"Scientific research" Almanac

More titles

• 

  INFLUENCE OF FINANCIAL DERIVATIVES ON THE CAPITAL MARKET OF MAJOR EUROPEAN EXCHANGES

  There are still opinions in professional circles about the danger of financial derivatives and their blame for the current crisis. At the same time there are isolated studies regarding the specific effects of derivatives and they have a narrow focus – a separate tool, limited market and time. The current study looks for arguments about the actual ... There are still opinions in professional circles about the danger of financial derivatives and their blame for the current crisis. At the same time there are isolated studies regarding the specific effects of derivatives and they have a narrow focus – a separate tool, limited market and time. The current study looks for arguments about the actual influence of financial derivatives on the capital market in terms of studying the biggest West European exchanges with options and futures based on their instruments. An analysis is made of the most fundamental market indicators: exchange turnovers – in a premium value and number of contracts, open positions, movement of indexes, volatility, etc. The results of the correlative, comparative and traditional investment analyses lead to the fundamental findings: derivative trading improves market liquidity of the basic capital instruments and aids their risky management, the activity of derivative exchanges is more stable in years of crisis than that of the stock exchanges, which indicates a better risk-return correlation; an analogous analysis of the Russian markets for the same period corroborates some findings and shows some interesting differences in investment behaviour. In terms of methodology the parallel analysis between main indicators such as: exchange volumes, option rate and open positions enable the indication of fundamental changes in investment behaviour and of occurring financial and economic cataclysms.

• 

  NEOCLASSICAL AND INSTITUTIONAL SYNTHESIS OF HOUSEHOLDS

  The paper presents a study on households as subjects of economic relations in terms of the institutional and neoclassical synthesis. Households are considered a pri-mary component of the economic system, as well as objectively necessary and relatively autonomous economic entities. The neoclassical synthesis deals with two main charac¬teristics of ... The paper presents a study on households as subjects of economic relations in terms of the institutional and neoclassical synthesis. Households are considered a pri-mary component of the economic system, as well as objectively necessary and relatively autonomous economic entities. The neoclassical synthesis deals with two main charac¬teristics of both individuals and households – their rationalism and sovereignty – as key factors of their behaviour in a market economy. In response to the shortcomings of the neoclassical theory, the institutional approach focuses on the norms, rules and stereo¬types that govern human behaviour in real life. The analysis of households as functional socio-economic entities requires a combination of the concepts of neoclassical and in¬stitutional approaches.

• 

  SIGNAL PARAMETERS OF SHADOW ECONOMY IN BULGARIA

  The global financial and economic crisis at the beginning of this century resulted in certain cataclysms with destructive effects on the government's financial policy. In-creasing government budget deficits, strikingly inadequate social status and deteriora-tion of the basic macroeconomic indicators measuring the „pulse” of the national and world ... The global financial and economic crisis at the beginning of this century resulted in certain cataclysms with destructive effects on the government's financial policy. In-creasing government budget deficits, strikingly inadequate social status and deteriora-tion of the basic macroeconomic indicators measuring the „pulse” of the national and world economy once again brought forward the issue of the scale of shadow economy. The presence of shadow economy is an indicator for the lack of trust in govern-ment's financial policy and the inefficiency of the national economic policy. At the same time shadow economy practices affect negatively the economic growth, efficiency of labour, competitiveness and the economic and financial policy of the state. In this context, the main goal of the study is to analyze the extent of the shadow economy and the issues related thereto as well as to examine its actual manifestations in Bulgaria and propose measures to mitigate it.