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  • Kalina L. Durova
    THE IMPACT OF ABSORBED EUROPEAN FUNDS ON THE ECONOMIC GROWTH OF BULGARIA AND NEW MEMBER STATES
    JEL: F15, F43, O47
    Keywords: New member states, European funds, economic growth.
    Summary: The aim of this research is to analyze the short- and long-term relationship between the absorbed European funds and the economic growth in the 11 new member states as a group, and in Bulgaria in particular, during the period 2014–2020. To achieve the aim of the research, we have adopted the autoregressive distributed lag (ARDL) model. The results show that, as public investments, the absorbed European funds have an impact on the economic growth of the 11 new member states in the short, but not in the long term. The relationship between the economic growth and the rate of absorption of European funds in Bulgaria indicates a short-term positive, but not long-term impact of the absorbed European funds on the rate of growth of the real GDP of our country.
  • M. Dimitrov
    The Global Effects of Internal and External Devaluation on Export Potential
    JEL: F41, F43
    Keywords: internal devaluation, external devaluation, national competitiveness, export
    Summary: The objective of this research is to assess devaluation (both internal and external) as a significant factor affecting national competitiveness by applying comparative analysis tools. The research paper consists of two major parts: the first one presents a systematization of macro-financial effects through international comparative analysis and provides arguments regarding the consequences arising from the implementation of external and internal devaluation policies; the second part examines the dynamics of export as an indicator of post-crisis recovery, which is especially important for countries with open economies upon which external and internal devaluation may have tremendous effects. The conclusion reached as a result of the research states that attitudes unconditionally favouring the devaluation of a national currency as a major tool to support export seem unjustified and should therefore be approached by taking into account potential risks and negative effects.