author(s):Rositsa Ivanova
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:192-206
  • No. of Pages:15
  • Keywords:IFRS 16; analysis; evaluation; management; business indicator
  • Summary/Abstract:The new IFRS 16 Leases, effective from 01.01.2019, introduces significant changes in the accounting of the operating lease and its presentation in the financial statements of lessees. This publication studies the provisions of IFRS 16 and the accounting aspects of leases, both at the lessor and at the lessee, and highlights the effect of the standard’s provision on the corporate governance of the lessee companies. The aim is to analyse, evaluate and manage the behavior of key business indicators in the lessee companies under leases in accordance with the requirements of IFRS 16.
Туроператорът – комисионер или посредник?

Туроператорът – комисионер или посредник?
(The Tour Operator - Commissioner or Intermediary?)

  • Author(s):Zahary Tormanov, Zlatina Karadzhova
  • Language:Bulgarian
  • Subject(s):Economy, Law, Constitution, Jurisprudence, Tourism, EU-Legislation
  • Page Range:207-213
  • No. of Pages:7
  • Keywords:tour operator; tourist package; functions; commission agent; intermediary; contract
  • Summary/Abstract:From the point of view of Bulgarian law, the tour operator is an independent trader who organizes and carries out activities on tourist travel and subsistence and related services on the basis of contracts for tourist packages. The tour operator consolidates on a contractual basis services provided by other traders and offers them on the market in the form of tourist packages. In view of this economic scheme, the question arises as to the quality of the tour operator, whether as a commission agent or as an intermediary or in another quality. Finding an answer to this question is also the aim of our report. The report thoroughly examines the essence of travel agencies, their core functions and the additional features. It is argued that the tour operator is not a commission agent to the suppliers, nor is the intermediary between them and the traveler/tourist for the provision of the individual tourist services included in the package. We consider and argue in favor of the thesis that the tour operator is the main party to the contract for organized tourist package and it is concluded on his behalf. Finally, we can say that the Contract for tourist package is an individual type of contract to which the general contract rules may apply.
Възможностите на ваучерите за здравна превенция в българския СПА туризъм

Възможностите на ваучерите за здравна превенция в българския СПА туризъм
(Opportunities of Health Care Vouchers in Bulgarian SPA Tourism)

  • Author(s):Rumen Draganov
  • Language:Bulgarian
  • Subject(s):Economy, National Economy, Tourism
  • Page Range:214-222
  • No. of Pages:9
  • Keywords:health care; vouchers for health prevention; vouchers for food; medial spa; spa
  • Summary/Abstract:The study analyzed opportunities of health care vouchers in Bulgarian spa tourism. Health care is a major concern of the state and employers and is enshrined in both the Health Low and Labor Code. The Bulgarian union of Spa Tourism (BUBSPA) proposes the introduction of vouchers for health prevention together with food vouchers. The article looks at the possibilities of this happening.
Международният маркетинг и бъдещето

Международният маркетинг и бъдещето
(International Marketing and the Future)

  • Author(s):Nadya Ivanova Marinova
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Marketing / Advertising
  • Page Range:223-229
  • No. of Pages:7
  • Keywords:management; Risk; power; efficiency; integration
  • Summary/Abstract:Each development is a combination of historical continuity and renewal. What marketing will bring in the future is a matter of extremely difficult answers. The problem is that new generations are emerging with their own value system, views and preferences. It is these people who will be the new producers, intermediaries, consumers and even marketing ideologues.
Знание и конкурентоспособност: проблеми и перспективи

Знание и конкурентоспособност: проблеми и перспективи
(Knowledge and Competitiveness: Problems and Trends)

  • Author(s):Angel Ivanov, Juliana Hadjitchoneva, Kristian Hadjiev
  • Language:Bulgarian
  • Subject(s):Social Sciences, Economy, Supranational / Global Economy, Sociology, Economic development, Socio-Economic Research
  • Page Range:230-239
  • No. of Pages:10
  • Keywords:Competitiveness; knowledge; innovations; economic and social development
  • Summary/Abstract:We explore two vaguely structured concepts – competitiveness and knowledge society. We attempt to describe the relations in between those two concepts and their mutual coherence in the contemporary development context. Authors suggest main directions in development of a complex methodological approach in analysing those relations. We underline the necessity of a new type of education and research methodologies to be employed in the analysis and the evaluation of such complex and multi-aspect phenomena.
Осигуряването на здравословни и безопасни условия на труд в контекста на корпоративната социална отговорност

Осигуряването на здравословни и безопасни условия на труд в контекста на корпоративната социална отговорност
(Ensuring Health and Safety Work Conditions in The Context of the Corporate Social Responsibility)

  • Author(s):Hristina Blagoycheva
  • Language:Bulgarian
  • Subject(s):Economy, Labor relations, Human Resources in Economy, Socio-Economic Research
  • Page Range:240-249
  • No. of Pages:10
  • Keywords:health and safety work conditions; corporate social responsibility; accidents at work; corporate governance
  • Summary/Abstract:This publication aims to identify the prerequisites for differentiating the management of the health and safety work conditions as an element of the corporate social responsibility and to identify the benefits of their application as an element of the overall management of the organization. Every year in Europe 10% of the workers are affected by an accident at work or a professional illness. As a result, 3,4 million people die and 3,7 million remain disabled. Total losses are 3,3% of the European Union's GDP. Governments create legal norms, regulations and prescriptions, but the employers are responsible for building a healthy and safe working environment in organizations. This responsibility is often overlooked by businesses in favor of quick profits or is reduced to formal implementation of the main regulatory requirements. Such behavior ultimately leads to losses for both the company itself and society as a whole. It is obvious that businesses need more information to realize the overall benefits of good management of health and safety at work, especially in today's globalized world with increased demands for public responsibility. Therefore, an attempt was made to draw the reflections of the work environment created in the organization, to present good practices and to outline the benefits of the voluntary adoption of corporate social responsibility as an integral part of the management of the business unit.
Развитие и тенденции на логистичния сектор в България в периода 2007-2019 г.

Развитие и тенденции на логистичния сектор в България в периода 2007-2019 г.
(Development and Trends of the Logistics Sector in Bulgaria in the Period 2007-2019)

  • Author(s):Maria Vodenicharova
  • Language:Bulgarian
  • Subject(s):Economy, National Economy, Transport / Logistics
  • Page Range:250-256
  • No. of Pages:7
  • Keywords:Logistics; logistics sector; trends; development; Bulgaria
  • Summary/Abstract:The logistics sector is defined as an aggregate of all logistic service providers which act within the frames of a specific economy (Dimitrov, 2013). The logistics sector has been one of the main gears of the Bulgarian economic growth for the past 11 years with its share in the national GDP of 10%. The sector works towards cost cutting while at the same time quality improvement of the services provided and more efficient functioning of the trade and industrial companies. The aim of this report is to present the development of the Bulgarian logistics for the period 2007-2019 as well as to suggest future trends.
Управление на риска при различните форми за осъществяване на международен бизнес в контекста на глобалните вериги за доставка

Управление на риска при различните форми за осъществяване на международен бизнес в контекста на глобалните вериги за доставка
(Risk Management of Different Forms of International Business within the Context of Global Supply Chains)

  • Author(s):Zhelyazko Valchev
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy
  • Page Range:257-267
  • No. of Pages:11
  • Keywords:supply chain; global supply chain; global supply chain management; risk management; international business
  • Summary/Abstract:It is fairly common to observe different forms for conducting international business as part of each global supply chain framework. There are specific advantages emanating from the unitization of each one of those forms. This, however, means high level of complexity as well as unpredictability as their application is being characterized by inherent risks that are not homogenous and depend on multiple factors – complexity degree and character of the business operation itself, necessity to allocate financial resources or other external resources, market structure, etc. In this paper we will review the specific risks faced by the companies which conduct different forms of international business in order to participate in the global supply chain. At first, we will focus our attention to the import and export which are considered rather simple business operations but, nonetheless, could lead to the incurrence of great variety of risks. Second, we will review the risks pertaining to non-capital contracting forms for international market penetration – licensing and franchise. Some detailed attention will be paid to the outsourcing which is a main tool for global supply chain modelling as well as international production cooperation – both forms are characterized by a degree of complexity and extensive inter-company partnerships. At last, we will review the foreign direct investments which are recognized as the most complex of all forms of international business which leads to great risk predisposition.
Теоретична и приложна същност на АВС метода

Теоретична и приложна същност на АВС метода
(ABC method: Theory and Application)

  • Author(s):Ani Stoykova
  • Language:Bulgarian
  • Subject(s):Economy, Business Economy / Management, Accounting - Business Administration
  • Page Range:268-276
  • No. of Pages:9
  • Keywords:ABC method; traditional methods; literature review
  • Summary/Abstract:Activity Based Costing is an up-to-date method for determining the cost of the finished products. The ABC method shows the linkages between the calculation objects on the one hand and the necessary resources for their production and the activities related to the conversion of the resources in finished product on the other hand. According to this method, total cost are allocated only to these products that have led to their emergence. Though ABC method is a relatively new method in cost accounting, it is used in companies active in various sectors of the economy. The aim of this study is to present the ABC method and to show advantages of ABC implication in the organizations. We present evidence that ABC system can empower and improve process analysis, strategy support, monitoring wastage and quality along with productivity management in organizations.
Производство на електроенергия от конвенционални енергийни източници в България

Производство на електроенергия от конвенционални енергийни източници в България
(Production of Electricity of Conventional Energy Sources in Bulgaria)

  • Author(s):Svetla Boneva
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Energy and Environmental Studies, Environmental and Energy policy
  • Page Range:277-289
  • No. of Pages:13
  • Keywords:production of electricity; conventional energy sources; thermo-electric power-stations
  • Summary/Abstract:The objective of the research is to present the importance of the characteristics of conventional energy sources electricity generation in Bulgaria. The research methods used in the study involve elements of retrospective analysis, induction and deduction, analysis and synthesis, comparative and content analysis, table presentation and generalization of the main ideas of key strategic and regulatory documents in the energy policy area. This is a conceptual study and a posteriori research approach has been followed for its development. The thesis of the research is that electricity generation from conventional energy sources still dominates the energy sector in Bulgaria. Coal is of high importance for the security of the country with electricity. Bulgaria has enough installed and functioning powers for coal processing, which is the main reason for the highest share of this energy sources in the total electricity generation in Bulgaria. The results of the research represent generalizations and analyses on the stable interest in conventional electricity generation in Bulgaria. The results of the research provide ground for evidence-based recommendations and decisions on the future policy measures in the energy sector and their implementation in Bulgaria. The conclusion of the research is that the interest in conventional energetics is big and the biggest share of electricity generated in Bulgaria comes from coal notwithstanding its’ negative environmental impacts and the consciousness of the fact that raw materials will be depleted in the long run. The general production of electricity in Bulgaria in 2017 has been increased in comparison with 1990 as a result of the new powers installed for generating electricity from renewable energy sources. Electricity generation from coal and atomic energy remain nearly unchanged in 2017 compared to 1990, while electricity derived from natural gas has reduced and the electricity generated by renewable energy sources registers several times bigger increases for the same period. Energy efficiency measures undertaken in Bulgarian industry and households in the last 2 decades, the clear trend to turning the national economy structure towards less energy consuming sectors (such as the service sector which forms an ever growing share of the national GDP in the recent years) and the overall decrease of the population in Bulgaria is a clear evidence of the export potential of the country in terms of electricity exports. Yet both the European and world electricity markets however do not render a considerable account for the resource from which energy has been generated (e.g. "green" or "brown" energy).
Електромобилите - част от устойчивата мобилност в контекста на Европейския пазар и стимули

Електромобилите - част от устойчивата мобилност в контекста на Европейския пазар и стимули
(Electromobiles as a Part of the Sustainable Mobility Within the Context of the EU Market and Incentives)

  • Author(s):Daniela Mihneva
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Energy and Environmental Studies, Environmental and Energy policy, Transport / Logistics
  • Page Range:290-311
  • No. of Pages:22
  • Keywords:Sustainable mobility; EU market; electric vehicles; automotive industry
  • Summary/Abstract:Urban mobility is changing in the most cities in the developed world. More importantly, these changes are no longer related to the continuation of past trends, such as the significant increase in motorization in the second half of the 20th century. Instead, cities are increasingly seeing the impact of more destructive changes, whether as a result of technological innovation, socio-economic change or new political interventions. The significant and unexpected growth of urban bicycling; the growing importance of the car- and bicycle sharing; multimodal travel supported by smartphone travel applications; and rediscovery of walking in urban conditions are not only the common experiences in many cities, but they have become the main focus of the urban transport policy in the cities around the world. This study aims to address the issues of the sustainable mobility, how and via which policies and incentives will be realized and what are the challenges the automotive companies are facing. The methodology used for the study conduct is an analysis of primary and secondary information, a review of researches by leading consultancy companies, opinions and researches of the European institutions, and a regulatory framework to clarify the problems and opportunities for mobility. In order to solve the connectivity, safety and environmental issues, the automotive industry should work with other industries, institutions, NGOs etc.
Методика за изследване готовността на служителите за участие в иновационни проекти

Методика за изследване готовността на служителите за участие в иновационни проекти
(Methodology for Studying Employees’ Readiness for Participation in Innovative Projects)

  • Author(s):Lilyana Stankova
  • Language:Bulgarian
  • Subject(s):Economy, Business Economy / Management, Sociology, Methodology and research technology, Human Resources in Economy
  • Page Range:312-320
  • No. of Pages:9
  • Keywords:Innovations; innovative projects; human resources
  • Summary/Abstract:Human resources are essential for the way a certain innovative project is going to begin and for the quality of its results. In this connection, this report offers a methodology for assessing the readiness of the employees in an organization to take part in innovative projects. The methodology can be used either for identification of the appropriate employees to be included in the project teams or for planning the further development of their knowledge and skills for effective realization of innovative projects.
Значението на приемствеността в развитието на идеи и потребността от познания по международен мениджмънт за нови технологични компании в България с потенциал за развитие на международните пазари

Значението на приемствеността в развитието на идеи и потребността от познания по международен мениджмънт за нови технологични компании в България с потенциал за развитие на международните пазари
(The Importance of Succession in Ideas Generation and the Necessity of Knowledge in International Management for New Technological Companies in Bulgaria with Export Potential)

  • Author(s):Margarita Ivanova
  • Language:Bulgarian
  • Subject(s):Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Human Resources in Economy
  • Page Range:321-328
  • No. of Pages:8
  • Keywords:new technologies; startups; internationalization
  • Summary/Abstract:The dynamic conditions in international markets pose a number of challenges for startups. New tech companies are searching for their algorithm to build competitive advantages in the context of strong international competition, limited budgets and reaction time. Emphasizing the importance of continuity in the development of ideas, the present publication aims to help overcome key challenges for technology start-ups in Bulgaria by highlighting the opportunities offered by interdisciplinary analysis and international management knowledge.
Актуални проблеми на управлението на взаимоотношенията със заинтересованите страни на проекта

Актуални проблеми на управлението на взаимоотношенията със заинтересованите страни на проекта
(Project Stakeholders Engagement Management - Current Issues)

  • Author(s):Nadya Marinova Penova
  • Language:Bulgarian
  • Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Management and complex organizations, Human Resources in Economy
  • Page Range:329-337
  • No. of Pages:9
  • Keywords:Project; project stakeholders; manage project stakeholder engagement
  • Summary/Abstract:This article gives a closer look to the current issues connected to the project stakeholders engagement management. Sometimes project stakeholders’ interests coincide which positively affects the project implementation. Special attention, however, needs to be paid if stakeholders’ interests differ. That is why project success requires proactive actions on behalf of project managers in order to properly interact with the project stakeholders. In addition, managers must bear in mind that stakeholders’ interests change within the different stages of the product life cycle.
Анализ на връзката между проектите, финансирани чрез кохезионния фонд на EC в областта на околната среда и състоянието на туризма в България

Анализ на връзката между проектите, финансирани чрез кохезионния фонд на EC в областта на околната среда и състоянието на туризма в България
(Analysis of the Connection of the Projects Financed by the EU Cohesion Fund in the Field of the Environment and the Composition of Tourism in Bulgaria)

  • Author(s):Stoyan Neytchev
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Energy and Environmental Studies, Environmental and Energy policy, Tourism
  • Page Range:338-345
  • No. of Pages:8
  • Keywords:Tourism; environment; European Union
  • Summary/Abstract:This report reviews in brief and analyses the impact of the EU environmental policy through projects financed by the Cohesion Fund in regards to the Bulgarian tourism and the level of the tourist product being offered from environmental elements’ viewpoint and as influenced by the EU policy. The author conducted a systematic review of some main elements of the secondary EU legislation pertaining to the environmental protection policy. Considering the absence of sufficient in terms of volume and scope information, author carried out questionnaire survey, face-to-face interviews with people who are directly involved in preparation and implementation of such measures that influence the environment with focus on the relation between the current environmental conditions and the tourist product offered. In view of the aforementioned results, we could conclude that the measures implemented with financial resources allocated from the Cohesion Fund do have positive impact on the Bulgarian tourism.
Членството на България в ЕС предпоставка или предизвикателство за повишена конкурентно-способност на международния товарен автотранспорт

Членството на България в ЕС предпоставка или предизвикателство за повишена конкурентно-способност на международния товарен автотранспорт
(The membership of Bulgaria in the EU – a precondition for or a challenge before the enhancement of the competitiveness of the international cargo transport)

  • Author(s):Maria Hristova-Politikova
  • Language:Bulgarian
  • Subject(s):Economy, National Economy, Transport / Logistics
  • Page Range:346-353
  • No. of Pages:8
  • Keywords:autotransportation of cargo; market structure; competitiveness; Common European Area; pricing factors; rentability
  • Summary/Abstract:Autotransportation is surveyed for its most dynamic development after the economy changes in Bulgaria in the 90`s. It best meets the requirements of Bulgarian economy after it adopts the market principles. A short survey of special characteristics of autotransportation is done which put it forward in comparison to the other types of transportation. The market of autotransportation services is studied as market structure according to the degree of competition. The basic pricing factors are described and the influence of Bulgarian membership in EU is observed. The effect of EU membership is also traced in basic characteristics of autotransportation – traffic loads, prices, terms of delivery, company rentability. The effect of these changes over competitiveness of trade companies is also observed.
Разкриване на нефинансова информация в Докладите за устойчивост – по примера на Daimler

Разкриване на нефинансова информация в Докладите за устойчивост – по примера на Daimler
(Disclosure of non-financial information in Sustainability reports – the case of Daimler)

  • Author(s):Daniela Mihneva
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Energy and Environmental Studies, Environmental and Energy policy
  • Page Range:354-378
  • No. of Pages:25
  • Keywords:sustainability reporting; CSR reporting; GRI; automotive industry
  • Summary/Abstract:The present study focuses on the disclosure practices of the companies’ environmental impact in their sustainability reports. Based on various studies of companies’ sustainability reports, the study aims to follow how the disclosure practices change and which principles and approaches influence and stimulate the development of such disclosure. Different formats for disclosure are being considered, with more attention being paid to the Global Reporting Initiative (GRI) as the most commonly used format. The goal is to highlight the positive aspects of disclosure of sustainability information, as well as to be presented some shortcomings in the reporting formats and the impact they have on the company performance. A sustainability spectrum model is presented, exploring the stages of sustainability that companies reach when providing sustainability information. The study also includes a practical example for a sustainability reporting by an automotive company.
Потенциални възможности на социалното предприемачество в кръговата икономика на ЕС след присъединяването на България

Потенциални възможности на социалното предприемачество в кръговата икономика на ЕС след присъединяването на България
(Potential Possibilities for Social Entrepreneurship in the EU Circular Economy After the Bulgarian Accession to the EU)

  • Author(s):Ivet Tileva
  • Language:Bulgarian
  • Subject(s):Social Sciences, Economy, National Economy, Energy and Environmental Studies, Sociology, Social development, Socio-Economic Research
  • Page Range:379-388
  • No. of Pages:10
  • Keywords:social entrepreneurship; start-up companies; innovations; biodegradable waste; circular economy
  • Summary/Abstract:The increasing tendency for creating a circular economy within the EU has a favorable impact on the emergence of new business ideas based on innovations in Bulgaria as well. Social entrepreneurship and the start-ups as its result are about to be the source for green economy due to the development of their own innovative solutions. For the purposes of analysis, as an example a Bulgarian start-up company working in the field of biodegradable waste utilization in an environmentally sound manner is observed. On the basis of the information gathered, a conclusion for the level of significance and the place of the business model in the Community's circular economy is drawn. Additionally, a forecast for development of the particular innovation at international level is formulated.
Реалност 5.0 – ЕС и България в търсене на подходи за ефективна регионална политика

Реалност 5.0 – ЕС и България в търсене на подходи за ефективна регионална политика
(Reality 5.0 – the EU and Bulgaria in Searching New Approaches for Effective Regional Policy)

  • Author(s):Kristina Stoyanova
  • Language:Bulgarian
  • Subject(s):Economy, Geography, Regional studies, National Economy, Regional Geography, Socio-Economic Research
  • Page Range:389-394
  • No. of Pages:6
  • Keywords:Regional policy; EU Regional Policy; Reality 5.0; Bulgaria
  • Summary/Abstract:The deepening socio-economic imbalances and the negative trends in the development of the EU and our country determine the need to justify a new approach to managing the processes in the complex territorial systems. Of particular importance is the underlying understanding of the objectively existing regionality and the factors contributing to the growth of development imbalances. For this purpose, it is necessary to develop a new methodology for analyzing and evaluating the complex organization and structure of socio-economic and cultural-ecological processes and systems, based on the interpretation and measurement of geospatial inequalities.
Европа и лидерството във финансовите иновации (финтех)

Европа и лидерството във финансовите иновации (финтех)
(Europe and the Leadership in Financial Innovation (Fintech))

  • Author(s):Silvia Kirova
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Financial Markets, ICT Information and Communications Technologies
  • Page Range:395-404
  • No. of Pages:10
  • Keywords:Financial innovations; technologies; Fintech; financial markets
  • Summary/Abstract:The interaction between technology and finance has a long history but in the past several years we have witnessed a new wave of technological innovation, that has entered the financial markets and changed them significantly. The goal of this study is to explore the development of the fintech industry in the last decade and to point out where Europe stands now compared to the rest of the world in terms of development and implementation of financial innovation. The European initiatives to foster Europe’s leader position in fintech, so that the European society reap up in full the benefits of new technology are also presented in the paper.
Първично монетно предлагане същност на модела на финансиране и регулаторна рамка в Европейския съюз

Първично монетно предлагане същност на модела на финансиране и регулаторна рамка в Европейския съюз
(Initial Coin Offering Essence of the Financing Model and Regulatory Framework in the European Union)

  • Author(s):Deyan Ivanov
  • Language:Bulgarian
  • Subject(s):Economy, Supranational / Global Economy, Financial Markets
  • Page Range:405-410
  • No. of Pages:6
  • Keywords:initial coin offering; ICO; crypto currencies; investments
  • Summary/Abstract:Initial coin offering is a new and alternative model for raising capital by startup companies, making the study of problems in the field relevant and of great significance. The article explores the aims, the advantages and the essence of the initial coin offering. In particular, the regulatory framework, investor returns and risks in the area of this type of financing are analyzed. Based on the collected data and after analyzing the trends and problems related to the topic, conclusions and recommendations are formulated regarding all participants in the initial coin offering.
Всестранното инвестиционно споразумение между ЕС и Китай – значението му за ЕС и възможностите за България

Всестранното инвестиционно споразумение между ЕС и Китай – значението му за ЕС и възможностите за България
(The EU-China Comprehensive Investment Agreement – Significance for the EU and Opportunities for Bulgaria)

  • Author(s):Kameliya Dzhongova
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Supranational / Global Economy, International relations/trade, EU-Accession / EU-DEvelopment
  • Page Range:411-420
  • No. of Pages:10
  • Summary/Abstract:In 2012 the EU brings up the need of a Comprehensive investment agreement with China – its second largest trade partner. The report presents from the European perspective the current situation with the FDI flows between EU and China, the obstacles in front of a more effective international investment policy, the objectives and tasks of the agreement and also the estimated effect of the treaty. At the end of the report conclusions on the eventual economic opportunities for Bulgaria are made based on the analysis.In 2012 the EU brings up the need of a Comprehensive investment agreement with China – its second largest trade partner. The report presents from the European perspective the current situation with the FDI flows between EU and China, the obstacles in front of a more effective international investment policy, the objectives and tasks of the agreement and also the estimated effect of the treaty. At the end of the report conclusions on the eventual economic opportunities for Bulgaria are made based on the analysis.
Икономически и финансови измерения на отношенията САЩ – Китай

Икономически и финансови измерения на отношенията САЩ – Китай
(Economic and Financial Dimensions of the USA-China Relations)

  • Author(s):Ilian Dimitrov
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, International relations/trade
  • Page Range:421-440
  • No. of Pages:20
  • Keywords:USA-China relations; USA Trade; China Trade; USA-China Cooperation; International Economic Relations; International Trade
  • Summary/Abstract:USA and China are the two biggest world economies and, to a great extent, they determine the trends in the global economic development course. The relationship between USA and China resembles Yin and Yang – they are constantly struggling for power while at the same time cannot be without each other. China is the biggest creditor to USA which on its side is an important export market for China. In this paper the author is analysing the reasons, development and future of the USA-China economic partnership. Author’s thesis is that, despite the power battles between USA and China, it is in the common interest of both countries to continue their inter-dependent economic policies beyond the repercussions from the trade and economic disputes. This paper is a brief version of the Master’s degree thesis where author reviews in greatest details the economic relations between USA-China and substantiates the above thesis.
Междукултурни различия и ефективно лидерство в екипа

Междукултурни различия и ефективно лидерство в екипа
(Intercultural Differences and Effective Team Leadership)

  • Author(s):Vasil Mihov
  • Language:Bulgarian
  • Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Management and complex organizations, Accounting - Business Administration, Human Resources in Economy
  • Page Range:441-448
  • No. of Pages:8
  • Keywords:Intercultural differences; Team Leadership; Leadership strategies; Managing teams
  • Summary/Abstract:Business processes are going global nowadays, project teams include members spread across the globe. The managers face number of challenges managing these teams. They need not just to speak a few languages but to have solid knowledge of different cultures and habits as well as to effectively manage and motivate people who do not think the same way as they do. In this way, this report aims to present the main challenges that arise in managing intercultural teams. The presented position is that managers can effectively manage their teams by adhering to certain principles and strategies – adaptation, structural intervention, management intervention, exit.
Социалната политика на Европейския Съюз в глобализиращия се свят – между европейското и националното

Социалната политика на Европейския Съюз в глобализиращия се свят – между европейското и националното
(The EU Social Policy in the Globalizing World – in Between European and National Policy)

  • Author(s):Todor Kondarev
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Supranational / Global Economy, Welfare systems, Socio-Economic Research
  • Page Range:449-457
  • No. of Pages:9
  • Keywords:Social policy; European Union; Reflection paper social dimension Europe; White paper on the future of Europe; European Commission; European Parliament; Quality of life; Employment; Unemployment
  • Summary/Abstract:The current paper "Social Policy of EU in the globalizing world – between European and national" presents some aspects of the social policies of EU and the members states and, also, the challenges EU faces because of the continuous changing and developing technological world. The globalization, which affects direct he existence and the life of people, holds out new challenges for the social activities and policies within EU. Shall the policies in the separate countries members of EU continue according to the existing rules in place and every country would determine the social policies by its own or a new approach for unifying should be found in order to be used in the Union as a whole. A comparative analysis is prepared based on the historical experience for the new challenging factors in front of the labour force in Europe and the trends worldwide – negative growth of population, modernization and robotization of production, global network development (Internet), labour migration, etc., showing the new requirements to be met by the European working population in order to keep its competitiveness for the business environment. It is notified that there is a trend of future deeper integration in the social area within EU in order to balance the standard of living in all countries – richer or poorer, by unifying the social area standards.
Корупцията в държавната администрация и икономическата корупция в контекста на членството на България в Европейския Съюз

Корупцията в държавната администрация и икономическата корупция в контекста на членството на България в Европейския Съюз
(Corruption in the state administration and economic corruption within the context of the membership of Bulgaria in the EU)

  • Author(s):Galin Isaev
  • Language:Bulgarian
  • Subject(s):Economy, Law, Constitution, Jurisprudence, National Economy, Business Ethics, EU-Legislation
  • Page Range:458-467
  • No. of Pages:10
  • Keywords:Mechanism for cooperation and verification; corruption in public administration; economic corruption; counteraction against corruption
  • Summary/Abstract:Bulgaria is a country – member of the European Union, which by preference of the European committee has achieved unsatisfactory results in relation to the counteraction and the fight against corruption. In a result of this preference Bulgaria has been included in a specially created Mechanism for cooperation and verification regarding certain areas, within which the committee come out with an annual report, reporting the condition of the country in the mentioned areas. The essential part of the problem with corruption in Bulgaria is the corruption in public administration and the associated with it – economic corruption. The Mechanism for cooperation and verification plays a significant disciplining role regarding the authorities in Bulgaria for taking actions targeted into the counteraction against corruption.
Относно концепцията за „необичайно благоприятна оферта” съгласно българското законодателство в контекста на европейските директиви в областта на обществените поръчки

Относно концепцията за „необичайно благоприятна оферта” съгласно българското законодателство в контекста на европейските директиви в областта на обществените поръчки
(On the Concept of “Abnormally Low Offer” Under the Bulgarian Legislation in the Context of the European Public Procurement Directives)

  • Author(s):Ilonka Goranova
  • Language:Bulgarian
  • Subject(s):Economy, Law, Constitution, Jurisprudence, Law on Economics, Business Ethics, EU-Legislation
  • Page Range:468-472
  • No. of Pages:5
  • Keywords:public procurement; abnormally low tender; irregular tender; rejection of a tender
  • Summary/Abstract:The aim of the present report is to illustrate the concept of "unusually favorable offer" under the current Public Procurement Act and to raise the question of how this concept corresponds to the idea of "abnormally low tender", according to the provisions of the European directives. The approach to achieving this aim is a practical oriented analysis of the current European and Bulgarian legislation. The paper draws attention to the different terminology used by the Bulgarian and European legislators. It is emphasized that there is a discrepancy in the very concept of "abnormally low tender".
Регулиране в областта на обществените поръчки в България

Регулиране в областта на обществените поръчки в България
(Public Procurement Regulation in Bulgaria)

  • Author(s):Stanislava Tzvetkova
  • Language:Bulgarian
  • Subject(s):Economy, Law, Constitution, Jurisprudence, National Economy, Law on Economics, EU-Legislation
  • Page Range:473-483
  • No. of Pages:11
  • Keywords:Public procurement; Regulatory authorities; Guidelines for enforcement of the Law
  • Summary/Abstract:The process of spending public funds, its expediency and transparency are of high public interest, both at local and European level. In the context of a modern open society, with a strong civic attitude and a great deal of access to information, the question of how, why and how much public money is spent on obtaining a good is essential for the population. European and local institutions face the challenge of improving the process of good allocation of resources, improving the quality of their goods and achieving an optimally high level of public utility and transparency. Also it’s a challenge for contracting authorities to monitor changes in the legal framework and case law, and they often examine the views and reports of control bodies that bring clarity in law enforcement practice.
Как миграцията се отразява върху новата многогодишна финансова рамка Съюзи в рамките на Европейския съюз

Как миграцията се отразява върху новата многогодишна финансова рамка Съюзи в рамките на Европейския съюз
(The Impact of Migration on the New Multiannual Financial Framework of the European Union)

  • Author(s):Atanas Pavlov
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, EU-Accession / EU-DEvelopment, Public Finances, Fiscal Politics / Budgeting, Asylum, Refugees, Migration as Policy-fields
  • Page Range:484-492
  • No. of Pages:9
  • Keywords:EU budget; Multiannual financial framework
  • Summary/Abstract:This analysis provides an assessment of some of the most important elements of the EC proposal for new 2021-2027 MFF and new system of own resources, mainly focusing on the issues regarding migration and their impact. Also, the analysis provides an overview and comparison between the new MFF and the current one. For the expenditure side of the EU budget, the European Commission has proposed a long-term budget of €1,135 billion in commitments (expressed in 2018 prices) over the period from 2021 to 2027, equivalent to 1.11% of the EU27's gross national income (GNI). This level of commitments translates into €1,105 billion (or 1.08% of GNI) in payments (in 2018 prices). Superficially, this amounts to an increase on the 2014-2020 MFF, which is an estimated 1.02% of EU-28 GNI (commitments), but a number of factors make comparisons difficult. On the revenue side of the EU budget, the Commission has taken the political opportunity presented by Brexit to propose a gradual phasing-out of most of the correction mechanisms that discount certain Member States' contributions to the EU budget. The proposal for a new own resources decision also takes up the recommendation of the High-Level Group on Own Resources to introduce new own resources explicitly linked to EU policies.
Програма за развитие на селските райони в България за периода 2014-2020: предизвикателства и бъдеще

Програма за развитие на селските райони в България за периода 2014-2020: предизвикателства и бъдеще
(Rural Development Program of Bulgaria 2014-2020: Challenges and Future Prospects)

  • Author(s):Deyan Ivanov
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Agriculture, Economic policy, Welfare systems, Public Finances
  • Page Range:493-499
  • No. of Pages:7
  • Keywords:Common Agricultural Policy; risks and difficulties; rural development; European funds
  • Summary/Abstract:Since Bulgaria's accession to the European Union, European grant funding under the Rural Development Program has had a tangible impact on the agricultural sector, making the research of the problems in the area relevant and significant. The article examines, the development and implementation of the program. In particular, the perspectives and problems in implementing the support measures are analyzed, paying attention to their future developments. Based on the collected data and after analyzing the trends and problems conserning the subject, conclusions and recommendations are formulated in regard to the Rural Development Program for the period 2014-2020.
Действия на Европейския съюз в областта на спорта

Действия на Европейския съюз в областта на спорта
(European Union’s Actions in the Field of Sport)

  • Author(s):Hristo Draganov
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Economic policy, Public Finances
  • Page Range:500-506
  • No. of Pages:7
  • Keywords:European Union Policies and Actions; Sports Economics
  • Summary/Abstract:The European Union exercises competence in the field of sport. Basic methodological features of the European Union's actions in the field of sport are drawn up by outlining the legal basis, direction and funding of these actions.
Финансова подкрепа за Албания и България по линия на програмата Phare: сравнителен анализ

Финансова подкрепа за Албания и България по линия на програмата Phare: сравнителен анализ
(Financial Assistance for Albania and Bulgaria Through the Phare Program: Comparative Analysis)

  • Author(s):Indrit Cenai
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Economic policy, International relations/trade, EU-Accession / EU-DEvelopment, Socio-Economic Research
  • Page Range:507-517
  • No. of Pages:11
  • Keywords:Albania; EU Accession Process; Pre-Accession Assistance; Bulgaria; Bulgaria; PHARE program
  • Summary/Abstract:After the so-called ‘dictatorship’ period in Albania the country becomes recipient of financial assistance from the EU in the 90’s. This assistance is allocated through the PHARE program as well as other international donor programs (supporting food security, humanitarian aid during emergencies, development of voting standards as well as education, including loans by the European Investment Bank). This article analyses the financial aid provided by the EU to Albania and Bulgaria prior to their EU accession as well as some difficulties experienced by Bulgaria during its pre-accession funds utilization made available through PHARE program. This research is conducted with the following important limitation: the analysis covers only the duration of the pre-accession instruments and funds and the issues experienced prior to the formal accession of Bulgaria to the EU.
Оценка на програмите за публично финансиране

Оценка на програмите за публично финансиране
(Evaluation of Public Financing Programs)

  • Author(s):Stoyan Kanatov
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Economy, National Economy, Public Finances, Fiscal Politics / Budgeting
  • Page Range:518-524
  • No. of Pages:7
  • Keywords:public financing; public financing programs; impact assessment; European structural and investment funds
  • Summary/Abstract:Conducting various assessments is an important element of the implementation of the European Structural and Investment Funds. There are clearly defined goals and responsibilities for the evaluations in each programming and implementation cycle (preliminary, intermediate and subsequent). The implementation of the evaluation process in many countries from Central and South-eastern Europe is a result of the requirements noted in the regulations on the European Structural and Investment Funds. The aim of this paper is to present the role of the theoretical and methodological knowledge in the public financing programs assessment, to review the main methods for conducting an impact assessment as well as to conduct a comparative analysis on these methods.
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