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Green finance is one of the many terms used to describe activities on the two-way interaction between the environment and financial investment. It has become increasingly known as an expression over the last decade for the reasons of many national green investment banks and all the growing green debt markets. Green finance is directly related to concepts such as climate finance and sustainable financing.
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Banks are under increasing pressure to implement working mechanisms to control climate risks and to support the socio-economic cause of sustainable development. This pressure comes from two sides, one with governments through new regulations and the other with investors aware of the threat to the bank’s assets.Banking regulators around the world are adopting new rules to limit openness to climate risks and require stress tests to be conducted soon.
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Artificial intelligence with its many possibilities is relevant to the needs of the agrarian economy, insofar as it is a basic branch in the structure of the national economy. Ensuring sustainability in the development of the agrarian economy is closely related to one of the manifestations of artificial intelligence – digitization. As stated in the Strategy for Digitization of Agriculture and Rural Areas of the Republic of Bulgaria [5], „digitalization allows the agrarian economy to realize its high potential and reap the same successes as the high-tech spheres of the economy: increasing productivity, adding value, improving quality and safety, and thus income and quality of life, drastically reducing pollution to sustainable levels, flexible and quick response to market trends“. The application of artificial intelligence in this regard needs to bring the Bulgarian agricultural legislation in line with the specifics of artificial intelligence, respectively the creation of new up-to-date legal norms in this area.
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The present research report outlines the evidence on the uses of AI in the economics education and summarizes the pros and cons of relying on algorithms in search of cognitive efficiency.
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The development and implementation of artificial intelligence (AI) is largely determined by the development and potential of the anthropogenic factor. This means the availability of sufficient specialists, on the one hand, related to specific knowledge in the specific field, as well as skills for scientific research activity using appropriate methods and means to prove characteristics and trends. On the other hand, the implementation of the results in a practical environment and the teaching experience about the usefulness of introducing intelligent systems in a wider environment is also determined by human potential. Today, the „fourth industrial revolution“ in the agricultural sector is particularly important and necessary, i.e. digital agriculture to be the basis of the modern agrarian revolution in the Republic of Bulgaria. It is only through wide application of scientific achievements and innovations that it is possible to achieve quality results in agriculture. The modern economy today is characterized by the rapid entry of artificial intelligence AI, which is changing a number of economic sectors, including and agriculture and the rural economy, as territory. Society as a whole is facing sweeping transformations and a new technological revolution. In our country, AI as a key tool of development is entering more slowly, but more importantly, it is becoming a catalyst for the need for digital transformation.
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Until a few years ago, the topic of artificial intelligence still seemed relatively unknown. Today, however, not a day passes without news of a practical application of artificial intelligence. Quite naturally, this did not escape the financial, and especially the banking, sector. At the core of artificial intelligence is software that can "teach" itself and improve based on received data. It can be implemented in a number of banking processes: thus a particularly important application plays in the field of Compliance departments in banks and financial institutions. Banks use artificial intelligence to provide customers with the best and fastest customer service possible.
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Current paper aims at investigation high risk applications as a main object of the new European Union regulatory proposal on artificial intelligence (AI). Consecutively are presented new definition of artificial intelligence and high risk systems as well as rules for classifying high risk AI systems and risk management process in high risk systems. Interpretation is done in the context of maturity of the regulation and the rules. Benefits and treats for SMEs are stated as a conclusion.
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The paper aims to identify Georgia's export challenges in the context of Deep and Comprehensive Free Trade Area (DCFTA) and to present the theoretical findings for the assessment the results of the Georgia’s convergence to the EU under the free trade conditions. In order to assess its impact on export, the paper provides a comparative analysis of the results of the sociological survey of Georgian exporters conducted in 2016 and 2022 and also, an experimental study on the impact of institutional distance on export. Among the important findings are: exporters with more than 5 years of experience (mostly considering sanitary and phytosanitary standards) were positively affected by institutional proximity and export flows are in positive correlation with the state effectiveness (according to the WGI) in partner countries.
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In the Balkan countries (Bulgaria, Romania and Serbia) the coronavirus pandemic has had serious economic and social repercussions. While in Bulgaria there are a number of formal, legal constraints to pursuing expansionary fiscal and monetary policies, as well as those stemming from the participation of the Bulgarian lev in the exchange rate mechanism 2 and the EU Banking Union, in Romania and Serbia the government and the central bank dispose of more policy tools and opportunities to react to crises. This is evidenced by the applied monetary easing strategies, including quantitative easing as well as other unconventional monetary policy and liquidity measures during the pandemic. In this regard the aim of the paperis to demonstrate to what extent the type of monetary regime determines the scope and nature of reactions in the event of a shock and crisis associated with systemic uncertainty and the possibilities for economic recovery in the three Balkan states.
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The topic of the adoption of the euro in Bulgaria is as well-worn as it is relevant with each subsequent year because the country is on the threshold of the euro zone, but something is still missing. Expectations for admission at the beginning of 2024 turned out to be impossible because Bulgaria did not meet the requirements for inflation levels, although it was exemplary in this indicator in recent years. It turned out that all efforts were in vain, but there is still hope that within one to two years the economic indicators will stabilize and the country will become a full member of the Eurozone. The purpose of this report is to examine the state of convergence indicators in Bulgaria, Croatia and Romania for the period 2020-2022 and to try to trace the reasons for our not being admitted to this monetary union, which is so important to us.
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Russia has long dominated in the supply of gas to many European countries, at the same time being heavily dependent on the foreign currency revenues from gas exports to cover its foreign currency demand. Therefore the Russia-Europe gas trade was considered mutually beneficial. Geopolitical tensions of spring 2022 changed this status quo. Russia required gas to be paid in rubles. The paper lays out an analytical framework for understanding the reasons and consequences of this drastic move based on the combination of macro- and micro-level challenges. We argue that the new mechanism of the Russian gas payments introduced in 2022 should be considered transitional to a potential future radical overhaul of the payments for Russian exports.
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This paper attempts to find out to what extent CEE countries are converging towards the euro area in terms of their GDP structures. To achieve our objectives, we use a beta-convergence econometric approach that relies on fixed effects panel data estimation. We estimate a simple equation for all GDP structures and compare the results between two groups of countries. The results obtained from the empirical analysis indicate that there is a process of beta convergence in the GDP structures of the CEE countries towards the euro area. The intensity of this process shows certain specifics both in relation to the countries in and outside the euro area, and in relation to individual structural components. The increasing structural similarity does not exclude the manifestation of certain negative influences on macroeconomic dynamics, which could reduce the intensity of the real convergence process.
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In 2020, the COVID-19 pandemic, the worst health crisis in the last 50 years, has disturbed the society and the economy through a series of negative effects to the people health and economic growth. Measures to prevent and combat the spread of the virus taken by most countries in the world in March-April have led, particularly in the second quarter of this year, to a generalized decline in economic activity. In this context, the paper analyzes whether the national authorities in the affected countries have managed to find a proper balance between measures to protect the health of citizens and those to ensure the smooth running of the economy.
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Innovation and digital technologies have an even greater influence on the development and growth of the air power efficiency. Cyber operations are more and more visible and therefore presented as being part of normality. Upon state level, air force can no longer ignore this reality and has to take active measures to adapt to the new state of normality. Adaptation of the air power to the challenges raised by cyber operations is a lengthy process, which develops continuously and that shall cause additional consumption of means and resources that would usually have been allocated to other activities. However, provided the adaption of the air power to the new reality becomes impossible, then it will, unavoidably, lead to its transformation into a paper tiger.
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Cryptocurrencies were initially regarded as a technological curiosity and a way to put into practice the principles of the libertarian ideology. A decade later from the emergence of the first cryptocurrency, they have slowly made their way in many aspects of the real world and have been widely embraced, for legitimate or illicit purposes. Consequently, cryptocurrencies now have a variety of security implications, at national and even global scale. These implications derive first of all from their use for illegal activities (from terrorism to money laundering and financing the activities of organized crime networks), but also from their legal use, through their influence on the financial sector, on a country’s monetary policy or through private initiatives such as the Libra project initiated by Facebook. The purpose of this paper is to analyse these security implications and the measures that states can take to mitigate their negative impact.
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Concepts such as “hybrid threat” or “grey zone” are used to define the wide range of “political warfare” actions that countries such as Russia, China, Iran or North Korea employ for projecting their influence, plausibly denying their responsibility and hampering any response by not crossing the threshold of an armed conflict. Those characteristics allow many actors to project their power asymmetrically by hindering the attribution of their actions, preventing the allocation of legal responsibilities, making retaliation more difficult and compromising the credibility of deterrence. Although many of these actions are carried out in the physical world, the virtual domain seems the natural realm for these activities. This is due to the ambiguity, anonymity, asymmetry, economy and ubiquity of cyberspace. This contribution focuses on the “grey zone” activities in the cyber and information domains conducted by two relevant powers – China and Russia – and discuss the problems and prospects related to those.
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Throughout time, the political, cultural, economic revolutions, the innovations - the evolution in general - are based on the capacity shown by the societies, and by the system in their ensemble, to absorb the shocks and, even more than that, to evolve and to improve themselves as a result. If the resilience is referred to the ability to face and to resist the unfavorable situations that have risen, the antifragility requires, also, a fast accommodation which, inevitably, brings progress together with it. Anticipating the evolutions and the fast transformations which appeared within the markets, or the various industries, represents challenges that the companies’ managers find harder and harder to manage. Starting from certain given situations, formulating the (short, middle and long-term) strategies represents a major step on which the survival of the company itself depends.More than ever, the economic environment, which is continuously changing and globalizing, needs precise and updated information, their analysis and pertinent predictions, and this, mainly, the task carried out by the Competitive Intelligence field.This article aims at transposing the concept of antifragility within the economic environment, directly connected with the field of business information and to relate these systemic concepts, highlighting how they can bring additional value and help decreasing the risks and bringing to a sustainable economic progress.
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There is a fierce competition in the international arms sale market regarding the export of very high-tech and sensitive defence material. For some developed countries, like Russia, Greece, Italy, France, Sweden, the manufacture and sale of armaments represent a substantial percentage of their GDP and a possibility to grow their income and wealth. At the same time, because of the different research and development levels of advanced technologies in the production of defence capabilities, like multi-purpose platforms, unmanned systems, robotics, nanotechnology, artificial intelligence/learning machines, there is a huge discrepancy between American defence industry and the European one. This is really true when you consider the dependence of European industrial companies from their American counterparts. This dependence has obliged some European defence companies to establish bilateral or multilateral collaboration agreements to survive in the field of armaments export.For the Romanian Defence Industry, the discrepancy is even higher than Western similar companies, considering its reliance on old technologies, lack of specialists and research institutes, and acquisition of majority of its military equipment from the US. There is little interest from both the Government and the MoND to invest in national defence companies to buy their military products, which have lower technology incorporated and low performance equipment.
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The paper proposes and conceptually outlines an author’s composite indicator for measuring from political risk perspective the economic recovery after the current Russian-Ukrainian war. The core assumption is that the economic recovery is inevitable according to the general law of systems and the cyclicality. The aim is by combining and amending available measuring tools to propose new derivative which gives a different prospective economic recovery measurement. As a measurement tool, WERI is not yet complete and will be subject to future refinement and development. It should be perceived as a kind of manifestation of the author's passion for measurement and the construction of measuring tools.
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In recent years, space capabilities have become increasingly important for the proper function and development of the economy and society and for ensuring security. Space is the newest operating environment for military powers, so decision makers can no longer ignore the benefits of space systems and technologies, but also the risks and threats they may be subjected to. The paper highlights the growing contribution of all these space systems to the functioning of most critical infrastructure sectors and assesses that they must be an independent sector of such infrastructures that need to be protected.
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