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In this paper the degree of real convergence of the Bulgarian economy with the European economy has been assessed by analyzing some of the indicators of real convergence such as price level, GDP per capita and labour productivity. Major economic indicators for Bulgaria in the period 2017 – 2022 have been examined.
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The COVID-19 pandemic that emerged at the beginning of the current decade has negatively affected European economies. As a result, various instruments have been developed within the European Union to provide support to member states in dealing with the social and economic consequences of this pandemic. The present study focuses on the analysis of the purposes, policies and current results of the Recovery and Resilience Facility and the national plans financed through this instrument.
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The purpose of the report is to provide an overview and analysis of the current legislation in the field of the supplementary insurance for unemployment and/or professional qualification. We have focused on the more important aspects of the organization and management of this type of insurance having analyzed the legislation of the voluntary form under which it could only exist at the current stage. We have also tried to find the possible reasons for the dead point in which this activity has been frozen having in mind the lack of companies able to practically organize the development of the voluntary unemployment insurance model.
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The focus of this report is to uncover and trace Chile’s experience in building and refining a fully funded unemployment insurance model. The review provided an insight into the architecture of the unemployment insurance system based on individual savings accounts and how it is harmonized with the unemployment solidarity fund. Emphasis has been added on the organizational structure and changes that have taken place over the years in order the insurance model to be improved.
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In this report we analyze the phenomenon of “political inflation” through the prism of the classical understanding of the essence of inflation, established in economic science. We define inflation in politics and determine its four possible dimensions. We focused only on the first of these in search of a quantitative measure to measurement the cost (value) of electoral outcomes for mandated positions. The time frame is concentrated on the period of the current political crisis in our country – from 4th April 2021 to 31st December 2023. Finally, we take the view that the only relatively suitable indicator for the proposes of the analysis is the value of the daily allowance for one parliamentary mandate.
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The report “Analysis of interest in the performances of the Bulgarian state theaters in the period 2018-2022” is a kind of analysis of demand and supply in the field of performing arts. The selected period covers the time before the Covid-19 pandemic and after, aiming to interpret the changes that occurred as a result of these events. The report analyzes live performance attendance data by gender, age, education, city, employment status, and more. The data on the number of theaters by type (dramatic, dramatic-puppet, musical), by form of ownership (state, municipal, private) are commented on. The data on average number of visits to one theater, average number of visits to one performance, number of new performances, number of tours are analyzed. The data on the revenues realized by the cultural institutes are also analysed. All data used are from the National Statistical Institute.
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The report looks at several EU start-ups that have expanded beyond its markets. Examples of companies founded before the founding of the EU are presented. The ways in which they organized their activities in a historical aspect are presented. The stability of the European market guarantees the emergence of new companies that have created new technologies and trends in the public life of the population. The report examines the benefits of building these companies in the diverse EU market and how important unity and closeness in the culture of a group of individuals is for successful market positioning and company development. A comparison is made of events when entering a foreign market and how successful or not it was compared to the establishment of the company in the EU and the initial positioning in the market. The political, legal, cultural and financial risk of positioning in the foreign market are considered. The report analyzes the strategy for entering the foreign market and the consequences of the influence of the foreign culture on the company. A comparison is made of companies founded before the founding of the EU and their difficulties in positioning themselves in the market. It also takes into account the fact that 30 years have passed since the founding of the EU and the world is technologically different. The development examines the challenges and barriers faced by companies in the period of their construction before entering a foreign market. The possibilities for financing newly founded companies, the risks and competitive advantages of the presence on the European market are examined. In conclusion, a comparison is made of the examined sites and recommendations are made regarding the political, financial and legal frameworks for supporting newly founded small companies to enter a foreign market. An opinion is expressed about possible steps to prepare entrepreneurs for entering a foreign market.
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The changes to IAS/IFRS that came into effect on 01.01.2023 and that entities need to reflect are fundamental to understanding financial statements. Improving the communication of financial reporting has been a central theme of the IASB's standard-setting and improvement work in recent years. In this paper I aim to clarify these amendments so that their practical application becomes clearer. The objective of the study is to assist preparers in deciding what accounting policy information to disclose in financial statements. An attempt is made to provide clarity on the main points in the changes that have occurred in the standards and requirements of IFRS.
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The public interest entities (PIEs) play a pivotal role in the EU's financial and economic landscape. In light of the newly adopted Directive 2022/2464 a more detailed analysis of the methods adopted by EU member states for the classification of PIEs is needed. This report compares the legal framework of the EU member states and analyzes the classification of PIEs.
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Bulgaria’s tax system, comprising state and local levels, encompasses various taxes like income tax, social security contributions, corporate taxes, and value-added tax. Administered by the National Revenue Agency, state taxes are fundamental, while municipal councils regulate local tax rates. In 2008, Bulgaria transitioned to a flat tax system, replacing the progressive tax with a 10% income tax. Taxation of foreign individuals hinges on residence and interests, and local taxes, including real estate tax and succession tax, contribute to the municipal budget under the Local Taxes and Fees Act. The Value Added Tax (VAT) system, regulated by the Value Added Tax Act, applies to an array of goods and services. VAT registration can be compulsory, voluntary, or initiated by revenue administration. It is applicable to goods, services, intra-European Union acquisitions, and imports. The standard VAT rate is 20%, while accommodation services are taxed at 9%. An analysis of tax revenues as a percentage of Bulgaria's GDP from 2010 to 2020 reveals consistent growth, primarily driven by economic expansion. However, the heavy reliance on indirect taxes, particularly VAT, raises concerns about revenue stability. Recent changes, including increased allowances for families with children and temporary VAT rate reductions during the COVID-19 pandemic, reflect attempts to address socio-economic challenges. Several solutions are proposed to enhance the Bulgarian tax system, encompassing changes such as increasing individual income tax, implementing a progressive tax structure, raising corporate taxes, reducing VAT rates, or combining these adjustments. A suggested approach focuses on a moderate increase in individual income tax from 10% to 15% to achieve a balanced tax system, with potential worker demotivation addressed through transparent government spending and commitments to improved social welfare.
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A central bank is an institution that oversees and regulates the banking system and controls the monetary base. The most important function of any Central Bank is to undertake monetary control operations. There are three key goals of modern monetary policy. The first and most important is price stability or stability in the value of money. The second goal is a stable real economy, often interpreted as high employment and high and sustainable economic growth. The third goal is financial stability. The Fed was created on December 23, 1913. It is the central banking system of the United States of America. European Central Bank was established on 1 June 1998, located in Frankfurt, Germany. The European Central Bank (ECB) is the prime component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. Bulgarian National Bank was established on 25 January 1879, located in Sofia, Bulgaria. From January 1, 2007, with the accession of the Republic of Bulgaria to the EU, the BNB became part pf the European System of Central Banks (ESCB).
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Effectively addressing catastrophic risks stemming from natural hazards holds significant societal importance, highlighting the interconnection between public finance and insurance. Within the context of Bulgaria's susceptibility to flood-related risks, this study evaluates the existing model designed for mitigating post-event damages. The effectiveness of this model is examined through the case study of the 2022 Karlovo area flood. In proposing methods for enhanced risk management, three distinct tools are introduced: the promotion of voluntary insurance, the allocation of a specific budget line item for natural hazard damages, and the establishment of a catastrophic insurance pool. To assess the viability of these approaches, a comparative analysis is conducted, drawing parallels with the catastrophic insurance pool in Romania.
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Following the popularization and rise of Artificial Intelligence (AI) since the previous year via its most well-known manifestation via ChatGPT, a growing number of companies in Europe and around the world have started to heavily utilize AI in their daily operations. The impact of its penetration and deployment has led to changes in the job market. Now the public opinion has changed and many workers have started to worry about their jobs. In this article, we briefly examine the impact of artificial intelligence on the labor market, considering the current state and future trends. This study is a literature review and explores the impact of AI in the European Union, but also on a global scale. The limitations are related to the fact that it is not a comprehensive research and only takes into account a few of the main factors related to the rise of AI. From the available information, general conclusions will be drawn about the impact of AI on the labor market and the world economy as a whole. We will also try to answer the questions of whether AI has reached levels of replacing human labor entirely, and whether there is also a positive side to this - for example by creating opportunities for new jobs that are related to operating and maintaining AI. This is achieved through analysis and synthesis of empirical information, analysis of various publications, graphs and statistical data from reputable sources. The results suggest that the usage of AI has triggered changes not only in the labor market, but also in the economy as a whole that will shape economic processes not only in the upcoming few years, but for decades to come.
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Different areas serve as sources of pension protection for the citizens of the European Union. Along with pensions from public systems, capital pensions are playing an increasing role. Financial institutions-providers of pension savings products operate on a different business model. This diversity makes it difficult for the saver to make a decision and is an obstacle to the development of the pension protection. The pension tracking system is seen as a mechanism for achieving a more efficient market for pension products. The report examines the development of this instrument in the European Union. We are looking for answers to questions about the possible application in Bulgaria and other countries. The analysis concludes that the pension tracking system is a necessary set of measures that would be a prerequisite for improving the well-being of the savers.
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The report presents the results of the developed integrated indicator for measuring macroeconomic imbalances in the countries of the European Union, including Bulgaria. The methodology of calculation of the integrated indicator and its properties is presented. In addition, macroeconomic imbalances were studied using annual data for each of the 27 countries of the European Union for a period of 14 years, including Bulgaria. The countries of the European Union are ranked according to their macroeconomic imbalances and for Bulgaria the development of these imbalances from 2007 to 2020 has been studied.
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In this paper, the World Bank Group's response to the crisis with COVID-19 pandemic has been examined. The impact of the pandemic on key macroeconomic indicators for the world economy has been analyzed. The measures taken by the World Bank to limit the negative impact of the COVID-19 pandemic on the global economy have been indicated. The implementation of the Debt Service Suspension Initiative has been presented.
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The main purpose of the paper is to analyze the main trends in the developments of Bulgaria’s macroeconomic imbalances on the basis of the Alert Mechanism Reports (AMRs) published by the European Commission. Such reports have been published since 201
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The purpose of the paper is to investigate the extent to which Bulgaria fulfills the Maastricht criteria for membership in the Euro area. The paper is dedicated to the most discussed and current topic in Bulgarian society, namely the accession of Bulgaria to the Euro аrea. Since January 1, 1999, the euro has been introduced in 19 member states of the European Union (EU). Seven of the nine EU member states called “with a derogation”, including Bulgaria, have not yet adopted the single European currency. The research period in the paper is from 2010 to 2021. Structurally, the paper includes an introduction, three parts, a conclusion and a bibliography. The first part of the paper examines the main aspects related to the accession of Bulgaria to the Euro area, the second part describes the methodology used in the study, and the third part describes the achieved results of the research. Finally, the paper ends with a summary of the main conclusions of the analysis.
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The purpose of the paper is to examine the features of the model of providing medical institutions with antidotes as medicinal products in Bulgaria. To achieve this goal, the paper first presents a general characterization of emergency toxicological care with antidotes, second, analyzes the model by which antidotes are provided as medicinal products to the medical institutions in our country, and third, examines good clinical practices. Based on the analysis, recommendations are made for improving the create and implemented models for the availability and effectiveness of antidotes.
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The report presents a study conducted in 2021 through a survey that aims to reveal some of the attitudes of individuals as users of financial lending. The survey was conducted among 375 respondents living and working in the Republic of Bulgaria. The questions in the survey aim at revealing certain mental attitudes and are asked in a way that can be related to certain decision-making mechanisms presented in the concept of "Nudge". The survey focuses on a few key mindsets that frequently underpin consumer behavior that leads to arrears and increased debt to the lender. The motivation for payment, the factors that influence the choice to stop paying, and the decision-making mechanisms in the presence of several obligations to different creditors are all being investigated. The report gives a brief description of these attitudes and offers practical approaches for influencing them in the collection practices of financial institutions.
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