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Velichka Nikolova
The Impact of Interest Rate Changes on Bulgaria’s Government Debt for the Period 2003-2018
Summary:
This article emphasizes on the impact of interest rate changes on government debt. For this purpose, theoretical and empirical studies are initially systematized with the main focus being placed on the change of government debt in terms of continuously decreasing interest rates. The main trends in the change of government debt, interest payments, the real GDP growth rates and the interest rates for long-term government bonds in Bulgaria are also analyzed. The econometric analysis of the relationship between interest rates and government debt is applied including tests for long and short run causal relationship among variables. When comparing the results obtained for the degree of impact of interest rates and economic growth on debt, it is concluded that interest rates have a statistically significant but weak effect on government debt. There is much stronger (positive and statistically significant) effect of economic growth on debt, as opposed to the effect of interest rates.
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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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Tatyana D. Odinokova, Jelena Lukjanova, Valentina Djakona
Innovative Activity of Small and Medium-Sized Enterprises as a Factor of Economic Growth
Summary:
The article focuses on the innovative activity of small and medium-sized enterprises and on their role in the economy of Latvia. Despite the economic growth, which has been observed in the national economy during recent years, the innovative activity of most enterprises remains rather low. The transformation of the Latvian economy in the context of modernization implies the increase in its competitiveness on the European and global markets and therefore leads to the increase of the role of SMEs.
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Olena Sharah
Quality of the Economic Growth under the Terms and Conditions of the Technological Progress
Summary:
This Paper has a two-fold purpose: 1) to explore the abstract and theoretical principles of the classical and neoclassical economic theory to the notion of the economic growth under the terms and conditions of the technological progress; 2) to try to apply these provisions with national economic practice of modern Ukraine.
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Kamen Kamenov
The Modelling Environment and Human Capital
Summary:
The article examines factors forming the modeling environment of human potential. Their operation is analyzed under different variants of combination. Along with the genetically determined qualities the modeling environment underlies the building of human potential. The relation between potential level and realization environment is examined. Their favourable combination creates the best opportunities for revealing exceptional gifts and endowments in the human factor, i.e. talents. A connection is made between human potential and economic growth emphasizing on the importance of human qualities in perspective for the creation of an effective and competitive economy.
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Alexander Apostolov
Theoretical Foundations, Functioning, and Role of Financial Intermediation as a Factor for Economic Growth
Summary:
The study examines the theoretical relationship between financial intermediation and economic growth, focusing on the growing role of non-bank financial intermediation (NBFIs). In order to accomplish this, the main theoretical strands, thematically the most significant propositions, and empirical analyses of the interaction between the development of financial intermediation and economic growth, the structuring of the modern financial system, and the risks it faces, are critically reexamined. Efforts are focused on exploring the direction of the sector's implicit influence on economic growth and whether it can be reversed or is bidirectional. Does the combination of financial markets and investment intermediaries operating in an economy affect economic growth, and if so, in what ways? The study seeks to extend the dichotomous theoretical conceptualizations of financial structure as primarily banking while broadening the theoretical schema by incorporating the perspective of modern structuring, impact, and activities in the non-bank financial ecosystem.
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Desislava Koleva Stefanova
The Human Capital and its Significance for our Present
Summary:
The article describes basic economic theories examined through the prism of human capital and its development over the years.The significant role of the human factor for the modern world has been underlined. The educational level of labour markets is analysed through the used data from Eurostat. Major negative trends have been identified, related to the development of human capital in the educational, social and economic sectors. Measures and recommendations have been outlined to improve the knowledge and skills of the active labour force and its positive integration into the labour markets.
