Economics 21

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  ECONOMIC UNCERTAINTY AND THE ROLE OF THE INSTITUTIONAL FACTOR IN ITS ANALYSIS

  This article presents an attempt to clarify the understanding of the role played by institutions in relation to economic uncertainty. The aim is to critically analyze and compare the place which this economic phenomenon occupies in neoclassical and institutional analytical models. The need for the introduction of the institutional factor in a ... This article presents an attempt to clarify the understanding of the role played by institutions in relation to economic uncertainty. The aim is to critically analyze and compare the place which this economic phenomenon occupies in neoclassical and institutional analytical models. The need for the introduction of the institutional factor in a highly formalized orthodox neoclassical analysis model is theoretically justified. The conclusion is that, under this condition, economic analysis will be able to produce objective results on the basis of which precise conclusions and correct decisions will be made as regards economic policy

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  TERRITORIAL ASPECTS OF INNOVATIVE DEVELOPMENT: CITIES

  This study discusses the territorial aspect of development through renovation linking it to cities where communication between people, the resultant emergence of problems and prospective solutions are more intensive. The purpose of this study is to achieve a better understanding of what makes a city innovative and what the problems are in ... This study discusses the territorial aspect of development through renovation linking it to cities where communication between people, the resultant emergence of problems and prospective solutions are more intensive. The purpose of this study is to achieve a better understanding of what makes a city innovative and what the problems are in building an innovative city or district. In this context, first, the methodologies for defining, grouping and ranking innovative cities and similar territorial units are characterized. The results of the first comprehensive rankings of innovative cities in the world, Europe and China are presented. The second part of the study is devoted to characterizing debates regarding the European concept for the development of metropolitan areas as innovation centres within the Europe 2020 Strategy. Some ideas for the innovative development of territories in Bulgaria are suggested. The conclusion is that innovative development in a territorial aspect is related to the development of cities and metropolitan areas, which requires regular monitoring, evaluation and well-grounded measures for development, taking into account global good practice.

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  AN ECONOMETRIC ANALYSIS OF THE INVESTMENT FUNCTION FOR BULGARIA ALLOWING FOR THE IMPACT OF STRUCTURAL BREAKS

  An investment function is a concept or strategy within economics that helps to identify the connection between shifts in the national income and the investment patterns that take place within that particular national economy. The present study uses the Vector Error Correction Model (VECM) to examine the long-run and short-run relationships between ... An investment function is a concept or strategy within economics that helps to identify the connection between shifts in the national income and the investment patterns that take place within that particular national economy. The present study uses the Vector Error Correction Model (VECM) to examine the long-run and short-run relationships between investment and some of its key determinants – real gross domestic product, inflation, discount rate and the Composite Financial Development Index. The econometric analysis is based on annual data referring to the period from 1991 to 2011. Three investment functions are estimated – total investment, private investment and foreign direct investment, and each function is analyzed both by not taking and by taking into consideration the structural changes that occurred in the survey period