Articles

• Mitko Dimitrov — Economic Research Institute аt BAS

  The condition of the economic science in Bulgaria

  Abstract ▾ PDF

  An overall picture of the contemporary condition of the economic science in Bulgaria is outlined, resulting from its internal changes during the last twelve years. The analysis is carried out in five main directions - redefinition of the subject, principal theoretic and methodological orientations, topical orientation and financing, social area and academic debate, and views on further development. The situation before 1989 is presented in brief in order to position and understand more clearly the problems and processes of development. Each separate direction is singled out in a way to ensure comparability between the different countries.
  The principal conclusion is that the economic science in Bulgaria has undergone sufficiently serious and profound changes in its subject matter and methodology of research and instruction in its connection with the world economic science, and in this number with the European economic science. This is a good prerequisite for a successful inclusion of the Bulgarian economists in the integrated space of the European research effort.

• Stefan Petranov — Sofia University St. Kliment Ohridski

  The capital market in Bulgaria

  Abstract ▾ PDF

  The condition and the trends of the evolution of the Bulgarian capital market are analyzed in the context of the process of incorporation of this country into the European Union. A comparison is performed of the characteristics of the capital market in Bulgaria with the markets of other countries in transition of Eastern Europe. Resulting from this analysis is the conclusion that at the present stage the capital market in Bulgaria has a low level of performance in the sense that it does not carry out any of the functions that characterize its role in the developed market economies.
  It maintains the point of view that in consequence of the low level of performance of the capital market, the growth of the economy is slowed and the real value of savings is undermined. Well grounded is the view that there are some signs of a substantial shortage of financial instruments suitable for the investment profile of institutional investors. Debated are the possible measures for further building up of the market and increase of its performance, as well as probable negative consequences in case that such measures have not been adopted.

• Alexi Danchev — Economic Research Institute аt BAS

  Economic benefits of biodiversity conservation (case study of the Bulgarian Danube Islands)

  Abstract ▾ PDF

  Basic components of values of biodiversity are analyzed. The methods of estimation of various benefits of biodiversity conservation are exposed with an emphasis on the contingent valuation methods. On the basis of the prepared by the author questionnaire various Willingness-To-Pay (WTP) values are estimated for the non-use value benefits. Various estimations of the basic components of the value of biodiversity are commented based on case study of the Bulgarian Danube islands. The results demonstrate relatively high WTP in favor of restoration of natural forests on the Danube islands, which is expected to pull the development of tourism and recreation, commercial and non-commercial fishing and hunting. It is expected that the growth of revenues from activities stimulated by biodiversity conservation as tourism, recreation, etc. will compensate the reduction of revenues from the reduced logging of timber from the poplar plantations.

• Dimitar Radilov

  The new economy: statistical measurements

  Abstract ▾ PDF

  Discussed is "the new economy" in connection with the discussion still going on in international aspect for its scope, contents and statistical measurements. It includes all changes and effects in productivity and growth generated by ideas, information, information and communication technologies and their infrastructure with the globalization of the markets. The statistical measurements of the new economy are based on the system of national accounts and their principals and interactions. Analyzed are empiric results for added value, employment, and productivity of labor in the new economy of countries in the European Union, USA and Japan. Generalizations and conclusions are drawn for the necessity of improving the methodology of statistical measurement of this economy.

• Todor Nedev — University of National and World Economy

  Trade on the European fixed-term market in options on futures bond contracts and strategies for risk management

  Abstract ▾ PDF

  The paper discusses the peculiarities of trading in one type of derivatives - options on bond futures contracts. The mechanism of options trading is described and defined, as well as the possible strategies for risk management by buying them on these contracts. Underlying such strategies are various variations and modifications of spread, straddle, strangle and some variations of synthetic positions. In general, options strategies on bond futures contracts concentrate on limiting the potential for losses from unwanted changes in bond futures market rates.

• Maria Rissina — no data

  Milka Angelova — no data

  The liberalization of trade in food products in the world and the problems of the Bulgarian agriculture

  Abstract ▾ PDF

  A retrospective analysis is made of the controversies between countries (communities) for the liberalization of international trade or for protectionism in its implementation with agricultural products. The analysis covers current and projected trends in the development of this process. The liberalisation pursued so far by the World Trade Organisation (WTO) has had a strong negative impact on the economic development of developing countries. On the basis of an analysis of the way in which the agrarian and, more specifically, the land reform has been carried out in Bulgaria, the negative impact of full liberalization of agricultural prices on the overall development of agriculture in the country is shown. It is also established that the negative consequences of the accession process of the candidate countries to the EU will manifest themselves with the greatest force in the economy of those who will be the last to obtain full membership.

• Victor Yotsov — Economic Research Institute аt the Bulgarian Academy of Sciences

  An original investigation of the contemporary economic development of Bulgaria

  Abstract ▾ PDF

  Recently the new monograph of Prof. N. S. Ph. Garabed Minasyan,1 which fits in a successful way with his previous scientific searches. On the basis of the experience gained over the years and as a result of his latest research, the author offers his original vision and assessment of the country's contemporary economic development. The monograph is developed in four parts, connected by the logic of the research, but also having independent significance.