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APPLICABLE ASPECTS OF ECONOMETRIC MODELING OF DYNAMIC RELATIONS
The paper is focused on the application of the statistical methods for the analysis of dynamic relationships. The relationships among the economic phenomena are realized not only in the distributions of the population, (static aspect) but also in the changes that have occurred into it with the time (dynamic aspect).
The thesis supported by the ...
The paper is focused on the application of the statistical methods for the analysis of dynamic relationships. The relationships among the economic phenomena are realized not only in the distributions of the population, (static aspect) but also in the changes that have occurred into it with the time (dynamic aspect).
The thesis supported by the authors is that statistical methods used for the analysis of dynamic relationships are both modern and powerful instruments for the researchers that allow to discover new characteristics of the interdependence among economic phenomenon but at the same time, their application is accompanied with many conditions that have to be known and taken into account.
The goal of the paper is to systematize the statistical methods for analysis of relationships based on time series data, and to point out their abilities in the advancement and enhancement of the analysis of the economic phenomenon. In order to achieve this goal, we have solved the following tasks: a) to describe the cross-correlation analysis; b) to characterize the distributed lag models (aka transfer function models); c) to study the vector auto regression (VAR) models; d) to describe the cointegration as advanced statistical method for the analysis of non-stationary time series.
The established results cover the advanced features of the dynamic relationship models: the interdependence between two (or more) time series; exploration of single relationships and distributed influence; the representation of multidimensional dynamic relationship; the survey of both long-term equilibrium relation and short-term interaction between the variables induced by the deviations from equilibrium state.
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EVALUATION OF THE IMPACT OF THE WORLD ECONOMIC CRISIS ON THE REAL ESTATE MARKET IN THE MEMBER STATES OF THE EUROPEAN UNION (ON THE EXAMPLE OF THE REPUBLIC OF BULGARIA AND GREECE)
The analysis of the real estate market has been directly related to the dynamic development of the overall price level in recent years. By focusing on the period 2008-2016, we draw attention to the influence of the two main factors - the accession of Bulgaria to the EU and the impact of the global financial crisis, which reflects most seriously on ...
The analysis of the real estate market has been directly related to the dynamic development of the overall price level in recent years. By focusing on the period 2008-2016, we draw attention to the influence of the two main factors - the accession of Bulgaria to the EU and the impact of the global financial crisis, which reflects most seriously on the sectors of construction, production and services. The focus of this paper is on the real estate market in Bulgaria in parallel with Greece, as a neighboring country that has suffered the harsh economic consequences of the crisis. The main research thesis on which the present study has been built is that the geopolitical and economic shocks on a global and national level are a key factor determining the potential of the real estate market. The main objective is to analyze the state of the real estate market in Bulgaria and Greece. The tasks assigned by the authors are:
- consideration of the main features of real estate markets in Bulgaria and Greece;
- outline the main trends of the real estate market in Bulgaria and other member states from Central and Eastern Europe;
- Investigating the potential for investment in real estate in the member states of the European Union by applying the method of Z. Helving;
- comparative analysis and assessment of the real estate market in Bulgaria and Greece and outlining the trends of its future development.
As a result of the survey a grouping of the European Union countries on indicators for the mortgage market, the real estate market and the economic potential of the countries was carried out. The peculiarities of investments in real estates in the member states of the European Union are distinguished, focusing on the Republic of Bulgaria and Greece and the main factors of the supply and demand for real estate.
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CLASSIFICATION, EVALUATION
AND ACCOUNTING POSSIBILITIES
FOR DERIVATIVE FINANCIAL INSTRUMENTS
The undeniable interest of economic theory and practice towards financial derivatives makes them a current subject of analysis. The existence of derivatives raises the logical question about their purpose. If an investor participates in the distribution of a company’s profits by holding its shares, why do they apply another instrument that is ...
The undeniable interest of economic theory and practice towards financial derivatives makes them a current subject of analysis. The existence of derivatives raises the logical question about their purpose. If an investor participates in the distribution of a company’s profits by holding its shares, why do they apply another instrument that is related to owner’s equity? The derivative markets create favorable opportunities by improving the efficiency of the underlying assets markets. Derivatives have lower transaction costs compared to other transactions with basic instruments on the spot market, they are more liquid and the risk can be transferred into a more effective, simple and inexpensive way. Proof for the significance of derivative instruments is also the EU-accepted IFRS 9 Financial Instruments. Therefore, it is important that the management of every organization is aware of the regulatory framework for financial instruments, as well as the effects of each transaction with financial instrument.
The main purpose of the study is to define a classification of derivative instruments and to mark key points in their accounting. The specific objectives that have to be solved are to highlight the alternatives for classifying derivatives and to focus on their immediate current accounting. The thesis is that the adequate classification and evaluation of these instruments are important factors for their correct accounting. The main conclusion is that proper classification of derivatives has a practical significance because there has to be determined whether the instrument has a value at the beginning, which has a timely accounting impact. Their internal and time values have a significant role as well, because in the changes they must be clearly distinguished from the change in the fair value of the derivative itself.
