"Scientific research" Almanac

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  REASONS FOR THE CHANGES IN THE VOLUME AND QUALITY OF INDIVIDUAL CUSTOMERS' LOANS PROVIDED BY COMMERCIAL BANKS IN BULGARIA

  The high credit activities of commercial banks in Bulgaria as regards citizens and households just before the consequences of the global economic crisis, as well as the efforts of local people to maintain a quality standard of living, are the main reasons which increase the burden of individual customers’ loans in the loan portfolio of bank ... The high credit activities of commercial banks in Bulgaria as regards citizens and households just before the consequences of the global economic crisis, as well as the efforts of local people to maintain a quality standard of living, are the main reasons which increase the burden of individual customers’ loans in the loan portfolio of bank institutions. The worsening of economic indicators in the country after the beginning of 2009 forces the banking institutions to change their behaviour on the credit market and to seek effective ways to limit the ever increasing non-performing loans among the population. The purpose of the current study is to trace the tendencies in the change of volume and quality of the banks’ overall consumer loan portfolio for the period December 2006 – June 2012, and to outline the main reasons of the worsened quality of loans extended to individuals for current needs by the local commercial banks.

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  MACROECONOMIC STATE OF BULGARIA AND PROSPECTS FOR DEVELOPMENT OF BULGARIAN ECONOMY

  Bulgaria has managed to reduce the deficit as required according to the excessive deficit procedure and is carrying out a substantial reform aimed at raising the statutory retirement age for both men and women. Despite the progress made by the Government in fulfilling its reform programme, the main challenges facing the country’s policy have ... Bulgaria has managed to reduce the deficit as required according to the excessive deficit procedure and is carrying out a substantial reform aimed at raising the statutory retirement age for both men and women. Despite the progress made by the Government in fulfilling its reform programme, the main challenges facing the country’s policy have remained largely unchanged. Due to the constant increase in unemployment there should be more active reorientation of the active employment policy in order to improve employability. The low educational achievement shows that the provision of quality education faces significant structural barriers. Sustainability and adequacy of the pension system are still not fully guaranteed. The quality of public expenditure, the tax system efficiency and the business environment are suboptimal. Bulgaria is largely dependent on imported energy and its energy market is not fully operational.

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  REAL OPTIONS – THE NEW PARADIGM IN INVESTMENT DECISION MAKING

  Financial theory has long tried to impose discounted cash flows techniques as a revolutionary approach in evaluating investment alternatives, offering a more accurate and complete idea of the potential in creating a value replacing the „Payback period” that has long been used in capital budgeting. Discounting of cash flows had been the main and ... Financial theory has long tried to impose discounted cash flows techniques as a revolutionary approach in evaluating investment alternatives, offering a more accurate and complete idea of the potential in creating a value replacing the „Payback period” that has long been used in capital budgeting. Discounting of cash flows had been the main and indisputable paradigm in making investment decisions prior to the emergence of a real options analysis (ROA) - an application of the theory of financial options in capital budgeting. Real options enhance valuation by embedding flexibility in capital budgeting procedures – the ability of firms to react adequately to favorable or adverse changes in the economic environment, competition or markets. Real options analysis is the perfect approach in evaluating long-term investments and it will not be long before it replaces completely the traditional tools in capital budgeting.