"Scientific research" Almanac

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  DETERMINANTS OF ECONOMIC GROWTH IN BULGARIA

  This study focuses on the most prominent theories about modeling economic growth. The factors of economic growth in Bulgaria are studied in terms of econo-metrics. The main determinants of growth are identified and the strength of their impact is measured. The positive multiplier effect of final consumption, gross capital formation, government ... This study focuses on the most prominent theories about modeling economic growth. The factors of economic growth in Bulgaria are studied in terms of econo-metrics. The main determinants of growth are identified and the strength of their impact is measured. The positive multiplier effect of final consumption, gross capital formation, government expenditures on employee compensation, exports and unilateral gratuitous transfers are determined. Opportunities for stimulating economic growth in Bulgaria are analyzed in the short and long run.

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  THE IMPORTANCE OF FINANCIAL DERIVATIVES IN A PHASE OF FINANCIAL UNCERTAINTY AND GLOBAL RECESSION

  The scale of the importance of financial derivatives can be judged by many indicators, including: extremely fast and versatile development; the sum of outstanding positions in derivatives, which transitory value exceeds from 6 to 10 times the gross annual production of all economies in the world; the attractive income opportunities and unique ... The scale of the importance of financial derivatives can be judged by many indicators, including: extremely fast and versatile development; the sum of outstanding positions in derivatives, which transitory value exceeds from 6 to 10 times the gross annual production of all economies in the world; the attractive income opportunities and unique techniques for risk management. In the same time, there are extreme opinions in which the financial derivatives are blamed for the global financial crisis and huge losses of various types of market players. The present study attempts to find and outline the real importance of financial derivatives for investment activity and global economy in the period from the beginning of financial crisis and the subsequent economic recession. Analyzed manifestations of financial derivatives in key events in recent years have shown their crucial role in „early diagnosing” of the global economic crisis, and their positive impact on capital market and indirect support to real economic sectors in a phase of recession. The methodology includes correlation study between derivatives, stock market and macroeconomic indicators.

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  INVESTIGATION AND ANALYSIS OF INVESTMENT RISK IN A CRISIS

  The management of investment projects is related to the formation of such an investment portfolio, which would guarantee them the highest financial return. The main characteristic of investments is the „risk-return” ratio. The interdependence between these two categories is generally directly proportional – i.e. the pursuit of higher returns ... The management of investment projects is related to the formation of such an investment portfolio, which would guarantee them the highest financial return. The main characteristic of investments is the „risk-return” ratio. The interdependence between these two categories is generally directly proportional – i.e. the pursuit of higher returns involves taking more risk and conversely, low-risk investments inherently carry more modest but secure returns. What determines the choice of suitable investment are personal preferences and willingness of each investor to take the risk. Collective investment schemes and insurance companies are among the most important players in the global financial market. The trends for sustainable development in a crisis are revealed by performing a retrospective, diagnostic and prognostic financial analysis of risk and return on temporarily invested free funds of life insurance companies and by studying the effectiveness of investment funds portfolio management.