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Alexander Alexandrov
THE BUSINESS CYCLE AND ITS CONTEMPORARY CHARACTERISTICS
Summary:
The article aims to present the business cycle phenomenon and its contemporary characteristics. Understanding the business cycle theory will allow for more in-depth research on this subject for the Bulgarian economy, through which to increase the macroeconomic efficiency of the country's economic policy.
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Ivan Todorov, Alexander Alexandrov, Kalina L. Durova
FUTURE EURO AREA MEMBERSHIP OF BULGARIA IN TERMS OF THE BUSINESS CYCLE
Summary:
In the present paper, vector autoregression (VAR) is used to assess the extent to which Bulgaria’s economic cycle is synchronized with the one of the euro area (EA). The main fiscal and monetary factors affecting the coordination of the business cycles of Bulgaria and the EA are identified. Recommendations for macroeconomic policies are formulated to support the synchronization of Bulgaria’s economic cycle with the one of the EA and to prepare our country for the adoption of the euro.
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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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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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Kaloyan Pargov
BULGARIA’S ENERGY BALANCE – A STRATEGIC ANALYSIS
Summary:
The Energy Balance is a strategic report which is of crucial importance to national economies. The strategic analysis of the Energy Balance of the Republic of Bulgaria for the period 2006-2020 allows drawing up key trends for determining the priorities for the development of the infrastructure of production, transfer, consumption, intersystem exchange and expanding the share of renewable sources. The research consists of two parts – the first one focuses on the methodology of preparing an Energy Balance as a statistical document with the corresponding evolution characteristics and structural components; the second one includes a verbal and graphic representation of the dynamics of some major components and indicators of the Energy Balance of the Republic of Bulgaria. As a result, we have illustrated the annual rates of change for a fifteen-year period, linear regression equations and coefficients of determination. The article ends by drawing up conclusions of strategic importance for the energy system.
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Venelin Boshnakov, Mariya Kazakova
THE USE OF DIGITAL SERVICES
BY BULGARIA’S POPULATION: MAJOR PREREQUISITES, TRENDS AND REGIONAL DIMENSIONS
Summary:
The digitalization of administrative processes and providing electronic services in Bulgaria has undoubtedly led to an increase of the administrative capacity not only of central but also of local organs of authority. At the same time, the differences in the levels of digital knowledge, skills and competences among Bulgaria’s regions have caused a certain disturbance in the offered digital services. The article aims at presenting some major trends in the dynamics of selected indicators which reflect the development of digitalization in the public sector. A specific focus is placed on the regional dimensions of these processes, assuming that local authorities face much more serious challenges in this respect compared to central state organs.
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Kalina L. Durova
THE COHESION POLICY OF THE EUROPEAN UNION
AND INTER-REGIONAL DISPARITIES IN BULGARIA
Summary:
The article presents a theoretical analysis of the causes for inter-regional disparities and an empirical study on the impact of the EU Cohesion Policy on the standard of living in Bulgaria. It also gives some recommendations for maximizing the beneficial effect of this policy on the regions in our country. The author defends the thesis that the economic imbalances among regions cause social and demographic ones. Accordingly, the study focuses on the economic inter-regional differences and the way they are affected by the Cohesion (Regional) policy of the European Union as a tool utilized by the Community to achieve economic and social cohesion.
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Dimitar M. Ivanov
MACROECONOMIC CHALLENGES AND RISKS POSED BY THE GLOBAL CORONAVIRUS CRISIS
Summary:
The article presents an analysis of the current global eco¬nomic crisis caused by the coronavirus pandemic in 2020. The author’s objecttives were to define and discuss the characteristics of the current crisis and its external causes as well as the macroeconomic, financial, institutional and social imbalances in the period after the global financial crisis of 2008 that led to its outbreak. Using this analysis, the author is identifying some longer-term macroeconomic challenges and risks that would deepen and prolong the current crisis as on a global scale as well as in the economies of Europe and Bulgaria. The main thesis to which the author adheres is that although the contemporary crises that occurred in 1929, during the 70s, and in 2008 had typical common characteristics and provided us with valuable lessons to be learnt, each of those crises had its own character and features. Based on this thesis, the article draws attention to the essential critical problems of the global economy in addition to those caused by the coronavirus shock.
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Boyan Iliev
Multiple Peril Risk Insurance of Agricultural Crops – a Myth or Reality
Summary:
The insurance of agricultural crops is a conservative type of insurance. It is quite rarely that radical organizational changes are introduced. Currently, however, conditions dictate the introduction ofthere are the necessary conditions such changes in the Republic of Bulgaria. Modern development of agricultural production is a prerequisite for changing the methodology of this type of insurance so as to adapt it to the demands of agricultural producers. This article develops the thesis that a similar change might be implemented by transforming the liability of insurance companies from a liability related to certain risks and losses to a liability referring to any risks and losses. In other words, it is possible to make the transition to the so-called multiple peril risk insurance.
Multiple peril risk insurance is considered to be a novelty which has only recently been introduced in EU member-states with advanced economies. Therefore, it is the subject of large-scale discussions. The objective is to choose to introduce such an option that will best correspond to the specific features of the agricultural development and traditions in the Republic of Bulgaria and related insurance practice.
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Tsvetelin Borisov
SOME ASPECTS OF APPLYING MOBILE INFORMATION TECHNOLOGY IN TOURISM
Summary:
The study focuses on the contribution of mobile information technology to the development of tourism in Bulgaria. It helps to improve the methods and mechanisms of collecting, processing, analysing, storing and using information. The emerging popular computer systems, video systems, teleconferencing systems and electronic systems have led to the complete automation and widespread use of electronic equipment in business. The application of mobile information technology facilitates accommodation and transport bookings, entertainment services, the purchase of tourist products, the availability of and accessibility to different types of tourism and destinations, as well as the tourism potential of countries and regions.
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Cornelia Philipova
Unemployment Benefits in Bulgaria and Their Potential for Prevention of Poverty
Summary:
Prevention of poverty and social exclusion is a process directly related to public incentives for vulnerable groups aiming to achieve a decent and independent life. Labour income is one of the main prerequisites for overcoming the problem. However, a large number of the working population is economically inactive and do not even look for forms of employment. Low education levels, the lack of working habits and the limited demand for skilled labour are objective factors for this. The characteristics of the tax and social security system as well as the state policy with regard to income and the labour market towards vulnerable groups also affect the desire to work and employment opportunities.
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Tanya Gorcheva
State and problems of Bulgarian tourism products
on the European market
Summary:
The article analyses the state of tourism products and services related to destination Bulgaria. This objective is achieved by applying situation analysis which reveals the market positions occupied by Bulgarian tourism products in Europe. The object of research is the nature and characteristics of offering while the subject is connected to the “demand – supply” relation of tourism products for destination Bulgaria within the context of the various problems of tourism business in the country. The article also outlines the possibilities for success based on a critical analysis of results achieved for the period 2001 – 2011 by discussing issues such as the nature and structure of Bulgarian tourism product; the nature of offering of emitting markets important for destination Bulgaria; specific characteristics of offering with regard to tourist packages for organized trips to our country.
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Petko Angelov
Trends in the Development of Financial Parameters of Banks
in Bulgaria (2008 – 2015)
Summary:
Lending and deposit-taking are key operations to credit institutions. They are of great importance to achieving efficiency in banking. Banking, in turn, should be quantified; a number of factors well-known in banking theory and practice provide the possibility for this. In this respect, the subject of analysis in the study is the profit, profitability, and return of the banks of first and second group in Bulgaria which measure bank efficiency. The purpose of the study is to analyze the bank efficiency for the period 2008 – 2015 on the basis of a ratio analysis and determination of specific values for both groups of banks. As a result of the study, the trends regarding the efficiency of banking in Bulgaria are outlined and the main causes are identified.
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Petko Angelov, Silvia Sasheva Zarkova
THE FINANCIAL TRANSPARENCY OF BULGARIA’S MUNICIPALITIES WITHIN THE EUROPEAN ECONOMIC DIGITALIZATION
Summary:
Digitalization is among the main priorities of the EU set in the Europe 2030 strategy; Bulgaria and Bulgaria’s municipalities are direct participants in this process. The global COVID-19 pandemic at the beginning of 2020 positively reflects the process of digitalization including the public sector and local self-government as the effects of it are of varying intensity. The research ascertains that the process of adjustment of the financial and budget transparency of the municipalities to modern digital solutions has resulted in a significant difference in the implementation of the concept of European economic digitalization among the various administrative units in the country. This requires the improvement of the process of digitalization which is of utmost significance for the private sector; it also necessitates taking efficient measures for the formation of favorable business environment; citizens shall also be taken into account with a view of facilitating them in performing their administrative duties.
