Year 2012, Issue 16
Date published9.8.2012
Table of content
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Nikola Yankov, Petya Ivanova
DEVELOPMENT OF THE SYSTEM OF SCIENTIFIC RESEARCH AT D. A. TSENOV ACADEMY OF ECONOMICS (A modest anniversary – a modest view of what has been done)Summary: The study is dedicated to the fifteenth anniversary of the Institute of Scientific Research at D. A. Tsenov Academy of Economics and the decision to publish the Scientific Research Almanac. It makes a historical review and outlines... The study is dedicated to the fifteenth anniversary of the Institute of Scientific Research at D. A. Tsenov Academy of Economics and the decision to publish the Scientific Research Almanac. It makes a historical review and outlines the main points of the development of the institute and the almanac. It systematizes the issues and publications of the Scientific Research Almanac. Current priorities are presented as well as some opportunities for the development of scientific research at D. A. Tsenov Academy of Economics. -
Ognyan Markov, Todor Todorov, Tsvetelina Tsanova
INCOMES, CONSUMPTION AND ECONOMIC GROWTHSummary: Eeconomic growth can be influenced by a number of factors, but certainly among the most important ones are the incomes and consumption of the population. An increase in incomes leads to increased consumption, which in turn,... Eeconomic growth can be influenced by a number of factors, but certainly among the most important ones are the incomes and consumption of the population. An increase in incomes leads to increased consumption, which in turn, stimulates pro-duction, i.e. the creation of more goods and services and therefore causes an increase in the volume of gross output and therefore gross value added. In the process of implementing the project task we had to thoroughly analyse the triad of „income-consumption-economic growth”. We also processed a large amount of statistical information, analyzed data obtained from surveys and studied the research of Bulgarian and foreign authors. -
Galin Stefanov
DETERMINANTS OF ECONOMIC GROWTH IN BULGARIASummary: This study focuses on the most prominent theories about modeling economic growth. The factors of economic growth in Bulgaria are studied in terms of econo-metrics. The main determinants of growth are identified and the strength of... This study focuses on the most prominent theories about modeling economic growth. The factors of economic growth in Bulgaria are studied in terms of econo-metrics. The main determinants of growth are identified and the strength of their impact is measured. The positive multiplier effect of final consumption, gross capital formation, government expenditures on employee compensation, exports and unilateral gratuitous transfers are determined. Opportunities for stimulating economic growth in Bulgaria are analyzed in the short and long run. -
Nonka Georgieva
EQUILIBRIUM IN STOCHASTIC OPTIMIZATION MODELS WITH ECONOMIC APPLICATIONSKeywords: Stochastic linear quadratic model, optimization problem, Markov jump linear systems, generalized discrete-time Riccati equations, linear matrix inequalitySummary: The subject of this work is the application of a linear quadratic model which is a result of the stochastic modeling process in the economic field. A dynamic economic process is modeled, which occurs in conditions described by a... The subject of this work is the application of a linear quadratic model which is a result of the stochastic modeling process in the economic field. A dynamic economic process is modeled, which occurs in conditions described by a stochastic differential equation. The dynamics of the process is subject to jump-like changes. Such systems are known as Markov jump linear systems. The target in the observed process is modeled through a functional which has to be minimized. The result is a linear quadratic stochastic model. The equilibrium search model is related to the numerical solution of a system of generalized discrete-time algebraic Riccati equations. Methods for finding the maximal solution to a system of discrete-time algebraic Riccati equations are investigated. Moreover, new methods and algorithms for computing of this maximal solution are proposed. The numerical characteristics of algorithms are analyzed in special cases of negative definite weighting matrices and indefinite weighting ones. Conclusions are derived of the applicability and efficiency of the proposed methods. -
Todor Todorov, Anastasiya Marcheva, Miglena Vachevska
SYSTEM OF NATIONAL ACCOUNTS – INSTRUMENT OF MACROECONOMIC ANALYSISSummary: SNA is one of the most important instruments of macroeconomic analysis, presenting numerous possibilities for research, modeling and forecasting in the national economy. The study lays out a summary of the contents and new aspects... SNA is one of the most important instruments of macroeconomic analysis, presenting numerous possibilities for research, modeling and forecasting in the national economy. The study lays out a summary of the contents and new aspects of SNA’2008. The study identifies the ways in which SNA data could and should be used for the purpose of macroeconomic analysis. Development forecasts for Bulgaria have been created on the basis of macroeconomic indicators. The study presents the results of an opinion poll, examining the degree of popularity of SNA among economists and their attitude towards the aspects of its practical application. -
Valentin Milinov, Krasen Ivanov, Angel Georgiev
INVESTIGATION AND ANALYSIS OF INVESTMENT RISK IN A CRISISJEL: Q01Keywords: financial crisis, investment risk, investment projects, risk-return, insurance companies, investment fundsSummary: The management of investment projects is related to the formation of such an investment portfolio, which would guarantee them the highest financial return. The main characteristic of investments is the „risk-return” ratio. The... The management of investment projects is related to the formation of such an investment portfolio, which would guarantee them the highest financial return. The main characteristic of investments is the „risk-return” ratio. The interdependence between these two categories is generally directly proportional – i.e. the pursuit of higher returns involves taking more risk and conversely, low-risk investments inherently carry more modest but secure returns. What determines the choice of suitable investment are personal preferences and willingness of each investor to take the risk. Collective investment schemes and insurance companies are among the most important players in the global financial market. The trends for sustainable development in a crisis are revealed by performing a retrospective, diagnostic and prognostic financial analysis of risk and return on temporarily invested free funds of life insurance companies and by studying the effectiveness of investment funds portfolio management. -
Aneta Deneva, Georgi Sirashki, Hristo Sirashki, Tsanko Spasovski, Rumyana Angelova
ECONOMIC PROBLEMS OF ENERGY DEVELOPMENT – RENEWABLE ENERGY SOURCES AND ECONOMIC EFFICIENCYSummary: The scientific research on the topic: „Economic problems of energy development – renewable energy sources and energy efficiency” is of theoretical and practical character. One of the most important aspects of energy production for... The scientific research on the topic: „Economic problems of energy development – renewable energy sources and energy efficiency” is of theoretical and practical character. One of the most important aspects of energy production for overcoming the scarcity of raw materials is associated with the use of renewable energy sources. These sources are regarded as a key factor for switching to low carbon economies, ensuring security of energy supply, development of new high-tech industries and providing the so-called „Green growth”. -
Vasil Zahariev, Aneliya Radulova, Petko Angelov
DEBT AND MACROECONOMIC VARIABLES IN THE CONTEXT OF THE “EUROPE 2020” STRATEGYKeywords: -Summary: Theoretical formulations about the nature, characteristics and directions of influence of government debt and government deficits on the main macroeconomic variables are clarified. The size, dynamics and maintenance of all financial... Theoretical formulations about the nature, characteristics and directions of influence of government debt and government deficits on the main macroeconomic variables are clarified. The size, dynamics and maintenance of all financial obligations undertaken by and on behalf of the state, representing the obligation of the state, covering internal and external debt are analysed. The dynamics and trends of change in government debt and its relationship with key macroeconomic variables are studied. -
Karina Sarkisyan Dikova
ANALYSIS OF BULGARIA’S SPECIALIZATION IN THE FIELD OF FOREIGN TRADE IN AGRICULTURAL PRODUCTSJEL: F14Keywords: agricultural products, revealed comparative advantages, international trade specializationSummary: The present survey aims to study the dynamics of the foreign trade flows of agricultural products between Bulgaria and the other EU Member States, the Balkan countries and the former members of CEFTA (until 2007). Using a... The present survey aims to study the dynamics of the foreign trade flows of agricultural products between Bulgaria and the other EU Member States, the Balkan countries and the former members of CEFTA (until 2007). Using a methodological toolbox the author measures the degree of trade specialization of our country in the field of import and export of agricultural products in terms of separate product groups. In the process of research the author follows the dynamics of specialization in the field of trade in agricultural products and outlines the changes in the export and import flows resulting from various economic and political factors as well as defines the degree of effect of these changes on the economic development. -
Stefan Simeonov
THE IMPORTANCE OF FINANCIAL DERIVATIVES IN A PHASE OF FINANCIAL UNCERTAINTY AND GLOBAL RECESSIONJEL: G14Summary: The scale of the importance of financial derivatives can be judged by many indicators, including: extremely fast and versatile development; the sum of outstanding positions in derivatives, which transitory value exceeds from 6 to 10... The scale of the importance of financial derivatives can be judged by many indicators, including: extremely fast and versatile development; the sum of outstanding positions in derivatives, which transitory value exceeds from 6 to 10 times the gross annual production of all economies in the world; the attractive income opportunities and unique techniques for risk management. In the same time, there are extreme opinions in which the financial derivatives are blamed for the global financial crisis and huge losses of various types of market players. The present study attempts to find and outline the real importance of financial derivatives for investment activity and global economy in the period from the beginning of financial crisis and the subsequent economic recession. Analyzed manifestations of financial derivatives in key events in recent years have shown their crucial role in „early diagnosing” of the global economic crisis, and their positive impact on capital market and indirect support to real economic sectors in a phase of recession. The methodology includes correlation study between derivatives, stock market and macroeconomic indicators. -
Velichko Adamov, Teodora Dimitrova, Nadejda Blagoeva
TAX POLICY CHALLENGES AS AN ECONOMIC GROWTH FACTORJEL: Í30Summary: The objectively imposed presence of taxes in government budget plans shows that it's a phenomenon that was and remains the basis for the performance of state functions. All physical and legal entities, regardless of what positions... The objectively imposed presence of taxes in government budget plans shows that it's a phenomenon that was and remains the basis for the performance of state functions. All physical and legal entities, regardless of what positions they occupy in the administrative and economic structures of society, conform their behaviour and estimates for the future to the on-going state tax policy. The tax policy is objectively related to the production and process of money distribution and reasonably affects the final results of each business and respectively, economic growth. Tax policy is an instrument of the economic growth, which can solve financial, economic and social problems in the process of both collecting government revenue and spending it. -
Angel Angelov, Zhelao Vytev, Marin Marinov, Sergey Radukanov
GRAPHICAL ANALYSIS TECHNIQUES OF MARKET TRENDSSummary: The current research paper presents a comparative analysis of the various types of charts that are normally applied in trading financial instruments. Patterns that are applicable in European as well as in US and Japanese practices... The current research paper presents a comparative analysis of the various types of charts that are normally applied in trading financial instruments. Patterns that are applicable in European as well as in US and Japanese practices are systematized. The study systematizes the „price models” of trend analysis. The peculiar features of the „turning” and the „continuing” models are revealed. Some of those models are proved to bear prognostic authenticity. -
Aneta Deneva, Georgi Sirashki, Hristo Sirashki, Tsanko Spasovski
RAW MATERIAL EXTRACTION AND ECOLOGIZATION OF THE MINING INDUSTRYSummary: Under the current economic conditions industrial production ecologization is important for solving diverse problems, new and unfamiliar to the economy. The scientific research entitled: „Raw material extraction and ecologization of... Under the current economic conditions industrial production ecologization is important for solving diverse problems, new and unfamiliar to the economy. The scientific research entitled: „Raw material extraction and ecologization of the mining industry” is of theoretical-applied orientation. It is relevant to the envi-ronmental problems of mining industry and environment preservation and repro-duction. The ecologization of mining industry provides quality and ñompetitiveness of finished products on the domestic and international markets; facilitates technical cooperation between stakeholders; man in his activities and the environment are protected from the harmful effects of the applied technologies and processes. -
Georgi Gerganov, Violeta Blazheva
CHALLENGES FOR BULGARIA'S AGRICULTURAL SECTOR IN THE SECOND DECADE OF THE XXI CENTURY IN THE CONTEXT OF THE EU COMMON AGRICULTURAL POLICYJEL: Q18Summary: Òhe EU Common Agricultural Policy focuses on efficient and sustainable agriculture. The growing challenges facing agriculture in Europe (including Bulgaria) necessitate that it is continually reformed so that it can comply with... Òhe EU Common Agricultural Policy focuses on efficient and sustainable agriculture. The growing challenges facing agriculture in Europe (including Bulgaria) necessitate that it is continually reformed so that it can comply with society’s higher demands for healthy food, preserving rural areas, ensuring high quality products and maintaining farmers’ incomes. „The European model of agriculture” aims to create sustainable agricultural practices, to ensure the overall market orientation of agriculture and to enable farmers to benefit maximally from the market abilities to deliver products demanded by consumers. -
Kiril Mitov, Rositsa Koleva, Margarita Gergova, Lyudmila Doncheva
EFFICIENCY AND ECONOMIC GROWTH OF INDUSTRIAL BUSINESS UNDER CONTEMPORARY CONDITIONSJEL: Ì21Summary: The issues related to achieving smart and sustainable growth by efficient and environmentally-friendly use of resources are fundamental in „Europe 2020” strategy and „Bulgaria 2020” National Programme. The relationship „efficiency –... The issues related to achieving smart and sustainable growth by efficient and environmentally-friendly use of resources are fundamental in „Europe 2020” strategy and „Bulgaria 2020” National Programme. The relationship „efficiency – economic growth” is interpreted in accordance with the ideas of these programs. The possibilities for analytical evaluation of capital and human resources and economic growth are ex-amined. Practical research was carried out on the extent of resource utilization and its impact on economic growth of industrial enterprises from different sectors, which largely illustrate the peculiarities of development of industrial business in the period 2007-2010. -
Georgi Gerganov, Radka Nenova
WOMEN ENTREPRENEURS IN AGRICULTUREJEL: Q12Keywords: women entrepreneurs, young entrepreneurs, agriculture, concepttual model, characteristics of women entrepreneurs.Summary: Promoting entrepreneurship is one of the main directions of contemporary European SME policy. Particular attention is paid to women entrepreneurs and potential future entrepreneurs. The topicality of these issues arouses scientific... Promoting entrepreneurship is one of the main directions of contemporary European SME policy. Particular attention is paid to women entrepreneurs and potential future entrepreneurs. The topicality of these issues arouses scientific researchers’ interest and is the basis for determining the objects of the present study. In literature there are different approaches that can be applied in defining the characteristics of women entrepreneurs and the motivation of young entrepreneurs. The research has built a conceptual model that is used as a methodological basis for conducting research in the field of agriculture. -
Boyan Iliev, Danail Vrachovski, Plamen Yordanov, Rumen Erusalimov, Ventsislav Vasilev, Silviya Panteleeva, Aneliya Paneva
INSURANCE AND SOCIAL INSURANCE IN THE CONTEXT OF THE ECONOMIC PROFILE OF SOCIAL SECURITY IN A MARKET ECONOMYSummary: A widespread understanding connects the individual, respectively social security, too, with reaching the state of a guaranteed opportunity for meeting a particular level of socially accepted human needs in all life situations,... A widespread understanding connects the individual, respectively social security, too, with reaching the state of a guaranteed opportunity for meeting a particular level of socially accepted human needs in all life situations, including ones caused by contingent risks accompanying one’s daily life. Presented in such a way, this security has distinct economic dimensions. In a market economy, social insecurity of individuals increases. This brings to the foreground problems related to individuals’ security. Those who are competent to solve these problems are insurance companies, as well as pension and health insurance companies, whose activities in the outlined trend are the subject of the current research, first of its kind for the Bulgarian theory and practice. -
Galina Zaharieva, Nikolay Yordanov, Nikolay Andreev
RESEARCH ON THE INFLUENCE OF THE EU INTEGRATION ON THE INTENSITY OF BULGARIA’S INTRA-INDUSTRY TRADE (IIT)Summary: The international trade liberalisation is a natural prerequisite for the growth of intra-industry trade volume between countries. In the EU this trend is influenced by the enlargement process, which involves the introduction and... The international trade liberalisation is a natural prerequisite for the growth of intra-industry trade volume between countries. In the EU this trend is influenced by the enlargement process, which involves the introduction and application of a general legal basis. In this context, the study aims to capture the trends and changes in the structure of IIT between Bulgaria and EU countries and to evaluate the effects of the established trade patterns between the abovementioned countries. The main focus of the research, in the context of the Bulgarian intra-industry specialization within the EU, is on the volume and structure of the trade flows between Bulgaria and EU countries. With a view to achieving greater thoroughness the IIT structures (import and export) of the EU Member States are treated aggregately. -
Krum Krumov, Penko Dimitrov, Silviya Kostova
ASPECTS OF THE INTERACTION AMONG FINANCIAL CONTROL INSTITUTIONS IN THE PUBLIC SECTOR OF THE REPUBLIC OF BULGARIASummary: There are several control institutions in Bulgaria whose common subject is public finance. These are the Bulgarian National Audit Office, the Public Financial Inspection Agency, and the Internal Audit Directorate. The fact that... There are several control institutions in Bulgaria whose common subject is public finance. These are the Bulgarian National Audit Office, the Public Financial Inspection Agency, and the Internal Audit Directorate. The fact that these bodies have a common subject of control implies uniformity of the control they exercise as well as the establishment of certain interrelations among them and the coordination of the control procedures they apply. Surveys conducted so far indicate that despite the agreements which these control institutions have signed, there is rather weak cooperation among them in practice. In addition, the volume of information they exchange before initiating control operations is fairly small, which results in duplicating the activities performed in entities which are subject to control. Hence, the lack of coordination and interaction leads to increased costs of financial audit in the public sector and diminish its efficiency. It is therefore necessary to reorganize the communication among bodies engaged in public finance control. -
Teodora Dimitrova, Mladen Stolinchev
CREDIT RISK MANAGEMENT – BANK RATIONALITYJEL: G21Summary: In this study effective credit trisk management is seen as a factor of bank stability, which registers a significant contribution to the organization of banking and in the process of formulating rational financial decisions. In the... In this study effective credit trisk management is seen as a factor of bank stability, which registers a significant contribution to the organization of banking and in the process of formulating rational financial decisions. In the course of this study basic dimensions of credit risk in banking have been assessed by examining the relationship between bank risk management and efficiency of banking policy. The challenges of modern dimensions of credit risk-management in banking are outlined. The efficicency of credit risk-management is studied in theoretical and applied aspects and the key issues and trends are interpreted. The impact of credit risk on the financial condition of the bank is analyzed. Guidelines are set for the planning of measures and making of recommendations for proper management of credit risk in banking. -
Krasimir Shishmanov, Emil Tsanov, Asen Bozhikov, Stefan Petrov
INFORMATION SYSTEMS IN HOSPITALS – STATE AND PERSPECTIVESKeywords: e-Healthcare, medical information system, hospital information system, web-based applications, data mining in healthcareSummary: E-Healthcare is a fast growing area which includes collaboration of medical in-formatics, public healthcare and health services and information sharing through using contemporary information and communication technologies. The... E-Healthcare is a fast growing area which includes collaboration of medical in-formatics, public healthcare and health services and information sharing through using contemporary information and communication technologies. The strategic goal in establishing e-Healthcare is to achieve better health status and quality of life for Bulgarian citizens through providing access to high-quality health services. Taking this into consideration, the present study reveals the current state of medical information systems and highlights possible perspectives for their improvement through modern and effective information technologies. -
Velichko Adamov, Danail Vrachovski, Teodora Dimitrova, Nikolay Ninov
CHALLENGES TO HORIZON 2020 HEALTHCARE RESOURCE PROVISIONJEL: H51Keywords: program and consequential budgeting, budgetary control, diagno¬sis-related groups, SHI systems, e-healthSummary: The problems of health financing, analyzed in practical and applied aspects, are highly relevant today, especially in terms of financial and economic crisis and social insecurity. Attention is directed to such health policies and... The problems of health financing, analyzed in practical and applied aspects, are highly relevant today, especially in terms of financial and economic crisis and social insecurity. Attention is directed to such health policies and solutions, which contribute to fiscal sustainability of health systems and transparency through the introduction of new rules for the valuation of healthcare and e-Health. The challenges to Horizon 2020 resource provision of healthcare are explored in detail both through the prism of national practice and in the context of opportunities to solve them in Europe and globally -
Ivan Marchevski, Radoslav Yordanov
STUDY OF THE WEB ANALYTICS MARKETKeywords: Web analytics, web analytics tools, web analytics indicators, Google Analytics, web analytics marketSummary: Aiming to increase the productivity of their marketing budgets, more companies realize the necessity of measuring the results of online activities. This study was prompted by the growing interest of business to use web analytics... Aiming to increase the productivity of their marketing budgets, more companies realize the necessity of measuring the results of online activities. This study was prompted by the growing interest of business to use web analytics tools. It reviews some factors that affect the diffusion of web analytics tools and provides an overview of the key indicators and functionalities for web analytics. The results of a study of web analytics tools market are presented. The study identifies the structure of web analytics market, on which Google Analytics has established an unrivaled leadership (both globally and in Bulgaria in particular). One of the findings is that site owners lack sufficient knowledge about the web analytics benefits. This deficiency can be compensated by creating an interactive training module that promotes the benefits of web analytics tools.