Articles

• Matthew Matev — Economic Research Institute аt BAS

  Bulgaria and the eurointegration in the sector of scientific research

  Abstract ▾ PDF

  This paper deals with the problems in the field of scientific research facing Bulgaria in the process of its integration into the European Union. An estimation is made on the basis of comparative analysis of the state of the provision with financial and personnel supply of science in the country. A number of shortcomings, occurred during the last decade, are revealed in the scientific and research process. The guidelines for their overcoming are outlined as the attention is directed to reaching such standards, which can assure the science in Bulgaria with relevant conditions for development and integration in the European space of scientific research.

• Stoyadin Savov — University of National and World Economy

  Transformation of property into productive capital

  Abstract ▾ PDF

  An authorized interpretation is made of the book "The Mystery of Capital" (Why Capitalism Triumphs in the West, and fails Everywhere Else) by Hernando de Soto, president of the Peru based Institute for Freedom and Democracy (IFD), regarded by the British magazine The Economist as a second, by importance, centre of strategic thought in the world, and The Time Magazine places the author among the names of the five leading political scholars of Latin America in the 20-th century. His preceding paper "The Other Path" is a bestseller in the USA, and can be visited in the site www.ild.org.pe. The presented book is a translation into Russian from the English original "The Mystery of Capital" (Why Capitalism Triumphs in the West, and Fails Everywhere Else, Hernando de Soto).
  The book consists of seven chapters: 1. Five mysteries of capital, 2. The mystery of lacking information. 3. The mystery of capital. 4. The mystery of political misunderstanding. 5. The forgotten lessons from the history of the USA. 6. The mystery of legal impotence. 7. In lieu of conclusion.

• Dimitar Rafailov

  Determinants of the capital structure of the Bulgarian firms

  Abstract ▾ PDF

  By means of an analysis of the basic theoretical models from the standpoint of their relevance to the economic situation in Bulgaria, the factors of importance are estimated, determining the correlation of debt against assets of the Bulgarian companies. The empiric estimation is made on the basis of an investigation encompassing the public companies for the period 1998-2000. The results of the classic regressive analysis applied, as well as the panel analysis, evidence the presence of market imperfections found in the basis of the indebtedness of the companies. What is specific about the Bulgarian firms is the great importance of the asymmetric information, while the remaining imperfections - taxation, crisis and intermediary expenses are of secondary importance.

• Petar Ignatiev — UBB

  The banking crisis in Bulgaria in 1996-1997

  Abstract ▾ PDF

  After a short preface about the importance of the subject, reasons are given for the applicability of the model of Kindleberger and of the models of financial crises in emerging markets to the banking crisis in Bulgaria.
  The history and scheme of the crisis are considered. The structure of the banking system during the period 1992-1997, concentration of the bank assets and share of the private banks, are analyzed. The characteristics of the economic environment are explained: soft budget constraints, high and variable inflation. Proofs are given that the policy of the Bulgarian National Bank can be estimated as a normal hazard. It is proved that during 1994 and 1995 the capital base of the banking system was negative. Proofs are given that the crisis stands comparison with the Great Depression of the 30's.
  The basic conclusions of the analysis of the crisis for the economic policy are made: consolidation of institutions, macroeconomic stability, international lender of last resort, restructuring of the financial and real sectors.

• Editorial Office

  State of and perspectives for the renewable energy resources

  Abstract ▾ PDF

  The renewable energy resources (RER) have been known, and some of them have even been used, for many thousands of years, and the contemporary science has turned them lately into a more effective, comfortable and economical means of production of energy. The particularities of the basic kinds of alternative energy resources are brought forward as well as the policies carried out in different countries in support of their wider implementation and usage.