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Plamen Petkov
Algorithm for Econometric Estimation of the Aggregated Production Function by Transcendental Logarithmic (translog) Approximation
Summary:
The study analyzes the dependence of gross domestic product of the number of employees and gross fixed capital formation in Bulgaria with the help of the aggregate production function. Based on quarterly data, which covered the first quarter of 1996 to the first quarter of 2007, is examined the elasticity of substitution of production factors. It is tested three types of production functions – a production function with variable elasticity of substitution of factors (VES-function), a production function with constant elasticity of substitution of factors (CES-function) and classical Cobb-Douglas function. Estimates of the parameters were obtained with the least squares method, applied to transcendental logarithmic (translog) approximation of the production function.
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Plamen Pytev, Elena Marinova
The Link Between Credit Default Swaps and Stock Markets in Central and Eastern Europe
Summary:
Our study aims at testing whether there is long-run relationship between the CDS and stock markets in seven countries of Eastern Europe. First, we define specifics of the seven CEE stock markets and CDS spreads. We have found that they show different performance characteristics – stock markets present very different performance while the volatility has been very close. Next, we try to estimate the presence of co-integration among the stock markets on the one side and CDS spread on the other. The results show that both stock market indices and CDS spread are not stationary at levels but are stationary at first difference and they are first-order integrated I(1) for all countries. Next, we apply Granger causality test for short-run relationship and our results show for Russia and Poland that the index return is Granger causing the change in CDS spread, the variance in the CDS explained by the index is 40% and 31% respectively. In the case of Hungary, Bulgaria and Romania, where the change in the CDS spread is Granger Causing change in stock market index, the variance in the index explained by the CDS spread is 36%, 11% and 27% respectively.
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Mariana Drumeva
Demographic-economic Face of Svishtov at the Beginning of Bulgarian Renaissance
Summary:
The present paper attempts to outline the demographic and economic outlook of the town of Svishtov from ancient times to the beginning of the Bulgarian Revival. The data throwing light on these issues are relatively scarce and can be found in archaeological excavations in the vicinity of the town, in published historical documents, foreign travelogues and in researches on the town of Svishtov and the economic-historical development of Bulgarian lands. The study is a survey and aims to summarize and systematize the present information from historical sources and historical-geographical research on the problems posed. Thus the prerequisites for the increased role of the town during the Revival can be more fully and more precisely explained.
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Birstra Nikolova
Ethics in the Field of Higher Education
Summary:
The adoption of modern concepts and opinions related to good governance and corporate social responsibility lead to the normative settlement of ethics in public sector institutions, and in the field of higher education. As a result, ethical behavioral norms have been developed in educational institutions. Due to the increasing requirements in the last years for improving the quality of educational services and research results, ethical issues in the field of higher education are becoming more and more relevant, and integrity is increasingly becoming a prerequisite for the achievement of contemporary goals of educational institutions. This gives grounds for examining the mentioned problems – in theory and practice, both in the country and abroad, with a view to establishing concrete opportunities for development and improvement of the ethical norms in the field of higher education.
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Todor Todorov
On some Imperfections of the Gross Domestic Product Index
Summary:
The gross domestic product is the most widespread macroeconomic index, used for macroeconomic analysis and forecasting of economic growth. Despite all its merits it can hardly be considered a perfect indicator of economic growth and nation’s welfare. One of its disadvantages is that it doesn’t record the effects connected with the exhausting of natural resources or with the negative consequences of environment pollution. In this sense the article offers an algorithm for calculating “green GDP” and “black GDP”.
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Valentin Milinov
On the Characteristics and Evolution of Monetary Policy
Summary:
The study investigates the problems related to monetary policy within the process of its evolution and according to the development of the monetary policy theories and the stages of development of the economy and the monetary systems. The paper reviews the various levels of implementation of monetary policies and the possibilities for its influencing the economic process. The influence is effected through direct and indirect tools used by the national banks. For this end the banks set certain operative (short-term), interim, and final (long-term) objectives, the most important factor being the choice of adequate strategy of the monetary policy, i.e. the choice of „nominal anchor”. In this respect the study focuses on monetary targeting, inflation targeting, and currency exchange rate targeting. The experience of other countries is especially valuable for Bulgaria in the process of the country’s accession to the European Monetary Union. The study comes to the conclusion that in this respect the most important question is how the currency board shall be abandoned: (1) whether it must be preserved until the country’s accession to the European Monetary Union or (2) the peg of the Bulgarian lev to the Euro should be abandoned prior to the accession to the European Monetary Union.
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Plamen Petkov
Econometric Estimation of Bulgarian Investment Function
Summary:
An investment function in economic terms is a concept or strategy that explains the relationships between shifts in the national income and changes in the investment patterns in the national economy. In this publication the methodology of vector error correction model (VECM) is applied to investigate long-run and short-run relationships between investments and some of their key determinants - real gross domestic product, inflation, discount interest rate and a composite index of financial development. Econometric analysis is based on annual data, which covered the period from 1991 to 2011. It is estimated there are three investment functions – of the total investment, private investment and foreign direct investment. Åach function is analyzed with and without structural shocks occurring in the study period.
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Krasimira Slaveva, Vanya Ganeva
Sharing Economy – Characteristics, Consumer Practices and Measurement
Summary:
This study examines the changes in the economy reflected in the sharing economy concept. Since the beginning of the 21st century, it has become an important part of the world economy posing a number of challenges to the operating companies and regulatory bodies. The development of the sharing economy has led to the transformation of many sectors and to some changes in the way a number of businesses operate. In consumer models, attention is being paid to sustainable (green, moral) consumption.
The aim of the study is to characterize and clarify the importance of the sharing economy. The study focuses on: presenting the main characteristics of the sharing economy, clarifying the factors that underlie its emergence; examining the consumer practices that distinguish it, as well as the ways of measuring and assessing it.
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Milena Beneva
Implementation of Environmental Factor in Pension Investments
Summary:
Modern financial markets create a new criterion for evaluating the investment performance of companies - a multidimensional approach that combines the financial, social and environmental aspects together. A sustainable and responsible investment approach is perceived as a long-term driver of value and many institutional investors around the world, incl. pension funds, integrate it into their traditional investment process. At the same time, Bulgarian private pension funds either neglect (underestimate) the issues of sustainable development, or changå their investment policy too timidly and uncertainly.
After an in-depth analysis of the sustainable and responsible investment practices imposed by the ecological leaders among the pension funds, the current research paper offers an adapted model for integrating the "green" investment trend, consistent with the organization and development of voluntary private pension funds in Bulgaria.
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Milen Atanasov
Critical Analysis of the Rights and Obligations of the Insurance Broker Defined in the Insurance Code
Summary:
In the present work, the rights and obligations of the insurance broker (IB), which are covered by the insurance and reinsurance activity carried out by him, are examined and systematized, according to the Bulgarian legislation. The manner in which the remuneration of the IB is determined and negotiated and the possibility of its deduction from the amount of the insurance premium is presented. The circumstances under which IB has the right to receive both insurance premiums and important information relevant to the insurance risk, as well as documents on insurance claims, are specified.
The obligations of the IB related to its information and consulting activities in informing the users of insurance services about the most rational coverage of the various types of insurance products are covered and analyzed in detail, directing individually to the most suitable of them. The obligations of the insurance company are also presented, extending to the conclusion of insurance contracts, establishing the insured event and its consequences, as well as its administrative legal obligations.
In following up and analyzing the individual types of rights and obligations of the IB, a number of proposals have been made to supplement and improve the current regulations.
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Mihal Stoyanov, Desislava Grozdeva
Mobile Internet Commerce as a Form of Fluid Commerce
Summary:
Mobile commerce is a form of non-store retail trade that furthers the development of e-commerce through its implementation using portable smart devices with Internet access. Evolutionary emergence of mobile commerce is a tool of expanding opportunities for the implementation of commerce in the desired user location and time.
It stands out as a fluid, highly adaptable and highly personalized form of commerce, modern and efficient mechanism for selling products in global markets, which solves some of the current shortcomings of e-commerce, basically the possibility of completely autonomous and independent of physical fixed hardware to exchange in the preferred location for the virtual exchange.
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Kristiyan Hadjiev
New Dimensions of Team Approach
Summary:
The article explores the philosophy of the team approach in a conceptually new way. It studies the strategic role of the team from a group dynamics perspective and justifies its importance in social practices. Various types of teams are analyzed in view of immediate results, as are the conditions necessary to transform groups into effective team structures. The principles used to overcome the internal organizational shortsightedness and risk minimization are thoroughly examined.
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Nedim Dikmen
Nominal GDP And Macroeconomic Policy Choice: St. Louis Model Estimates
Summary:
In this study, we investigate the question of whether monetarist or Keynesian policies were more effective on GDP growth in Turkey. To this aim, we employ the St. Louis model and examine the statistical significance of the estimated parameters. The effects of changes in money supply or government expenditures on GDP growth are not only limited to the current period but might continue over time as well. Hence, we also include the lagged values of the explanatory variables in the model. The estimation period covers the 1981 – 2008 period. The model is estimated by OLS and captures the accumulated effects of the changes in the narrow and wide definitons of money supply (M1 and M2) and government expenditures on the growth of nominal GDP growth. These estimates correspond to the total or distributed lag multipliers for monetary and fiscal policies. The former is not found to be statistically significant whereas the latter is statistically significant. These findings indicate that Keynesian policies based on expansionary fiscal policy via increased government expenditures had more influence on GDP growth in Turkey than the monetarist approach. These results also reflect the various governments’ populist approaches for political purposes. Overall, we find that the St. Louis equation approach is a valid and applicable model in the Turkish case.
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Atanas Atanasov, Galina Chipriyanova, Desislava Aleksandrova
Challenges in the Development of the Accounting Information System of Public Enterprises Listed on the BSE
Summary:
The significance of the accounting system of public enterprises listed on the BSE, in its entirety, is of fundamental importance for the economic and financial development of the country. It plays a key role in the management of these enterprises, their relationships with investors and society, as well as in risk management and compliance with regulatory requirements. This study aims to identify the specific characteristics of accounting for enterprises of public interest. The following tasks are addressed in the paper: 1) the requirements for accountability and transparency in the context of improving their accounting practices are examined; 2) special attention is paid to ethics within the functioning of the accounting information system (AIS) in the management of the enterprise of public interest; 3) a review of the reporting of enterprises in relation to sustainability is carried out. The thesis defended in the paper is that an effective and efficient accounting system contributes to the sustainability and success of public enterprises and enhances trust in the investment environment of the country.
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Mihail Chipriyanov
The Advantages of Competitive Strength Report for the Strategic Management
Summary:
The Competitive Strength Report (CSR) is a method for strategic researches and decisions concerning strategic competitive strength of the company. Its applying pursue of determination on the current condition and the perspectives towards development of the competitive strength, which makes easier the elaboration of the strategic decisions and determination of the resources necessary to its implementation. Using CSR contributes to introducing a higher degree of analytic thinking in the strategic planning and managing processes as a whole as well as in the various particular stages.
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Mihail Chipriyanov, Galina Chipriyanova
Field of Application of Decision Support Systems (DSS) in Photovoltaic Project Management
Summary:
The article focuses on current issues in the field of application of Decision Support Systems (DSS) in the management of photovoltaic (PV) projects. In the era of renewable energy growth and the increasing need for environmentally sustainable solutions, PV projects are becoming increasingly important. In order to successfully execute such projects, informed decision-making and optimal resource utilization are required. One effective solution in this direction is the implementation of an integrated DSS, which supports the decision-making process. The article assesses the functions of DSS in PV projects, with a particular emphasis on its capabilities for data management and analysis, scenario analysis and simulation, as well as risk assessment and management. Using the case method, the importance of DSS in improving decision-making, optimizing resource allocation and increasing the efficiency of PV projects is argued.
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Mihail Chipriyanov
Product Benchmarking Research
Summary:
As a method for strategic research and decisions, benchmarking contributes to determining the best practices in different companies and to understanding the key factors promoting their success. To that end, the most significant achievements of others are introduced to the organization. Product benchmarking especially contributes to finding the most important factors for success in the supply market. This supports the elaboration of management decisions concerning implementing product policies and, thereby, stimulating the creation of the best product quality and increasing product value for the customers.
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Kristiyan Hadjiev, Nadia Marinova
Project-based Management/A Project Perspective of Management
Summary:
This article examines theoretical and methodological traits of project management and their practical dimensions. It proposes a project-based management perspective and argues that this perspective enjoys the flexibility enabling an organization to respond to volatile environmental stimuli, to foster its creative capacity and to maintain its competitiveness. The proposed conceptual principles and models are elicited by analyzing the structure of the management process and examining its impact on the achievement of various strategic (project) goals. Finally, we identify specific team characteristics and leadership responsibilities conducive to best results in project management.
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Polya Angelova
Farm Accountancy Data Network (FADN) in the Context of Agricultural Statistics
Summary:
The Farm Accountancy Data Network (FADN) is a partial representative survey for evaluating the income and economic activities of agricultural holdings in the European Union. The survey covers only holdings that are considered market-oriented or commercial and they form the field of observation. In this paper we present the methodological framework of the FADN survey with the emphasis on the basic definitions and main indicators describing the activities of the agricultural holdings. Further we clarify the criteria used for the stratification of the holdings, the sampling methods and the contents of the Farm Return questionnaire. More attention is focused on the specific application of the FADN in Bulgaria with statistical analysis of the main economic results of the agricultural holdings for the period 2004 – 2009.
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Birstra Nikolova
Contemporary Aspects of Residential Policy in Bulgaria
Summary:
Residential policy is in the focus of the attention of a wide range of specialists, competent authorities and institutions in Bulgaria throughout the transition period from a centralized to a market economy and in the course of Bulgaria's accession to the European Union. To date, this issue is becoming more topical and puts its practical realization on the agenda. Therefore, this article clarifies the modern role and importance of residential policy, the factors influencing its development have been explored, its current situation in Bulgaria - compared to some EU countries - is presented, based on this, some conclusions and summaries are made about the main prospects for its development.
