"Scientific research" Almanac

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  APPROACHES AND MODELS FOR MEASURING AND MANAGING COMMERCIAL BANKS LIQUIDITY

  The problems related to liquidity management and maintaining optimal levels of liquid assets of banks have become very topical and have stirred the interest of both the regulatory bodies and researchers in the field of banking and the general public. The pertinence of these problems arises from the importance of banks for the economic development ... The problems related to liquidity management and maintaining optimal levels of liquid assets of banks have become very topical and have stirred the interest of both the regulatory bodies and researchers in the field of banking and the general public. The pertinence of these problems arises from the importance of banks for the economic development of the national economies on the one hand, and from the possibility for transformation of banking problems into sectoral, national and international financial crises, on the other. The integration and the high level of interdependence of the economies worldwide are the key factors for accumulation of covert negative effects, which may trigger crises under certain conditions.

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  STUDY ON THE APPLICABILITY OF INVESTMENT AND PORTFOLIO MANAGEMENT MODELS IN EMERGING MARKETS

  The study aims to test the applicability of three basic investment and portfolio management models in emerging markets in Central and Eastern Europe – the EVA model, RI model and ETF α+ model. Our thesis statement is that the models established in developed economies are applicable to emerging markets but should be modelled according to the ... The study aims to test the applicability of three basic investment and portfolio management models in emerging markets in Central and Eastern Europe – the EVA model, RI model and ETF α+ model. Our thesis statement is that the models established in developed economies are applicable to emerging markets but should be modelled according to the specifics of these markets. Our task was to create modified models that are applicable in the East-European emerging markets. First we tested the economic value-added model (EVA), but we met a number of difficulties in applying it in Eastern Europe, mainly due to some differences in the accounting standards. Therefore, we developed the much simpler RI model, in which with only two modifications we were able to prove its applicability in our markets. Based on this result we then made key changes in the EVA model and as a result we found that both indicators – EVA and RI – can be used as criteria for implementing investment and portfolio management policies. In the final stage of the project we successfully tested the possibility of generating alpha returns in duplicating the WIG220 index, achieving a higher return than the market return.

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  SCENARIOS FOR THE DEVELOPMENT OF THE EUROPEAN INTEGRATION AND THEIR POSSIBLE EFFECTS ON THE BULGARIAN ECONOMY

  The reality in the European Union makes it necessary to consider various scenarios for the future development of the European integration. The inclusion of the Republic of Bulgaria in the single market makes our country a part of a much larger space, which directly affects the economic processes in the country. Therefore, we need to consider the ... The reality in the European Union makes it necessary to consider various scenarios for the future development of the European integration. The inclusion of the Republic of Bulgaria in the single market makes our country a part of a much larger space, which directly affects the economic processes in the country. Therefore, we need to consider the impact of the possible scenarios for the development of the EU and their effects on the development of the Bulgarian economy. The study aims to develop possible scenarios for the future development of the European integration. The formulated tasks are to analyse the geographical orientation of the EU’s foreign trade relations; to analyse the foreign direct investments in the Republic of Bulgaria and their implications for the economy of the country in the context of the European integration processes; to analyse the trends in the European integration processes and their impact on the Bulgarian economy. It supports the idea that the possible scenarios for the development of the European integration are to be reflected in the national integration policy. The study presents a positive, a realistic and a negative scenarios for the European integration and reflects their potential effects on the economy of the Republic of Bulgaria. The study employs graphical and tabular methods, ABC-analysis, SWOT-analysis.