Archive

Gancho Ganchev - South-West University "Neofit Rilski" - ganchev@swu.bg
Vladimir Tsenkov - South-West University "Neofit Rilski" - v.tsenkov@yahoo.com
Mariya Paskaleva - South-West University "Neofit Rilski" - m.gergova@abv.bg

CORRUPTION IN BULGARIA: CONTEXT, FACTORS AND INTERNATIONAL COMPARISON

This study is focused on defining the reasons, factors, and consequences of corruption in Bulgaria in a comparative context. A strong non-linear interplay is demonstrated between political stability and corruption perceptions. Analysing the complex interaction between the dynamics of the Corruption Index and the three indicators of quality of public governance, we admit that the indicators are directly related to the effectiveness of government policy in terms of suppressing the potential for corruption, on the one hand, and to the public perception of government effectiveness, on the other. In countries demonstrating high anti-corruption scores, the Political Stability and Control of Corruption indicators have a direct impact on the Corruption Index. In low-rated countries, including Bulgaria, no direct influence on corruption is observed for any of the three indicators of quality of government.


Раздел:
Original article
Categories:
General Economics and Teaching Microeconomics Economic Development, Innovation, Technological Change, and Growth
Keywords:
inequality corruption economic development political stability
JEL: E44 , D63 , C58
DOI 10.56497/etj2368601
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Lejla Terzić - Associate Professor, Faculty of Economics in Brčko at the University of East Sarajevo, Bosnia and Herzegovina - lejla.terzic.efb@gmail.com

INNOVATION AND TRANSITION PERFORMANCE AS DRIVERS OF ECONOMIC GROWTH AND PROSPERITY: THE CASE OF THE EU

The present paper highlights the crucial elements of innovation, transition performance toward economic growth, and prosperity by exploring the connections between critical variables across European Union Member States. The analysed countries' performances in terms of innovation and transition are closely related to their degrees of economic growth and prosperity. The goal of this paper is to provide insight into the significance of innovation and transition performance in increasing economic growth and prosperity within EU economies. Diverse analytical assessment tools have been used to investigate the relationships between the significant indicators of innovation, transition, economic growth, and prosperity. Auxiliary sources were used to gather the empirical data required to carry out this investigation. The findings point to the critical factors that influence innovation and transition performance for growth and prosperity in certain countries. Synthesized metrics of innovation and transition performance are connected to the key variables assessed for boosting prosperity and growth. The basis for the eventual endorsement of significant innovation and transition outcomes for the advancement of crucial sectors within national economies is an acknowledgment of the diversity between fundamental factors and a consciousness of responsiveness.


Раздел:
Original article
Categories:
General Economics and Teaching Financial Economics Economic Development, Innovation, Technological Change, and Growth
Keywords:
EU innovation and transition performance drivers economic growth prosperity
JEL: O57 , O30 , O49 , C80 , A1
DOI 10.56497/etj2368602
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Jean-François Rougé - Professor at French universities of economics, law and management - jfrouge@yahoo.ca

Cyber Threat Intelligence. How to Put in Place a Global Approach to Fight the Rise in It Risks?

Cyberspace became the battlefield of new kinds of wars that have already changed the face of the world. To challenge those threats, we have to create a Cyber Threat Intelligence. It should be global, multi-disciplinary and must include different kind of actors with quite diverse competencies, powers and action capacities. Confronted to this huge task, this paper asks a question: How to deal globally with always more critical cyber threats? To answer this question, this article is based on research conducted in economic intelligence. It focuses practically on two axes of action: limiting human risk and specifying the public action necessary to fight cyber-attacks.


Раздел:
Original article
Categories:
Miscellaneous Categories Other Special Topics
Keywords:
Cybersécurité Cyber Threat Intelligence Cyberwarefaire Intelligence Economique Géostratégie Droit de l’informatique
JEL: B59
DOI 10.56497/etj2368603
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Reem Abou Khouzam - PhD Student in Marketing, Faculty of International Economics and Administration, Varna Free University - reem.ramzi@vfu.bg

THE ROLE OF INTEGRATED MARKETING STRATEGIES ON HOTEL PERFORMANCE DURING COVID-19 IN LEBANON

This study explores the relationship between integrated marketing strategies and hotel firms’ performance during and after the COVID-19 pandemic. The specific goal was to look into how different marketing tactics, including public relations, social media, sales promotion, and advertising, influenced hotels’ performance and ability to survive the COVID-19 crisis. The research design for this study was descriptive in nature. Primary data were gathered from a sample of about 200 guests who stayed at five 5-star hotels in Lebanon. The data collection process included the use of a scale questionnaire, which enabled the measurement of customers' perspectives and experiences with the integrated marketing tactics adopted by these hotels.

Based on the findings, numerous suggestions have been made for hotel companies wishing to increase their marketing effectiveness in challenging situations. These recommendations include investing in targeted advertising campaigns, using social media platforms to engage with customers and promote their offerings, providing appealing sales promotions to encourage bookings, and maintaining strong public relations to improve brand reputation and customer trust.


Раздел:
Original article
Categories:
Microeconomics Public Economics Business Administration and Business Economics • Marketing • Accounting • Personnel Economics
Keywords:
Integrated Marketing Strategies Hospitality Firms Advertising Sales Promotion Social Media Public Relations
JEL: M31 , M37
DOI 10.56497/etj2368604
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Radostina Bakardzhieva - no data - r.bakardjieva@iki.bas.bg

Corporate Social Capital as a Management Challenge. Socioanthropological and Behavioral Determinism

The collective monograph of Assoc. Prof. Dr. Adelina Milanova and Assoc. Prof. Dr. Pavlinka Naydenova "Corporate Social Capital as a Management Challenge. Socioanthropological and Behavioral Determination" is devoted to an extremely topical economic issue, still insufficiently illuminated in the economic literature. This gives the book an innovative look and contributes to its uniqueness compared to other similar works and studies.


Раздел:
Feedback
Categories:
Microeconomics Business Administration and Business Economics • Marketing • Accounting • Personnel Economics Miscellaneous Categories
Keywords:
governance социален капитал корпоративен
JEL: A1
DOI 10.56497/etj2368605
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Rossitsa Chobanova - Economic Research Institute аt BAS - r_chobanova@iki.bas.bg

EVALUATION OF INNOVATIONS IN ENTERPRISES ON THE EXAMPLE OF BULGARIA

The article is devoted to the problem of the assessment of innovations in enterprises in Bulgaria and its comparability with that of other European countries. In this regard, the conceptual-categorical apparatus, the used databases and the methodology of their collection and interpretation are discussed. Quantitative analyses and assessments were carried out in compliance with the requirements of the methodological guidelines of the OECD and Eurostat of the "Frascati" family. Difficulties have been identified in more precisely comparing the assessment of innovations in Bulgarian enterprises with those in other countries of the European Union, and the reasons for these difficulties have been established. Innovations in Bulgarian enterprises are characterized by different signs. To this end, a structural analysis and an analysis of the context were carried out. The obtained results give reason to reveal important gaps in the formation of the national innovation policy. Among them is the failure to take into account globalisation in the formation of a national environment for the market functioning of the economy, which is expressed in decreasing external and internal demand for new country products, imbalances in the financing of R&D, etc., which lead to a decrease in innovations in the Bulgarian enterprises. Finally, conclusions and recommendations are defined from the point of view of the formation of an innovation policy adequate to the new realities.


Раздел:
Original article
Categories:
Industrial Organization
Keywords:
innovations оценка държавна политика предприятия – цели и големина
JEL: O52 , O32 , L25 , M38 , L21
DOI 10.56497/etj2368501
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Nikola N. Nenovsky - Toulouse School of Economics, France - nikolanenovsky@gmail.com

ARE MONETARY AGGREGATES GOOD PREDICTORS FOR THE BULGARIAN INFLATION RATE?


Раздел:
Original article
Categories:
Microeconomics Financial Economics
Keywords:
Bulgaria inflation post Covid inflation monetarist approach price gape modelling VAR forecast performance
JEL: E47 , E37 , C22 , P22
DOI 10.56497/etj2368502
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Eduard Marinov - New Bulgarian University - eddie.marinov@gmail.com

FREE TRADE OR PROTECTIONISM? TRADE BARRIERS AND TRADE POLICY OF THE EU


Раздел:
Original article
Categories:
History of Economic Thought, Methodology, and Heterodox Approaches
Keywords:
liberalization protectionism trade barriers preferential trade agreements EU
JEL: F10 , F13 , F60 , F13 , F60
DOI 10.56497/etj2368503
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Elena Hinova-McNamee - elly.hinova@gmail.com

WHY REAL TEAM COACHING CAN POSITIVELY IMPACT BUSINESS RESULTS USING THE POWER OF COLLABORATION


Раздел:
Original article
Categories:
Business Administration and Business Economics • Marketing • Accounting • Personnel Economics Other Special Topics
Keywords:
team coaching teams collaboration impact IDGs CORE ModelTM
JEL: M12 , M53
DOI 10.56497/etj2368504
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Henrik Egbert - Anhalt University of Applied Sciences, Germany - henrnikegbert@gmail.com
Teodor Sedlarski - Sofia University St. Kliment Ohridski - sedlarski@feb.uni-sofia.bg
Aleksandar B. Todorov - University of Economics – Varna - atodorov@ue-varna.bg

FOUNDATIONS OF CONTEMPORARY ECONOMICS: ELINOR OSTROM AND COMMON-POOL RESOURCES

Elinor Ostrom changed the way of thinking about common-pool resources in economics. She provided an institutional analysis that shows how groups can find solutions to complex problems for collective goods. Ostrom showed that collective action can work among rational individuals. She and her husband Vincent objected privatization, nationalization, and centralized government for governing the commons. Instead, they promoted polycentric governance as a solution for many common-pool resources. Her approach is known as the Bloomington School of Political Economy, a thriving direction in Public Choice Theory.


Раздел:
Original article
Categories:
General Economics and Teaching Economic Development, Innovation, Technological Change, and Growth Economic Systems
Keywords:
публичен избор нова институционална икономика Елинор Остром полицентрично управление Блумингтънска школа по политическа икономия
JEL: H41 , D71 , B25 , H44 , C92
DOI 10.56497/etj2368505
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Dimitar Sabev - PhD, Chief Assistant Professor at the Economic Research Institute at the Bulgarian Academy of Sciences - d.sabev@iki.bas.bg

Only Democracy Could Rein In the Dangers of Technology

A new book by Daron Acemoglu and Simon Johnson warns that the tree of progress bears poisonous fruit if watered by power-hungry techno-optimists.

One of the metaphors often used in economic theory is that "when the tide comes in, it lifts all boats in the harbour." In other words, periods of economic buoyancy due, for example, to changing consumer attitudes and/or the introduction of new production technologies benefit everyone - small and large, albeit to varying degrees - in their own right. In their new book, Power and Progress, the eminent economists Daron Ademoglu and Simon Johnson challenge this view.


Раздел:
Feedback
Categories:
Economic Development, Innovation, Technological Change, and Growth
Keywords:
технологии опасности демокрация
JEL: А10
DOI 10.56497/etj2368506
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Rossitsa Chobanova - Economic Research Institute аt BAS - r_chobanova@iki.bas.bg

EVALUATION OF INNOVATIONS IN ENTERPRISES: THEORETICAL ASPECTS

Innovations in enterprises and their evaluation are a real and significant problem regarding the transition to a new stage of economic development, as well as the related reformulation of enterprise development strategies and corresponding governmental policy. In this regard, the article aims to systematize the different positions on this problem. The positions of representatives from schools of economic thought at Brandeis, Harvard, Oxford and the University of Chicago and followers of Schumpeter, Porter, ordoliberals, etc. are distinguished. Different objectives of the renewal process are also established, respectively, in different evaluative contexts related to competition, enterprise size, welfare, general interest, new technological paradigms, etc., on the one hand, and various causes and consequences, on the other. The positions in the Bulgarian literature are grouped as those that reject the need for a change in the goal or those that define it as necessary and according to the goal’s content.

In conclusion, it is summarized that modern discussions about innovations in enterprises and their evaluation are increasingly connected with current practical needs – the initiation of competition laws, solving contemporary challenges, the result of accelerating changes in the technologies used, etc. A recommendation is made to overcome the descriptive approach to problems of modernity in the Bulgarian economic literature and move to a problem-oriented one which aims at solving the current and emerging problems.


Раздел:
Original article
Categories:
Microeconomics Economic Development, Innovation, Technological Change, and Growth Other Special Topics
Keywords:
economic development innovations оценка предприятия държавна политика
JEL: A13 , L25 , B52 , L21 , О38
DOI 10.56497/etj2368401
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Galya Taseva - Economic Research Institute аt BAS - galya_taseva@abv.bg

DYNAMICS OF THE DEBT BURDEN OF NON-FINANCIAL ENTERPRISES IN BULGARIA DURING THE PERIOD 2016 – 2020

The purpose of the study is to assess the dynamics of the debt burden of non-financial enterprises in Bulgaria, emphasizing the impact of the coronavirus pandemic on companies from different sectors. The analysis in the article is based on data for the period 2016-2020, which were provided by National statistical institute. Both with the help of the coefficients based on information from the income statement and the balance sheet, as well as on the basis of the coefficients with the participation of the cash flow from operations, a high volatility of the capacity to bear debt is found. This indicates a high risk and a strong dependence on attracted financing for the refinancing of maturing liabilities. The study showed heterogeneous dynamics of indebtedness and the burden of debt in different sectors during the first year of the pandemic, which can be largely explained by the divergent impact of measures to limit the spread of the infection on the level of economic activity in individual sectors. In the majority of the studied sectors, a decrease in the capacity to bear debt is found in the first year of the pandemic. A negative indicator of the capacity of companies to bear the burden of debt is also the low profitability of the use of assets during the studied period. In most sectors, an increase in the traditional liquidity ratios was found, but a significant deterioration of the indicator Cash flow from operations/Current liabilities in the first year of the pandemic. The pandemic has exacerbated the shortcomings of traditional liquidity ratios by increasing uncertainty about how salable inventories are and how collectable receivables of the companies are.


Раздел:
Original article
Categories:
Microeconomics Macroeconomics and Monetary Economics Financial Economics
Keywords:
пандемия COVID-19 задлъжнялост non-financial enterprises тежест на дълга
JEL: G30 , G32 , G33
DOI 10.56497/etj2368402
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Nadezhda Ivanova - Economic Research Institute аt BAS - nnivanova@abv.bg

SUSTAINABLE DEVELOPMENT OF BULGARIA

In 2015 Bulgaria expressed its support for adoption of the 2030 Agenda for Sustainable Development. As the deadline for its implementation approaches, considering the highest order of the objective of achieving sustainable development, the question of what is the current level of sustainable development of our country in absolute and relative terms – compared to other EU member states, what are the trends and prospects for the implementation of the Sustainable Development Goals by 2030 is becoming more relevant. The answer to this question is provided by the present study, which presents the most frequently used complex indicators for determining the level of sustainable development, as well as the position, value and change in indicators for the level of sustainable development of Bulgaria according to the seventeen Global Goals adopted by the UN. Among the main results of the publication, it stands out that for all three general indicators for sustainable development – the Human Development Index, the Social Progress Index and the Sustainable Development Goals Index, as well as regarding the status and changes for Bulgaria in terms of the realization of the individual Sustainable Development Goals (according to three different methodologies, within three different reports) Bulgaria is far from the average European level and in the last position among the EU member states. Our country is still far from fulfilling the Global Goals, the direction of change for most goals is positive, although not at a sufficiently good pace to reach them in 2030.


Раздел:
Original article
Categories:
Economic Development, Innovation, Technological Change, and Growth Urban, Rural, Regional, Real Estate, and Transportation Economics
Keywords:
Bulgaria sustainable development ЕС цели за устойчивото развитие ЦУР глобални цели международни сравнения
JEL: O10 , Q01 , F63 , O20
DOI 10.56497/etj2368403
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Fabiana Fragnito - Ph.D. student at the University of Molise - fabyfragnito@gmail.com

COPYTRADING, A NEW PHENOMENON: COMPARATIVE ECONOMIC AND LEGAL OVERVIEW

The author focuses on the new phenomenon of copytrading, starting from a thorough knowledge of online financial trading tools. As more and more individuals have ventured into the online trade of financial instruments through new technologies and the Internet, trading has become accessible to anyone. It will be shown that operating within financial markets is not easy in the light of a series of economic techniques developed by experts in the field. This paper aims to provide an overview of the evolution of markets and therefore how the advent of the Internet and the creation of an extremely connected society is influencing the world of the stock exchange, changing actors and methods. It will especially explore the role and weight of today’s social networks in the financial markets and how, through their integration in stock exchange environments, a new trading system has developed that is increasingly open to all kinds of "investors" – recalling, for example, some start-ups engaged in a real process of "democratizing finance", thanks to their low costs and easy accessibility, like eToro. On one hand, the paper’s objective is the interdisciplinary nature of this phenomenon: economic profiles which explain its functioning and the legal consequences it generates, imposing organic regulation. The other objective relates to inexperienced traders being able to make investment choices with diligence and conscience; the paper will outline some traits of the regulatory regulation of online trading with a view to a comparison between the Italian and Bulgarian systems.


Раздел:
Original article
Categories:
History of Economic Thought, Methodology, and Heterodox Approaches Other Special Topics
Keywords:
relationship of the economy with other disciplines investment decisions financial services IT management
JEL: G11 , K29 , G19 , M15
DOI 10.56497/etj2368404
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Edwin Cannan - no data - no-data@gmail.com

ADAM SMITH ON TWENTIETH-CENTURY FINANCE

"The advocate of a system is apt to be very wise in his presumption, and is often so enamoured of the supposed beauty of his plan of government that he would not suffer the slightest deviation from it. ... He seems to imagine that he can arrange the various members of a great society with the same ease with which his hand arranges the pieces on the chess-board. He does not consider that the pieces in chess have no other principle of movement than that which the hand imparts to them; but in the great chess-board of human society each individual piece has its own principle of movement, quite different from that which the legislator would presumably choose to impose upon it. If these two principles coincide and act in the same direction, the game of human society will go on smoothly and harmoniously, and in all probability will be happy and successful. If they are opposed or different, the game will go on unhappily, and at every moment society must be in the utmost disorder"


Раздел:
Original article
Categories:
General Economics and Teaching History of Economic Thought, Methodology, and Heterodox Approaches Financial Economics
Keywords:
Finance АДАМ СМИТ ДВАДЕСЕТИ ВЕК
JEL: F10;
DOI 10.56497/etj2368405
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Emil Panushev - Varna Free University "Chernorizets Hrabar" - empan@bas.bg

IMPLEMENTATION OF MODERN STRATEGIES IN SPECIFIC AGRICULTURAL SECTORS

Bulgaria's commitments to the Common Agricultural Policy of the European Union are a serious challenge for the functioning of a number of agricultural sectors and for supporting their positions on international markets. The scientific interest in the use of specific forms of marketing strategies in beekeeping and grain production is the basis for the monographic study of Associate Professor Lyubomir Lyubenov "Marketing strategies of agro-sectors and regions: a factor for supra-regional competitiveness". It proposes scientifically based concepts for the application of marketing inst-umentarium by creating sustainable functional structures for successful market segmentation of bee products and utilization of regional economic potential.


Раздел:
Feedback
Categories:
Microeconomics Agricultural and Natural Resource Economics • Environmental and Ecological Economics Other Special Topics
Keywords:
съвременни стратегии аграрни сектори
JEL: F10;
DOI 10.56497/etj2368406
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Plamen Tchipev - Economic Research Institute аt BAS - chipeff@gmail.com

BUILD-UP AND DEVELOPMENT OF THE CONCEPT OF PROPERTY AS AN ECONOMIC CATEGORY

The paper analyzes the concept of ownership (property rights) as a fundamental category of the economic system. For this purpose, it traces the development of perceptions and understandings of ownership over an extended period of time and the subsequent shift of several paradigms alongside their respective economic theories – from those of Plato to Barzel’s and Eggertsson’s. This includes the emergence, changing, upgrading or dropping of one or another characteristic within the concept of ownership. The analysis reveals the relationship of these conceptual changes with the respective features of each particular paradigm in order to summarize those characteristics which most comprehensively define the economic category itself. Special attention is paid to the institutional nature of ownership, with regard to launching an additional and, in a sense, alternative analysis from a supra-economic, systemic point of view.


Раздел:
Original article
Categories:
General Economics and Teaching
Keywords:
права на собственост собственост класическа политическа икономия неокласическа икономическа парадигма неоинституционална икономика обща теория на системите
JEL: B12 , B11 , B25 , B13 , B14
DOI 10.56497/etj2368301
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Eduard Marinov - New Bulgarian University - eddie.marinov@gmail.com

ON SOME CHANGES IN THE THEORY AND PRACTICE OF ECONOMIC INTEGRATION

The article discusses the connection between the theory and practice of economic integration and some observed structural changes in the global economy. This study derives a new typology of integration agreements and proposes a new, expanded theoretical framework for economic integration, including a new "three-dimensional" understanding of integration and reflecting participation and engagement in integration processes as a new instrument of international trade policy. In conclusion, some questions are posed related to the need for a new geo-economic paradigm for understanding and analysing processes in the global economy.


Раздел:
Original article
Categories:
History of Economic Thought, Methodology, and Heterodox Approaches Macroeconomics and Monetary Economics International Economics
Keywords:
international trade протекционизъм либерализация статични ефекти динамични ефекти
JEL: F15 , F02 , F53
DOI 10.56497/etj2368302
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Lejla Terzić - Associate Professor, Faculty of Economics in Brčko at the University of East Sarajevo, Bosnia and Herzegovina - lejla.terzic.efb@gmail.com

WHY IS THE TRANSITION TO A GREEN ECONOMY IMPORTANT FOR ACHIEVING SUSTAINABILITY? A REVIEW OF SOME THEORETICAL APPROACHES AND EMPIRICAL RESEARCH PRESENTED IN THE LITERATURE

The transition to a green economy and sustainability have recently emerged as crucial topics in modern economic theory. The green economy is a sustainable vision for prosperity and growth that can enhance quality of life and the whole economy while increasing ecological and social well-being. Promoting the creation and acceptance of sustainable technological innovation is essential to a green economy approach. The major goal of this article is to highlight the importance and factors of transitioning to a green economy for achieving sustainability by reviewing the findings of theoretical approaches (microeconomic and macroeconomic) and empirical research. This article also contributes by outlining the crucial macroeconomic challenges of a green economy transition in achieving sustainability and responding to environmental hazards. In order to clarify the numerous aspects of a green economy, this article provides a generic framework that embraces a number of thoughts, ideas, and concepts and investigates how they connect to sustainability. This paper also addresses some difficulties that decision-makers must adequately recognise to pursue sustainable and efficient transformation and recommends a few directions for future research.


Раздел:
Original article
Categories:
General Economics and Teaching Economic Development, Innovation, Technological Change, and Growth
Keywords:
sustainability green economy transition theoretical approaches empirical research
JEL: O30 , I31 , Q5 , A1
DOI 10.56497/etj2368303
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Desislava Tomova - University of National and World Economy – Entrepreneurship Institute - tomova.desislava@gmail.com

MARKET HIGHLIGHTS OF THE REGULATION OF SPANISH CINEMA UNTIL THE 1970S

The paper contains a strictly legal and economic analysis of public policies in Spanish cinema production. Often the study of administrative law is limited to a discussion of the instruments, forgetting their evaluation and achieved results towards the ultimate goals of promoting the industry and national culture. It focuses on the regime’s interests reflected on the cinematographic sector of Spain; control, in connection with and resulting from the societal crisis, especially over the morality of a given product and over its economic parameters; censorship; control over information, quotas, subsidies, credits, etc.; market relations and a range of protectionist measures.


Раздел:
Original article
Categories:
History of Economic Thought, Methodology, and Heterodox Approaches Law and Economics Other Special Topics
Keywords:
право право и икономика правни институции
JEL: O17 , K0
DOI 10.56497/etj2368304
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Luminița Chivu - National Institute for Economic Research “Costin C. Kirițescu”, Romanian Academy - chivu@ince.ro
George Georgescu - National Institute for Economic Research “Costin C. Kirițescu”, Romanian Academy - georgescu@ince.ro

THE FOUNDATION OF REAL-WORLD ECONOMICS: WHAT EVERY STUDENT NEEDS TO KNOW

The third edition of The Foundations of Real-World Economics updates the two earlier editions published by Routledge, including new chapters on the rise of populism, hidden racism, and the Covid-19 pandemic. The earlier editions were translated into five languages.

Within the vast economic literature, the book opens alternative research horizons, providing an innovative look at economic theory which advocates for a major revision of seemingly immutable mainstream economics.


Раздел:
Feedback
Categories:
Macroeconomics and Monetary Economics International Economics
Keywords:
real-world economics
JEL: A1
DOI 10.56497/etj2368305
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Iskra Hristova-Balkanska - Economic Research Institute аt BAS - iskrachristova@abv.bg
Emil Panushev - Varna Free University "Chernorizets Hrabar" - empan@bas.bg
Pobeda Lukanova - Economic Research Institute аt BAS - ploukanova@abv.bg
Grigor Sariyski - Economic Research Institute аt BAS - grigor@sariiski.com
Victor Yotsov - Economic Research Institute аt BAS - vyotzov@gmail.com
Dimitar Zlatinov - Economic Research Institute аt BAS - dzlatinov@feb.uni-sofia.bg
Iana Paliova - Economic Research Institute at BAS - ipaliova@abv.bg
Sonya Georgieva - Economic Research Institute at BAS - s.georgieva@iki.bas.bg
Tsvetomir Tsvetkov - Economic Research Institute at BAS - ineco@iki.bas.bg

THE BULGARIAN ECONOMY IN 2021 – 2022 – BETWEEN ECONOMIC RECOVERY AND STAGFLATION CONCERNS

The paper examines the current state and development of the Bulgarian economy in 2021 and early 2022. The main sectors of the economy (real, fiscal, foreign, and financial) are examined, and the labour market is analysed. We assess the current policies being implemented in Bulgaria, considering regional and global developments and trends. Based on specific conclusions, we make recommendations for mitigating high-risk price dynamics, preserving incomes and employment, and ensuring fiscal stability. Employing a structural macroeconomic model, a reasoned medium-run macroeconomic scenario is proposed, reflecting different assumptions about both the dynamics of the external economic environment and the expected economic policies. The analysis of the macroeconomic situation and projections for the development of the Bulgarian economy are based on key factors such as accelerating inflation, uncertainties surrounding the epidemic situation caused by COVID-19, geopolitical turbulences in the region, and the expected acceleration of investment activity through the implementation of the projects of the National Recovery and Resilience Plan.


Раздел:
Original article
Categories:
General Economics and Teaching Microeconomics Financial Economics Economic Development, Innovation, Technological Change, and Growth
Keywords:
labour market foreign trade банков сектор капиталов пазар икономическа динамика фискална устойчивост европейски фондове и програми
JEL: E44 , E60 , E47 , E2
DOI 10.56497/etj2368201
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Laurent Estachy - KEDGE Business School – Paris - laurent.estachy@kedgebs.com

2022 INFLATIONARY TREND: GEOSTRATEGIC HYPOTHESES IN THE ERA OF UKRAINE’S INVASION

Are the root causes of the current inflationary tensions geostrategic in nature? A global perspective of the major geostrategic issues pitting the United States and its Western allies against China and Russia, for the most part, is not only necessary but unavoidable.

Is a clash of blocks now at work with the Russian invasion of Ukraine? These tensions are not only of a military nature but, above all, an economic, commercial and financial one. Monetary and budgetary responses, particularly those implemented in the United States, must be placed in this geostrategic context, as they form, by their magnitude, developments that have not been seen since the Second World War.

In this respect, the guidelines announced in August 2020 by Jerome Powell, President of the US Federal Reserve Bank, constitute a revolution in monetary policies, the importance of which was not immediately perceived: after 40 years’ fighting against inflation since Paul Volker in 1979, the FED deliberately wished for a return to inflation and acted accordingly.

One hypothesis adopted here is that the debt generated in part by the repeated trade deficits suffered by the United States in its “systemic” relations with China, especially since 2001 and its acceptance into the World Trade Organization, can only be reduced – in the minds of American leaders – by a fiscal-monetary “policy mix” which must lead to strong growth and moderate inflation just as in the years following the Second World War. The other two debt reduction options are austerity policies and default: the former have never had priority in the United States, while the latter is not possible because the US dollar must remain the world’s currency.

The paper’s contents resituate the rise of inflationary pressures on goods and services observed in 2021 and 2022 within the framework of the systemic relations (economic, commercial, financial, etc.) that have developed between the United States and China since the early 1980s. With Russia’s invasion of Ukraine in February 2022, and against the background of a “new type” of relationship between Russia and China, should the economic and financial globalization phenomena of the past 40 years be called into question?


Раздел:
Original article
Categories:
Macroeconomics and Monetary Economics International Economics Financial Economics Economic History
Keywords:
inflation macro-économie finance internationale histoire économique relations internationales
JEL: N40
DOI 10.56497/etj2368202
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Juliana Hadjitchoneva - New Bulgarian University - jhadjitchoneva@nbu.bg
Roger Ts. Nanfosso - Université de Dschang - roger.tsafack-nanfosso@univ-dschang.org

AFRICA-EUROPE COOPERATION REVISITED

Almost 60 years after the Yaoundé Conventions (Cameroon), the cooperation between Africa and Europe which formally started at the institutional level of the Africa-European Union in the 1950s is being renewed in 2022, under the banner of "two unions, one common vision" and around a partnership of solidarity, security, peace, economic development and sustainable prosperity. Yet, when analysing this evolution, at least two questions need to be asked: what are the chances that this time the partnership between Africans and Europeans will be more like a "win-win" partnership? What are the unexplored possibilities for optimising cooperation and achieving mutually beneficial common goals? In this paper, we explore different aspects of economic relations, but especially trade relations, in an attempt to offer a new perspective for the development of cooperation between Africa and Europe. Methodologically, our approach encompasses a historical survey of trade in goods during the period of 2002–2021, albeit in the context of a contemporary understanding of both challenges and opportunities for the development of this Euro-African partnership.


Раздел:
Original article
Categories:
International Economics Financial Economics
Keywords:
coopération Afrique-Europe relations économiques relations commerciales échanges de biens
JEL: F10 , F13 , F13 , F14 , F15
DOI 10.56497/etj2368203
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Vladimir Belkin - Institute of Economics, Ural Branch, Russian Academy of Sciences, Russia - belkin5986@mail.ru

US FEDERAL RESERVE RATE AND SOLAR ACTIVITY (1955-2022): PROOF OF STRONG CORRELATIONS

The report uses a methodological approach founded by Jevons and Chizhevskij. The years of solar cycles have been numbered according to the order established in the astrophysics of the un, then grouped and compared with the arithmetic averages of effective rates for US federal funds. Grouping statistical data by serial numbers of years of solar activity cycles has made it possible to construct a function of effective rates on federal funds (dependent variable) and serial numbers of years of the average solar activity cycle (independent variable) with correlation coefficients on its four segments close to 1 (0.99499269, -0.998464195, 0.986985363, -0.996221106). This function enables predicting the values of the effective interest rate on US federal funds in subsequent years. It follows that in 2023 this rate will increase to 1.996%.


Раздел:
Original article
Categories:
Mathematical and Quantitative Methods Financial Economics Other Special Topics
Keywords:
effective federal funds rate solar activity cycles Wolf numbers US Federal Reserve rate
JEL: G17
DOI 10.56497/etj2368204
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Plamen Tchipev - Economic Research Institute аt BAS - chipeff@gmail.com

Diversity of Capitalism in Central and Eastern Europe – Dependent Economies and Monetary Regimes

More than 40 years after the economies of the post-socialist countries took the path of the market, we are still asking ourselves what we have actually created. The new book by Nikolai Nenovsky and Eric Manian helps us with the answers by exploring the specific forms that capitalism has taken in the post-socialist countries and in the Balkans in particular. Forms defined by the authors as Dependent Capitalism (DC), established in Central and Eastern Europe (CEE) at the beginning of the current century, which are the result of a complex combination between the initial conditions of the late 1980s, the legacy of the former socialist system and the processes of transition and EU integration marked by institutional reform. The book focuses in particular on Dependent Monetary Regimes (DMRs) and exclusively on the specific forms these regimes have taken in the Balkans. It examines the introduction and functioning of currency boards in Bulgaria and Bosnia and Herzegovina, as well as the euro as legal tender in Montenegro and Kosovo.


Раздел:
Feedback
Categories:
Microeconomics International Economics Financial Economics
Keywords:
Централна и Източна Европа парични режими зависими икономики
JEL: А10
DOI 10.56497/etj2368205
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Nikolay Nenovsky - Professor at the Université de Picardie Jules Verne, Amiens, France and Professor at the Department of Finance of the UNWE - nenovsky@gmail.com
Nona Nenovska - Associate Researcher at the University of Paris Cité, France - n.nenovska@gmail.com
Eric Magnin - Associate Professor at the University of Paris Cité, France - eric.magnin@univ-paris-diderot.fr

THE ENERGY AND ECOLOGICAL ECONOMIC THEORY OF SLAVCHO ZAGOROV (1898 – 1970)

The purpose of this article is to present the pioneering works in the field of environmental and energy economics by the Bulgarian economist Slavcho Zagorov (1898–1970) during the early 1950s, when Zagorov was in emigration. Zagorov is known to the Bulgarian reader as an economist and policy maker in the years between the two world wars. It is little known, however, that Zagorov was one of the first (his publications chronologically predate those of Nicolas Georgescu Roegen by about a decade) to present the concept of energy flow in the economy and human metabolism, explained through the prism of thermodynamics. Criticizing the traditional economic approach to national income from the point of view of "value", Zagorov developed a new energetic approach to national income and productivity. According to him, national income is a "movement of energy", which he calculates in terms of primary energy sources. The Bulgarian economist conducted a number of empirical studies on energy balances in the Danube Region, including in Bulgaria.


Раздел:
Original article
Categories:
History of Economic Thought, Methodology, and Heterodox Approaches Microeconomics Economic History Urban, Rural, Regional, Real Estate, and Transportation Economics
Keywords:
ecological economic theory energy and economy entropy Bulgarian economic thought Slavcho Zagorov
JEL: B31 , Q43 , N01 , B30 , Q5
DOI 10.56497/etj2368101
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Ivaylo Yankov - Chief Assistant Professor at the Economic Research Institute at the Bulgarian Academy of Sciences, Department “Economics of the Firm” - ivailo_jankov@abv.bg

THE INDEBTEDNESS OF NON-FINANCIAL ENTERPRISES IN BULGARIA IN 2014 – 2020

This publication presents the results of a descriptive analysis of the indebtedness of non-financial enterprises in Bulgaria during the period 2014 – 2020. The information array used was provided by the NSI. The research methodology includes the use of financial and statistical methods through which the general state of corporate indebtedness among non-financial enterprises in the country is established, as well as the main characteristics of indebtedness relationships with widely accepted absolute and relative financial indicators. The research establishes an improvement in the main coefficients for measuring the indebtedness of non-financial enterprises during the period, as well as that the level of their corporate liabilities does not represent a brake on economic growth in Bulgaria.


Раздел:
Original article
Categories:
Microeconomics Public Economics Industrial Organization
Keywords:
Bulgaria corporate indebtedness dynamics non-financial enterprises
JEL: G30 , G32 , H32
DOI 10.56497/etj2368102
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Petia Branzova - Associate Professor at the Economic Research Institute at the Bulgarian Academy of Sciences, Department „Regional and Sector Economics“. ORCID 0000-0002-9876-8100 - petia.branzova@gmail.com
Nedialko Nestorov - Associate Professor at the Economic Research Institute at the Bulgarian Academy of Sciences, Department „Economics of the Firm“. ORCID 0000-0002-1028-0531 - n_nestorov@abv.bg

GEOGRAPHIC CONCENTRATION AND GEOGRAPHIC SUSTAINABILITY OF HONEY EXPORTS FROM BULGARIA

The article presents the results of a study on the status and dynamics of Bulgaria’s honey exports. The period from 2007 to 2022 is covered. The geographic concentration and sustainability of exports have been determined through specific indicators. On this methodological basis, summaries of the current foreign trade situation have been made. The obtained values of the studied coefficients in the export of natural honey give reason to claim that, during the studied period, a highly concentrated geographical structure was registered in one with significant sustainability. The small number of main trade partner countries shows the vulnerability and sensitivity of export processes and the rapid transfer of potential changes in the economic situation of foreign trade partners to the country.


Раздел:
Original article
Categories:
Microeconomics Urban, Rural, Regional, Real Estate, and Transportation Economics Other Special Topics
Keywords:
exports sustainability production honey
JEL: Q17 , F14 , F50 , Q10
DOI 10.56497/etj2368103
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Ivaylo Mochukov - PhD student at St. Cyril and St. Methodius University of Veliko Turnovo - i.mochukov@gmail.com

IMPACT OF THE WAR IN UKRAINE ON THE EU AGRARIAN ECONOMY, PARTICULARLY IN THE SUGAR SECTOR

The impact of the war in Ukraine on agriculture and its consequences on staple foods are analyzed. The price and trade levels of the main agricultural products before and after the war conflict are studied. Their impact on the European agricultural sector and multiplier effect on the independent sugar sector is explored. A historical and comparative analysis is used to support this research. Three main reasons for instability in the sector because of the war have been identified: reduced production, increased consumption and limited imports. Based on the results of the research, a solution has been proposed to overcome the identified problems in the European Sugar Sector: introducing a preferential quota for the import of raw cane sugar which is intended for refining in countries that lack their own raw material for sugar processing (Region 3 in the EU, including Bulgaria).


Раздел:
Original article
Categories:
International Economics
Keywords:
ЕС war Ukraine Sugar sector impact
JEL: F13 , F13 , L16 , F51
DOI 10.56497/etj2368104
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Jasmina Misheva - PhD student at the Faculty of Economics and Business Administration of Sofia University „St. Kliment Ohridski“. ORCID 0000-0002-8396-4002 - jasmina.misheva@feba.uni-sofia.bg

IMPORTANCE OF NON-COGNITIVE FACTORS FOR HUMAN CAPITAL DEVELOPMENT AND INNOVATION

This study analyzes the non-cognitive factors of human capital development and their impact on innovation as an organizational created value. Hypotheses are presented on the direct, positive influence of six behavioral and psychological factors on innovation. A quantitative method was used to analyze the data collected through a survey, including 204 respondents working in the IT field in Bulgaria and other countries. The results of the proposed regression model show a statistically significant relationship between non-cognitive influence factors and innovation, revealing the importance and need to consider these elements when measuring, analyzing, and investing in human capital. This research provides a clear direction for further analysis of the importance of non-cognitive factors for human capital value creation and can be of practical use to organizations in their human capital development strategies and planning.


Раздел:
Original article
Categories:
Microeconomics Labor and Demographic Economics Miscellaneous Categories
Keywords:
innovations human capital added value non-cognitive factors
JEL: E24 , J24 , О15
DOI 10.56497/etj2368105
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