Articles

• Stefan F. Stefanov — New Bulgarian University

  The Transition to a Market Economy In Context of Competitiveness

  Abstract ▾ PDF

  The article analyses the transition to a market economy and the impact on its competitiveness. On this base the author brings out two strategies for market reform: first, orientation towards increasing competitiveness; second, reallocation, causing decrease in competitiveness because of slowly building of adequate market institutions.
  It presents comparative analyses on the consequences of implementation of reallocation strategy in Bulgaria and competitive oriented strategy in Hungary. The circumstances and preconditions for transformation from a reallocated to a competitive oriented strategy are defined and on this base three scenarios of market reform perspectives in Bulgaria - optimistic, pessimistic and realistic are outlined.

• Dimitar Kanev

  Globalisation and High Education

  Abstract ▾ PDF

  The consequences for high education of globalisation processes are studied and some suggestions about accommodation of Bulgarian education system to the globalisation challenges are given, by reviewing the experience of developed countries and the specific circumstances in Bulgaria. The article emphasises on mechanisms for increasing efficiency and quality of the Bulgarian high education. The decisions concern the deregulation and increasing of the academic autonomy, the pluralism and equality of funds, the introduction of new management philosophy. The thesis that the public authority should gradually withdraw from the direct management of the high education but at the same time it should increase its role in assignment of aims, financial support and control over quality of the educational product.

• Mariana Kotseva — Economic Research Institute аt BAS

  Aleksandar Tsvetkov — University of National and World Economy

  Modelling Investment Decisions though Logistic Regressions (using data on mass privatisation)

  Abstract ▾ PDF

  The article describes an attempt to use, through microeconomic models, factors and causes determining investor's behaviour of the participants in the mass privatisation. In particular the object of the research is the demand of stocks issued by the offered for privatisation enterprises. The survey includes all enterprises listed on the three auctions of the first round of mass privatisation, carried out in 1996.
  The results of the estimated model of the logistic regression show that the investors have made their decisions for buying stocks from enterprises guided by the classical investment and finance theory. The data shows that enterprises with positive profitability, low immobilization of property, high turnover of the capital, lower debts and bigger share of stocks listed on the auction, have higher probability for buying out.
  The investor's attention has been directed to enterprises in light industry and in services.

• Lilia Damianova

  Building of Innovation Infrastructure in Bulgaria

  Abstract ▾ PDF

  The author argues the necessity of creation of favourable conditions for innovation activity in the high technology branches in Bulgaria - chemistry, biotechnologies, IT, microelectronics etc. The concept of innovation infrastructure is introduced including the following elements: risk capital funds and special funds for financing of scientific research and technological development; technological canters, technological parks and business-incubators; education system; informational systems with database of the latest inventions in the fields of science and technique; framework of innovation regulations. Author analyses the set up degree of each of the stated above elements as on the one hand the problems and difficulties are pointed out, and on the other hand author's suggestions for specific activities which might be helpful for increasing the process of building innovation infrastructure in Bulgaria.

  
  

• Petko D. Petkov — University of Veliko Tarnovo "St. St. Cyril and Methodius

  Specificities of the Contemporary Centralization of Capital in the World Economy

  Abstract ▾ PDF

  It examines the reasons that have led to the new wave of mergers and acquisitions, which are taking place primarily in industrialised countries. It has been triggered by a number of factors, but modern scientific and technological progress, economic regionalism and globalisation have a special place among them. The majority of mergers and acquisitions are horizontal. The internationalisation of ownership of emerging mega-corporations is expanding. The centralisation of capital is solving a number of looming problems, but at the same time is exacerbating some existing contradictions and creating new ones. This wave is continuing, although it weakened sharply in 2001, but it is possible that it will strengthen again once the next recession is over.