"Лошите кредити": институционални и финансови аспекти, 1994

Author(s): Christina Vutcheva / Language(s): Bulgarian / Publication Year: 1994

Since the beginning of 1991 Bulgaria has been living through a period of transition from centralized totalitarian control to free market economy. Year 1990 can be said to mark the political liberation of the people with the adoption of the new Constitution. The economic liberalization, however, is a reality yet to be brought to life since private ownership is not prevalent in the economy. The prime aim of the transition is to substitute an absurd and inefficient economic system for a new one to rely on the free initiative, private ownership and competition.

#01 Bulgaria's Participation in EU Structural Funds

Author(s): Author Not Specified / Language(s): English / Publication Year: 1999

Bulgaria's accession to the European Union is the foremost strategic objective of the country. This goal both serves the national interest of the establishment of a developed, democratic state and coincides with Bulgaria's readiness to actively participate in the realization of a united Europe. The conclusions of the European Council in December 1997 in Luxembourg opened the way for the active involvement of the 10 countries of Central and Eastern Europe in the preparations for their accession to the EU. It should be noted that the inclusion of Bulgaria in the next enlargement of the EU is an expression of the highly positive assessment of the democratic processes taking place in the country. At the same time, these conclusions specify requirements which need to be fulfilled by Bulgaria as a condition for Bulgaria's accession to the EU. Further, meeting the second and the third group of the Copenhagen criteria requires the complete restructuring of the national economy, the construction of modern infrastructures, the introduction of competitive principles of fair competition and increased social activities with the goal of accession to the policies and the principles of the EU. The present report examines the preparation of Bulgaria for future participation in the structural policies of the EU with the purpose of achieving economic and social harmonization on the basis of the introduction of principles of regional and social policy and the development of infrastructures in the area of transport and telecommunications. Structural funds are among the instruments used to achieve the aims of economic and social harmonization, and thus the preparation for their most effective and efficient use during the pre-accession period is very important. Within this context, the report examines the necessary organizational, administrative, legal and financial measures which must be undertaken in the pursuit of successful future participation in the structural funds of the EU.

#02bg Структурните фондове на Европейския Съюз: кратко ръководство

Author(s): Author Not Specified / Language(s): Bulgarian / Publication Year: 1999

The Structural Funds are financial instruments for implementing the European Union's policy of economic and social cohesion between regions. Implementing a policy aimed at reducing the disparities in the level of development of the various regions and the backwardness of the least developed regions, including agriculture, by reallocating financial resources, has made a significant contribution to economic stability in the EU and to raising the level of employment.

#05 Bulgaria’s Capital Markets in the Context of EU Accession: A Status Report

Author(s): Stefan Petranov,Jeffrey Miller / Language(s): English / Publication Year: 1999

The objective of this report is to contribute to the discussion on the capital market reform in Bulgaria in preparation for eventual integration into the European Union. The report views the accession issue on two levels. The first one is whether the necessary capital market institutions and legislation are in place, while the second one is whether capital markets function in a manner that supports economic growth and development. The impetus for the development of the capital markets in Bulgaria was the first wave of the mass privatization program. This program was similar to the program implemented earlier in the Czech Republic. At the same time the Czech Republic is among the first countries in transition that has been invited to negotiate accession with the European Union. For these reasons it is useful to compare the process of capital market developments in both countries. However, it should be taken into consideration that because of the problems that have surfaced recently in the Czech capital markets, the Czech example does not necessarily furnish solutions to the problems that are likely to arise. A large number of the companies are listed on the Bulgarian Stock Exchange-Sofia, but in practice the majority of the smaller ones have not been traded at all. While the unadjusted market capitalization figure amounts to roughly 0 million, this includes all investment funds, holding companies and all shares in partially privatized state owned companies. The actual figure for shares not held by the Government and available for trading on the BSE-Sofia is probably closer to 5 million. This works out to 1 per participant in the mass privatization program, which is a little above one-month’s salary. The market also has very low levels of turnover. Turnover figures at the individual company level are available only for trades on the BSE-Sofia. Most company shares have been traded very few times since the stock market opened. Only eight companies have traded shares in more than half of the sessions for which they were registered.

(Hе)научени уроци в процеса на усвояване на средствата от Kохезионния и Cтруктурните фондове на EC

Author(s): Silvia Georgieva / Language(s): Bulgarian / Publication Year: 0

This report examines the errors and omissions of the beneficiaries, which hindered and delayed absorption of operational programs financed by the Cohesion Fund and the Structural Funds of the EU in the first programming period 2007-2013 and reduced the expected effectiveness of the resulting grant resources. These are presented as weaknesses in the preparation of project proposals, as well as irregularities in the implementation phase of projects already approved. At the beginning of the second seven-year planning period analysis of errors and omissions made is necessary to achieve a higher absorption of the agreed resource and noted significant progress in key areas such as economy, health, education, science, employment, environment.

(Ir)responsibility for future generations - us and the life of those to come or to miss

Author(s): Michał A. Michalski / Language(s): English / Issue: 28/2018

The current and forecasted image of the demographic processes and condition of the socio-economic order of the West (evident e.g. the in case of pension systems based on intergenerational solidarity) calls for thorough reflection. Not only potential, but also increasingly real economic problems in this area indicate that the possibility of serious conflicts and tensions within Western civilization is growing. To analyze and diagnose this developing crisis one needs to look “under the surface” of current social phenomena and processes and draw attention to fundamental cultural shifts. These are the background of such challenges as the advancing depopulation of Western countries. The question that lies behind these, which deserves thorough reflection, is the problem of responsibility for future generations and the related crisis of solidarity. The paper aims at exploring these issues.

(Nie)zależność finansowa państwa we współczesnej gospodarce rynkowej

Author(s): Piotr Misztal / Language(s): Polish / Issue: 2/2019

State financial independence refers to the ability of the government to finance all state expenditure solely from the budgetary revenue attained. Thus, the full financial autonomy of the state means that the government finances the budgetary expenditures without having to borrow money. Therefore, the aim of this article is to examine the possibility for states to achieve full financial autonomy in the contemporary world economy. The results of the studies show that almost all countries now have a large or small public debt, which means that countries finance their development by borrowing money at home and abroad. The important issue seems to be not so much to maintain the full financial independence of the State as to guarantee the financial security of the state (that is, to maintain the ability of the state to raise money when necessary).

1 KASIM 2015 SEÇİMLERİNDE AK PARTİ’NİN SİYASAL KAMPANYASINDA YER ALAN EKONOMİK VAATLERİN SEÇİM SONUÇLARINA YANSIMASI

Author(s): Tuba Kalçik / Language(s): Turkish / Issue: 30/2016

Political parties in a democratic system, are trying to get his/her vote by convincing voters. Parties make political campaign which is a political communication activities to convince voters. Parties use election promises as an important instrument of political campaign in order to be attracted the vote of the electorate. Promises which are made to answer the main problems of the country, the electorate’s expectations and demand’s, function as an effective tool to convince. In this study, it is appeared that how the economic promises which are used in AK Party’s political campaign in 1 November general election affect the election results.

20 Years of European Monetary Policy. From Doctrinarism to Realpolitik 1

Author(s): Luis Ángel Hierro,Antonio José Garzón,Helena Domínguez-Torres / Language(s): English / Issue: Special-2/2019

This paper describes the monetary policy of the European Central Bank since the birth of the Euro. The different economic situations and the monetary policies implemented during the mandate of each one of the three ECB presidents are analysed as a process of evolution. We study the situations of cyclical asynchrony together with the response given to it by the European monetary authority. We also assess the change experienced by the main economic indicators of the twelve founding countries during the 20 years of the single currency. The main conclusion obtained is that monetary policy has evolved from the strict approach defined in the Treaty on the Functioning of the European Union to an approach closer to that of the rest of central banks, which we have called “monetary realpolitik”.

20 години паричен съвет в България - ефект върху макроикономическото състояние на страната и бъдещи перспективи

Author(s): Elena Spasova / Language(s): Bulgarian / Issue: 1/2017

The currency board system that has been introduced and sustained in Bulgaria since 1997 is assessed on the basis of its impact on the macroeconomic conditions in the country. The assessment is founded on the theoretical advancements on the topic and on the empirical observations on the role of the currency board in Bulgaria when macroeconomic crises and external shocks occur. The conclusions for the procyclical and conservative nature of the system are the basis of development of three scenarios for the future of the currency board in Bulgaria – a realistic, an optimistic and a pessimistic one. The main prerequisites for their implementation are outlined. The associated risks are stated.

2016 Ve 2017 Yılındaki Düzenlemelere Göre 5746 Sayılı Kanun Kapsamındaki SGK Primi İşveren Payı Desteğinin TMS 20 Uyarınca Muhasebeleştirilmesi

Author(s): Hakan Seldüz,M. Yılmaz İçerli / Language(s): Turkish / Issue: 5/2018

Multifarious incentives are provided for R&D, innovation and design activities with “The Law about Supporting R&D and Design Activities” numbered 5746, in 2008. Some articles of Law number 5746 was changed with Law number 6676 issued in 2016. In 2017, some changes were made over the present regulatory texts of Law number 5746 and some new regulatory texts were issued. Thus, incentives are made more attractive and also their acquisition circumstances and application conditions are made easier. TMS 20 is the accounting standard applied in accounting for, and in the disclosure of government incentives. It is indicated within TMS 20 that receiving manner of the incentive would not affect its accounting method. It is stated that incentives received either in cash or as a reduction of a liability to the government would be accounted for in the same manner. One of the incentives identified in Law number 5746, is SSI premium employer’s share support. Pursuant to regarding law, half of SSI premium employer’s share that is calculated over the wages earned from related efforts of the staff -who are employed in R&D, innovation and design centers and in projects approved by organizations defined in regulations- is being paid from the related fund in Ministry of Finance’s budget, if specified requirements are met. This paper comprises recognition of SSI premium employer’s share support which is defined in Law number 5746. To demonstrate calculation -in accordance with recent regulations- and recognition steps -pursuant to TMS 20- of SSI premium employer’s share supports for staff who have different qualifications, is set as objective of the study. A literature review is made over the legislations whole, which includes laws, by-laws and general communiques, and the related academic studies. SSI premium employer’s share support is explained in details after incentive elements defined within Law number 5746 are briefly summarized. The subject is tried to be concretized by giving epitomes about calculation and book entries of this support and obtained implications are summarized in conclusion section.

4th INTERNATIONAL CONFERENCE ON GOVERNANCE AND STRATEGIC MANAGEMENT "ICGSM"

The circular Economy. BFU. Burgas, 11 - 12 may 2017

Author(s): / Language(s): English / Publication Year: 2017

The conference proceedings “ 4th INTERNATIONAL CONFERENCE ON GOVERNANCE AND STRATEGIC MANAGEMENT “ICGSM” are a collection of the papers presented by the lecturers and PhD students – participants in the 4-th International Conference on Governance and Strategic Management (ICGSM).

A BAYESIAN INFERENCE OF MULTIPLE STRUCTURAL BREAKS IN MEAN AND ERROR VARIANCE IN PANEL AR (1) MODEL

Author(s): Varun Agiwal,Kumar Jitendra,D. K. Shangodoyin / Language(s): English / Issue: 1/2018

This paper explores the effect of multiple structural breaks to estimate the parameters and test the unit root hypothesis in panel data time series model under Bayesian perspective. These breaks are present in both mean and error variance at the same time point. We obtain Bayes estimates for different loss function using conditional posterior distribution, which is not coming in a closed form, and this is approximately explained by Gibbs sampling. For hypothesis testing, posterior odds ratio is calculated and solved via Monte Carlo Integration. The proposed methodology is illustrated with numerical examples.

A BRIEF ANALYSIS OF THE PUBLIC INSTITUTIONS BUGET: THEORETICAL AND PRACTICAL APPROACHES

Author(s): Ana Monica Pop / Language(s): English / Issue: 4/2018

In this paper, we will mainly focus on the new budgetary tendencies of the Public Institutions, financed entirely or partially from the state budget, in the desire to highlight the newest aspects found at the level of the activities carried out in the public sector. The article highlights the official data provided by the National Institute of Statistics on the Cluj County budget execution, structured by items of revenues and expenditures. The contribution of Cluj County was pursued both at national level, and at the level of the North-West region, based on a budget execution analysis for a period of 5 years, namely between 2013 and 2017.The article will also review the methods of substantiating the budgetary indicators, based on both classic and modern methods. The present article embeds the theoretical and practical aspects of public institution financing, being built from an interdisciplinary, economical and legal perspective, by using the integral research method that combines both quantitative and qualitative analyses. In order to accomplish this research, we will use the most relevant scientific resources of maximum topicality, implicitly the official data identified on the site of the Cluj County Council.

A Business-cycle-model with a Modified Cash-in-advance Feature, Government Sector and Oneperiod Nominal Wage Contracts: The Case of Bulgaria

Author(s): Aleksandar Vasilev / Language(s): English / Issue: 8/2018

We augment an otherwise standard business cycle model with a richer government sector, and add a modified cash in advance considerations, and one-period-ahead nominal wage contracts. In particular, the cash in advance constraint of Cooley and Hansen (1989) is extended to include private investment and government consumption. This specification, together with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999-2016), gives a role to money in propagating economic fluctuations. In addition, the combinations of these ingredients allows the framework to reproduce better observed variability and correlations among model variables, and those characterizing the labor market in particular.

A Comparative Analysis Of Property Taxation Within European Union

Author(s): Ciprian Şipoş / Language(s): English / Issue: 1/2015

The correct settlement of a property taxation system is a topic of interest at the moment, which draws attention in economic or academic debates. One of the most convenient alternatives and easier to implement in order to raise revenues to the state budget is the taxation of property. The comparative analysis of property tax systems in the European Union reveals the need to develop and modernize the property tax system in the new member countries. The tax paid by taxpayers who own property is considered the tax with the fewest negative effects on economic growth, given the immobility of the subject of taxation. This reduces the behavioural effects of this type of tax and minimizes economic distortions. For this reason, is considered necessary to be presented the recent European perspective regarding the taxation of property, be it buildings for housing or special purpose, owned by individuals or corporate. In these conditions, the paper aims to analyze the correlation between the purchasing power of citizens of EU28 countries and the level of property taxes and to perform a grouping of European Union countries according to these indicators. The findings can help governments of the new member countries of European Union to develop a property tax system that would lead to the economic development.

A comparative analysis of research – development and innovation activities in Romania

Author(s): Laura Asandului,Livia Baciu / Language(s): English / Issue: Spec/2010

When adopting the recommendations of the Lisbon Agenda or Strategy, the European states have decided that in order to make the European Union a space of competitiveness and greater social cohesion and a model of sustainable economic growth, research-development and innovation (RDI) must become the main pillar of the member states common policies. Consequently, the European Council recommended more investment in research and development, setting the collective EU target of raising research investment to 3% of the GDP, namely 1% from public funds and 2% from private sector. The current economic and financial crisis and the pressure it poses on resources, public or private, ]has limited to some extent the achievement of these objectives. The investments might not increase as anticipated or they might even decrease. However, several states have understood that, in times of crisis, the investment in research and innovation might bring tremendous gains in terms of new technologies, human capital and knowledge or, in other words, gains in economic competitiveness. This paper aims at providing a comparative analysis of the Romanian situation using the statistical indicators of the knowledge economy, those related to RDI financing and also to RDI results for the short period of time when financing has increased as a result of applying the objectives set out by the Lisbon Strategy. We underline the fact that without financing there is no research and innovation and without policies to support RDI the delays in development cannot be recovered. The final part of the paper provides several recommendations aiming at improving the RDI policies in Romania in accordance with post-2010 Lisbon Strategy.

A COOPERATIVE RISK MANAGEMENT APPROACH FOR LARGE INFRASTRUCTURE PROJECTS

Author(s): Konrad Spang / Language(s): English / Issue: VIII/2014

Large Infrastructure projects face many risks due to their complex technical and social conditions. But who is handling a risk is often not the result of an adequate risk distribution, it is more a function of power. And even though systematic risk management should be a basic element of a professional project management, it is not normative in the execution phase and it is unusual in the design phase of these projects. Contractors often take only risks into account, which are obvious or described by the client. They often disregard risks, because it seems to be no “space” in the bid because of the market situation. Clients rarely have a systematic risk management in their projects and are not focused on a fair risk allocation, they try to allocate as much risks as possible at the contractors side. This paper presents an approach for a cooperative and integral risk management for infrastructure projects, the design and the execution phase included. Recent literature and field study results are considered. This holistic approach includes elements as the clients process responsibility, life cycle orientation, a minimizing concept, risk transparency, a risk list, cooperative risk management, risk controlling and risk reviews.

A COST-BASED DEFENSE DECISION APPROACH IN VOLATILE ENVIRONMENT

Author(s): Cătălin Cioacă / Language(s): English / Issue: 15/2020

The paper captures the effect of uncertainties from the security environment on the investment decision in equipment purchase or modernization. Partial irreversibility and limited flexibility specific to military decisions create the context for the introduction of opportunity cost into the analysis. The problem of defense resource allocation is analyzed based on the principles of complex system engineering. The design of allocation strategies is analyzed by integrating dynamic defense capabilities through the paradigm of real option analysis. Based on obtained results, the strategic decision maker can better understand the spectrum of possible solutions and how to act in case of major shocks.

A factor-augmented vector autoregressive approach to analyse the transmission of monetary policy

Author(s): Zulfiqar Ali Wagan,Zhang Chen,Hakimzadi Wagan / Language(s): English / Issue: 6/2019

Using the factor-augmented vector autoregressive (FAVAR) model proposed by Bernanke et al. (2005), this study explores the effect of monetary policy on a wide range of macroeconomic and financial variables for the US, Canada and the UK. The study makes use of financial data from 1990 to 2016, comprising 55–70 variables of the three major nations to show (1) that factors come with additional informational capability, which summarizes the performance of key macroeconomic variables and (2) the manner in which these variables are affected by contractionary monetary policies. Our findings confirm that monetary policy tightening results in decrease in industrial production, employment, share prices, housing starts and inflation; however, it leads to increase in the three-month treasury bill rate, long-term interest rates and unemployment. Overall, the impact of standardized monetary tightening is similar across the countries studied. These results from the major economies and the inclusion of larger data sets containing more variables would be relevant for policy theorists and practitioners from other countries.