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Angel Angelov
Public Expenditure on Education in the EU Member States:
a Cluster Analysis
Summary:
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.
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Ana Borisova Ivanova
THE HEALTH INSURANCE REFORM IN BULGARIA –FINANCING MODELS AND STATUS EVALUATION
Summary:
The article presents a research on the specific characteristics of the existing models for healthcare financing worldwide. It also presents a brief overview of the specific characteristics of Bulgaria’s healthcare system and a survey on the need for healthcare reform in hospital care which identifies the bottlenecks in financing medical services for the population. The main problems resulting from the permanent shortage of financial resources and determined by financing methods that prioritize the quantity rather than the quality of the provided medical services are outlined. The degree of effectiveness of clinical pathways as a tool for hospital funding is assessed.
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Todor Georgiev
RISK AND RETURN ON INVESTMENTS IN PHOTOVOLTAIC POWER PLANTS THROUGH A PROJECT COMPANY AND LOAN FINANCING
Summary:
Abstract: The aim of this study is to present in detail the risk, financial, and engineering aspects of investments in photovoltaic power plants (PVPPs) based on the most likely scenario for financial and economic development. For investments in PVPPs with a capacity of over 1 MW, the use of the project company approach can be recommended. This approach pursues two basic goals: (1) the construction of PVPPs with optimal installed capacity and product¬ion parameters; (2) achievement of a projected level of sales and profits. Investments in PVPPs logically bear two groups of risks – systematic and unsystematic. Among these risks, attention should always be paid to the dynamics of price levels in electricity markets, which are key to the financial and economic return on investment. These calculations are also particularly sensitive to changes in interest rates when loan financing a project company with high financial leverage.
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Desislava V. Petrovska
STRATEGIC RISK MANAGEMENT
Summary:
The strategic management of commercial companies in times of crisis places a strong emphasis on the management and control of the risk. There is no business activity in the world that is not associated with various types of risk. In a highly competitive and turbulent environment, the clear linking of the business strategy of the firm and its risk management makes it possible to identify and manage the risk of the surrounding environment and the on-going movements within it. Strategic risk management creates a protection value that ensures a sustainable internal environment. This is a continuous process that is embedded in the strategy.
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Trayan Yosifov
CONDITION OF THE BANK LOAN MARKET IN BULGARIA
Summary:
While not all domestic businesses are growth-oriented, at some stage of their development they need capital to improve their competitiveness and adaptability to changes of their business environment. The access to affordable bank loans is crucial for the development of many Bulgarian businesses, which face increasing external and internal competition. This is due to the fact that there are virtually no alternative sources of financing in our country. The present study aims to present an analysis of the credit market in the country in view of the key importance of bank monetary resource, which is a major factor for strengthening the competitive potential of Bulgarian enterprises. The article presents an analysis of the domestic bank loan market in terms of the key importance of banks’ financial resource, which is a major factor for raising the competitiveness of the Bulgarian enterprises.
