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  Characteristics of the Investment Process in Managing Financial Resouces of Supplementary Pension Insurance Funds in Bulgaria

  The object of research is the functioning of the social insurance market in Bulgaria, and the subject – the investment process in managing financial resources of supplementary pension insurance funds. The expose examines the existing interdependencies between the market supply of social insurance protection and the investment component in the ... The object of research is the functioning of the social insurance market in Bulgaria, and the subject – the investment process in managing financial resources of supplementary pension insurance funds. The expose examines the existing interdependencies between the market supply of social insurance protection and the investment component in the process of managing the formed accumulations; the regulatory framework is outlined and the main parameters of the investment process in managing financial resources of supplementary pension insurance funds in Bulgaria are presented; the structure of the investment portfolio in managing financial resources of the supplementary pension insurance funds in Bulgaria is studied. The question is raised about the search for a reasonable compromise between the risks and benefits of a possible liberalisation of the investment process in the management of financial resources of supplementary compulsory pension insurance funds in the context of the emerging competition with the Pan-European Personal Pension Product, which is gaining popularity and distribution.

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  Implementation of Environmental Factor in Pension Investments

  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, ... 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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  Government Redistributive Policies in EU Member States: Comparative Characteristics

  Fiscal discipline regarding tax revenues and expenditure, stabilization of incomes, promotion of consumption and stimulation of economic activity during the business cycle are essential for achieving macroeconomic stability. Despite the built-in automatic stabilizers and the limit that is set in the EU in terms of government expenditure, they are ... Fiscal discipline regarding tax revenues and expenditure, stabilization of incomes, promotion of consumption and stimulation of economic activity during the business cycle are essential for achieving macroeconomic stability. Despite the built-in automatic stabilizers and the limit that is set in the EU in terms of government expenditure, they are not a guarantee of achieving similarity in the economic development of individual EU member states and their behaviour, especially during economic crises, as well as in terms of quantity of supply of public goods relevant to public welfare. In addition, each EU member state constructs its economic policy in a way that meets the commonly accepted objectives in the EU. In this sense, government expenditures of the sub-sector “Central Government” are a necessary mechanism for ensuring the sustainability and stability of national economies and are a criterion for achieving the medium and long-term goals in government programs. The main goal of the article is to systematize the EU member states into homogeneous groups (Êëúñòúðs) based on the relative shares of expenditure by functions of the COFOG in GDP, and on this basis to make a comparative analysis of the financing of public goods important to society, which reflects differences in state redistributive policies at EU level. The research hypothesis defended in the present study states that, regardless of the existence of common fiscal rules and policies in the EU, there is a significant difference in the financing of public goods in individual EU member states, which is a prerequisite for different government redistributive policies at the EU level , as well as for the differentiated implementation of the goals set in the “Europe 2020” strategy, related to the generation of intelligent, sustainable and inclusive growth. Non-hierarchical Cluster analysis and more specifically K-means Cluster was used to achieve the research objective.