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Abuselidze George
ANALYSIS OF THE FORMATION
AND USE OF BUDGETARY POLICIES ENSURING THE SOCIO-ECONOMIC DEVELOPMENT OF TERRITORIAL UNITS
Summary:
The main function of the state in nowadays-civilized world is to maintain the macro-economic proportions throughout the country and avoid financial and economic crises in regions that have priority in the formation of the new economic system in Georgia.
The object of the research is the formation and use of Budget policy of Georgia;
One of the most problematic places is socio-economic development of territorial units;
As a result of the research it is shown that current economic and political system’s radical transformation process, creation of new economic system and ensuring its efficiency, requires mobilization of huge financial resources, which is impossible without proper functioning of the financial mechanism. This in turn requires implementation of sufficient financial and economic policy. The government should take responsibility of supporting financial-economic independence for territorial units.
In the future, the proposed forms of financial mechanisms and features of use for the arrangement and territorial integrity of the government.
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Lubomir Lubenov
BUDGET FOR MARKETING STIMULATION OF REGIONAL BEE PRODUCTS ON THE BASIS OF VALUE
Summary:
The aim of the research is to propose a budget for marketing stimulation of bee products in the Ruse district on the basis of value. The regional bee farms shall integrate among each other to form solid organization for the development of products of high added value, respectively, for the accumulation of a solid budget for the most efficient communication tools. The budget for marketing stimulation on the basis of value shall be treated as an investment in value communications regarding the demanded, the promised and the desired value by consumers. When public relations (PR) on the basis of value are not carried out well, a larger budget will be necessary for the remaining tools of the communication mix (advertisement, personal sales, sales stimulation, etc.); on the other hand, their efficiency will be lower. Direct marketing (DM) has the capacity to create added value, to offer it and to communicate it to the customers on the basis of value in unison with the marketing tools. The organization of bee farms shall form a virtual community which in the course of time will collect information about the needs of the consumers, turning into a community with value. It will direct the organization not only towards the value communication via PR and DM, but also towards improving the products, the supplies, the prices and, as a whole, towards improving the customers’ service and satisfaction.
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Denitsa Zagorcheva, Y. Velcheva
BUDGET DECENTRALISATION AS A FACTOR FOR THE SIMULTANEOUS DEVELOPMENT OF MUNICIPALITIES
AND THE INDUSTRIAL BUSINESS
Summary:
The article presents the results of a study on budget decentralisation and its effects on the development of municipalities and the industrial business. The objective is to reveal the relationship and interdependence between municipalities’ own-source revenues, which are characteristic of their financial and investment policies, and the extent to which industries are developed on their territories. The development of the industrial business is not directly affected, however, by the investment policy of the municipalities. Nevertheless, it contributes greatly to the increase of their own-source revenues.
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Rumyana Lilova, Petko Angelov
The Budget Balance – Technical and Financial Aspects
Summary:
The paper focuses on issues related to the procedure for determining the different types of budget balance in compliance with the consolidated fiscal programme (CFP) and the national budget, and their economic interpretation. The paper also specifies that the numeric value which states the difference between the value of receipts and the value of outlays depends on the absolute sum of expenditure on interest payments on internal and external loans. The dynamics of the difference between the values of receipts and outlays under the CFP and under the national budget is analysed. We prove that the rate of change in the consolidated cash budget balance does not match the rate of change in the cash balance on the national budget. We also identify the relation between analysed balance variables and the reference values approved by the Maastricht Treaty and set in the Public Finance Act. An analysis is made of the effect which the rate of change in the nominal value of receipts and outlays exercises on the dynamics of analysed cash budget balances. Finally, we arrive at the conclusion that the value and the relative share of the budget balance in the GDP do not pose a threat to public finance stability.
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V. Stoyanov
Tax Sovereignty, State Budget, Fiscal Discipline (from an expert and cultural studies viewpoint)
Summary:
The three concepts in the title of this article are fundamental to finance in general and to public finances in particular. Throughout their three-century history they have undergone an evolution that can also be assessed as negative.
The purpose of this article is three-fold: first, to present the classical definition of these three concepts, second, to reveal the negative deviations from their classical definition, role, and importance and third, to justify the necessity and the expediency to revive their classical dimensions.
As public finances in general, and their three categories, subject to examination and comment in this article have not only purely fiscal, but also political and socio-cultural dimensions, we pay the due attention to them, too. As far as all three studied and discussed financial categories are legally regulated, we wish to emphasize the recommendation of Aristotle about persistence of the law because "the easy alteration of existing laws in favor of new and different ones weakens the power of law itself”.
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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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Presiana Nenkova, Angel Angelov
ASSESSMENT OF THE FISCAL STANCES OF THE BALKAN STATES
Summary:
The research paper presents an assessment of key budgetary and socio-economic indicators to reveal the effects of the models of public finance management adopted by the countries on the Balkan Peninsula. Based on these indicators, the analysis determines the fiscal stance of each Balkan country before, during and after the global economic crisis. The results of the analysis show a significant degree of similarity in the discretionary measures taken, but at the same time some more pronounced deviations from the general economic development of the Balkans.
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I. Dimitrova, Y. Velcheva
MANAGEMENT ACCOUNTING IN AGRICULTURAL ENTERPRISES – THE BUDGETING FUNCTION
Summary:
The significance of the information created through management accounting and its limited use in the management of agricultural enterprises are the main motives for writing this article. We defend the thesis that if budgeting were implemented in agricultural enterprises, this would lead to more efficient management. The purpose of the paper is – on the basis of presenting the relationship between management and accounting – to outline the capacity of the planning and budgeting system for setting management objectives and parameters which acquire various quantitative and qualitative dimensions; this shall be achieved through managerial decisions. We propose a conceptual model of the planning and budgeting system at the agricultural enterprise which shall reflect its specific characteristics and create information for its future development; forecast its financial state, the results of the activity, the cash flows, the changes in the assets and the capital.
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Anna Ivanova
FISCAL CONSOLIDATION: EUROPEAN EXPERIENCE AND THE NEED TO IMPLEMENT IT IN UKRAINE
Summary:
The article focuses on the need to implement fiscal consoli¬dation in countries with high levels of public borrowing. It was found out that the level of public debt of the leading countries around the world far exceeds its allowable rate, which is 60% of GDP.
It was found out that fiscal consolidation is a state policy, which aims to balance public finances at the expense of reducing the budget deficit and accumulated debt. Theoretical models of the impact of fiscal consolidation on aggregate demand and aggregate supply are also studied. The major hazards to the implementation of the policy of fiscal consolidation in highly developed and developing countries are outlined. Attention is drawn to the need to im-plement fiscal consolidation in Ukraine, because the level of public debt in 2015 constituted 79.4% of GDP, significantly exceeding the limits of the al-lowable level. Identified are the main problems related to the functioning of public finance sector in Ukraine. Suggested are ways to stabilize public fi-nances in Ukraine.
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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.
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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.