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In this paper we try to briefly analyse the main working principles and the social consequences of the financial system. In the second part of our article we describe several alternative solutions to the current system: in our opinion, some of these could help and enable the work of establishing a democratic and solidarity economy.
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In a world of fast-paced technology and the growing role of digital marketing, the importance of customer loyalty tools included in loyalty programs is increasing. But not only by its very nature as part of customer relationship management, but also through the prism of real return and achieving a sustainable business.
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Cooperatives as organizations seek their identity after the democratic changes in Bulgaria. Credit cooperatives appear to be underdeveloped compared to similar organizations in other countries. This study examines the theoretical concepts of cooperatives as well as the development of a legal definition of cooperatives. The intersection and the difference between the theoretical understanding of cooperatives and the normative definition of them are derived. The basic principles and values of the cooperative are presented, both historically and in the present moment. Various forms of organizational structure of credit cooperatives have been considered and on this basis the stakeholders in the credit cooperative have been identified.
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Decades after the establishment of the first modern agricultural cooperative in Bulgaria, we are observing a continuous increase in its number, then we see a decline until nowadays. We identified three historical periods for this development: pre socialism, socialism and post socialism. In periods, when the members’ satisfaction is higher, we notice increasing of the number of cooperatives and vice versa. In each period the relation between members’ satisfaction, cooperative values and principles and existing and operating governance structures differs seriously. This paper is concentrated on reasons for this development and tries to evaluate the influence and application of the governance structure and cooperative values and principles on members’ satisfaction. It our research we argue that the members’ satisfaction is higher when the governance structure of the cooperative fits with the cooperative values and principles. The methodology of the research comprises qualitative and quantitative methods. The qualitative method includes in depth interviews, observations and narrative analysis. We use Analytic Hierarchy Process (AHP) as instrument for quantitative valuation of governance structures according to the cooperative values and principles as a criterion and will use it to measure member satisfaction in each historical period.
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The present study aims to measure the usability of the beta coefficient of companies traded on the Bulgarian capital market over the past 10 years. The last decade has been specific to the Bulgarian capital market. After the two crises on the capital markets in the period, it seems that the capital market has failed to recover to the extent that the markets of other European countries have recovered. For this reason, we want to investigate whether beta coefficient of companies in Bulgaria has sufficient significance and can be used in practice.
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The purpose of this article is to consider budgeting and budgetary control as a tool to increase a company’s performance and achieve its strategic goals. Budgetary control compares actual revenue and expenditure with projected values, identifying variations and enabling corrective action to be taken.The main approaches and methods for the implementation of the budgetary control system in enterprises are presented. Discussed are the most common reasons for the existence of budget deviations of the actual from the planned indicators observed in the practice of economic units.
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The global economic environment is becoming increasingly turbulent and risky – trade wars, trade sanctions, military conflicts, Brexit, over-indebtedness, competing cheap money policies, etc. For an EU peripheral economy and banking sector like the Bulgarian ones, this environment contains many risks and benefits. Thus, the results for the half-year for both economy and banking sector proved to be more favorable than expected before. What are the reasons and what should we expect for the entire 2019? This paper makes a descriptive analysis of the core macroeconomic indicator: the gross domestic product, and examines the contribution of its components on the supply and demand side to the economic growth during the first half of the year. Additionally the dynamics of further key macroeconomic indicators (inflation and unemployment) are briefly outlined. In a parallel line the banking sector is more deeply addressed due to it’s the crucial role in the structure of thecontemporary economy. Extrapolating the influence of the factors revealed in the retrospective analysis and taking into account the expectations of the managers (PMI) in the surveys of the National Statistical Institute the article gives outlook for the development of the economy and the banking sector by the end of the year.
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The article concerns the relation between holistic concept in marketing and successful market performance. First, the notion of “holistic marketing” is discussed, then a wide description of the essence and features of the “agile organization” is added in providing explanation of why 21st Century marketing is not tagged to particular unit, rather refers to all units, and what internal – external environment interaction has to be achieved. By referring to the research on marketers’ opinion from all over the world and to a particular example of the principles of the culture of innovation of Google, theoretical formulations receive practical illustrations.
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The rapid development of the economy, business, market and competition globally, despite economic crises, requires an increasing investment in digitization and digitization of constituent processes and business as a whole. Despite the 2018 McKinsey consulting company Digital Challengers report, which explores the digitalization potential of Central and Eastern Europe shows that the region has yet to catch up in most areas of digitization, despite the growth of recent years. The business researches and implements digital innovations to increase the efficiency of business operations, increase profits, open new markets, increase productivity and develop business models. All of this has to do with controlling and auditing the business. The relentless transformational impact of IT redefines the IT audit function itself, forcing auditors to rethink established practices, processes and calibrate their functions in the digital age. Technological advances are inherent in digitalization and will undoubtedly change internal auditing in digital jobs. And this applies not only to internal audit, but also to the Court of Auditors’ audit, tax control, etc.
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The Agreement establishing the African Continental Free Trade Area entered into force on 30 May 2019 and on 9 July all countries on the continent joined it. If the massive deal works as hoped, it will connect 1.3 Billion people, create a 3.4 Trillion USD economic bloc, and heat up commerce within thecontinent itself. The article aims at tracing the process of economic integration in Africa, discussingthe rationale behind Africa’s current efforts to achieve multilateral trade liberalization, analyzing the main features and assessing the potential benefits of the implementation of the African Continental Free Trade Agreement.
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Foreign exchange reserves are part of the assets of a central bank and a country that are used in case of external crises and to preserve the economy. In the paper is reviewed the role the foreign reserves in maintaining the foreign exchange rate stability and the influence they have on the financial and economic policy implementation.
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This study aims to analyze the evolution of the concept of industrial policy and to define its main components, both in theoretical and applied contexts. Theoretical overview of industrial policy-making provides the basis for analyzing and assessing the new dimensions of industrial policy in today’s dynamically changing global economy. Nowadays world economy is characterized by deeper servicification and financialization of output, free capital movement and ever-increasing multilateraland regional policy coordination. The prospects for adapting and implementing the tools of industrial policy to the new reality are analyzed.
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During the last two decades we have been witnessing the rebirth and the rethinking of economic models that contradict (either in a radical or in a reformative way) the dominating economic paradigm, and offer alternative ideas and paths to economic and social regeneration. Following the logic of sustainable development, they aim to give a more complex, more environmentally-friendly and more just answer to the needs of the societies and the people, as well as an economy that bears a ‘’human face’’. The article discusses alternative economic models through the prism of values and the culture they originate from and which, in turn, they determine. The concrete aim of this article is to introduce the value models of the status-quo paradigm and their alternatives (the Green economy, the Blue economy, the Social and Solidarity economy, the Purple economy) in juxtaposition, by revealing the paradigmatic differences between them.
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The 1970s and 80s saw a wave of market liberalization in Latin America, Africa, and Asia, but also in the United States and Western Europe. It reached Central and Eastern Europe just as the socialist bloc was disintegrating. To explain this exceptionally universal movement, a number of studies have emphasized that the changes went hand in hand with a very specific reconfiguration of the frameworks and actors implicated in the development and implementation of the decisions to liberalize. Despite their richness and detail, these studies tend to focus on the decision-makers and base their conclusions on an overly monolithic idea of how the reforms were implemented. A detailed comparison between two countries permits us to assess the differences and similarities of two recent cases of radical reform. In order to analyze the complex interaction of economics and politics—whose definitions and boundaries have changed noticeably in the course of these transformations—we will study the cases of Argentina and the USSR (Russia) during the period beginning with their first steps toward market liberalization in the 1970s and ending with the neoliberal crisis of the late twentieth and early twenty-first century.
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The aim of this article is to present the theoretical model for the construction of tasks in improving financial literacy in algebra course at school and to submit the economic and mathematical game based on the developed model. At the state level, a number of important documents have been adopted on the formation of financial literacy of schoolchildren, various measures are being implemented to solve this problem. Despite this, today the tasks presented in the school mathematics course do not fully solve the issue of increasing the level of financial literacy. In the course of work on the creation of a theoretical model for teaching mathematical foundations of financial literacy, an analysis of Russian textbooks on mathematics was carried out, federal regulations and international standards were studied. Our analysis allows us to assert that there are not enough tasks for the formation of financial literacy skills in the school course of mathematics. In addition, these tasks form initial knowledge in the financial sector. Also, the tasks are of the same type and often affect only two areas of handling finance. These are purchases and loans. Also, the tasks of the school mathematics course correspond only to the first level of the PISA standard. Thus, it became obvious that it was necessary to develop a theoretical model for the construction of tasks in improving financial literacy in algebra course at school according with the System (frame) financial capability for school age pupils and PISA diagnostic model.
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Technological developments are not easily understood even by people who have advanced education and this leaves much to be expected for other groups. Financial services and banking products are also ‘complicated’ for professionals, not to mention the ordinary client. As a result of the features of financial products and services, especially banking, information is required as an initial form of knowledge of these services and products, and this information is intensified through a constant process such as education. Hence, this article argues how financial education is performed in Southeast Europe and even in the EU. This article also elaborates on the financial education in Kosovo concerning the protection of banking clients’ rights, taking into account the financial education practices from which the Kosovo system can benefit.
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Small and medium-sized enterprises (SMEs) have a vital position in the international economy. The study aims to examine the compulsory financial reporting requirements set by the Kosovo Council for Financial Reporting (KCFR) as well as SMEs requirements for reviewing the current classification in the Kosovo context. This study, like most relevant studies, employs ordinal probit regression to examine the relationships among the requirements defined as dependent variables and other control variables such as necessary reclassification review under KCFR, preferred reclassification review under KCFR, experience knowledge of accountants and auditors, continuously education concerning financial reporting, and assessments of business owners. According to the reported conclusions, the application of these requirements in the Kosovo context does not create any opportunities for SMEs. On the contrary, the findings point to a thorough review of the reporting requirements for micro-businesses, as the current classification appears to be a burden for these businesses.
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For Excel’s calculation of basic (fixed) assets amortisation values, the investigated economic and mathematical foundation with required values and their relations were used. The investigated and introduced theory is adapted to Excel calculations of fixed assets amortisation based on today’s needs. All values for Excel’s calculations are sorted into input and output values, and input to main and nested calculations. Two methods for calculating fixed assets amortisation were introduced using Excel. The first method is based on a linear decreasing function,G(t) = G0 (1-pt), which presents the simple interest calculation of the reduced equities for equal periodic amortisation values. The second method is based on the exponential degrading function, G(t) = G0qt, which presents a complex interest calculation of the reduced equities for periodic amortisation amounts in a descending sequence. The continuity of the introduced functions results from the continuity of: the life of the fixed asset, periodic amortisation, accumulated amortisation and non-amortized amount (residual value) of the fixed asset. It is particularly important to introduce dates with the exact time, for the beginning and the end of each amortisation period of the fixed asset. The theory for Excel’s calculation of the fixed asset output values for an arbitrary (planned or unplanned) term has also been explored and introduced. Such calculations relate mainly to terms of alienation, permanent damage, permanent loss of the process function of a fixed asset and periodic accounting reporting.
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In order to optimize costs and ensure the sustainability of businesses less affected by the COVID pandemic crisis 19, the restructuring of activities in accordance with the provisions of IAS 37 - Provisions, contingent liabilities and contingent assets may be a viable solution. In this context, this article aims to provide the necessary clarifications in order to provide a basis for assessing the appropriate recognition criteria applied to provisions, contingent liabilities and contingent assets, to ensure full information support in the explanatory notes to the financial statements, necessary for users. accounting information in substantiating decisions. The results of the present study emphasize that, now more than ever, in a pandemic context, professional judgment is crucial in determining when the conditions for recognizing a provision in the financial statements are met and in accounting for amounts that can be recognized as part of this. provision, in accordance with IAS 37. We believe that this study can be particularly useful, in this pandemic context, to professional accountants engaged in financial reporting work, but also to regulatory bodies that can provide solutions to revise this standard.
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The foundations of financial portfolio theory were formulated by H. Markowitz in the middle of the 20th century. It includes four main sections: valuation of assets; investment decisions; portfolio optimization; evaluation of the results.
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