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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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Galya Vezirova
Differentiated Instruction in English Language Teaching (Level B1)
Summary:
The article examines the possibilities of applying differentiated instruction in intensive English language learning (level B1). The essence of differentiation and the peculiarities when it is used in the educational process are clarified. The principles and elements of differentiated instruction are examined. Emphasis is placed on the possibilities for the application of this philosophy and approaches and strategies are proposed for the full and effective implementation of differentiated learning in intensive English language learning.
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Aleksandar Lichev
The Long-Term Interest Rates for Convergence Purposes as Crises Indicator for the Eurozone
Summary:
The main aim of the survey is to develop critical point of view over the Maastricht convergence criteria for the Euro zone countries and to provide arguments in favor of the acceptance of the long-term interest rate for convergence purposes as a leading, market based indicator of the economic crises. The main subject of the research is the Euro zone, and the main topic respectively – long-term interest rate for convergence purposes within the Euro zone as a convergence criteria with major analytical importance for the process of building reliable prognoses and crises indicators. The structure of the article is divided in two main bodies. Firstly, it is introduce wide critical overview of leading scientific surveys in the area of Maastricht convergence criteria within the crises period (2008–2012) and secondly, applying of econometric analyses of the long-term interest rate for convergence purposes within Eurozone-12 for the purposes of discovering of crises
Indicators. As a result of the research it is proved that for the PIIGS group are available strong, market based evidences for forthcoming economic disturbances provided as a result of regression analyses of long-term interest rate of 10-yers debt securities for convergence purposes.
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Margarita Mihaylova
Interests and Behavioural Consistency in the Management System
Summary:
Individual behaviour is guided by self-interest. The self-interest of the subject of management is extended to a number of functional and group interests. Despite the partial discrepancy between the interest of an individual and the interest of the organization they belong to, when choosing an alternative of management decision the subject of management often shows behavioural consistency under the influence of internal psychological factors. The subject of management is also often characterized by plurality, which is why their behavior is based on the congruence between the interests of a subject and an object of management and on the balance of the interests of a number of external stakeholders.
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Rumyana Chonova Stoykova, Vanya Ganeva
The Leisure of Pupils from Schools of Svishtov
Summary:
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William Barnett Ii, Walter E. Block
The Rate of Time Preference: a Praxeological Oxymoron
Summary:
In ordinal utility analysis, one can but prefer or set aside. A person can choose option A or option B. Chalk or cheese, guns or butter. There cannot be any such thing as a rate at which a man engages in such activities. Cardinality cannot enter into the picture. No one prefers a given amount of chalk twice as much as cheese. This basic praxeological insight should not be lost sight of when we enter the more complex realm of time preference and interest rate determination. And yet, it commonly is. For we all speak of a “time preference rate.” This is an oxymoron and a praxeological monstrosity. The present paper is devoted to promoting clear thinking by attempting to purify economic language, so as to jettison the concept of a “time preference rate.”
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Ludwig Von Mises
Human Action, Part Four, Chapter XX. Interest, Credit Expansion, and the Trade Cycle && 1-6
Summary:
In the market economy in which all acts of interpersonal exchange are performed by the intermediary of money, the category of originary interest manifests itself primarily in the interest on money loans.
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Ludwig Von Mises
Human Action, Part Four, Chapter XX. Interest, Credit Expansion, and the Trade Cycle && 7-9
Summary:
We assume that in the course of a deflationary process the whole amount by which the supply of money (in the broader sense) is reduced is taken from the loan market. Then the loan market and the gross market rate of interest are affected at the very beginning of the process, at a moment at which the prices of commodities and services are not yet altered by the change going on in the money relation. We may, for instance, posit that a government aiming at deflation floats a loan and destroys the paper money borrowed. Such a procedure has been, in the last two hundred years, adopted again and again. The idea was to raise, after a prolonged period of inflationary policy, the national monetary unit to its previous metallic parity. Of course, in most cases the deflationary projects were son abandoned as their execution encountered increasing opposition and, moreover, heavily burdened the treasury. Or we may assume that the banks, frightened by their adverse experience in the crisis brought about by credit expansion, are intent upon increasing the reserves held against their liabilities and therefore restrict the amount of circulation credit. A third possibility would be that the crisis has resulted in the bankruptcy of banks which granted circulation credit and that the annihilation of the fiduciary media issued by these banks reduces the supply of credit on the loan market.
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Ludwig Von Mises
Human Action, Part Four, Chapter XXIV. Harmony and Conflict of Interests
Summary:
The changes in the data whose reiterated emergence prevents the economic system from turning into an evenly rotating economy and produces again and again entrepreneurial profit and loss are favorable to some members of society and unfavorable to others. Hence, people concluded, the gain of one man is the damage of another; no man profits but by the loss of others. This dogma was already advanced by some ancient authors. Among modern writers Montaigne was the first to restate it; we may fairly call it the Montaigne dogma. It was the quintessence of the doctrines of Mercantilism, old and new. It is at the bottom of all modern doctrines teaching that there prevails, within the frame of the market economy, an irreconcilable conflict among the interests of various social classes within a nation and furthermore between the interests of any nation and those of all other nations.
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Ludwig Von Mises
Human Action, Part Four, Chapter XIX. Interest
Summary:
It has been shown that time preference is a category inherent in every human action. Time preference manifests itself in the phenomenon of originary interest, i.e., the discount of future goods as against present goods.
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Kuzman Iliev
The School of Free Banking with Fractional Reserves versus The School of Full Reservation of Deposits - an Economic Reflection of Modern Concepts in Banking and Monetary Policy
Summary:
The study presents a comparative analysis of the two modern pro-market schools in the field of monetary theory and banking – the school of free banking with fractional reserves and the school of full deposit reservation. In this way, the paper outlines the guidelines to be followed in developing theories, concepts and proposals for improving or perfecting the money supply management. In concrete terms, the analysis considers the alternatives for the implementation of banking and the positioning of the central bank in the schools of free banking with fractional reserves and the full reservation of deposits, the methodological nature of a market process in their frameworks and an interpretation of the two schools in relation to the functions of deposits, the interest rate, deflation and quantitative easing.
