Economic Archive

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  CONVERGENT ECONOMY – A CRITICAL REVIEW OF BULGARIA’S INTEGRATION IN THE EU

  This article was written on the occasion of the presentation of the book Converging Economy by Prof. Garabed Minasyan, DSc, which was organized by the Union of Economists in Bulgaria with the courtesy of the Prof. Minko Rusenov, PhD Foundation. During the discussions, economists from various universities and scientific institutions presented ... This article was written on the occasion of the presentation of the book Converging Economy by Prof. Garabed Minasyan, DSc, which was organized by the Union of Economists in Bulgaria with the courtesy of the Prof. Minko Rusenov, PhD Foundation. During the discussions, economists from various universities and scientific institutions presented their views on the role of economic convergence in the modern development of Bulgaria.

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  RISK AND RETURN ON INVESTMENTS IN PHOTOVOLTAIC POWER PLANTS THROUGH A PROJECT COMPANY AND LOAN FINANCING

  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 ... 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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  MEASURING THE IMPACT OF FISCAL POLICY ON THE ECONOMIC GROWTH OF ARMENIA

  The key objective of macroeconomic regulation is to achieve sustainable economic growth and development in the long term. At the same time, within developing economies, the task of ensuring sustainable economic growth in the long term faces the failure of institutions, and as a result, the ineffectiveness of the main mechanisms of macroeconomic ... The key objective of macroeconomic regulation is to achieve sustainable economic growth and development in the long term. At the same time, within developing economies, the task of ensuring sustainable economic growth in the long term faces the failure of institutions, and as a result, the ineffectiveness of the main mechanisms of macroeconomic regulation, especially those that have a long-term and ambiguous impact on the economy. The purpose of the study was to assess the impact of fiscal policy on economic growth, as well as to find fundamental common ground for increasing the impact of basic instruments on economic activity by improving transmission mechanisms. The methodological basis of the study was a review of theoretical and practical models of the fiscal regulation impact on economic growth, known in the scientific literature, as well as approbation of the most optimal ones considered using the example of the Armenian economy. The result of the study was the conclusion that in the current format, the fiscal policy of Armenia does not have the proper positive impact on the rate of economic growth, and therefore requires a fundamental revision and the need to develop an appropriate strategy aimed at ensuring sustainable economic growth in the long term.