Articles

• Editorial Office

  The Flat Tax - Theory and Practice

  Abstract ▾ PDF

  The key macroeconomic characteristics of the Flat Tax according to the Hall - Rabushka theory are outlined, with emphasis on the similarities and differences with the "Supply Economy". The main objective is to illustrate the application of this type of taxes in the Eastern European practices, the deviations from the original proposal and the differences among them. The Bulgarian flat tax variation (2008-2009) is analyzed accordingly. Some general conclusions and proposals are made, based on this concept.

• Ivanka Daneva — New Bulgarian University

  Investment Risk Management in Private Pension Systems

  Abstract ▾ PDF

  This paper studies the specific features of pension services and the impact on financial risk management for pension plans with defined pensions and pension plans with defined contributions. A special attention is paid to the scientific methodology to identify, measure and evaluate various risks, related to investments in pension assets. There is an analysis of the assessment indicators of different types of risks in pension plans with contributions fixed in advance, stating the financing requirements and some aspects of risk measurement approaches in case of defined pension plans. The trends are outlined for further development of the investment risk management methodology in capital-based pension systems.

• Teodor Sedlarski — Sofia University St. Kliment Ohridski

  Transaction Costs in the Course of the System Transformation in Bulgaria

  Abstract ▾ PDF

  This article is a study of key theoretical aspects of the transaction cost concept, being vital for the economic development, such as their impact on structuring and allocating the property rights - incorporated in the general issue of the changes in the institutions within the paradigm of the new institutionalism. Unlike the theory of Coase, the outcome of the privatization process shows that the initial allocation of the property rights is very important. The available transaction costs prevent from aligning the private costs and the social costs by means of case-by-case negotiations - the holders of some property rights are not aware of the consequences of their business activities. The reforms, required for liberalization of the market, pursuant to the standard neoclassical economy give inefficient results in Bulgaria. Therefore according to the theory of D. North the reason could be the incompatibility among the formal institutions, on the one part, and the informal rules and ideologies, on the other part, resulting in high levels of transaction costs.

• Maria Velikova

  Public-Private Partnerships - An Instrument Facilitating the Concept "New Public Government" on a Local Level

  Abstract ▾ PDF

  The characteristic features of local-level Public-Private Partnerships (PPP) are analyzed and evaluated in this article in line with the priorities of the "new public management". The focus is on the stages, restrictions, risks, liabilities and challenges facing each of the partners involved.

• Ivan Yovkov

  Institutions as a Public Mechanism, Providing Profitability for Forest Owners and Users in the Models of Bulgarian Forest Sector Management

  Abstract ▾ PDF

  The meaning of the categories contradiction and conflict is clarified. On this basis the conclusion is drawn up that contradictions in the different spheres of society are the source of changes in the institutions. The main characteristics of the Prussian and the American model of institutional changes and development of forestry are pointed out accordingly. As a result some lessons and trends for future institutional changes in the Bulgarian forest sector are formulated.

• Angel Dimov — Economic Research Institute аt BAS

  Farm Cooperatives in the Old EU-Member States

  Abstract ▾ PDF

  The author proves the necessity of establishing farm cooperatives, contributing to the development and updating of the contemporary farms, in order to maintain the farmers' income and to establish links between production and consumption of fresh and treated farm goods. The key trends of development of the modern agricultural cooperatives are highlighted. The organizational structure of the national farm cooperative societies, including their agricultural banks and other credit institutions is outlined. The activities and management forms of the European international cooperative organizations are presented in a systematic way. The opportunities of such organizations to interact with EU governing bodies in order to be involved in the elaboration of the Common Agricultural Policy of the European Union and to facilitate the farmers in absorbing EU funding are summed up. The role of specialized organizations in the agricultural markets in the EU is considered. The methods for annual fixing the purchase prices of key farm goods are also stated therein.