Issue 2, 2010

The paper discusses questions concerning the essence, measuring and analysis of the sustainability of the economy. It reviews the used indicators of economic sustainability. Evaluations of the sustainability of the economy of Bulgaria are done with real data. It is confirmed that macroeconomic sustainability can be achieved with a corresponding development at microeconomic level. The paper outlines factors of sustainability, which according to the author do not receive the necessary attention.
JEL: O11; C10

Based on a series of field surveys conducted among a cross-section of eight French MNCs located in three Central and Eastern European countries (Hungary, Slovakia, Romania) and present in three sectors of activity (energy, car industry, food-processing), the present paper offers some evidence for understanding the impact of trans-nationalization of production on the re-composition of Industrial Relations rules and practices. By exploring the new layout of Human Resources policies in MNCs, it stresses the growing incursion of those policies in the very field of industrial relations, and consequently the affirmation of a new paradigm of social dialogue we propose to call "managerial social dialogue". By focusing on the strategies of Labor Unions at national and EU levels, it also provides some indications of obstacles to the consolidation of the European Social Model whose institutional process remains largely incomplete. Finally, our principal results offer support to some political and theoretical considerations that are linked to the very current processes of globalization.
JEL: F23; J51; J53; M14; M54

This study describes a complex theoretical analysis of basic internationalization's theories in the light of complex reengineering and theoretical and practical problems and mechanisms are considered. In the interdependence with the reengineering framework for industrial organizations' internationalization there are formulated and considered: globalization's and world economy's ingredients; the basic accents of international processes development; corporations interaction and the management value system' s role of VID; the matrix of the basic integration forms and localization level in BHI and algorithm for development of TNK and HI; reengineering model for integration processes' management; reengineering system for IO' internationalization; the KR concept of internationalization. The study also describes the basic reasons for lag behind integration of the Bulgarian economy and Bulgarian IO in the world economy and respectively, there are made out of conclusions and recommendations.
JEL: L22, L66

Nearly all European regions are anticipated to be negatively affected by some future impact of climate change, which will pose challenges to many economic sectors, including tourism. Favourable weather conditions and especially snow availability and depth are crucial to visitor satisfaction and are a fundamental factor for the development of winter tourism. The purpose of this paper is to outline the current sensitivity and future economic impacts of climate change on winter tourism in one of the major Bulgarian ski resorts - Borovets.
The paper is structured as follows: firstly, the past and present of winter tourism in Bulgaria is presented. Secondly, the future development with climate change is analyzed in detail. The basis of climatological part of the study is the regional climate model REMO. The scenario simulation (2001-2050) is based on emission scenario A1B and snow models for different heights of Borovets resort. The economic meaning of climate changes is assessed by regression analyses (ARIMA models) that study the relationship between tourist numbers and meteorological parameters and make forecasts for the period 2021-2050. The quantitative analysis has been supplemented by qualitative research, based on the case study methods. The paper describes how a representative local hotel perceives its dependence on weather and climatic conditions. The relative regional vulnerability is assessed too. Finally, recommendations for policy makers concerning the adaptation to climate change are outlined.
JEL: Q54; L83; O52; C22

The problem of the economic effects of the dynamics of the oil price is versatile. The review of the literature on the matter helps outlining the main aspects of manifesting the effects and identifying the areas, which are less studied and which developing would be a contribution to the knowledge in this area. The long search of explanations of the economic effects of the price dynamics of the oil is extremely fruitful. Despite the many challenges of purely scientific character, as a result of the hundreds of studies, models and simulations, the idea of the running of the effects and their specific significantly improves. Based on the achieved conclusions, many policies at macro and micro level are developed for suppressing the negative consequences of the price fluctuations of the oil, as a result of which the economic agents endure the oil shocks easier. The profound knowledge of the effects creates bases also for developing alternative energy sources, as well as for creating relevant incentives for decreasing its use. Thus, the contribution of the studies of the effects of the dynamics of the oil price far exceed the needs of satisfying strictly scientific search for answers. They help the more profound knowledge of the role of the oil for the world today and of the mechanisms of functioning of the economic and public order as a whole. This makes the study of the effects of the price fluctuations of oil significant. Each economic agent should have at least a general idea about them.
JEL: Е20; Е30; F00; C00

In the mid-1990s, the East Asian countries experienced severe financial crisis, followed by deep economic downturns. A variety of methodologies have been used to explain the Asian financial crisis. However, the impact of the Asian financial crisis of 1997 on the efficiency of the financial industry has not been studied yet. This paper investigates the performance of the Malaysian banking sector around the Asian financial crisis with the emphasis on the domestic versus foreign banks debate. The efficiency estimates of individual banks are evaluated using the non-parametric Data Envelopment Analysis (DEA) method. The results suggest that the foreign banks have exhibited higher technical efficiency compared to their domestic bank counterparts. However, the results suggest also that the foreign banks were severely affected by the Asian financial crisis, implying that they are not insulated from unexpected events like the Asian financial crisis of 1997.
JEL: G21; G28