Articles

• Kristiyan Hadzhiev — New Bulgarian University

  MULTICULTURAL BUSINESS ENVIRONMENT - MANAGEMENT APPROACHES, VALUES, TRENDS AND STEREOTYPES

  Abstract ▾ PDF

  The article explores the setting up of a system of management procedures and approaches under the conditions of a multicultural business environment. The trends, the stereotypes and the impact of cultural differences on the values in the work process are identified. An analysis is made of the tools for an evaluation of the challenges, facing the management in the organisation and society. The focus is on assessment of the five determinants (5-D model) of Geert Hofstede for measuring and comparing national cultures. The research justifies the argument that knowledge of cultural values, stereotypes and cultural trends is not sufficient for the effective leadership and management of human capital in a multicultural organisation. It is necessary to apply this knowledge in practice by different models of management and methods of motivating people to achieve optimum efficiency in the work process. Based on this, conclusions and recommendations are formulated to increase the effectiveness of management in a multicultural environment.

• Petko Todorov — Economic Research Institute аt BAS

  THE NORM IN THE PROCESS OF MARKET DEMAND OF FOODS

  Abstract ▾ PDF

  The results from a research of the aggregate consumer’s attitudes concerning changes of the factors “income” and “time” in the process of market consumer’s demand of foods and soft drinks are presented here. The formula of satiety has been established. Through it the aggregate subjective norm in the behavior of aggregate subject of market demand and the economic results from its action have been determined.

• Editorial Office — Sofia University "St. Kliment Ohridski"

  CYCLICAL DYNAMICS OF KEY FISCAL AGGREGATES IN BULGARIA OVER THE PERIOD 1998-2014

  Abstract ▾ PDF

  We present an overview of the dynamics of fiscal aggregates in Bulgaria in the period 1998 to 2014. The paper investigates the cyclical dynamics of budget revenue and expenditure and their major components. Using time series of deflated statistical data we calculate the elasticity of individual revenue and expenditure components to GDP growth – both for the overall period and for the post-crisis years. The major conclusion is that the Bulgarian fiscal aggregates are characterized mainly by procyclical dynamics, with the wages and maintenance expenditures being the least sensitive, and investment – the most sensitive to upturns and downturns in growth. These results can feed into fiscal policy and outline the potential to use public investment as an instrument for macroeconomic stabilization in the country.

• Elena Spasova — New Bulgarian University

  Balance-of-payments constraints on Bulgarian economic growth

  Abstract ▾ PDF

  The balance-of-payments constrained growth theory of Thirlwall is presented and its main presumptions and conclusions on growth sustainability in the long run are outlined. The validity of the theory is tested in the case of Bulgaria in the period of 1994-2014 through assessment of the Thirlwall’s Law and the model of Bertola et al. The sectoral coefficients of price and income elasticity of demand of Bulgarian exports in the period of 2001-2014 are calculated and analyzed. The estimated results are used for an assessment of the potential of Bulgaria to achieve sustainable catching-up growth levels. Specific recommendations on that matter are provided.

• Doncho Donev — Eurobank Bulgaria

  Applying the stock evaluation models on the Bulgarian stock market

  Abstract ▾ PDF

  This paper reviews the models for evaluation of shares and tests the applicability of each model for the Bulgarian stock market. After conducting series of research analyses by applying each model, the respective conclusions have been made regarding their applicability. An answer is given to the question which of the investigated stock evaluation models should be used to explain the obtained Bulgarian stock market returns and respectively to predict the future changes of this market. The models reviewed and tested are: САРМ, АРТ (regarding selected factors), the Fama Model and the French Model on the size and value, the Jagadeesh Model and the Titman Model on the momentum and a factor model on the effect of the liquidity on the expected yield.

• Aleksandar Naydenov — УНСС, катедра „Статистика и иконометрия“

  Contemporary methods for statistical disclosure control

  Abstract ▾ PDF

  A critical review of the most popular statistical ideas and methods related to the protection of statistical confidentiality and the control of disclosure of confidential statistical data is provided. Issues that are essential for both producers and users of statistical information but have not yet been widely discussed in the specialized Bulgarian scientific literature are also addressed.

• Eduard Marinov — New Bulgarian University

  Werner Raza — no data

  EU trade policy – prospects, challenges, alternatives

  Abstract ▾ PDF

  International trade, and in particular TTIP, the Transatlantic Trade and Partnership Agreement between the EU and the US, has recently become a hotly debated policy field in the EU, juxtaposing a coalition of EU institutions and the corporate sector against a large coalition of civil society organizations. TTIP stands out as the prime example of new generation free trade agreements aiming at deep economic integration. Besides tariff elimination, its primary aim is to focus on a very comprehensive set of regulatory issues and rules, with a view to dismantling and harmonizing these in areas such as agriculture, food safety, product and technical standards, sectoral regulations in services, the protection of intellectual property rights, and government procurement. In addition, investment liberalization and protection are central issues, with the proposed investor-to-state-dispute-settlement mechanism (ISDS) being particularly controversial.