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Yordan Yordanov
POSSIBILITIES FOR OVERCOMING ISSUES IN THE PHASE OF OLD-AGE PENSION PAYMENTS FROM
AN UNIVERSAL PENSION FUND
Summary:
The structuring of the pension model, the exploration of its characteristics and parameters, as well as of pension products, their role, and the potential to ensure long-term social security in an environment marked by socio-economic and demographic challenges, is a significant and relevant thematic area.
The focus of the study is on presenting the structure, the regime, the insurance parameters, the pension products, and the functioning model of insurance in an universal pension fund. The conclusion reached is that the most payments to the first pensioners are deferred for a period of up to three years, while lifelong payments constitute a very small portion. This fact raises questions about the level of social security, and consequently, the ability of the second pillar of the multi-pillar pension model to fulfill the assumed public commitments and meet personal expectations.
Possibilities have been outlined to increase the proportion of pension-ners receiving lifelong pensions while decreasing the proportion of those receiving deferred and one-time payments. This, in turn, will lead to long-term and, at the same time, higher social security for Bulgarian pensioners.
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Boyko Petev
TAX FRAUD AS SECURITY THREAT
Summary:
The challenges faced by the EU Member States in the fields of taxation and tax fraud are a topical issue. Its importance stems from several groups of factors, such as changes in public relations, new legislation in the Republic of Bulgaria related to its EU membership, and lack of compre¬hensive research in this field. Moreover, the need for such a research arises from the by Bulgaria’s drastically changed financial and legal relations, which, after more than ten years of the country’s EU membership require an analysis of its experience and the lessons it has learned in the field of its public relations that emerged and developed in the financial system of the Republic of Bulgaria and the threats for its national security as a part of the EU financial system. In some aspects, an attempt has been made to present and interpret them from a new perspective.
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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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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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Nikolay Andreev
An Integrated Approach in the Study of the Evolution
of the Stabilisation Policy of the European Union
Summary:
Studying the evolution of European Union's stabilisation policy is a difficult task that requires certain focusing. In a broad sense, stabilisation policy can be defined as a set of measures taken by the government and implemented by certain bodies and mechanisms to overcome problems of the economy or to restore its equilibrium. Of course, processes ongoing at global, regional, and national levels in the economic system should also be taken into account in determining the instruments of the stabilisation policy. For the European Union in particular, the stabilisation instruments in its development are expressed in changes both in the strategic and in the structural and the institutional aspects and the evolution of the stabilisation policy can be characterized as distinct periods of development.
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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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Lyudmil Krystev
THEORETIC ASPECTS OF FINANCIAL CONTROLLING IN THE FIRM
Summary:
The focus is on financial controlling as part of the controlling in the firm. The article highlights the need of financial controlling Bulgarian companies. It explores the factors of the external and the internal environment of the company within the context of financial controlling as well as the types of controlling. The major financial indicators that are used as a basis for the formulation of the goals of the company are outlined.
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Taner Ismailov
Financial Aspects of Implementation of Social Policy in the Republic of Bulgaria During the Period 2000-2015
Summary:
The article studies the state and development trends in the social policy of the Republic of Bulgaria during the period 2000-2015. The significance of this study has been determined by the fact that in accordance with the Consolidated Fiscal Programme, the costs made by the state in order to keep its social policy and compared to its GDP over the same period, have ranged between the considerable 14.35% and 18.39%. During the analysed period the state was striving for expanding the scope and opportunities for development of the social policy. Despite the changes in the economic conjuncture, the amount of funds that have been spent on social protection has been growing, which is an irrefutable evidence of the stable and sustainable social policy of the Republic of Bulgaria.
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Aleksandyr Ganchev
Hedge Funds – Evolution and Perspectives
Summary:
The article reviews and analyses the origins of the hedge fund sector and its development on a worldwide scale. The study reveals that hedge funds had arisen long before 1949 and shows that global financial crises do not occur due to hedge funds because the latter only exploit economic development disparities, the imperfections of financial systems, the inadequate regulatory frameworks or the inefficient financial market regulations that are already in place. The article shows that, although the development of the hedge fund industry is very sensitive to financial crises, their popularity as investment instruments has been increasing rather than decreasing since the last global economic crisis of 2008.
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Valentin Milinov,
Human Resources in Regional Administration - Financial, Management and Organizational Aspects
Summary:
Public administration supports the activities of the state authorities by ensuring the actual functioning of the state administration. It regulates the relations between the citizens and the state institutions and local institutions, administers their rights and obligations, as well as the ways they are implemented. Regional administration is an important part of the public administration. It assists the district governor to carry out the state governance and ensure consistency between national and local interests in conducting regional policies and achieving the strategic goals and priorities of the government programme. Modern understanding of the theory of quality of human capital involved in public administration highlights the key importance of this factor at national level. Global changes related to the adaptation of the Bulgarian administration to the European one have put an even greater emphasis on integration, capacity increase, career opportunities, optimizing the costs and improving human resources management in the state administration.
