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Public Opinion on Foreign Investment, April 1993

Author(s): Daniela Bobeva,Blagovest Georgiev,Sasho Stojanov,Bojan Guseiev,Tihomir Bezlov / Language(s): English

Compared with the other central and eastern European countries - Hungary, Czech and Slovak republics and Poland, foreign investment turns to be a new phenomenon for the Bulgarian economy. Thus the public opinion on it is in a process of forming. The role of researchers, different studies, the mass-media and foreign investors, themselves, in inspiring public support and acceptance of foreign investment is of great importance. This will contribute to the success of investments that have been made as well as to their further attraction to the country.

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Bulgarian financial markets during 1991 - 1992. Institutional mechanisms, role and results of monetary policy

Author(s): Nikolay Gueorgiev,Nikolay Gospodinov / Language(s): English

The radical transformation of the nation's economic system requires that a new financial system facilitating the functioning of today's market economy to the utmost degree should be created. The consolidation of the banking system through the enlargement of existing commercial banks aiming at a higher degree of their stability is now under way.

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Good Stories of Foreign Investment

Author(s): Daniela Bobeva / Language(s): English

The purchase of the Bulgarian state enterprise MAIZE PRODUCTS SPLTD is the first privatization deal completed in Bulgaria under the Transformation and Privatization of State and Municipal Enterprises Act. Being the first privatization deal, it has been accurately analyzed among experts, politicians and state privatization bodies. A year later it can be said that it has been a successful contract for both parties - the Bulgarian side and the Belgian group. This contract turned to be a good start for the Bulgarian privatization and the inflow of foreign investment. As Bulgaria is in the initial phase of attracting foreign capital, the prevailing investors in the country are the big multinational companies. This is the case of AMYLUM. Privatization process is one of the main mechanisms for channelling long-term large-scale foreign investment into Bulgarian industry. The biggest investors in the country turned to be the buyers of the large-scale Bulgarian enterprises. A mention should be made that foreign investors find investing in the country through privatizing more preferable. This way they are more confident about their investments. Practical problems about establishing a joint-venture in terms of the participation of each of the parties - appraisal, management and staff issues.,are sidestepped in the privatization deal. The purchase of the Bulgarian MAIZE PRODUCTS SPLTD is a pilot case of inward foreign investment through privatization. It points out the main problems foreign investors face in the country as well as the comparative advantages of the Bulgarian investment opportunities.

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BULGARIAN SMALL AND MEDIUM-SIZED ENTERPRISES AND THEIR PARTICIPATION IN THE ABSORPTION OF THE STRUCTURAL FUNDS OF THE EUROPEAN UNION

Author(s): Author Not Specified / Language(s): English

After Bulgaria joins the EU in 2007 the country will receive access to the Structural Funds (SF) and the Cohesion Fund of the European Union (EU), which are the main instruments for reducing the economic and social disparities within the Union. The effective management of these proceeds entails good knowledge of the EU Funds’ requirements and thorough preparation at national, regional and local levels both by the public and private sectors, including the small and medium-sized enterprises (SMEs). In 2000 in Lisbon, the European Commission and the EU Member States agreed upon the ambitious goal that by 2010 the European Union would have to become the most dynamic knowledge-based economy in the world . The instruments and mechanisms to achieve this goal have been outlined in the Lisbon Strategy of the EU. In 2005, an interim review on the progress of the Lisbon Strategy was done, based on which it was concluded that the Union was falling behind in some of its basic parameters, and that the gap between the EU and the leading innovative world economies of the United States and Japan was broadening.

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ПОЛИТИКА И ПРИВАТИЗАЦИЯ. Трансформацията на собствеността в България през призмата на политическите борби

Author(s): Boyan V. Gyuzelev / Language(s): Bulgarian

Undoubtedly, the process of ownership transformation is central to economic reform. Without it, Bulgaria can not become a functioning market economy. Privatization (or restitution) is therefore a political process. Its successful outcome guarantees the future and stability of democracy in the country.Privatization, however, has become one of the fields of opposition between the political forces. The course of ownership transformation has been delayed, which has created the danger of it becoming an endless and fruitless discussion, giving fruit to political struggles, but leading to a deepening of the economic crisis.The fact that privatization, land re-establishment and restitution had to start in an unstable political environment, accompanied by economic recession and lack of interest on the part of foreign investors, created a dangerous tendency to defame them.In the context of a strong political confrontation, the interests of political forces are moving ahead with economic arguments. In such a situation of chaos and instability in institutions, state and municipal bureaucracies are more likely to hamper privatization rather than cooperate because they have no interest in losing the monopoly on property.

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Движение на капитали и плащания. Валутно-финансова политика и конвертируемост на лева, юли 1995

Author(s): Lubomir Christov,Alexander Mihailov / Language(s): Bulgarian

Monetary union is the final stage in economic and financial integration among countries, in the specific case analyzed in the present paper among the countries participating in the Treaty of Maastricht providing for the implementation of such a union as the ultimate objective of the convergence toward a unified Europe. Membership in such a union would require the adoption of a common currency and its circulation as a single legal tender (or the final and irrevocable pegging of exchange rates among the currencies of the participating countries), as well as the conduct of common monetary (including foreign-exchange) policy.

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Тенденции в общинската приватизация през 1996 г.

Author(s): Petar Vasilev Antov / Language(s): Bulgarian

The development of the municipal privatization process in 1996, despite its uneven pace and regional disparities, should be assessed positively. 2079 privatization procedures have been identified, of which 23 are for whole enterprises. The terminated procedures are 43. 121 contests for appraisers were announced. 2642 privatizations have been assigned. 2725 assessments have been adopted, some of which were awarded in 1995, 2575 privatization deals were concluded, of which 18 were for whole municipal companies.

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Суаповите операции и дълговият проблем на България

Author(s): Daniela Bobeva,Plamen Oresharski / Language(s): Bulgarian

• I. The "internal / external debt" dichotomy; • II. Brady Bonds on Bulgarian Foreign Debt; • III. Swap operations; • IV. The legal framework of debt-to-equity swap; • V. Replacing internal and external debt against property.

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Оценка и анализ на резултатите от първата вълна на приватизацията в България

Author(s): Author Not Specified / Language(s): Bulgarian

This report presents data and analysis of the results of three studies related to mass privatization in Bulgaria. The research was conducted in July 1997 and is part of the long-term strategy of the Center for the Study of Democracy to engage with the problems of the economic reforms in our country.

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Политика за развитие на капиталовия пазар в България, септември 1997

Author(s): Author Not Specified / Language(s): Bulgarian

The existing legal and institutional framework and available technical facilities in the Bulgarian capital markets do not work very efficiently towards supporting a fully developed securities market. The necessary legislation, institutions and technical facilities must be put in place, so that, over time, a market will develop which will be able to absorb the volumes normal for a country of the size of Bulgaria and, potentially, international trades. The following discussion presents specific issues that need to be addressed, so that said purposes could be met.

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Програма за замяна на дълг, август 1995

Author(s): Author Not Specified / Language(s): Bulgarian

Changes in recent years have placed the international business in a new economic environment. Despite the serious economic, financial and structural difficulties, Bulgaria has the potential for privatization, modernization of production and rapid economic growth, as it has never before.Bulgaria began reforms with a huge external debt inherited from the communist regime. Following the moratorium on foreign debt payments of March 29, 1990, negotiations with commercial creditor banks took place over three years. In June 1994 a debt reduction and servicing agreement was signed. It contains a special clause on the exchange of certain instruments against property provided that Bulgaria adopts a debt exchange program.

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Доклад за оценка на корпоративното управление в България: 2000

Author(s): Author Not Specified / Language(s): Bulgarian

The present report has the objective to provide an overview of the general framework and particular dimensions of the corporate governance in Bulgaria. It is published for the first time and the authors intend to continue its publication on an annual basis. In its present form, the study contains information thus far unavailable to the professional community and the media. The evaluations and analyses herein are the first attempt to outline the achievements and the problems in the field of corporate governance in Bulgaria in the years of transition. The authors of the report thus aim to encourage a wider discussion on the subject and that, as a result, practical improvement action will be undertaken. At the end of the past year the Corporate Governance Initiative conducted a pilot study for assessment of the corporate governance in Bulgaria. It is a part of the activities under phase II of the project aiming at the elaboration of recommendations for practical measures for improvement of the corporate governance, including diagnostics and analysis of the existing corporate structures. The survey was conducted by Vitosha Research and covered all listed companies with authorized capital over BGN 200,000. The sample comprised 268 companies, while the number of the surveys was 158. The research method applied is a standard interview with representatives of the companies' managing bodies and senior management. Based on the survey results, the first index of corporate governance in Bulgaria was calculated. The index has values between 1 and 5, the lowest value of 1 indicating unfavorable legal and institutional frame and internal organizational factors of the corporate governance, and the highest value of 5 - ideal conditions and good practice of corporate governance. The report has been prepared mainly on the basis of the results of the pilot study, compared and partially supplemented by conclusions and assessments of other studies, publications in the press and international sources. The report has been prepared by the following team: prof. Dr. Bistra Boeva, associate prof. Dr. Stefan Petranov, Dr. Vesela Stancheva, senior research associate Plamen Chipev, Diana Hristosova - senior expert, Center for Economic Development, Stoyu Nedin - Chairman of Association of shareholders, Dr. Maria Prohaska - coordinator, Corporate Governance Initiative.

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Innovation Management, Entrepreneurship and Sustainability (IMES 2019). Proceedings of the 7th International Conference Innovation Management, Entrepreneurship and Sustainability (IMES 2019)

Author(s): / Language(s): English

The 7th International Conference Innovation Management, Entrepreneurship and Sustainability (IMES 2019) took place on May 30 – 31, 2019 at the University of Economics, Prague. The conference was organised by the Department of Entrepreneurship of the University of Economics, Prague, Czech Republic in cooperation with other partners.Sound keynote speakers – Martina Musteen (San Diego State University, USA), Ilan Alon (University of Agder, Norway), Andrew Burke (Trinity Business School, Ireland), Arnim Wiek (Arizona State University, USA), Søren Salomo (Technical University Berlin, Germany) and Roy Thurik (Erasmus University Rotterdam, Netherlands) discussed the trends in the fields of innovation management, entrepreneurship and sustainability. The conference aimed to achieve academic excellence in a regional context and to establish a platform for mutual collaboration, exchange and dissemination of ideas among researchers and professionals.These conference proceedings contain contributions of the conference participants presented during both days of the conference. Authors of papers come from 22 countries all over the world, namely from Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, Colombia, Croatia, Czech Republic, Finland, France, Germany, Hungary, India, Mexico, Paraguay, Poland, Portugal, Russian Federation, Slovakia, Sweden, Switzerland, USA and Vietnam. All these contributions have successfully passed the doubleblind peer-review process.

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Членството на България в Европейския съюз: седем години по-късно

Author(s): / Language(s): English,Bulgarian

This book collects scientific papers and reports presented on the conference ‘The Membership of Bulgaria in the EU: Seven 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 3 October 2014, traditionally provided a stage for prominent academics, dedicated PhD students and professionals to discuss contemporary topics related to multiple aspects of the European integration, its effects on the Bulgarian economy, socio-economic environment, international business and relations, finance and politics. The authors in this edition of the book thoroughly reviewed the economy of the Euro area and the EU as it progresses after the latest recession. A Group of authors focuses attention on the banking sector, monetary aspects and inflation, the development in the Economic and monetary union within EU, the Single Supervisory Mechanism and the overall competitiveness and recovery of the European markets. Cross-border partnership with EU neighbours and related instruments, cohesion among the EU member states, experience with the European funds and corresponding public procurement process are another thematic cluster discussed in the book. The researchers increasingly examine subjects related to the energy policy and security, the EU energy policy development and actions in particular. The contributors review matters related to the renewable energy sources, the establishment of the European Energy Union and other institutional and policy developments on supranational level. Another thematic cycle in the book is related to matters concerning the corporate management, business strategy and marketing, new markets expansion and interculturalism. This is intertwined with papers dedicated to the education, human resource involvement and adaptation to the working environment, research and innovation. ‘The Membership of Bulgaria in the EU: Seven 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.

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The EU gas market: revolutionary changes and the spectre of another winter

Author(s): Agata Loskot-Strachota / Language(s): English

The European Union survived last winter in a surprisingly effective way. Despite the ongoing gas crisis and Russia’s energy war with the West, there were neither painful shortages of gas or the need to ration it. This was the result of an exceptionally favourable set of circumstances: a warmer winter than usual in Europe and lower gas demand in China, and on the other hand, the actions taken by individual member states and the EU as a whole, as well as changes on the market.2022 saw a revolutionary reshuffle in the directions and routes of gas supplies to the EU. Pipeline supplies from Russia, which used to be the largest source, fell by 56% year-on-year, while LNG supplies from the global market rose by 67%. Liquefied natural gas has become the most important source, and the EU has become the world’s fastest growing market for LNG, despite its long-term goals of achieving climate neutrality and reducing gas consumption. Unexpectedly, and contrary to the earlier assumptions of the European energy and climate policy, the construction of new gas infrastructure, including floating import terminals, has been stepped up. At the same time the EU’s demand for gas fell by a record 60 bcm (or over 13%) last year.

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The EU gas market and policy and the war in Ukraine

Author(s): Agata Loskot-Strachota / Language(s): English

Neither the ongoing war in Ukraine nor the rising tensions between Russia and the West and the sanctions imposed by the latter have yet translated into disruptions of Russian gas supplies to the EU. However, they are unequivocally deepening the crisis on the EU gas market, which has been evident for more than six months now. This is evidenced by the record high and volatile commodity prices, as well as the nervousness of all the market players who anticipate disruptions in supplies from Russia and react with panic to suggestions of imposing sanctions aimed at Russian gas exports. The aggression against Ukraine has triggered a significant restructuring of the gas policy of the EU as a whole and most of its individual member states. There is a return to thinking in terms of security of supply – which has largely been absent in recent years – and a determination to become independent of gas and other hydrocarbons from Russia. Although at present many EU countries are not prepared to embargo imports of Russian gas, most are reforming their energy policies in such a way as to minimise their dependence on Russian raw materials.

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Partial success: Russia’s oil sector adapts to sanctions

Author(s): Filip Rudnik / Language(s): English

More than six months after the European Union imposed sanctions on Russian exports of oil and petroleum products, Russia’s oil sector has adapted to the new reality. Having found new markets, the industry has managed to cut crude production by only 5% while avoiding a reduction in oil processing. Moreover, sales of oil and petroleum products have increased. However, the fact that drastic production cuts have been avoided represents only a partial success. Firstly, the current structure of Russian exports of oil and petroleum products is marked by instability and a heavy dependence on sales to two customers, India and China, which account for up to about 80% of Russia’s total sales. Secondly, following the EU and G7 countries’ introduction of a price cap on Russian oil, some exports have been discounted while the transport of crude has generated additional costs as a result of the sanctions. This allows Russia to sell more oil, but it also reduces its budget revenues. Thirdly, the Russian government has pushed through reforms to the taxation of this sector, but these have failed to increase budget revenues, and have also spurred further capital outflows from Russia and weakened incentives to investment. By choosing not to slash crude production, the government has seemingly given priority to keeping its level stable at the expense of budget revenues. Therefore, the reduction of these revenues shows that the West has achieved the objectives of its sanctions, while also avoiding disruptions to supplies on global oil markets. However this situation may change in the second half of 2023, when an anticipated global oil deficit and a subsequent increase in the price of oil are set to boost Russian revenues from sales of crude and fuels.

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