Issue 3, 2004

This article challenges the formulation of the paradox “there is growth, but it arouses no optimism“. The author defends the proposition that the existing economic growth does not give rise to optimism because it does not lead to increased level and quality of life among low-income social strata. The macroeconomic indicators of the former are interpreted not only from the viewpoint of the average Bulgarian, but also in view of decile groups income distribution.

Searching an answer to the above question, there are formulated 6 hypotheses, the fifth being “the dynamics of social inequality and the loss of social status during the years of transition”. It is the most plausible but it has not been defended adequately and is overlooked in the discussions that take place. The present article presents some comments on the these issues.

JEL: D33; A14

This article discusses mainly issues related to the trade integration of Bulgaria with EU member countries from the period of the signing and enforcement of the Agreement on the accession of Bulgaria to the community. The common economic and trade policy of the EU towards the CEU countries falls within the common foreign and security policy. The common trade policy is in the basis of the customs union that has been created among member countries, including those that are to join the Union.

The subject of analysis are the results of implementing the ten-year period of the EU Accession Agreement of Bulgaria. The positive aspects have been pointed out as have some of the issues in foreign trade relations; some of the main tendencies in foreign trade accompanying the accession are identified.

JEL: F 02; F13; F15; O19

This article sets out a methodology for factor analysis of resultant absolute values growth – economic indicators of production output volumes, added value, etc., that can be represented as the product of intensive characteristics of labour productivity, capital intensiveness, etc. and extensive numbers of units of labour input, assets, etc. Two forms of analysis are discussed - grouped and ungrouped data analysis. With the first type two factors are used – changes in the intensive and extensive indicators. With the second type the intensive characteristic is the weighted average of group characteristics, for instance in branches, companies, etc. while the extensive is the sum total of the group’s extensive units. With this approach the effects of three factors are measured – changes in the group intensive indicators, structural changes in the group extensive indicators and changes in the aggregate extensive indicator. According to the logic thus accepted mutual changes are caused only by one-way variation of factor indicators.

JEL: C10; D11

The present study represents a model of risk at the Central European Stock Exchange, measured as the yield dispersion of the CESI index. The period under analysis – 30 June 1995 – 31 May 2002 is divided into three subperiods – precrisis, crisis and postcrisis. The main characteristics of the market are identified and those are found to be the same for the group of developing stock exchanges. The observed high levels of the excess coefficient and accumulated volatility represent the time changing nature of risk. That in its turn allows us to model it using the GARCH model approach. From the 17 GARCH models presented, the asymmetric models, which presuppose probabilistic dispersion of errors that is different from the norm, feature the highest risk projection capability.

JEL: C32; G15

The monetary theory (theory of money order), which is an integral part of Haieks views on order, has not been sufficiently popularized among Bulgarian readers. When it is referred to, the following are usually mentioned, without going into detail: monetary explanation of crises and cycles, the explanation of prices as transmission of knowledge and information and, of course, the “exotic idea” of private competitive money.

The present article is an attempt to partly reinstate the “technical aspects’ of Haiek’s monetary theory.

JEL: V22; E52

The present article discusses the definition, aim, types, object and principles of benchmarking as a new approach of analysis and effect on science. The six stages of benchmarking are outlined as well as its key elements. Some practices that have been used thus far are analyzed and competitive espionage is presented in detail. Benchmarking is not aimed at ranking, but rather at identification and dissemination of best practices.

JEL: O20; O57