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Lubomir Lubenov, Anelia Lyubenova
BULGARIA’S FINANCIAL MARKETS IN AGRIBUSINESS – SIZE, STRUCTURE AND DEVELOPMENT TRENDS
Summary:
The aim of the study is to establish the size, structure and financing trends of Bulgaria’s agribusiness. Improving the liquidity and turnover of short-term assets of farms is a goal of paramount importance because it also improves profitability. This necessitates diversification of the sources and instruments to finance the operating capital, such as credits, leasing, factoring, forfeiting, etc. At micro- and macro-level, the provision of information for financial management purposes should be improved to facilitate the access to public and corporate financial markets of short-term and long-term funds for the agribusiness. Public financial markets in Bulgaria’s agribusiness grew steadily from over BGN 1 billion/year during the first reference period of the common agricultural policy of the EU (2007–2013) to BGN 4 billion/year at the end of the 2014–2020 period. They also played an important role in generating reciprocal company financing of over BGN 3 billion/year of over BGN 7 billion/year of all financing in the sector. Structurally, short-term financing accounts for more than 2/3 to 3/4 of all financing.
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Nikoleta Karamileva
CLIMATE INVESTMENTS IN BULGARIA – POTENTIAL AND EMPIRICAL EVIDENCE
Summary:
The study aims to establish the relationships between produc¬tion and climate indicators in order to design a financial weather instrument in order to reduce the volatility of the financial performance of farmers in the region of Dobruja. For this purpose, a simulated weather derivative was designed and approbated making the relevant assumptions and constraints to mitigate the negative effects of changes in the levels of precipitation, the drought frequency, and the increasing climatic amplitudes on cereal crops. Its effectiveness is assessed taking into account the varying temperature and production and business performance of the agricultural producers. Last but not least, the study presents a critical review of the conditions required for the operation of this type of financial market in our country.
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A. Pavlov
Concepts for Material Requirements Planning in the Company
Summary:
This article makes a systematic review of modern concepts of the management of material requirements for the company. There is also a consistent debate over the essence and specific technologies for planning the material requirements of the company. Special attention is paid to technology for determining the quantities of firm orders, which determine the quantities to buy in the company concerning the characteristics of the concept of buffer stock. A conclusion has been reached that, when planning the company's material requirements, the concept of buffer stock is easily applicable because planned orders can be defined simply by buffer stock being deducted from the initial balance of stocks available. On the other hand, a buffer period of delivery is somewhat more difficult to apply, because it cannot be obtained by artificially increasing the main period of delivery using some value of security.
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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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Andrey Zahariev, Atanas Atanasov, Galina Chipriyanova
FINANCE AND ECONOMIC ACCOUNTING – FACULTIES, SCIENTIFIC RESEARCH AND A 70-YEAR TRADITION
Summary:
At a solemn joint session, the Faculty Councils of the Faculty of Finance and the Faculty of Economic Accounting at the D.A. Tsenov Academy of Economics celebrated the 70th anniversary of their establishment. By Decree No. 289 of August 20, 1953, effective from September 1, 1953, the Presidium of the National Assembly redistributed and regrouped the specialties at the Higher Financial and Economic Institute in Svishtov, into two faculties - Financial-Statistical and Accounting. Over the years, the faculties have changed their names several times - Financial-Statistical (1953), Financial-Economic (1973), and the Faculty of Finance (1993), and respectively - Accounting (1953), Accounting-Economic (1973), and the Faculty of Economic Accounting (1993). The purpose of this article is to present the results of celebrating the 70th anniversary of the Faculty of Finance and the Faculty of Economic Accounting at the D.A. Tsenov Academy of Economics through the organization and conduct of a prestigious international scientific forum.
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Andrey Zahariev
Financial Science in Changing Europe – Challenges and Perspectives
Summary:
With the celebration of the 65th anniversary of the first Bulgarian academic department of financial sciences (07– 08 April 2017) at D. A. Tsenov Academy of Economics – Svishtov, a worthy assessment has been given and there has been a debate about what has been built over the years, what the current challenges and perspectives for future development are. The International Scientific Practical Conference “Current Challenges for the Financial Science in Changing Europe” was attended by Bulgarian and foreign scholars, working in the field of finance, as well as representatives of financial practice. One hundred and four people from seven countries and two continents, with ninety-two papers on corporate finance, investment, public finance, banking and micro-financial policy took part in the scientific forum. The host department prepared six plenary papers by its representatives of six hierarchical levels of academic development: students, PhD students, assistants professors, head assistants, associate professors and professors.
