Economic Archive

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  Development of Consumer Lending by Non-Bank Credit Companies in Bulgaria

  The study focuses on consumer loans extended by corporations specializing in lending in Bulgaria during the period March 2008 – September 2018. A brief presentation of the essential features of consumer loans is made and attention is paid to key aspects of statutory regulations of this type of lending in Bulgaria. The main trends in the dynamics ... The study focuses on consumer loans extended by corporations specializing in lending in Bulgaria during the period March 2008 – September 2018. A brief presentation of the essential features of consumer loans is made and attention is paid to key aspects of statutory regulations of this type of lending in Bulgaria. The main trends in the dynamics of the volume of consumer loans extended by corporations specializing in lending are outlined and their main determinants in the country are worked out. The analysis of non-bank consumer lending is supplemented in a comparative perspective by trends in the dynamics of bank consumer lending. On this basis, the main prospects for growth in the segment of non-bank consumer loans in Bulgaria are presented.

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  Joining the Euro Zone – an Exploration of Real and Structural Convergence in Romania, Bulgaria and Croatia

  Twenty years after the creation of the Euro Zone, the monetary union remains the subject of both academic and political debate, often focusing on non-EZ Member States and their monetary integration aspirations (or lack thereof). In this context, one of the many hurdles in the way of Euro adoption lies in the incomplete character of the sine qua ... Twenty years after the creation of the Euro Zone, the monetary union remains the subject of both academic and political debate, often focusing on non-EZ Member States and their monetary integration aspirations (or lack thereof). In this context, one of the many hurdles in the way of Euro adoption lies in the incomplete character of the sine qua non conditions expressed in the Maastricht Treaty, which, although the only set of convergence conditions expressed in the European acquis, are univer¬sally deemed to be insufficient for successful EZ membership. Consequently, these nominal convergence conditions need to be doubled by less transparent real and structural convergence conditions. It is the objective of this paper to analyse some indicators pertaining to real and structural convergence in Romania, Bulgaria and Croatia by focusing on key aspects regarding (1) the capacity to catch up with EU’s PPS computed GDP per capita mean, (2) specialization, (3) business cycle synchronization and (4) current account structure. While recognizing that these four elements are not sufficient to ensure successful EZ membership, including them as inputs in the Euro adoption decision making process would have beneficial impact on its efficiency.

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  Public Expenditure on Education in the EU Member States: a Cluster Analysis

  The aim of this article is to present the commitment of EU Member States to their education policies. The key points in the article are the importance of investing in human capital and the effectiveness of the state as such an "investor". Through clusterization of the available data, the author has grouped the EU countries according to their ... The aim of this article is to present the commitment of EU Member States to their education policies. The key points in the article are the importance of investing in human capital and the effectiveness of the state as such an "investor". Through clusterization of the available data, the author has grouped the EU countries according to their governments’ policy on financing education.