Articles

• Editorial Office

  RE-EVALUATING THE STABILIZATION FUNCTION OF THE FISCAL POLICY

  Abstract ▾ PDF

  The fiscal–monetary policy mix has been used as anticyclical tools in the stabilization policy. In the lаst 10-15 years, the monetary policy became neutral and the fiscal policy transformed into pro-cyclical. As a result, large budget deficit emerged during the economic boom, which required debt financing and led to accumulation of significant government debt. Many countries have entered into debt fiscal crises. For going out of the vicious circle: permanent budget deficit, debt funding and growing public debt, changes are proposed in the model of conducting fiscal policy: creation of the fiscal reserves during economic upsurge, which has to be used for stimulating aggregate demand during crisis, instead debt financing; accepting the fiscal rules in order to discipline politicians in their fiscal decisions; accepting the low level of budget deficit in time of crisis, which has to be reached by budget expenditure cuts, instead tax rate increase. There are sufficient fiscal consolidation programmes, which testified the correctness of these changes, launched as optimal fiscal policy.

• Bogomil Manov — University of National and World Economy

  REPRODUCTION OF THE INDIVIDUAL AND THE POPULATION IN BULGARIA AND IN THE EUROPEAN UNION UNDER THE CONTEMPORARY FINANCIAL AND ECONOMIC CRISIS

  Abstract ▾ PDF

  The article clarifies the essence, the specifics and the dynamics of conditions and factors that influence the reproduction of the individual and the population as a whole in Bulgaria and in the European Union. The study is specified for the current financial and economic crisis. The analyzes and assessments in the study show that Bulgaria has the possibility to improve the financial potential for investments in economic growth and that this objective can be reached without encountering major risks.

• Teodor Sedlarski — Sofia University St. Kliment Ohridski

  Institutional strengthening of the free market in the new economic history

  Abstract ▾ PDF

  The article highlights the current theories in the New Economic History, explaining the market social order rules imposed in the Western World in the post Renaissance period. The social order structure, based on impersonal exchange and rational prudence, differing from any other order in the history of human societies, is derived from a specific set of political and military conditions and world view. The institutional decisions taken as a result thereof enable the contemporary levels of production, trade and economic growth. The applied explanatory approach integrates on the ground of their common features the alternative concepts of this process elaborated by А. Greif, А. Acemoglu and J. Robinson, D. North, J. Wallis and B. Weingast.

• Stefan Petranov — Sofia University St. Kliment Ohridski

  Milena Angelova — Economic Research Institute аt BAS

  Development and prospects of the corporate management systems in the European union

  Abstract ▾ PDF

  The EU Corporate Management Models and their development over the recent years are focused. The various models are studied by means of a Taxonomy, based on characteristics, referring to the regulatory, institutional and cultural country specific factors. More attention is paid to the Eastern European Model, because it is less known and emerged later than the other models.

• Petar Mitev — University of National and World Economy

  Segmentation in the public sector – a reality or a chimera

  Abstract ▾ PDF

  The article studies the theoretical restrictions of public sector segmentation, derived from the concept of the purely public good, as well as from the views on revealing the public preferences thereto. It also highlights the weaknesses of the allocation efficiency and the available dialectical connection between it and the Oeyts theorem. It analyses statements of authors, pointing out the necessity to investigate the needs and to improve the public goods accordingly.

• Georgi Georgiev — Higher School of Agribusiness and Regional Development, Plovdiv

  Practical aspects in measuring and monitoring the liquidity risk pursuant to the Basel III international framework

  Abstract ▾ PDF

  The practical aspects of liquidity risk measurement and monitoring are demonstrated according to the Basel III New International Framework of the Basel Committee. The computation models of the Liquidity Coverage Ratio – LCR and the Net Stable Funding Ratio – NSFR are tested on the grounds of real examples. The algorithm of calculating LCR is presented in details. All its variations are calculated with simplified examples of repo and reverse repo transactions. The new global standards for bank liquidity shall be introduced and tested first in the EU, Japan and the USA.