"Scientific research" Almanac

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  THE BANKING SECTOR IN CRISIS

  Banking crises are costly for the economic crises, not only because of the high direct rescue costs, but also due to the negative effects on the economy by limiting the access to credit resources, negative impact on the price of government debt and securities of local companies, as well as a possible devaluation of the national currency. The aim ... Banking crises are costly for the economic crises, not only because of the high direct rescue costs, but also due to the negative effects on the economy by limiting the access to credit resources, negative impact on the price of government debt and securities of local companies, as well as a possible devaluation of the national currency. The aim of this study is to clarify the causes and transmission mechanisms of the global financial crisis of 2007, and to advocate the following idea: effective risk management in the financial sector at the international level is the only way to prevent future global financial crises. In this context, the following main tasks are defined: (1) factors for the occurrence of banking crises, and in particular – the global financial crisis of 2007, (2) transmission mechanisms of infection in the international banking sector, (3) the impact of the global financial crisis on the banking sector, and (4) policy options for risk management in the banking system and for strengthening it.

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  COMPARATIVE ANALISYS OF THE BULGARIAN AND ROMANIAN EXTERNAL SECTORS

  Being an area of free movement of “people, goods and capital”, EU gives both Bulgaria and Romania opportunities to improve their access to markets, as well as to attract more foreign direct and portfolio investments. The global economic crisis, that began two years after the two countries’ full EU accession, is likely to discontinue these ... Being an area of free movement of “people, goods and capital”, EU gives both Bulgaria and Romania opportunities to improve their access to markets, as well as to attract more foreign direct and portfolio investments. The global economic crisis, that began two years after the two countries’ full EU accession, is likely to discontinue these advantages and to pose serious hardships to the ability of their economies to function in a crisis and reduced cash flows. The project “Comparative analisys of the Bulgarian and Romanian external sectors” is focused on studying the trends in the balance of payment of the two countries and its components in the light of Euro membership and under the conditions of an economic crisis. Its scope includes the key specifics of trade and capital flows as well as the correlations between them. The views on balancing the external sector are generalized and tools are identified to assess the trends in the balance of payment.

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  ANALYSIS OF HOTEL BUSINESS COMPETITIVENESS

  „Europe 2020” Strategy and „Bulgaria 2020” National Program’s underlying issues relate to smart and sustainable growth. It is associated with the creation of a greener and more competitive economy in which resources are used efficiently and environmentally-friendly. The relationship „quality-competitiveness” is interpreted in accordance with the ... „Europe 2020” Strategy and „Bulgaria 2020” National Program’s underlying issues relate to smart and sustainable growth. It is associated with the creation of a greener and more competitive economy in which resources are used efficiently and environmentally-friendly. The relationship „quality-competitiveness” is interpreted in accordance with the ideas put forward in these programs The search for competitive advantages of a tourism product can be improved mainly through reorientation of the strategy of tourist companies to a higher standard and better services, differentiation of the Bulgarian tourism product, development of alternative products to attract wealthy tourists and create conditions for intense competition in the industry. The paper involves practical research on the quality of the tourism product, its impact on the competitiveness of hotel chains, which illustrates the significant features in the development of tourism for the five-year period (2007-2011).