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Nikolay Ninov
Efficiency of the Social Assistance System in Bulgaria through Planning the Use of European Funds
Summary:
Within the social policy implemented to alleviate the worst forms of deprivation and combat poverty, targeting European Union citizens that are most affected by the socio-economic crisis, and through the Fund for European Aid to the Most Deprived, the European Commission finalized the process of adoption of all national operational programmes for the period 2014-2020 amounting to a total value of 3.8 billion Euros. These funds will be spent on achieving social cohesion and implementing one of the main objectives of the Europe 2020 Strategy – “Lifting at least 20 million people out of the risk of poverty or social exclusion”. The Republic of Bulgaria received 104.8 million Euros to finance social benefits and social services aimed at promoting social inclusion, thereby the national social assistance system is expected to demonstrate greater effectiveness and efficiency in spending them
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Ivanka Daneva
THE ROLE OF VOLUNTARY PENSION INSURANCE IN CORPORATE GOVERNANCE
Summary:
The model of corporate governance of human capital in contemporary business organisations is essential for applying the concept of corporate social responsibil-ity, of which supplementary voluntary pension insurance for employees with contributions made by employers is an important element. Supplementary voluntary pension insurance is fully funded and is a way to diversify sources of pension income. Insurance in voluntary pension funds has a marked potential not only to raise the gross replacement rate, but also as an element of the general model for corporate governance of human resources in any company regardless of its core business, yet this potential has not been fully exploited so far. In order to employ it as a factor increasing personnel motivation and to increase its efficiency, a number of prerequisites and specific actions are required.
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Radoslav Tsonchev, Stoimenka Tonova
FINANCIAL INNOVATION
AND THE NEW REGULATION
Summary:
The majority of experts and practitioners share the opinion that one of the major reasons for the world financial crisis from the period 2007-2009 is the failure of the market regulation both as statutory framework and professional practice. Unfortunately, the traditional financial doctrine was not in position to adequately assess the high complexity of the modern financial markets. It did not address in detail the essence of the financial innovations and to a certain extent allowed the deregulation and market self-regulation and thus allowing the widespread of such innovations. This survey is an attempt (i) to respond to the need for better understanding of the financial innovations, (ii) to point out and analyze the regulatory challenges caused by the market dynamics and (iii) to assess the steps already taken. It is not by chance that the reforms of the regulatory framework played a major role in the post-crisis period. Their progress in the last two or three years has been remarkable but, in our opinion, there is still a lot left to be accomplished in this field.
