"Scientific research" Almanac

More titles

• 

  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.

• 

  THE TOBIN TAX AND THE SPECULATIVE CURRENCY TRANSACTIONS

  The purpose of this paper is to outline the Tobin Tax ability to solve certain problems related to the instability of financial markets, conditioned by speculative transactions. First proposed in the early 70’s of the 20th century, Tobin’s idea has re-tained its relevance and is still subject of attention both in academic circles and in terms of ... The purpose of this paper is to outline the Tobin Tax ability to solve certain problems related to the instability of financial markets, conditioned by speculative transactions. First proposed in the early 70’s of the 20th century, Tobin’s idea has re-tained its relevance and is still subject of attention both in academic circles and in terms of its practical implementation. Briefly reviewing the unsuccessful experience of Swe-den to introduce its own type of the Tobin Tax, the paper seeks the lessons learned through it and identifies the most significant obstacles and challenges before the finan-cial transactions taxation from financial, political and organizational point of view.

• 

  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.