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Venelin Terziev
COVID-19 AND THE NATIONAL EMPLOYMENT PLAN IN BULGARIA - ANALYSIS AND OPPORTUNITIES
FOR CHANGE
Summary:
This paper is the second part of an extensive study which analyzes and examines the processes on the Bulgarian market that unfold in the emergency situation resulting from the COVID-19 pandemics. The focus is on the state of the labour market before the pandemic crisis and the subsequent changes in the current national employment plan in view of the challenges of the situation caused by COVID-19. It proposes measures and supports actions for restructuring the financial resource for adaptation of the plan to the new challenge to the labour market in Bulgaria.
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Lyudmil Naydenov, Dimitar Tsenov
COVID-19 EFFECTS ON TAX GAPS
Summary:
The paper examines the issues related to the impact of COVID-19 on tax gaps in Bulgaria. The authors define the various tax gaps in terms of their theoretical, practical and technical grounds as well as unique characteristics. The authors have analysed the dynamics of the gap between the tax and social insurance revenues in the Consolidated Fiscal Program (CFP) as they “should be” collected and as they “are” collected and prove that it was affected directly by the global COVID-19 pandemic. They justify the need for an innovative approach that would take into account the changed realities and the important role of CFP components for improving the public welfare and the sustainability of our economy. The research subject are tax gaps and its object is the impact of COVID-19 on the difference between the volume of collected and planned revenues from direct taxes, indirect taxes, social security and health insurance contributions in Bulgaria. The general conclusion is that the pandemic, which has lasted for already over a year, has slowed down the economy and hence has a negative affect on tax gaps in our country.
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G. Tahov
Current Issues in the Financial Management of Cross-Border
Infrastructure Projects
Summary:
The aim of this paper is to critically present current problems, basic models and influential factors in the development of competencies for the financial management of cross-border infrastructure projects in general, and in particular, to create a transport connection between Bulgaria and Romania as countries and members of the EU. The article is in three main parts. In the first part the focus is on factor models for the financial management of infrastructure projects. The second part develops ideas for grouping and classifying the problems facing cross-border infrastructure projects for transport connectivity. The third part presents a synthesised empirical analysis of the “Danube Bridge 2: Vidin - Calafat” project as a successful example of cross-border project management.
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Velichko Adamov
Anatomy of capital provision of investments
Summary:
Capital provision of investments requires serious financial revision of the balance sheet and the statement of income. In this respect, what is justified in this article is the need for structuring and designing a financial statement of the companies, which gives the major indicators, necessary for efficient financial provision and management of investments. A critical analysis of the minimal financial balance has been made and the need for using actual financial equilibrium has been proved. In this way, sound company management is impossible without the constant provision of long-term capital for financing a part of short-term investments.
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Violeta Blazheva
The Bulgarian Agrarian Sector in the Context
of the “Updated” Common Agricultural Policy of the European Union
Summary:
The political agreement reached between the European Parliament, the Council of Ministers of the European Union and the European Commission is expected to lead to significant changes that mark the starting point of the European policy designed to address the challenges of the security of food supplies, climate change, growth and employment in rural regions. In this aspect, this paper focuses on the reform that is being carried out by CAP in 2013 in the context of the new pro¬gramming period 2014-2020. Priority is given to forthcoming changes in the Bulgarian agricultural sector regarding the implementation of the future Common Agricultural Policy (CAP) of the European Union. It has been proposed to group changes in CAP, which would facilitate the inclusion of the adjusted measures in designing agrarian policy in Bulgaria. The upcoming reform is aimed at achieving a more equitable distribution of resources. It is expected that each member state of the Com-munity should not receive less than 75% of the (average) funds provided by the European Union. The new rules will come into force from January 2014.
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Lyudmil Naydenov
Inter-Jurisdictional Tax Competition – the Bulgarian Case
Summary:
The paper highlights the specific features of inter-jurisdictional tax competition, and the related positive effects and risks. It analyzes the tax policy of the Bulgarian local authorities and discusses the factors limiting the inter-jurisdictional tax competition in our country. On the basis of specific data on the dynamics of the rates of key local taxes, it is argued that there is lack of a targeted policy of attracting and retaining a tax base through the manipulation of tax rates. It is concluded that the tax rates of the local taxes in Bulgaria are most often at the average of the legally defined upper and lower limits. It is supported that the low value of the ratio Revenues and aids in the municipal budgets / GDP does not motivate entrepreneurs to invest in a particular jurisdiction because of the differences in the absolute amount of local taxes.
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Margarita Mihaylova
THE IMPACT OF GLOBAL TRENDS AND COVID-19 ON INTERNATIONAL NEW VENTURES
Summary:
The COVID-19 pandemic has accelerated existing trends in the global business environment thus changing the conditions for performing international entrepreneurial activity. Four such trends of a key role in international business are the digitalization and active use of communication technologies, the restructuring of global supply chains, the erosion of trust in international organizations, and finally yet importantly, the integrity of international business networks and knowledge transfer. The paper explores the impact of the acceleration of these trends on the creation and the success of international new ventures.
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Atanas Damyanov
The Potential Effects of Political Manoeuvres on European Trade
Summary:
This research paper consists of three parts. Part one presents some essential, semantic and synonymous characteristics of the concept of “effect” and arrives at the conclusion that almost any effect stems from a certain theory related to some scientific field. Part two identifies applicable indicators for measuring the impact of political manoeuvres in European trade and presents a three-vector matrix which consists of political decisions, the size of countries, and indicators/effects. Part three specifies further the effects based on mutual sanctions, namely: the income effect, the boomerang effect, etc. and proposes three possible scenarios for recovering the architecture of European trade which has been developed over the last twenty-five years.
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Meriem Chafik, Mohammed Nabil El Mabrouki
OPPORTUNITIES AND CHALLENGES OF CROSS-BORDER BANKING: FOCUS ON PAN-AFRICAN BANKS
Summary:
There has been a remarkable increase of the regional banking operations across the African continent over the past two decades. This resulted from macroeconomic improvements and economic growth. As a result, African banks increased their geographical operations to emerge as regional groups holding a considerable market share compared to their historically predominant competitors. However, the literature on the pan-African banking industry to understand better this phenomenon is still scarce, which limits having a bigger and inclusive picture of all the key elements influencing this noteworthy growth. This research paper articulates a review based on previous academic research works, and highlights the most important opportunities that regional banks seized, as well as the challenges they faced in order to lead their cross-border banking operations successfully across the region.
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Angel Angelov
TAX AND SOCIAL INSURANCE BURDEN ON LABOUR FORCE
IN BULGARIA AND THE EUROPEAN UNION
Summary:
Labour and labour-generated income are the main objects of taxation in the modern world. This calls into question fiscal policy implementtation with a view to ensuring sustainability of the labour market and achieving sustainable management of state budgets. To regulate the burden borne by labour as a factor of production is of particular importance for the compete¬tiveness of the economy and providing incentives for the economic agents. The current research focuses on an analysis of the burden of tax and social security contributions in Bulgaria for the period 2007-2023 aiming to identify the trends that resulted from the changes made in the tax and social insurance legislation and the effects of these changes on market participants. The research also aims to compare the burden borne by economic agents in Bulgaria and in the other EU member states.
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N. Kravchuk
Divergence and Convergence in Global Development
Summary:
From a conceptual point of view, this research is dedicated to one of the most disputed problems in the methodology of contemporary intersystem transformations – systematic balance ambiguity, or the “divergence – convergence of global development.” From a compositional point of view, research on this topic has consisted of two main directions: (1) an analysis of global development asymmetry that has activated gravitational processes in geoeconomic space; and (2) a direction that focuses on the profound study of the causes for heterogeneity in geo-economic space and divergence in global development under the influence of gravitational factors of nature on the endog-enous-exogenous axis. Empirical analyses have revealed systemic determinants of gravitational processes in geo-economic space, a geo-strategic matrix of divergence in global development has been constructed, and Ukrainian geo-strategic positions in geo-economic space regarding the projection of problems in global intersystem transformations have been outlined. The hypothesis that the level of gravitational charge grows under conditions involving the deepening of global development asymmetries has been proved.
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Irina P. Kazandzhieva Yordanova
Too Big to Fail Doctrine and the Financial Safety Net
Summary:
The global financial crisis of 2007-2009 has revealed the negative effects of the TBTF doctrine and the need to take measures to limit government intervention in cases of insolvency of systemically important banks. In the EU, such measures were taken mostly in the supervision of systemically important banks, the capital requirements, the capacity of banks to absorb losses by using domestic resources, and deposit gurantee schemes. The study focuses on the development of a financial safety net. Priority is given to deposit guarantee schemes, which are an essential component of the financial safety net. The evolution of deposit guarantee schemes is studied and an analysis of its impact on the TBTF doctrine is made. The survey has shown that the development of deposit insurance has contradictory effects on the TBTF doctrine.
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Nikolay Ninov
Long-term Care – the New Social Risk in Europe
Summary:
The ageing of population, changes in the family model, and increased number of women-players on the labour market, as well as changing values and attitudes towards informal delivery of services are the new variables which are becoming a major challenge to the adequacy of European social systems. Until recently, the question as to whose responsibility it is to take care of dependent elderly persons has had a straightforward answer – the family; therefore the problem was not in the focus of attention of politicians or governments. The current situation is totally different and due to the trends towards an increase in the number of people in need of care, the reduced number of available caretakers, and the ever growing public and private expenditure on social services, the issue has now turned from private into a public one to all EU member states. Therefore, long-term care of elderly people has been labeled as ‘a new social risk’.
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Atanas Damyanov
ECLECTIC VIEWS ON THE CONSEQUENCES OF COVID-19
Summary:
This research, with which we aim to penetrate through the Covid-19 fog, consists of four chapters.
In chapter one, very concisely, we identify the consequences of the 2008 crisis.
In chapter two, we have searched for biblical proof and philosophical explanations of the pandemic, upgraded with a paradox of the capitalist economic system. We have provided a graphical representation of the impact of the pandemic, different from the “V”, “U”, “L” and “I”- shaped interpretations.
Chapter three adopts a thesis by Renaud Girard, but we have also made an independent overview of the weaknesses of three ideologies. Furthermore, we have added to the G-20 recommendation for the restoration of transborder commerce.
Chapter four offers a second, author’s variant for graphical representation of overcoming the consequences of the pandemic. It is emphasized that it is not a one-season phenomenon. We have synthesized the damage caused to each sector and profession in the world. We claim that the structure of product range depends on the structure of consumer demand and the changes in the new environment. Therefore, the key word is “Transformation”.
These are followed by thoughts and conclusions divided into three major characteristics of the pandemic and four models of human behavior. We propose new organizational and structural changes for the firms, enterprises, and corporations. We argue that management now tends to be based on algorithms, protocols, and economic platforms.
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Velichka Nikolova
EFFECTS OF THE GLOBAL ECONOMIC CRISIS AND THE COVID-19 PANDEMIC ON SOVEREIGN DEBT MANAGEMENT IN HEAVILY INDEBTED COUNTRIES
Summary:
This article presents an analysis of the sovereign debt in some heavily indebted countries worldwide, including Venezuela, Sudan, Japan and Greece. Its main objective is to track and compare the initial effects of the global financial and economic crisis (2008) and the COVID-19 pandemic on sovereign debt levels in those countries. This is why it starts with a classification of the theoretical concepts addressing the relationship between economic crises and changes in the levels of sovereign debt. It then defines the main drivers for the sharp increase of the sovereign debt in these countries and describes the dynamics of the revenues, expenditures and balances of their budgets.
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Konstantin Kolev, Maya Tsoklinova
DEPENDENCE BETWEEN BASIC SOCIO-DEMOGRAPHIC CHARACTERISTICS OF THE POPULATION AND THE SIZE OF GOVERNMENT EXPENDITURE ON SOCIAL PROTECTION
Summary:
One of the serious public questions for years has been related to the size of government expenditure and government revenues and the formed government budget. The latter determines the amount of government intervention in the economy and the public goods provided by the state. The growth of government expenditure is influenced by various factors, both on the demand side of public goods and on the supply side. In this context, in the present article the author's interest is focused on the study of the dependence between basic socio-demographic characteristics of the population and the size of government expenditure on social protection. The guiding working hypothesis for the research is that there is a positive relationship between government expenditure on social protection in the European Union (EU) Member States from Central and Eastern Europe (CEE) and basic socio-demographic characteristics of the population. The verification of the hypothesis is carried out in the following sequence: first, on the basis of a study of literary sources, quantitative indicators reflecting basic socio-demog-raphic characteristics of the population are substantiated; secondly, on the basis of the adopted indicators, socio-demographic population indices are calculated for the EU Member States from Central and Eastern Europe; third, the relationship between the government expenditure on social protection and the socio-demographic population index is measured by means of the coefficient of K. Pearson. The working hypothesis has been confirmed, as it has been established that there is a positive relationship between the studied variables in each year of the analyzed period 2017-2021. The values of the correlation coefficient during the period 2017-2021 in chronological order are as follows: 0.7336; 0.7128; 0.7011; 0.7006; 0.7063.
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Radka Nenova
Agrarian Enterprises – A New Manifestation of Social Farming
Summary:
The importance of the social-economic sector has increased regarding both the European and the national economy. Its future development and improvement is among the priorities of the EU’s common policy. Some aspects of the social economy which are related to the characterisation of the concept of social enterprise, its regulations and conditions for its functioning represent a topic for discussion and are a subject of scientific interest in this paper.
The study focuses on the possibility of combining some of the features of social enterprises with those of conventional farms. As a result, a model has been developed for the operation of socially-oriented agrarian enterprises in Bulgaria.
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Lyuben Kirev
Knowledge as an Economic Resource and a Source of Wealth
Summary:
The realisation of knowledge as a major factor in production on the one hand, and also its main product on the other, has provoked the necessity to clarify its nature as an economic category in a knowledge-based economy. This article examines the ambivalent nature of existing knowledge as a public and private source of wealth, the possibilities for transforming it from a private to a public source of wealth through “overflow“, and the pros and cons of possible paths for advancement in the field of research and development. Special attention has been paid to the characteristics of knowledge as an economic category: the specific way of expropriation, preserving usefulness and self-expansion in the process of consumption; changes in the nature and in the mechanism of accumulation and also changes to property relations in a knowledge society; inseparability from the owner as a personalised source of wealth.
In terms of content, the article complements and builds on the ideas put forward by the author in the plenary paper entitled, "Knowledge as an Economic Category” presented during the seventy-fifth anniversary conference at th D. A. Tsenov Academy of Economics in Svishtov.
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Ouhinou Amine, Elhachimi Zineb, Kartobi Eddine
STUDY OF THE BEHAVIOURAL DETERMINANTS OF INVESTMENT IN THE ERA OF THE COVID-19 PANDEMIC AMONG SOCIALLY RESPONSIBLE INVESTORS IN MOROCCO
Summary:
Behavioral economics shows the important role of behavio¬ral and psychological determinants in explaining investment decisions and market anomalies. This study aims to examine the behavior of socially res¬ponsible individual investors in Morocco in the era of the COVID-19 crisis. This paper contributes to the existing literature on behavioral economics in the Moroccan context. To this end, we conducted a survey of socially responsible investors in Morocco after the initial phase of this pandemic between August and October 2022. The data was gathered through the use of a questionnaire. They were analysed to identify the psychological aspects that may influence socially responsible investors’ investment decisions. The SPSS 21 software package was used to perform Cronbach Alpha, factor analysis, descriptive analysis, and multiple regression procedures. This article aims to investigate the psychological features of behaviour in reaction to fear, risk propensity, risk perception, market volatility anxiety, herd behaviour and the impact of vaccination updates. The results found showed that during the COVID-19 pandemic, behavior responses to fear, market volatility anxiety, risk propen¬sity, and herd behavior influenced the decision-making of socially responsible investors in Morocco.
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Rositsa Prodanova, Dimitar Kostov
ECONOMIC POLICIES OF THE EUROPEAN UNION – CONCORDANCE OR DISCORDANCE?
Summary:
The series of severe global and regional crises of various nature in recent decades, as well as the erratic success of the various anti-crisis measures undertaken by the European Union raise the issue of examining the concordance among the Union's economic policies. This study examines the coordination between EU’s monetary and fiscal policy to reveal that it is weak, which can be attributed to some crisis resolution shortcomings. The reasons for this incoherence can be found both in the institutional structure of the European financial institutions and in some rigid strategies of the Union (unwillingness to pursue a common fiscal policy, frugal budget spending policies, etc.)
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Mariyana Bozhinova, Rumyana Lilova
ECONOMIC WELFARE THROUGH KNOWLEDGE SHARING
Summary:
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Ventsislav Dikov
INTELLECTUAL CAPITAL AND MARKET CAPITALIZATION
OF PUBLIC COMPANIES
Summary:
Value creation is the main goal of economic agents operating in capital markets. The subject of research are the intangible fixed assets reflecting the intellectual capital of companies. The object of the article are some current issues regarding the assessment of the influence of intellectual capital on the stock market capitalization of public companies listed on BSE - Sofia. The research hypothesis to be tested is formulated as follows: The dynamics of accounting profit can be explained by changes in intellectual capital records, as evidenced by scientific research having its evolutionary development in theory and practice. The aim is to critically review the literature on intellectual capital, value creation and company performance, identifying positive examples from BSE-Sofia of the impact of changes in intellectual capital on the market capitalization of public companies.
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Velin S. Stanev
HISTORICAL PERIODIZATION
OF ADVERTISING – PROBLEMS AND INTENTIONS
Summary:
The article focuses on certain discrepancies in the historical periodization of advertising artefacts and practices, found out when studying the development of advertising in literary sources intended for educational purposes, as well as on the problematic semantics of some of the terms used.
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Metodi Kanev
CAPITALISM AGAINST ITSELF (CRITICAL VIEWS AND INSIGHTS)
Summary:
The pragmatic mass conscience and behavior of individuals towards the achievement of private and public wealth sets the accumulation of capital as its leading motive and factor – it creates jobs, goods and income. As it turns into a lifestyle, it becomes a mass principle of modernity which has led to renaming it to capitalism. This, however, poses the question – does moderniy not problematize the relationships economic – non-economic activities, capital – labor, private – public interests, national – global dependencies? On balance, does it not ignore the moral nature of man contrary to its initial humanistic spirit? The article makes an attempt to defend this hypothesis as it takes into account the views of a number of established social erudite scholars; the judgements are supported by empirical proof leading to the conclusion that by evolving, capitalism all by itself prepares the need of a reorganization of social life on a new basis. As a result of the presented arguments, we reach the conclusion that successful countires will rely primarily on the free multifaceted development of each individual. With a veiw of all this, we need a complete (economic, spritiual, social and legal and political) vision of a positive change which shall harmoniously direct its resources to all spheres of life. This would secure: spirituality – ideas, culture and meaning; economy – material prosperity; morality – virtue; legal and political sphere – social peace, harmonious and just social order.
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S. Parusheva
CARD-NOT-PRESENT FRAUD – CHALLENGES AND COUNTERACTIONS
Summary:
Due to the rapid development of electronic commerce, the percentage of card-not-present payments over the Internet and fraud related to these, have increased. The relative importance of card-not-present fraud (CNPF) has increased permanently on a global and European scale mainly due to the gradual solution to problems connected with the protection of card-present transactions through the transition to the EMV chip standard and transfer of fraud to more vulnerable card-not-present transactions in which it is difficult to verify the identity of the cardholder in a reliable way. For the protection of card transactions it is necessary to take adequate measures by introducing common harmonized compulsory minimum security requirements across the EU. First, we propose these requirements to include methods for checking the authentication of users. We consider the 3-D Secure Protocol in a version with dynamic authentication the most suitable method because in the EU many steps towards its implementation have already been made. This is of great importance for the systems used by banks and merchants for the prevention of card-not-present fraud and for detecting and blocking of fraudulent transactions.
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Hasan Azis
QUALITY AND PERSPECTIVES
FOR DEVELOPMENT
OF THE ADMINISTRATION IN THE CONTEXT OF THE PROCESS OF DECENTRALIZATION IN GREECE
Summary:
The study aims to determine the progress of the central and municipal administrations and their attitudes towards the process of decentralization in Greece; their competences and attitudes regarding decentralization; the degree of completion of decentralization; and the enhancement of the qualification of the central and municipal administrations. The study is based on a questionnaire which included questions regarding the opinion and the attitudes of the administration towards the process decentralization in Greece. The survey was conducted with 95 civil servants. The results outline certain difficulties in the decentralization process as well as ways to overcome them.
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Rousalin Rousalinov
CUSTOMER-CENTRIC APPROACH FOR FINANCIAL AND ECONOMIC SURVEYS OF PRIVATE SECURITY COMPANIES
Summary:
The subjects of the study are private security companies. Its object is the leading role of the customer-centric approach for financial and economic justification of the successful functioning and development of private security companies. The research hypothesis is that an objective assessment of the financial and economic aspects and the motivation of individuals and legal entities to purchase protection and security services under the conditions of post-epidemic recovery of the economy can be carried out by means of customer satisfaction and service pricing justification surveys. The aim of this article is to present the results of a customer satisfaction survey and the assessment of the financial and economic aspects as well as the motivation of individuals and legal entities to purchase protection and security services under the conditions of post-epidemic recovery of the economy. Structurally, the article includes three main sections: the first section focuses on the circulation of cash flows of private security companies; the second section presents selected elements of the conducted survey; and the third present an analysis of the survey among private security companies where the protection and security services compete and at the same time complement property insurance services. The survey results (based on a multi-crtieria Likert scale) confirm the validity of the "value for money" concept as an important factor for the pricing of private protection and security services. The survey questionnaire successfully compares the services of non-life insurance companies and the services of protection and security companies. The prevailing opinion is in favour of using the services of specialized companies over taking out insurance policies, with 61% of respondents expressing the opinion that hiring a spåcialized protection and security company is a more effective way to ensure property protection to taking out equivalent insurance with a general insurance company.
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Rayna Petrova
THE COMPETENCE-BASED APPROACH THROUGH THE PRISM OF ACADEMIC TRAINING IN MANAGEMENT ACCOUNTING
Summary:
Management accountants’ competences are evolving accor¬ding to the changing socio-economic reality. The practical application of the competence-based approach in this field is a response to the change of attitudes from subject-oriented to competence-oriented education.
The aim of this article is to propose a competence-based learning model for students in management accounting. The application of the developed competence model in the educational process will contribute both to the development of competences, knowledge, skills, values, ethics and attitudes and the realization of future management accountants.
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Vladislav Lyubenov
THE EUROZONE YIELD CURVE SHAPE DURING COVID19: A PROJECTION OF INVESTMENT AND MACROECONOMIC EXPECTATIONS
Summary:
The aim of this article is to provide a substantiated explanation of the shape of the yield curve in relation to the current theoretical reasoning and empirical data regarding the macroeconomic situation and the bond market. The object of research is the yield curve of government securities compounded from the average yields of AAA-rated government securities issued by euro area member states. The first part of the article presents the underlying literature and the theoretical foundations of the research hypotheses as well as the research methodology used. The second part addresses the spot and the forward yield curves in March 2021. The third part presents various empirical data and analyses the development of the bond market during the crisis caused by the COVID-19 pandemic.
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Danail Vrachovski
Multi-fund organization of supplementary pension
Summary:
The article is an attempt to study the major issues related to the multi-fund organisation of the pension insurance system in Chile as a social protection model. In a strategic and hypothetical aspect the article reviews, the advantages and disadvantages which may accompany the introduction of the multi-fund system in Bulgaria. The major conclusions regarding the pension model in Bulgaria are related to the opportunities ensuring funds for the supplementary pension insurance at the stages of accumulation and payment of pension benefits.
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Yulian Hristov Voynov
MODEL AND RESULTS OF A STRESS TEST ON PUBLIC FINANCE – ANALYSIS AND COMPARISON WITH THE MODEL OF THE MINISTRY OF FINANCE
Summary:
The article presents a model for calculating the production gap to obtain the cyclically-adjusted budget balance (CAB), which is then used to conduct a stress test with the production gap values to track the reaction of CAB in terms of the Impulse-Response Function in EViews.
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Modelling Involuntary Part-Time and Fixed-Term Employment
among Young People and Adults in Bulgaria
Summary:
With the labour market becoming increasingly flexible, there has been a growing trend towards non-standard models of temporary employment that allow persons who, for some reason, prefer fixed-term or part-time employment to earn income. Hence, some EU member states have been employing policies and measures to facilitate the access to flexible employment at all levels within organizations, including access to vocational training, so as to provide better career growth and professional mobility opportunities. Furthermore, some categories of employees and workers do not enter into similar employment arrangements voluntarily but are forced to do so by a number of factors such as family commitments, age or disability constraints, education and training, the need to relocate, cyclical economic crises, etc. We propose a methodology for studying the voluntary/involuntary character of two major types of flexible employment – part-time and fixed-term employment, from the perspective of employees, employers and the labour market. The focus of attention is on the groups exposed to the highest risk on the national labour market, i.e. young people aged 15-29 and adults aged 55-64.
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Aleksandar Filipov
NON-FINANCIAL FACTORS IN MANAGING THE RELATIONSHIPS PRINCIPAL – TEACHERS
Summary:
This article discusses the main psychological regularities of communication as an interpersonal interaction and the personal qualities of the principal and the teacher as elements of the psychological climate appearing to be an environment for non-financial stimulation of productivity at the school as a budget administrator. Pedagogical interaction is viewed as a professional communication and behavioral aspect of the relationships between the school principal and the pedagogical specialists as well as among the teachers themselves as members of the pedagogical staff. For this purpose, we have clarified the specific terms and aspects of pedagogical ethics, the tolerance and communication at school as non-financial factors in managing the relationships principal – teachers. We have determined their characteristics and the means of achieving the ethical objective. Special emphasis is placed on the competence of the school principal – a leader and manager – and the efficient interaction with all pedagogical specialists (deputy principals; primary, middle and secondary school teachers; tutors; pedagogical counsellors; resource teachers; psychologists).
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Dimitar Kostov
A New Yuan or a New Monetary System
Summary:
The research area of the present study is the Chinese yuan (renminbi). The research subject is the evolution of the Chinese yuan from a national to a global reserve currency. The paper tests the proposition that the rise of the Chinese currency is a sign of deep and qualitative changes in the international monetary system. The aim of the study is to analyse and track the evolution in the current situation in the international monetary system, in order to highlight the factors and the reasons for the rise of the Chinese yuan and to find indications of the direction of the future development of the system as a whole.
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Momchil Antov
THE NEW EUROPEAN CUSTOMS REFORM – OPPORTUNITIES AND CHALLENGES
Summary:
The customs system of the EU serves as a guardian of the single market, but in recent years, it has been subjected to increased stress due to the rapid growth in trade volume, challenges posed by e-commerce, and the growing number of standards regarding goods that need to be tracked at the borders. As a result, in early May 2023, the European Commission proposed a reform project aimed at simplifying the customs procedures by reducing bureaucracy and increasing transparency while simultaneously strengthening the protection of the EU's financial and non-financial interests. The changes can be described as revolutionary or even too ambitious, but if successful, the reform would mark the beginning of a new approach to customs control without parallel on a global scale. Every change brings new opportunities, but it can also give rise to a range of problems. In this regard, it is important to be well-prepared to maximize the benefits of the former and adequately respond to and even prevent the latter.
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Rumen Vyrbanov, Krasimir Shishmanov
NEW GENERATION SYSTEMS FOR ELECTRONIC BUSINESS
AND ELECTRONIC PAYMENTS
Summary:
The concept of new generation electronic business (e-Busi¬ness 2.0, Social Business) refers to companies which integrate social technologies and instruments in all business processes, i.e. internal as well as external ( clients, suppliers, business partners), and in this way overcome many of the traditional organisational barriers which slow down the exchange of information and collaboration.
The first part of the article studies the basic characteristics of the new generation of electronic business systems which were formed under the influ-ence of Web 2.0, social media, mobile technologies and cloud calculations. The article also tries to outline the changes in the three main spheres of elec-tronic business: the use of Web 2.0 technologies for managing internal corporate communication, the design and development of new products and knowledge management (the Internet environment), corporate communication and interaction with external partners and clients (Extranet environment, B2M model) and electronic trade (online stores, B2C model).
The second part of the article analyses the possibilities and advantages provided by modern technologies for developing electronic payments, i.e. the use of debit and credit cards, contactless payments, mobile banking and bitcoins.
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P. Dimitrova
Some Aspects of the Accounting Analysis of Loans Granted
by Commercial Banks
Summary:
The accounting analysis performed in banking institutions is of key importance. It is based on information collected exclusively from current and periodic accounting reports. Based on real accounting data, it is found that there are decreased rates of positive growth in credit portfolios. Granted loans are well-secured while at the same time there is also an increase in the percentage of non-performing loans. When assessing the risk of collateral it is possible to propose the use of "above-the-moderate risk." It is considered necessary for banks to maintain information about the liquidation value of mortgages or pledged assets, rather than the market price.
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Stoyan Prodanov
Indemnification of Non-Material Damages Caused by Road
Traffic Accidents – Ethical and Financial Aspects
Summary:
With the development of road transport, social, labour, educational, investment, and cultural mobility has improved, at the expense of worsened traffic security, increased damage to property, health and lives of traffic participants. Car accidents have become a global phenomenon and are a leading cause of death compared to household and occupational accidents. The value of human life continues to be a challenging and unresolved problem facing science, politics, economic and social relations. However, healthcare, insurance, the fields of security and justice are daily confronted with the need to negotiate and find a pragmatic solution to the problem of the value of human life. Insurance companies offering the compulsory ‘Motor third party liability insurance’ cover the liability of the insured for the damage caused to third parties as a result of the possession or use of a motor vehicle while driving or idling. Insurers cover non material and material damages resulting from bodily injury or death, damage caused to other people’s property, loss of profit deriving directly and immediately from the damage, reasonable costs incurred in relation to the filing of a claim, including legal expenses awarded against the insured, and the interest. The current situation in the insurance market, the legal regulation of indemnities in our country, as well as the prosperity of the Bulgarian citizens, reflect on a number of problems accompanying this type of insurance.
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Vladimir Damyanov
OPTIMIZING FIRE SAFETY IN BULGARIA THROUGH INTERNET TECHNOLOGIES
Summary:
The article focuses on the main points in defining the hypothesis of optimizing fire safety in Bulgaria through Internet technologies as a possible and adequate strategy for the successful development of fire safety and civil protection authorities. The topic represents a distinct view on organizational change – from conservative behaviour to e-governance.
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Martin Harizanov
PERSPECTIVE SPATIAL MODEL
FOR SUSTAINABLE REDIVISION INTO REGIONS AND PROVIDING FOR BULGARIA’S REGIONAL DEVELOPMENT
Summary:
Bearing in mind the process of depopulation of Bulgaria’s North-west region, the planning and further worsening of the socio-economic indicators of the region necessitate taking actions for the redivision of the NUTS 2 regions. The need of differentiating new division into regions is determined by the high degree of the region’s lagging in key socio-economic factors such as: transport infrastructure, demographic characteristics, GDP per capita, average gross salary, etc. The proposed model for division of Bulgaria’s regions preserves in the long run the number of citizens in the level 2 regions set in the normative base and allows the differentiation of five regional centers. This means that in a case of lack of force majeure circumstances in the socio-economic aspect in the country, we can achieve economic integration among the regions and development of regional policy for the purposes of the implementation of financial securing of the development of the lagging regions, which as of this moment, encompass the planned North-west region.
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Bozhidar Bozhinov
Prospects for Early Prognosis of Crisis Situations in the Banking Sector
Summary:
The first global financial and economic crisis of the present century has once again reminded the economists of the vulnerability of the banking system as far as outside shocks are concerned. Problems in the banking sector can be measured in expenses worth billions of Euros in order to support and stabilize most affected countries. In this respect the present article aims at analyzing the options for predicting banking difficulties and problems by means of models focusing on those based on the signal approach. On the basis of a conducted research an attempt has been made to create a mechanism for improvement of the signal-based models for forecasting crisis situations in the banking sector.
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Ina Lecheva
POLICIES AND PROCEDURES OF EX-ANTE CONTROL FOR LEGALITY
Summary:
he ex-ante control for legality has been part of the introduced control activities for obligatory application in the public sector ever since the year 2000, as it has undergone alterations in the philosophy of its execution over the years. The latest amendments in the legislation in the year 2019 set a requirement to managers in the public sector to introduce policies and procedures of ex-ante control for legality. Such policies and procedures shall be based on several pillars. On the one hand, the ex-ante control for legality shall be executed in compliance with the instructions for the order and means of executing ex-ante control for legality set by the Minister of Finance. On the other hand, it shall be based on risk assessment in the enterprise. Last, but not least, the policies and procedures shall observe the cost of control based on the cost benefit analysis.
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Rumen Vyrbanov
THE USE OF THE INTERNET TO SUPPORT AND DEVELOP DEMOCRACY
Summary:
The realization of the idea of e-democracy is an important part of the information society, the establishment of which is a priority for the EU. The article analyses some of the aspects of e-democracy and their importance for strengthening democracy, democratic institutions and democratic processes.
Its primary objective is to determine the conditions for implementing of the idea of e-democracy in Bulgaria by defining the key problems related to e-democracy and the causes thereof.
A large amount of data was subjected to comparative analysis to determine the current status of the information society, e-government and e-ser-vices in Bulgaria and in other European Union countries.
The author has put emphasis on the essential role of social media in the process of implementation of various forms of electronic democracy.
The author's main thesis is that information and communication tech-nologies (ICT) are a prerequisite and a very important factor for the develop-ment of e-democracy. However, the use of the Internet in various forms of democratic life depends heavily on the degree of the e-readiness of the country, its efficient e-government and e-services, the sustained interest of its citizens in participating in its governance and their requirements for transparency and free access to information, its government and civil organizations, the adequacy of its legislation, the level of development of its civil society and its drive for continuous strengthening and development of democratic institu-tions.
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Andrey Pochtovyuk
Issues with Reforming Higher Education in Ukraine
Summary:
Urgency of this research: Relevant research in educational processes has increased as society realises that the transition to an information society where knowledge acts as the main social value increases the importance of the possession of an highly intellectual personality capable not only of perceiving earlier accumulated scientific knowledge, but also of generalising, analysing, creating new advanced information technologies, services and products. Therefore preparation of the modern professionally qualified engineer for work in enterprises is an important component of the development of the na¬tional economy.
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Neno Pavlov
PROF. DR. DIMITAR BAROV –
A DIGNIFIED INTELLECTUAL,
PUBLIC OFFICIAL, POLITICIAN
AND PROMOTER OF THE
ACADEMIC CAUSE
Summary:
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Stoyan Prodanov, Stefan Stanimirov
DEVELOPMENT OF THE BULGARIAN INSURANCE MARKET - CRISIS CHALLENGES OF THE DECADE
Summary:
The present study focuses on the development of the Bulgarian insurance market in the second decade of the XX century. It examines the issues of the relationship between the global financial sector, insurance and the phases of economic cycles; the debate on the importance of the financial sector and insurance for the economic development; the establishment of correlations and dependencies between the dynamics of GDP and the dynamics of the Gross Premium Income (GPI) in the general insurance sector in Bulgaria for the period 2007-2019, presenting prospective reflections and assessment of the impact of the global pandemic COVID-19 on the Bulgarian insurance market. The linear model in a realistic scenario forecasts a decline in GPI of 18.2%, in a GDP decline of 9.0%. An additional assessment and forecast made using the model is that a decrease between 12.4% and 25% of GPI from the compulsory motor third party liability insurance (at the indicated level of GDP decline) will have a destructive effect on the Bulgarian model of general insurance, due to the impossibility to perform the social functions of this insurance such as the protection of victims of road accidents.
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Vesselina Dimitrova, Georgi Marinov, Lino Manosperta
DEVELOPING LOW-CARBON TOURISM IN PUGLIA: CASE STUDY OF I. ARCHEO.S PROJECT
Summary:
This paper aims to examine the main determinants for developing low carbon tourism in Puglia region, studying the perceptions of a focus group of ca. 60 public and private stakeholders within Interreg project Italy-Croatia named I.-Archeo.S. project;
Data were collected during I-Archeo.S itinerary (N=40) and through personal interviews (N=10) in March 2019. Statistical modelling of t-test, varimax rotation as well as Likert- scale was applied to study the factors of influence for tourist behavior and sustainable tourism (i.e. availability of ecological certification, participation in eco-initiatives, interest in typical products, green event awareness etc.).
The results reveal that low-carbon travel is becoming the main way to stimulate the development of sustainable tourism in Puglia region. The increasing necessity for ecological knowledge and cultural heritage protection are perceived as significant factors for low-carbon tourism performance. These findings can help stakeholders from tourism and cultural sectors in Puglia region to prioritise resources and services across different seasons.
Although the literature identifies dimensions of sustainable tourism, case studies on low-carbon tourism are still sparse. This study, therefore, contributes to expanding this body of knowledge.
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Kamen Kamenov
Self-awareness and Behaviour within Social Structures
Summary:
The article closely reviews the structural components of self-awareness – self-observation, self-analysis, and self-control. A connection has been made between an individuals’ self-awareness, their past and future and their potential at present. The importance of the value system to an individual’s morals and conscience has been analysed, as well as the way they react in different situations. Self-awareness is also reviewed in terms of laws governing the order followed by social processes. In conclusion, a set of ten rules has been synthesized which might be helpful in the pursuit of self-control and self-analysis.
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Stoyan Prodanov, Tsetan Pavlov
Comparative Analysis of the Leading Consumption-Based
Asset Pricing Models
Summary:
The article analyzes in depth the consumption-based asset pricing models, and displays most perspective contemporary trends in the field. A conceptual framework of models has been originally presented linking macroeconomic and financial relationships, and mathematical basis of the classic CCAPM has been developed. The paper also brings out the leading approaches for modification of the basic model, overcoming some of its shortcomings, and analyzes the advantages, disadvantages and the ability of consumption-based modern models to recreate empirical correlations in profitability and the risk of financial assets. The leading conclusion of the article is that there is still no convincing rational consensus model to reproduce adequately the characteristics of financial markets. From an econometric perspective, the closest in this endeavour is the model of long-term risk of Bansal and Yaron (2004) and its modifications.
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Veniamin Todorov
STABILIZATION ROLE OF THE MACROECONOMIC POLICY DURING THE COVID-19 CRISIS
Summary:
The article presents an analysis of the role of macroeconomic stabilization policy during the economic crisis caused by the COVID-19 pandemic. The analysis covers both monetary and fiscal policy using data on macroeconomic activity, inflation, the severity of restrictive measures, the level of uncertainty, the degree of financial stress on the financial system, etc. It tests two hypotheses formulated as follows: Hypothesis one is that considering the specific characteristics of the COVID-19 exogenous shock, there was a need for a quick and decisive response by means of a macroeconomic stabilization policy. The second hypothesis asserts that expansionary macroeconomic policies played a key role for the recovery of the economies from the COVID-19 recession and their subsequent growth. Both hypotheses are confirmed.
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Velichko Petrov
STATISTICS AND ITS SCIENTIFIC AND PRACTICAL ASPECTS - TRADITIONS AND CONTEMPORARY DIMENSIONS
Summary:
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Nikola Vujanović, Miloš Pavlović
SMALL AND MEDIUM SIZED ENTERPRISES MANAGEMENT
AND BUSINESS IN CRISIS CONDITIONS
Summary:
Background: This study examines the management of small and medium-sized enterprises (SMEs) in crisis conditions, with a focus on the impact of the COVID-19 pandemic. It aims to identify strategies and best practices for enhancing SME resilience and sustainability.
Methods: The research adopts a comprehensive literature review approach, analyzing previous studies and reports on SME management during crises. It also incorporates case studies and empirical data to provide practical insights.
Results: The analysis reveals that SMEs face unique challenges during crises, such as disrupted supply chains, reduced consumer demand, and financial constraints. However, innovative solutions, collaboration among stake-holders, and supportive government policies have played a crucial role in enabling SMEs to adapt and recover.
Conclusions: Based on the findings, it is evident that effective manage-ment practices, including adaptation, digital transformation, financial manage-ment, and crisis planning, are vital for SME survival and growth in crisis conditions. Collaboration and networking among SMEs, along with supportive government policies, contribute to collective recovery and sustainability. The study underscores the importance of ongoing research and development in SME crisis management, with a focus on resilience-building strategies, sustainable business models, and addressing the psychological well-being of SME stakeholders.
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G. Draganov
RISK MANAGEMENT AND RISK TRANSFER REGARDING OBJECTS
OF INTELLECTUAL PROPERTY
Summary:
The aim of the author is to consider an issue which has not been subject to research so far. The article proves that risk management is an important element of the Intellectual Property system. Risk management helps reduce injuries arising from the materialisation of pure and speculative risks.
The article also pays special attention to risk transfer related to intel-lectual products. The article considers insurance transfer to be the most ac-ceptable and therefore the insurance of objects of intellectual property should be introduced into practice.
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Lubomir Lubenov, Anelia Lyubenova, Ivailo Hristakov
FINANCIAL ISSUES AND FUNDING IN THE BULGARIAN BEEKEEPING SECTOR
Summary:
The aim of the study is to establish the amount of funding in Bulgarian beekeeping and their trends. The goal is achived through an analysis of the tendencies and the main sources of financial means. The study analyses the financial support from European and national funds (the National Beekeeping Program, the de minimis scheme, the Rural Development Program) for over BGN 18 million and from commercial banks and own sources for over BGN 3 million. Together they form financial markets for over BGN 21 million a year in Bulgarian beekeeping. The European and state financial resources intended for Bulgarian beekeeping from the country's membership in the EU are increasing in absolute terms, but are decreasing relative to the total funds. Bulgarian beekeeping has gained access to additional funding, which is not proportionate in comparison with other sectors. Additional financial support is needed per hive for the ecosystem pollination service in order to ensure biodiversity and food security in the EU. The financing of the Bulgarian beekeeping will continue to grow steadily.
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Mariyana Pavlova Banova
FISCAL DECENTRALIZATION IN EUROPE: EFFECTS ON LOCAL GOVERNMENTS’ FISCAL AUTONOMY
Summary:
The European Charter of Local Self-Government, which was ratified by almost all European member states, provides for the decentralization of power and the transfer of competences and financial resources to local communities as well as extends local authorities’ tax collection and budgetary spending responsibilities. In reality, however, the increased spending responsibilities and the limited self-financing powers of the municipalities in our country raise the question of the degree of their dependence on the cen¬tral government. This paper presents a survey which aims to measure and assess the degree of tax autonomy of local governments in Bulgaria compared to their counterparts from other EU member states by means of a set of indicators and thus to determine one of the effects of fiscal decentralization – lo¬cal self-government’s tax autonomy.
