Inflation 2022 - Circumstances, Challenges, Impact : 9th Annual Conference, 18-20 September 2023 : Conference Proceedings
Inflation 2022 - Circumstances, Challenges, Impact : 9th Annual Conference, 18-20 September 2023 : Conference Proceedings
Contributor(s): Bruno Théret (Editor), Diyana Miteva (Editor), Elena Ponomorenko (Editor), Giovanni Pavanelli (Editor), Jean Paul Pollin (Editor), Mihai Mutascu (Editor), Nikolay Nenovsky (Editor), Petar Chobanov (Editor), Yanko Hristozov (Editor), Yannick Lucotte (Editor)
Subject(s): Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, EU-Accession / EU-DEvelopment, Financial Markets, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: inflation; shadow debts; financial crisis; Financial sector; GDP; economic growth; employment; global reference currency; dividend policy; stock exchanges; European Union; Generation Z;
Summary/Abstract: The ninth annual scientific conference of the Monetary and Economic Research Center (MRC) was held from the 18th to the 20th of September 2023 at the University of National and World Economy (UNWE) in Sofia, Bulgaria. The MRC Conference aims to bring together the international academic community, enable interactive discussions and other forms of interpersonal exchange of experience, and support the power of scientific research. The Conference proceedings are financed through university project НИД НФ-16/2023 at the University of National and World Economy and through the financial support of The Bulgarian National Science Fund by project №КП-06-МНФ/11 from 23.05.2023. The Bulgarian National Science Fund is not responsible for the content of the papers, presented at the conference, nor for the content of the adverts and other material. The Union of Bulgarian Economists as well as the Institute of Economics and Politics at UNWE, Sofia University, and LEFMI France are co-organizers of the conference. Founded in 2014, MRC diffuses knowledge in monetary theory, history, policy, and institutions, associating empirical research, developing new statistical measurements, estimating quantitative models of economic behavior, assessing the economic effects of monetary policies, and projecting the effects from the work of alternative monetary organizations. The MRC is а nonprofit economic research unit within the Department of Finance at UNWE. The main accent on the 9th Annual Conference was the inflation in 2022 and its circumstances, challenges and impact. More than 70 researchers, professionals, experts, and students from 12 countries took part. The present book consists of papers in English language.
- E-ISBN-13: 978-619-90797-9-9
- Page Count: 137
- Publication Year: 2024
- Language: English
The Impact of EU Shadow Liabilities on Member States; Inflation and Currency Effects
The Impact of EU Shadow Liabilities on Member States; Inflation and Currency Effects
(The Impact of EU Shadow Liabilities on Member States; Inflation and Currency Effects)
- Author(s):Gordon Kerr
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Governance, Economic policy, EU-Accession / EU-DEvelopment
- Page Range:6-16
- No. of Pages:11
- Keywords:Shadow debts; shadow contingent liabilities; ECB; Global Financial Crisis; GFC; ECB; ESM; TARGET2; QE; quantitative easing; Transmission Protection Mechanism
- Summary/Abstract:Based substantially on the analysis of Bob Lyddon, with whom the author has worked on several papers and reports about EU financial stability, this paper summarises the scale and scope of unrecorded and unreported liabilities that are hidden not so much by weak accounting rules but more by the careful and deliberate design. Some institutions are backed only by Eurozone member states, some by all EU member states. The effect of this practice of creating and hiding liabilities is estimated at almost doubling the combined General Government Gross Debt of the EU member states. This matters; bad for embedded but as yet relatively low inflation, and bad for the stability of the euro as a currency.
The Role of Banks in Bulgaria in Increasing Financial Literacy
The Role of Banks in Bulgaria in Increasing Financial Literacy
(The Role of Banks in Bulgaria in Increasing Financial Literacy)
- Author(s):Irina Kazandzhieva-Yordanova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Economic policy, Developing nations, Financial Markets, Socio-Economic Research
- Page Range:17-27
- No. of Pages:11
- Keywords:financial literacy; national strategy for financial literacy; financial sector; financial products and services; banks
- Summary/Abstract:The paper investigates the implementation of a national strategy for increasing financial literacy in Bulgaria and the types of activities performed by the financial sector contributing to financial literacy. Some key elements of the financial literacy strategy are discussed in the paper as well as the role of the financial sector for the realization of the goals of the national strategy. The paper stresses on the role of the banking sector and the types of activities it performs for increasing the financial literacy. The paper argues that despite the number of activities performed by the financial sector the necessity of creating a national strategy is inevitable as it guarantees the involvement of the different social groups, coverage of large scope of topics and sustainability on a long-term basis.
Trends and Opportunities in the Construction Sector in Selected South-Eastern Europe's Countries
Trends and Opportunities in the Construction Sector in Selected South-Eastern Europe's Countries
(Trends and Opportunities in the Construction Sector in Selected South-Eastern Europe's Countries)
- Author(s):Tatjana Ackovska
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Micro-Economics, Economic policy, Socio-Economic Research
- Page Range:28-49
- No. of Pages:22
- Keywords:Construction; GDP; economic growth; construction growth rate; employment; SEE
- Summary/Abstract:Southeastern Europe (SEE) constitutes a unique geographical sub-region of Europe. This region includes the Balkan countries, which are rich in cultural heritage, historical evolution, and geographical features. The countries in this region have varying stages of economic progress and development. Considering the variations and unique characteristics of the individual countries within the SEE group and whit purpose to provide a comprehensive coverage of all aspects of the construction sector, this paper focuses on the specificities, structure, development, and future trends in the construction markets of subset of nine SEE countries
Model of a Neutralised Currency and Exchange System for Central Banks
Model of a Neutralised Currency and Exchange System for Central Banks
(Model of a Neutralised Currency and Exchange System for Central Banks)
- Author(s):Peter Brass
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Political Theory, Economic policy, Environmental and Energy policy, Political economy, Financial Markets, Geopolitics
- Page Range:50-59
- No. of Pages:10
- Keywords:complementary currency; global reference currency; unit of measurement currencies
- Summary/Abstract:This paper describes a super-neutralised complementary currency as a currency and exchange system for central banks, independent of national interests which describes our world as a finite resource. The goal is a stable, crisis-proof financial system that meets the challenge of ecological and economic sustainability. In fact, it is more a unit of measurement then money, like the primal metre in Paris, but for money. Just as a uniform measure of length is important for natural sciences and technology, a fixed reference value for money can act like a Copernican turning point and could offer many benefits. This application leads to equality of weak and strong currencies. It enables weak economies to pursue an independent monetary policy and simplifies the path to monetary unions. It prevents speculation in the system. It creates a constraint to gradually reduce trade imbalances and enables over-indebted countries to get out of the debt trap.
The Impact of the Federal Open Market Committee Rate Actions During 2022 on the Popularity of Dividend Stocks Amongst Retail Investors
The Impact of the Federal Open Market Committee Rate Actions During 2022 on the Popularity of Dividend Stocks Amongst Retail Investors
(The Impact of the Federal Open Market Committee Rate Actions During 2022 on the Popularity of Dividend Stocks Amongst Retail Investors)
- Author(s):Alexander Godumov
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Financial Markets
- Page Range:60-72
- No. of Pages:13
- Keywords:dividends; dividend policy; social networks; stock exchanges; individual investors; institutional investors
- Summary/Abstract:The question of the investors’ motivation in the investment decision making process is a topic that is always relevant and subject of research in the field of economics. The turbulence on the stock exchanges observed in the last few years makes this issue particularly relevant, and the introduction of new scientific knowledge in this direction equally useful. The question of the influence of dividend policy on the stock market performance of public companies is a question that has been examined repeatedly in the past, and to this day the companies’ dividend policy is of serious scientific interest. The past few years have been marked by significant stock market uncertainty and substantial inflation in the United States and many of the World’s leading economies. The observed upheavals in recent years have created fertile ground for the conduct of scientific research in the field of investing. This report examines the impact of the Federal Open Market Committee’s federal funds rate actions in 2022, and examines the extent to which these actions have had an impact on the popularity of dividend companies among individual investors.
The Factors Influencing Consumer Choice
The Factors Influencing Consumer Choice
(The Factors Influencing Consumer Choice)
- Author(s):Rositsa Nakova
- Language:English
- Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Evaluation research, Social differentiation, Marketing / Advertising, Socio-Economic Research
- Page Range:73-83
- No. of Pages:11
- Keywords:food products; the package; generation Z; Millennial generation inflation
- Summary/Abstract:The purpose of this article is to investigate which part of the packaging information plays an important role in consumer choice between both Generation Z and Generation Millennials. How inflation changes consumer demand for groceries. The comparative analysis between the two generations is of interest because the market is currently accustomed to the demands of the Millennial generation. It is yet to adapt to Generation Z as well. The benchmarking was done through an online survey distributed in major cities and among highly educated consumers.
Impact of Social Media Messages on Online Shopping
Impact of Social Media Messages on Online Shopping
(Impact of Social Media Messages on Online Shopping)
- Author(s):Semrah Bujari
- Language:English
- Subject(s):Social Sciences, Economy, Media studies, Business Economy / Management, Communication studies, Sociology, Social Informatics, ICT Information and Communications Technologies, Socio-Economic Research
- Page Range:84-101
- No. of Pages:18
- Keywords:eWOM (electronic word of mouth); online shopping intentions; social networks; online stores
- Summary/Abstract:Verbal communication (WOM-Word of Mouth) is a current marketing tool, the main purpose of which is communication and socialization, followed by the promotion and sale of products that takes place face to face between sellers and buyers. With the advent of the Internet, WOM turns into eWOM, that is, electronic word-of-mouth communication that takes place between online sellers and online buyers through social networks and online store pages. Buyers can exchange online messages, experiences, reviews and leave rated reviews for products they have already purchased online. This new mode of eWOM communication has great potential to influence online purchase intentions. In this context, the purpose of this paper is to analyze and investigate the impact of eWOM communication on online shopping intentions. As determinants of online messages, which are transmitted through social networks and websites of online stores, the following are analyzed: quality of messages, credibility of messages, needs and attitudes of buyers to messages, usefulness of messages. messages and acquisition of messages by online shoppers. In this research, the determinants of online messages are derived from the Consumer Attitudes and Needs Acquisition Model (IACM), which is also the research model of this paper, on the basis of which the impact of messages is investigated. on online shopping intentions. Finally, by applying adequate statistical methods, an analysis of two online eWOM communication platforms was made, to determine whether messages transmitted through online stores' Facebook pages have a greater impact on online purchase intentions than broadcast messages. through the means of communication of the websites of the online stores or vice versa. The research results provide useful conclusions for marketers, in terms of adapting their online marketing strategies for successful promotion and sales of products on Facebook and online store websites.
Euro Area Membership Effects on Inflation
Euro Area Membership Effects on Inflation
(Euro Area Membership Effects on Inflation)
- Author(s):Avi Tahchieva
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, EU-Accession / EU-DEvelopment, Socio-Economic Research
- Page Range:102-109
- No. of Pages:8
- Keywords:Euro area; European Union; inflation; crisis; impact; economic stability
- Summary/Abstract:The inflation rates and their convergence within the Euro area were a major concern even before the advent of the single currency. The study attempts to examine the main factors of inflation and differentials in members of the Euro area for the period 2007–2022. The search for the causes of the current high inflation starts with the consequences of the Covid-19 pandemic. The global economy recovered fast once the pandemic ended and the restrictions on consumption and travel were lifted. Then conflict between Russia and Ukraine caused energy and commodity prices, including food prices, to increase. The differences between the inflation rates in the various countries of the Euro area first started to widen in 2020 when the pandemic caused stronger disinflation in countries that have large tourism sectors. As the pandemic faded, inflation picked up most in countries where the economy had declined less and where labor shortages were starting to put pressure on wages.
The Convinience of Inflation in The Neoliberal Doctrine
The Convinience of Inflation in The Neoliberal Doctrine
(The Convinience of Inflation in The Neoliberal Doctrine)
- Author(s):Krasimira Decheva
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Political Theory, Economic policy, Political economy
- Page Range:110-114
- No. of Pages:5
- Keywords:Neoliberalism; Inflation
- Summary/Abstract:The overall inflation and its trajectory over the interruption of supply chain management , caused by the unforeseen peril introduced by the COVID-29 pandemic in the global economy, encouraged all sorts of novel disruptions to maintain market equilibrium. The elites in the world successfully used the pandemic consequences to gain more power. The inflation is one of the powerful tool that serve them. This paper uses process mining analysis to identify the importance of inflation in the neoliberal doctrine. The research papers have been compiled from Web of Science and Research Gate. Cross-reference networks have been extracted from the source papers, enabling visualization to uncover the disciplinary contributions which have supported the relation between inflation and neoliberal doctrine.
The Impact of Inflation and Income Growth on Non-Performing and Restructured Loans: The Case of Bulgaria
The Impact of Inflation and Income Growth on Non-Performing and Restructured Loans: The Case of Bulgaria
(The Impact of Inflation and Income Growth on Non-Performing and Restructured Loans: The Case of Bulgaria)
- Author(s):Violeta Todorova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Business Economy / Management, Sociology, Economic policy, Evaluation research, Economic development, Financial Markets
- Page Range:115-137
- No. of Pages:23
- Keywords:inflation; income growth; non-performing loans
- Summary/Abstract:This paper examines the relationship between non-performing and restructured loans, inflation and income growth in Bulgaria. The linear regression analysis shows that there is significant negative impact of inflation and income growth on NPLs and restructured loans for consumer credits and significant negative impact of inflation on NPLs and restructured loans for housing credits. There is no heteroscedasticity of the errors which proves that the coefficients are precise. Results show lack of multicollinearity, normal distribution of residuals and correct linear functional form of the model. However, there is autocorrelation of residuals and weak explanatory power. For improving the explanatory power of the linear regression model, more explanatory variables should be included - bank-specific, macroeconomic and institutional determinants.
