-
Irena Emilova
The Relation Manager and Subordinate - Basic Assumptions
Summary:
The article examine analogy with basic assumptions of interaction model toward relation manager-his subordinates. We explain symbiotic interaction between them, systematically blockage on mutually needs and availability of the forces of change. The demonstrations of these assumptions have diagnostically value for managerial process.
-
Plamen Lyubomirov Dzhaparov
Generative Artificial Intelligence and the Potential Benefits for Banks
Summary:
There is no doubt that the emergence of ChatGPT in November 2022 has become one of the most significant technological events in recent decades. The new-generation chat platform developed by OpenAI has caused a veritable "tsunami" of interest in its underlying Generative Artificial Intelligence (Gen AI). Business organizations in all economic areas are dramatically increasing their investments in this new technology and launching pilot projects testing its capabilities. Banks are no exception to this trend. With the vast amounts of data at their disposal and ever-increasing user demands, they are quickly realizing that Gen AI promises numerous benefits both concerning customer service and in terms of internal banking processes and operations.
This paper examines the characteristics of generative artificial intelligence by comparing it with traditional AI models that have been used in banks. The main factors that make banking the perfect place for the application of the new technology are brought out. Based on this, the analysis focuses on surveying the many potential benefits of its implementation – from improving customer experiences, through better risk management, to optimizing the work of back-office employees and developers.
-
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.
-
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.
-
Ivan G. Ivanov, Nonka Georgieva
A Linear Matrix Inequality Method for Stochastic Model on Markov Jump Linear Systems
Summary:
We consider a special class of linear quadratic stochastic models on Markov jump linear system. The aim is to find the best control function for a model. The search of the control function passes trough the computation of the maximal solution to a system of the general discrete time Riccati equations. An effective method for finding the maximal solution is the method of a linear matrix inequality (a standard method). In this paper we present two new modifications of the method of a linear matrix inequality. The numerical experiments for comparing the computational characteristics of the modified methods and the standard method are executed. The numerical experiments show the effectiveness of new methods to the standard method.
-
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.
-
Nikolay Kacharnazov
The Model IS-LM as a Research Method for Economic Fluctuations of Bulgarian Economy
Summary:
The IS/LM model was born at the Econometric Conference held in Oxford during September, 1936. Roy Harrod, John R. Hicks, and James Meade all presented papers describing mathematical models attempting to summarize John Maynard Keynes' General Theory of Employment, Interest, and Money. Hicks, who had seen a draft of Harrod's paper, invented the IS/LM model. He later presented it in "Mr.Keynes and the Classics: A Suggested Interpretation" (Econometrica, April 1937). Hicks later agreed that the model missed important points from the Keynesian theory. The problem was that it presents the real and monetary sectors as separate, something Keynes attempted to transcend. In addition, an equilibrium model ignores uncertainty. A shift in the IS or LM curve will cause change in expectations, causing the other curve to shift. Hicks therefore created a new Hicks-Hansen IS-LM Model to resolve some of the problems. Most modern macroeconomists see the IS/LM model as being at best a first approximation for understanding the real world. Although the model is generally not taught at the graduate level, a few graduate programs (UNC Greensboro, Auburn University, Florida State, and West Virginia University) continue to use it as part of the macroeconomics curriculum. It is also still the dominant paradigm in undergraduate macroeconomics textbooks, although many dynamists would insist that it is past its prime even in an undergraduate context.
-
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.
-
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.
-
Andrey Zahariev
Optimization of the Capital Structure of the Companies in Bulgaria (2011) – Technology and Practice
Summary:
The current survey aims to develop a technology for optimization of the capital structure of the Bulgarian firms based on empirical data in 2011. The study is an attempt to enlarge the researches in the field of the capital management under Bulgarian conditions. The resulted massive decapitalization of the Bulgarian stock exchange after 2008 introduce new, increased requirements towards the financial management in both tasks, firstly, in the construction of IPO’s, and secondly, in keeping the value of the company’s shares on levels, attractive for the institutional investors. The empirical results confirm the hypotheses for the existence of an applicable for the Bulgarian conditions technology for optimization of the capital structure of the Bulgarian firms.
-
Ventsislava Nikolova
Assessing Competitiveness of Staff in the Trade Enterprise
Summary:
The present study is aimed at clarifying the nature of competitiveness of staff and its relationship with the results of the work of employees. Based on the analysis of the literary sources, a systematization of views on competitiveness of staff is presented, the factors of influence and as well as the qualitative characteristics of human resources affecting competitiveness are discussed. A classification of the types of personnel competitiveness has been developed and the stages of its development have been analyzed. A model is proposed to assess competitiveness of staff and data from its application are presented.
-
Asen Angelov
Assessment of the Expected Impact of the Structural Funds according to the HERMIN Model applied on the Labor Market
Summary:
The current research is focused on the problem of the impact of the Structural funds on the labor market I Bulgaria. The special attention is given to the future impact on the market and resulted market situation, based on the solutions of the problem for achieving more precisions prognosis of the upper impact. The prognoses trends of the HERMIN model are defined as cyclical functions of the time for more accurate description of the labor market changes – employed people, the population under labor active age and the people in pension too.
-
Zornitsa Petkova
Application of Competency-Based Approach to Customs Control Training
Summary:
In recent years, the competency-based approach has become especially popular in the field of human resource management in all social spheres. This approach is fundamental in today’s higher education and guarantees the high quality of training. To be successful in the dynamically changing environment, young graduates need a wide range of competences. The paper corroborates the advantages of applying the competency-based approach to the training of students in customs control, which provides them with the general and specific competencies they need as customs administration officers.
This paper aims to investigate the theoretical aspects of the competency-based approach in order to corroborate the need of its application in the training of students in Customs Control in order to provide them with the general and specific competencies required by the customs administration. In order to achieve this goal, the author has set the following objectives:
- to define the characteristics of the competency-based approach and the specific usage of the terms “competence” and “competency”;
- to identifies the possibilities for applying the competency-based approach in the training in Customs Control;
- to develop and approbate a competency-based model in the course of Customs Control;
- to analyze the results achieved with the competency-based model in the course of Customs Control.
The paper proves the thesis that the competency-based approach applied to the learning process in the course of Customs Control provides opportunities for training competitive specialists who meet the requirements in this field.
-
Krasimira Slaveva
Comparative Analysis for Structural Changes in Export and Import of Bulgaria for the Period 1992-2009
Summary:
After 1989, in the Economy of Bulgaria a number of transformations were made, leading to significant economic reforms. The change in the organization of economic processes, the opening of the country to the world and the ability to access international markets, caused both structural changes in production and foreign trade. Commodity structure of foreign trade is a reflection of the status and structure of the national economy.
The article examined the foreign trade structure and dynamics of the general measurers of structural changes for the period 1992-2009. The study includes the establishment of changes in export and import structure and monitoring of trends in summary measures of structural changes. The survey results show that: compared with 1992, there are significant changes in the export structure; predicting of the dynamics of structural change in export and import is risky because of diverse change in 2007, 2008 and 2009; the foreign trade and its structure are important factors that determine both the direction and pace of development of national economy.
-
Daniela Feschiyan
Standardized Model for Subsequent Measurement of Fixed Assets in the Public Sector Enterprises
Summary:
This article addresses some shortcomings in the existing pricing model after recognition /post evaluation/ of fixed assets in the public sector enterprises. Prerequisite for the studied problem is the lack of standardization of the accounting system in the public sector enterprises. The author offers a standardized accounting model and argues that the problem can only be resolved with the adoption of accounting standards that would replace the current practice of regulation of accounting in the public sector enterprises with instructions and letters. The proposed accounting standard model for periodic assessment of fixed assets are designed ways and means to improve the accounting system of the public sector entities through its adaptation to the conceptual framework of international accounting standards for the public sector. This will increase the reliability and credibility of accounting information and the overall improvement of the accounting methodology.
-
Spas Dimitrov
Theoretical Foundations of Logistics. 2. Methodology of Logistics
Summary:
Logistics is the science of management the flow of goods, energy, information and other resources like products, services, and people, from the source of production to the marketplace. The brief representation to the paradigm of the logistics is done. They are showed the science methods of the logistics and the concretely systems analysis. The main codes of behavior of the logistics are individualized. The point of the cardinal sites of the model in the logistics is stripped. The ELA introduced a set of Standards in logistics management, which form the foundation for the European Certification Board for Logistics (ECBL) to certify individuals who meet these Standards.
-
Andrey Zahariev, Stefan Stanimirov, Nikolay Todorov Zdravkov
Managerial Financial Model of an Insurance Broker in Bulgaria - Methodological and Applied Aspects
Summary:
The object of research are the insurance brokers in Bulgaria, and its subject is the methodological framework for building a management financial model of an insurance broker in Bulgaria. The leading thesis in the present study is based on the statement that the optimal financial management of a brokerage company in the insurance sector in Bulgaria requires the construction of a complex model based on the control of the financial value of the company, which allows to compare the attractiveness of various business lines, through which to develop those of them, bringing the greatest increase in the value of the company. The purpose of the development is to justify a methodological framework for building a comprehensive financial management model based on the control of the financial value of the company, which allows by forecasting the benefits and costs to compare the attractiveness of different business lines for development and expansion. The focus is on gross premium income from corporate insurance and retail brokerage. As a result of the research, forecast values for the period 2019-2023 are generated, first the exogenous variables are predicted, and on their basis - the main target variables. The constructed model has an extremely high descriptive ability - as for the historical period the two curves - with real reporting data and the modelled one - practically coincide. On this basis, the forecast part can be considered relevant for the purposes of the management financial model. Similar results are achieved in the modelling and forecasting of retail premiums, which is the basis of the insurance broker's profit.
