Articles

• Gancho Ganchev — South-West University "Neofit Rilski"

  THE THEORY OF THE MONETARY CIRCUIT

  Abstract ▾ PDF

  The present paper reviews the pre-history, the process of formation and the possible directions of future development of the theory of monetary circuit. The author reveals the main theoretical constructions of Graziany and the other leading representatives of the circuitist school. The principles of derivation of transaction and balance sheet matrices reflecting the main ideas of the theory are discussed. The dynamic variants of the theory as well as the connection between the circuitist approach and the input-output model are subject to examination. The paper studies the possibility the circuitist approach to be further broadened on the basis of the mathematical graphs theory. The author emphasizes that the theory of monetary circuit denies the neoclassical dichotomy and rejects the postulate of the neutrality of money. The opportunity is also offered to upgrade the monetary circuit theory by using the mathematical graph theory. The paper includes also a critical evaluation of the presented theory.

• Editorial Office

  GENESIS AND INITIAL DEVELOPMENT OF CONSULTING MARKET IN BULGARIA

  Abstract ▾ PDF

  The paper presents the main features of the consulting market in Bulgaria from its establishing to now. It analyses the market of consulting services, and defines the market range. The study focuses on the market genesis, and outlines and presents the three stages of its initial development. It gives short characteristics of the pre-market history of consulting services during the administrative system. It formulates the strategies of consulting firms for entering the market, as well as the factors for their success.

• Minka Anastasova-Chopeva — Economic Research Institute аt BAS

  Dimitar Nikolov — Institute of Agrarian Economics

  Elizabeth Ivanova — Institute of Agrarian Economics

  INSURANCE PRODUCTS IN AGRICULTURE AND FARM INSURANCE BEHAVIOUR

  Abstract ▾ PDF

  On the grounds of some main theoretical formulations for the risk management in agriculture, an outlook has been made of the practice in the country for the last years. Insurance in agriculture in the country dates back to the first years after the Liberation. The aim of the paper is to analyse the insurance development in agriculture in the recent years – from 2003 until 2011 and of the reactions of agricultural producers concerning the insurance. The methods of retrospective, comparative, statistic descriptive and probabilty analysis have been applied. As a result of the analysis, propositions have been made related to the risk management improvement in agriculture. On the basis of the obtained results conclusions were made regarding the insurance state in agriculture and the relation between different factors of agricultural farms management and insurance activity.

• Nikola Cholakov — University of National and World Economy

  Utility functions as a model of attitude towards risk

  Abstract ▾ PDF

  In this paper we follow such an approach which explains the motivation and behavior of both insured and insurers and throws some light on the background of the insurance premiums. In addition it is shown that according to the Law of diminishing marginal utility more risk aversive and cautious attitude limits the negative impact of incurred financial losses on utility scale.

• Editorial Office

  Renewable energy sources in households in Bulgaria: reality and opportunities

  Abstract ▾ PDF

  The utilization of renewable energy sources (RES) by the Bulgarian households is studied in this article. A representative study of the Bulgarian population results in hypotheses, investigating the relation between socio-demographic issues and the use of alternative energy sources. The dependence of investments in green energy on key factors such as income and electricity costs was estimated qualitatively by means of statistical methods. An estimation was made of RES investments, recommending to use the latest energy technologies in households in order to meet the national target of 16% share of RES in gross final consumption of energy, as set out in Directive 2009/28/ЕC of the European Parliament and of the Council of 23 April 2009.

• Atanas Paskalev — University of National and World Economy

  Decentralization of the secondary vocational education system

  Abstract ▾ PDF

  The decentralization process in the secondary vocational education system is multilateral. Its social infrastructure involves different participants with diverse interests. The role and the attitude of the main stakeholders in the process are contradictory, in some cases even opposite. Problems and challenges are emphasized which are associated with the decentralization of the education system in Bulgaria.