Issue 3, 2002

Object of study is the globalization of the R&D in the transnational corporations (TNC). It is underlined that the large transnational corporations are the main centers for technical innovations and the private sector is a main column of the national innovation systems of the countries with developed market economy. Followed is the evolution from the centralized by its essence egocentric and geocentric model of organization of R&D in TNC to the decentralized polycentric and integrated network models. Special attention is drawn to the "direct foreign investment" or exporting abroad scientific research divisions of TNC. The main centers for study and development, build by TNC abroad, are concentrated in the three centers of industrial development - USA, Western Europe and Asia Pacific. TNC prefer to conduct their fundamental studies in their own countries and the ones from the triad, in the other developed industrial countries they position centers for applied studies and research and in the developing countries - developing. In conclusion it states that the triadisation is the form, in which the globalization of R&D in TNC is carried out at this stage.
JEL: O32, F02, F23

The objective of this study is to analyze the key moments of the development and necessity of support for the dynamic (fast growing) SMEs and the academic entrepreneurs in Bulgaria. The analysis is based mainly on the study "Dynamic Entrepreneurs - Comparative Analysis for Poland and Bulgaria" but the results from other studies and publications are also taken into consideration.
It is shown that together with the general features the Bulgarian dynamic SMEs and academic entrepreneurs possess also many specific characteristics like smaller size, use of less innovations, lack of adequate support.
Based on the results of the analysis of the Bulgarian dynamic SMEs and academic entrepreneurs a system of measures for support is suggested, which would catalyze their role as generators of growth and high VAT. This at the end would increase also the competitiveness of the economy as a whole.
JEL: M13, O32

The study presents the results from the study of 292 SME from the border regions of Bulgaria, Macedonia, Albania and Greece. Collected and analyzed is sufficiently full and certain information about the state of the cross-border business relations, about the difficulties and barriers, which their starting and further development meets.
Made is comparative analysis of the following barriers in front of the cross-border cooperation in the region - infrastructure, crossing the border, trade conditions, financial conditions, support of the local and national authorities, of the local and national business organizations and of the international organizations., general economic and political conditions, to which the business is sensitive - political stability, property and individual certainty, corruption, trade legislation and macroeconomic stability, as well as of the language.
In conclusion are drawn out some recommendations for the governments, business organizations and international organizations for overcoming the barriers in front of the cross-border cooperation in the region.
JEL: D73, I14, O19

The aim of the research is to make a review and appraisal of the Banking competition between the commercial Banks in this country and its Reveal in the basic directions of the Banking activities in order to expose the problems and determine the prospects of its development.
For the realization of the aim laid down, the Following tasks hopefully have been decided:
• Observation of the essence of the Banking competition and the basic factors, which have influence over its intensity;
• Analyze and appraisal of the Banking competition in this country both as a whole and in the basic directions of the banking activities - on the deposit and credit market, and on the market of intermediary services. Appraisal of the approaches in carrying out the competition price and non price approaches;
• Outline of the perspectives and possible directions for development of the banking competition in this country on the background of the expected changes in the structure of the Banking branch under the influence both of foreign and domestic factors. Observation of the potential possibilities of the small and medium Bulgarian Banks to play the role of outsiders-innovators in order to avail themselves to the forthcoming changes. The principal conclusion is, that the future positions of the separate Banks will depend on their approach to the competition and will be defined by the competition advantages of higher rank and choice of narrower front of a competition.
JEL: G21, P34

The study aims to reveal the modern trends and dimensions of the international technology transfer to Bulgaria, and it is based on the particular example of technology transfer from Austrian to Bulgarian companies. The conditions for technology transfer are defined on the basis of the theories of the innovation systems and their dynamics. The objects of the study are the forms of technology transfer, its character and geographical orientation, and the economic and institutional factors for its development as well. The results of the study confirm the hypothesis that Austria is a country innovator transferring modern technologies to Bulgaria, which respectively is the country adopter. Moreover, the Austrian companies interact within their national innovation system and use predominantly own programs and financial funds for carrying out technological transfer to Bulgaria, although they assess the absorption capacity for new technologies in Bulgaria related mainly to its scientific potential, educational level, sectoral technological development, and its material base. However, there are prerequisites for intensification of technology transfer in Bulgaria, but the development of this process and the competitive inclusion of the country in the international technology transfer needs rebuilding of the national innovation system.
JEL: O3, F02, L1

One of the ways of decreasing the risk in the investments is diversification. This means the capitals not only to be spread in many investment holders but to be also properly chosen. Many examples (theoretical and practical) show that it is not always possible to create a portfolio with less risk than the risks of the consisting assets. The paper formulates and proves conditions for the connection between the correlation coefficients and the assets' risks. When these conditions are present, it is not possible to create a portfolio between them with a risk, lower than the individual risks of its consisting assets. Given are also such conditions, which presence allows always creation of a portfolio with minimum risk. For demonstration of the application of the acquired results studied are the opportunities for creating proper portfolios of shares of 10 of the highest ranked companies at the Bulgarian Stock Exchange (BSE).
JEL: C61; D 81; G11

The aim of the paper is to draw up hypotheses that intend to answer the question why the small and medium sized enterprises are of greater degree affected by the problems of financing than the larger- scale companies. The author makes his assumptions on the basis of some fundamental issues of representatives of the school of the new institutional economists on the problem of information asymmetry like: O. Williamson, Arrow, Akerlof, Stiglitz and Weiss, Bester, Besanko and some others. The analysis also concerns some peculiar features of the small businesses that makes them in a greater degree affected by the uneven distribution of information and hence, in a greater degree affected by the problems of financing.
JEL: D82, G14