"Scientific research" Almanac

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  TAX POLICY CHALLENGES AS AN ECONOMIC GROWTH FACTOR

  The objectively imposed presence of taxes in government budget plans shows that it's a phenomenon that was and remains the basis for the performance of state functions. All physical and legal entities, regardless of what positions they occupy in the administrative and economic structures of society, conform their behaviour and estimates for the ... The objectively imposed presence of taxes in government budget plans shows that it's a phenomenon that was and remains the basis for the performance of state functions. All physical and legal entities, regardless of what positions they occupy in the administrative and economic structures of society, conform their behaviour and estimates for the future to the on-going state tax policy. The tax policy is objectively related to the production and process of money distribution and reasonably affects the final results of each business and respectively, economic growth. Tax policy is an instrument of the economic growth, which can solve financial, economic and social problems in the process of both collecting government revenue and spending it.

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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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  RESEARCH ON THE INFLUENCE OF THE EU INTEGRATION ON THE INTENSITY OF BULGARIA’S INTRA-INDUSTRY TRADE (IIT)

  The international trade liberalisation is a natural prerequisite for the growth of intra-industry trade volume between countries. In the EU this trend is influenced by the enlargement process, which involves the introduction and application of a general legal basis. In this context, the study aims to capture the trends and changes in the structure ... The international trade liberalisation is a natural prerequisite for the growth of intra-industry trade volume between countries. In the EU this trend is influenced by the enlargement process, which involves the introduction and application of a general legal basis. In this context, the study aims to capture the trends and changes in the structure of IIT between Bulgaria and EU countries and to evaluate the effects of the established trade patterns between the abovementioned countries. The main focus of the research, in the context of the Bulgarian intra-industry specialization within the EU, is on the volume and structure of the trade flows between Bulgaria and EU countries. With a view to achieving greater thoroughness the IIT structures (import and export) of the EU Member States are treated aggregately.