"Scientific research" Almanac

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  OFFSHORE ZONES – PLACES FOR IMPLEMENTING CRIMINAL INITIATIVES OR ECONOMICALLY JUSTIFIED INVESTMENTS

  An intensive dispute about the role of the offshore zones in modern global economy is taking place among researchers, politicians and financial specialists. What are the reasons for investors to transfer their savings to such offshore zones – are they motivated by economic reasons or are they just realizing their criminal intentions using the ... An intensive dispute about the role of the offshore zones in modern global economy is taking place among researchers, politicians and financial specialists. What are the reasons for investors to transfer their savings to such offshore zones – are they motivated by economic reasons or are they just realizing their criminal intentions using the offshore status? According to Zhixiang Sun investors will transfer their savings to offshore zones until the ratio between return in the home country towards return in the offshore zone is higher than the ratio between unity minus the tax rate in the home country and unity minus the tax rate in the offshore zone. In our research we calculate these ratios for a US investor towards a possible transfer to 9 Caribbean offshore zones. For all cases we find that there are strong economic reasons for investors to transfer their savings to offshore zones. The same conclusions refer to Bulgarian investors, too. It is only for Panama that we did not find economic reasons.

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  ESTABLISHMENT OF THE BULGARIAN NATIONAL BANK AS A CENTRAL BANK

  The establishment of the central bank and banking system in our country began in the late XIX century, after the liberation from Ottoman rule. In its 120-year-old history Bulgarian banking has experienced many ups and downs to reach its current state. This study will focus on the establishment and recognition of the Bulgarian National Bank as a ... The establishment of the central bank and banking system in our country began in the late XIX century, after the liberation from Ottoman rule. In its 120-year-old history Bulgarian banking has experienced many ups and downs to reach its current state. This study will focus on the establishment and recognition of the Bulgarian National Bank as a central and issuing bank.

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  CAPITAL MARKETS IN EUROPE – INTEGRATION AS AN ANTI-CRISIS MEASURE

  The leading thesis in this paper is the concept that the development of a unified institutionalized European capital market is a necessity and a mandatory condition for the successful implementation of the EU economic policy, which, however, has not been recognized as a priority by the governing institutions of the Economic Union. Using empirical ... The leading thesis in this paper is the concept that the development of a unified institutionalized European capital market is a necessity and a mandatory condition for the successful implementation of the EU economic policy, which, however, has not been recognized as a priority by the governing institutions of the Economic Union. Using empirical research we prove that the average correlation of the indices of capital mar¬kets within the Euronext system is a bit higher and much more stable than the correla¬tion of the chosen five stock exchanges which are not in the Euronext system. That allows for a conclusion to be made that the degree of capital market integration is higher within the Euronext system than outside it, which may be used as a powerful anti-crisis instrument.