Inflation 2022 - Circumstances, Challenges, Impact : 9th Annual Conference, 18-20 September 2023 : Selected Papers
Inflation 2022 - Circumstances, Challenges, Impact : 9th Annual Conference, 18-20 September 2023 : Selected Papers
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, Environmental and Energy policy, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: European Central Bank; monetary policy; inflation; behavioral economics; Black market; BRICS; Machine learning; Neuronal Network; ARMA-GARCH process; industrial policy; green industries; digital economy; risk management; Richard Thaler; Chinese Economy
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 Selected papers from the Conference 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 selected papers in English language.
- E-ISBN-13: 978-619-92983-0-5
- Page Count: 277
- Publication Year: 2024
- Language: English
Financial Development and Economic Growth in CEE Countries
Financial Development and Economic Growth in CEE Countries
(Financial Development and Economic Growth in CEE Countries)
- Author(s):Gergana Mihaylova-Borisova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Civil Society, Economic policy, Developing nations, Socio-Economic Research
- Page Range:7-18
- No. of Pages:12
- Keywords:financial development; CEE countries; economic growth
- Summary/Abstract:Given the important financial sector’s role in economies, the study examines whether there is a relationship between the GDP growth and financial development of CEE countries. For this purpose, first the causality is tested by means of Granger-causality test and then an attempt is made to assess the influence of one variable on the other. The GDP growth and financial development’s relationship is examined for the ten countries in CEE, with the period covered being 2010-2022. It is expected that financial development has a great importance for the improved growth in the studied countries. Data on loans, deposits in the banking system, and market capitalization as a share of GDP are used. The results confirmed that financial sector contributes positively to the realization of higher and stable GDP growth in CEE countries.
The European Central Bank at 25: Effectiveness of the Monetary Policy
The European Central Bank at 25: Effectiveness of the Monetary Policy
(The European Central Bank at 25: Effectiveness of the Monetary Policy)
- Author(s):Dimitar Chobanov
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, EU-Accession / EU-DEvelopment, Financial Markets
- Page Range:19-28
- No. of Pages:10
- Keywords:European Central Bank; monetary policy; inflation
- Summary/Abstract:25th anniversary of the European Central Bank is the occasion for an assessment of its monetary policy. Maintaining the price stability is the main objective according to the ECB statute. However, changes in economic conditions led to unconventional measures and additional objectives like financial stability.
Financial Condition of Bulgarian Enterprises in the Context of Inflation
Financial Condition of Bulgarian Enterprises in the Context of Inflation
(Financial Condition of Bulgarian Enterprises in the Context of Inflation)
- Author(s):Yanko Hristozov
- Language:English
- Subject(s):Economy, National Economy, Business Economy / Management, Socio-Economic Research
- Page Range:29-37
- No. of Pages:9
- Keywords:financial statement; financial Bulgarian non-financial corporations; inflation
- Summary/Abstract:The topic of poly-crises and the inflation caused by them has been particularly relevant recently. High price levels have led to a number of problems for businesses. The purpose of the study is to track the financial condition of Bulgarian enterprises in the context of inflation in the years of poly-crisis. The research focuses on the years 2019 to the beginning 2022. Inflation levels in Bulgaria for the period will be tracked and basic financial indicators of Bulgarian non-financial enterprises from the three largest sectors - trade, manufacturing and energy - will be analysed. The idea is to track the impact of inflation on the financial performance of non-financial corporations from the three biggest Bulgarian economic sectors.
Cashless Payments in Bulgaria - Development, Regulation and Integration into the Euro Area
Cashless Payments in Bulgaria - Development, Regulation and Integration into the Euro Area
(Cashless Payments in Bulgaria - Development, Regulation and Integration into the Euro Area)
- Author(s):Petar Chobanov
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Sociology, Economic policy, Economic development, EU-Accession / EU-DEvelopment, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
- Page Range:38-44
- No. of Pages:7
- Keywords:payment systems; central banks; technological change
- Summary/Abstract:The main objective of this study is to present an analysis of selected indicators of cashless payments in Bulgaria. The main activities in the process of integration to the euro area as well as changes in regulations at the EU level are examined. The main thesis is that non-cash payments are continuously increasing, both in number and in total value, due to technological changes, the development of EU regulations, as well as the integration of the Bulgarian payment infrastructure to that of the euro area. The number of credit cards as well as POS terminals has increased significantly. The number of credit transfers and card payments increased several times, with positive dynamics also characterising payments initiated via the Internet through both instruments. Similarly, the total value of payments is also developing and the trend is expected to continue in the future.
Analysis of the Inflation Processes within the European Drug Market
Analysis of the Inflation Processes within the European Drug Market
(Analysis of the Inflation Processes within the European Drug Market)
- Author(s):Valeri Minchev
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, EU-Accession / EU-DEvelopment, Socio-Economic Research
- Page Range:45-57
- No. of Pages:13
- Keywords:Drug prices; Drug enforcement; Illegal drugs; Black market; Inflation
- Summary/Abstract:In this research, we focus on the influence of prices, signified through inflationary processes, and their impact on the price levels of drugs. For this purpose, the situations within the European wholesale and retail drug market is studied, data related to the changes in the price levels of drugs is analyzed in a dynamic order, within the selected period 2011-2021, in order to highlight the trends of growth. The change in the purity/potency of drugs and the dependence of price levels on it is also studied. For this purpose, the price indexes of drugs are adjusted with the price/potency indexes. It was found that in general the price indices decreased, the purity/potency indices increased and accordingly the price index adjusted with purity/potency index decreased to a greater extent than the price indices.
“Nudge” in Behavioral Economics – A Possible Response to the Challenges of High Inflation for “Better” Economic Decisions of the Individuals
“Nudge” in Behavioral Economics – A Possible Response to the Challenges of High Inflation for “Better” Economic Decisions of the Individuals
(“Nudge” in Behavioral Economics – A Possible Response to the Challenges of High Inflation for “Better” Economic Decisions of the Individuals)
- Author(s):Aygun Erturk-Mincheva, Plamen D. Tchipev
- Language:English
- Subject(s):Social Sciences, Economy, Psychology, Business Economy / Management, Sociology, Behaviorism, Economic development, Socio-Economic Research
- Page Range:58-66
- No. of Pages:9
- Keywords:nudge; behavioral economics; Richard Thaler; inflation
- Summary/Abstract:The behavioral economics upgrades the psychological characteristics of the economic agent, homo economicus, when analyzing an individual's decisions, emphasizing their biases. The nudge approach developed by Richard Thaler is a good tool for improving economic decisions made by the individual. The nudging policies, with their flexibility to different conditions, low financial burden, and low instrumental complexity, are widely applicable. The current high levels of inflation amplify the potential for nudges to improve the quality of people's economic decisions. This paper focuses on the possibilities of behavioral economics in the inequalities and promoting savings behavior provoked by current reality using smart disclosure and choice drivers, pre-commitment with setting consumption limits, and promoting the setting of aims.
Inflation or Deflation? Chinese Economy in 2023
Inflation or Deflation? Chinese Economy in 2023
(Inflation or Deflation? Chinese Economy in 2023)
- Author(s):Shouyi Zhang, Guangxing He
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Financial Markets
- Page Range:67-81
- No. of Pages:15
- Keywords:Chinese Economy; Inflation; Deflation; Monetary Policy
- Summary/Abstract:In March 2023, data released by China's National Bureau of Statistics showed that the growth rate of CPI narrowed and the decline rate of PPI widened from the previous. The downturn in price data triggered market discussions about economic "deflation". After a retrospective study of Chinese economy since 1980, we do not think that the downturn in price data is the start of economic "deflation", but rather the early stages of recovery after the end of the three-year epidemic.
Challenges and Perspectives to the BRICS in Reforming the International Monetary and Financial System
Challenges and Perspectives to the BRICS in Reforming the International Monetary and Financial System
(Challenges and Perspectives to the BRICS in Reforming the International Monetary and Financial System)
- Author(s):Tsvetelina Marinova
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Financial Markets
- Page Range:82-102
- No. of Pages:21
- Keywords:international monetary system; global economy; BRICS; dollar; international currency; yuan; trading bloc; international financial organizations
- Summary/Abstract:This paper aims to discuss major challenges and opportunities to the BRICS countries in their attempts to reforming the international monetary and financial system. It analyzes the ongoing processes and trends in the global economy as well as the potential of the emerging economies acting as a political and trading bloc to establish a multipolar monetary system. The author argues that the transition from a unipolar to a multipolar monetary system has already started. Nevertheless, it is difficult to predict how long it will take to transform the existing international monetary and financial system. BRICS countries face big challenges and issues on their path to reform the international monetary and financial system. At the same time the economic power and potential of the bloc are perceived as important advantages which create opportunities to achieve its goals.
Impact of After Covid Inflation on Investor Protection
Impact of After Covid Inflation on Investor Protection
(Impact of After Covid Inflation on Investor Protection)
- Author(s):Diyana Miteva
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, EU-Accession / EU-DEvelopment
- Page Range:103-112
- No. of Pages:10
- Keywords:capital market; inflation; return; investor protection
- Summary/Abstract:The after COVID inflation that started in the late 2021 seriously affected all EU economies. This paper aims at investigating how inflation impact the value of client assets invested on the capital market. It also concerns the issues of investor protection of such assets. Inflationary periods are stressful for the whole economy and especially for consumers. The longer inflation lasts the more significant impact it may have on investor behavior. In this paper it is argued that on a short term basis inflation could not be compensated at stock market prices but on a long term the capital market stock market returns overwhelms inflation. Investor protection regards the financial safety net which includes deposit guarantee and investor compensation schemes, which provide protection to investors at European level. Investor compensation schemes have not increased the level of protection for decades which due to the higher inflation rate causes a decreasing real protection. Deposit guarantee schemes on the contrary have imposed very high limit of protection in 2009 and 2010 which is 5 times higher than the minimum required limit on the EU level.
Trade Credit and Bank Credit in Conditions of Inflation: Evidences for Publicly Traded Nonfinancial Enterprises in Bulgaria
Trade Credit and Bank Credit in Conditions of Inflation: Evidences for Publicly Traded Nonfinancial Enterprises in Bulgaria
(Trade Credit and Bank Credit in Conditions of Inflation: Evidences for Publicly Traded Nonfinancial Enterprises in Bulgaria)
- Author(s):Galya Taseva
- Language:English
- Subject(s):Economy, National Economy, Business Economy / Management, Financial Markets
- Page Range:113-122
- No. of Pages:10
- Keywords:trade credit; bank credit; supplier financing
- Summary/Abstract:The purpose of the article is to examine the relationship between financing with trade credit and bank credit in the conditions of inflation in Bulgaria. The analysis in the article is based on data for 43 non-financial publicly traded enterprises in Bulgaria for the period 2018 - 2022. The results of the study show that with the sharp acceleration of inflation in Bulgaria in 2022, increase sharp also the ratio Trade credit / Total liabilities to banks and non-bank financial institutions. The research show that trade credit and bank credit are complementary sources of financing for publicly traded enterprises in Bulgaria in the period 2018 - 2021. With the acceleration of inflation in 2022, which is accompanied by a serious increase in the interest costs of companies, the nature of the relationship between trade credit and bank credit is changing. For 2021 and 2022, a statistically significant positive correlation is established between the ratio Interest expenses / Total liabilities to banks and other financial institutions and the ratio Trade credit / Credit from banks and non-bank financial institutions. As inflation accelerates, firms are looking to raise more interest-free financing from their suppliers to ease the burden of rising interest costs on bank loans.
Inflation and Defined Contribution Pension Schemes in Central and Eastern European (CEE) Countries
Inflation and Defined Contribution Pension Schemes in Central and Eastern European (CEE) Countries
(Inflation and Defined Contribution Pension Schemes in Central and Eastern European (CEE) Countries)
- Author(s):Jeko Milev
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Public Law, Welfare systems, Public Finances
- Page Range:123-135
- No. of Pages:13
- Keywords:pension funds; CEE countries; investment results; inflation; risks
- Summary/Abstract:Pension systems in most of the CEE countries were significantly reformed at the beginning of 21st century. The introduction of fully funded components in addition to the traditional pay-as-you-go ones marked the beginning of a completely new age in the development of the pension systems in the region. The basic goal of the current paper is to research the investment performance of the defined contribution pension schemes in several CEE countries – Estonia, Slovakia, Romania and Bulgaria. The thesis defended throughout the article is that conservative types of investment portfolios for long term investors such as pension funds are not appropriate especially under scenario of significant inflation rate. The results of the research show that those countries where pension fund managers were allowed to structure portfolios with different risk profile have much higher chance to protect the savings of insured individuals in real terms in prolong period.
Cooperative Banks, What Ecological Legitimacy?
Cooperative Banks, What Ecological Legitimacy?
(Cooperative Banks, What Ecological Legitimacy?)
- Author(s):Maya Jandah
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Environmental and Energy policy, Financial Markets
- Page Range:136-151
- No. of Pages:16
- Keywords:financial institutions; cooperative banks; climate change; environmental change; institutionalism
- Summary/Abstract:Since the adoption of the Paris Agreement in 2015, European banks have invested 1.331 billion US $ in fossil fuels (Banking on Climate Chaos, 2023). The level of profit serves as a key incentive for banks to continue their involvement with fossil fuels. However, some banks have stopped these practices and committed to no longer supporting the expansion of this sector. This article aims to explore the role of banks, particularly cooperative banks, in combating climate change. Our objective is to examine to what extent cooperative banks are better positioned to tackle the challenges posed by climate change. The legitimacy of these banks is demonstrated through their capacity to adapt in a constantly evolving environment, and their foundational characteristics actively contribute to climate action.
The Role of Foreign Direct Investment in Accelerating Bulgaria's Economic Development
The Role of Foreign Direct Investment in Accelerating Bulgaria's Economic Development
(The Role of Foreign Direct Investment in Accelerating Bulgaria's Economic Development)
- Author(s):Mehmed Rasim
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Sociology, Economic policy, Economic development, Financial Markets
- Page Range:152-160
- No. of Pages:9
- Keywords:economy; financial markets; crisis; prosperity and digitalization
- Summary/Abstract:One of the biggest challenges in developing countries is the shortage of accumulated capital, which must provide the necessary investment for economic growth. Developing countries are increasingly implementing policies targeting FDI to improve their international competitiveness and secure capital for economic development.
The Eurozone Vs. the Optimal Currency Area Theory - Survey of Their Theoretical Frameworks and Political Backgrounds
The Eurozone Vs. the Optimal Currency Area Theory - Survey of Their Theoretical Frameworks and Political Backgrounds
(The Eurozone Vs. the Optimal Currency Area Theory - Survey of Their Theoretical Frameworks and Political Backgrounds)
- Author(s):Mikhail Raev
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Political Theory, Political economy, EU-Accession / EU-DEvelopment, Financial Markets, Socio-Economic Research
- Page Range:161-169
- No. of Pages:9
- Keywords:Optimal Currency Area theory; Economic and Monetary Union
- Summary/Abstract:The paper surveys the development of the Optimal Currency Area theory and the Economic and Monetary Union. After a close examination of how Robert Mundell arrived at the former theoretical framework and its further elaboration by several economists, the paper draws the attempts at European economic and monetary unification. Based on the report One Market, One Money (1990), the author concludes that the economists of the European Commission did not follow the OCA theory, but used several contemporary monetary and macroeconomic findings to construct the theoretical framework behind the EMU.
Digital Economy and Financial Risk Management
Digital Economy and Financial Risk Management
(Digital Economy and Financial Risk Management)
- Author(s):Nadya Velinova-Sokolova
- Language:English
- Subject(s):Economy, Business Economy / Management, Financial Markets, ICT Information and Communications Technologies
- Page Range:170-183
- No. of Pages:14
- Keywords:digital economy; challenges; risk management; innovation; digitalization
- Summary/Abstract:The purpose of this paper is to analyse and systematize the key challenges to understand the role of digital economy and the relationship with financial risk management. The author put forward the provision on the valuation and measurement of financial risk in contexts of digital economy in Bulgaria. The paper mainly aims to examine the influence of digital finance on enterprise financial risk and its mechanism. The results of the study are presented in Figure 2. Moreover, it attempts to analyze whether digital finance corrects the distortion of traditional financial elements and whether it can effectively improve enterprise financial risk and further verify the inclusion and transmission mechanism of digital finance.
Global Sancflation as a Reflection of the Impact of Sanctions Against Russia to Inflation: Some (Im)possible Comparisons
Global Sancflation as a Reflection of the Impact of Sanctions Against Russia to Inflation: Some (Im)possible Comparisons
(Global Sancflation as a Reflection of the Impact of Sanctions Against Russia to Inflation: Some (Im)possible Comparisons)
- Author(s):Elena Simeonova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Supranational / Global Economy, Sociology, Economic policy, Evaluation research
- Page Range:184-196
- No. of Pages:13
- Keywords:global sancflation; sanctions; inflation; the militarization of finance; global political risk
- Summary/Abstract:The paper reflects some thoughts on the nexus between the sanctions against Russia and the global inflation rates since February 2022. The paper sets the following objectives: 1) to bring out and define the term sancflation, and 2) to search for other cases of similar global impact of the sanctions-inflation nexus. The thesis statement is that sanctions on Russia are unique and have global economic effects (including inflation) far greater than anything seen before. The global impact evaluation of Russia’s case should prompt a reconsideration of sanctions as a policy instrument.
Asymmetric Rivalries: The Case of Lebanon’s Financial Crisis
Asymmetric Rivalries: The Case of Lebanon’s Financial Crisis
(Asymmetric Rivalries: The Case of Lebanon’s Financial Crisis)
- Author(s):Hachem Hicham
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Socio-Economic Research
- Page Range:197-205
- No. of Pages:9
- Keywords:money creation; parity; lending capacity; redistribution; rivalries
- Summary/Abstract:Unlike mainstream explanations, this paper is less concerned with the causes of the financial crisis in Lebanon as much as it raises the problem of adverse relationships between institutions of money creation and destruction. The analysis builds on the theoretical approach of mimetic rivalries and applies tools from graphical models in games theory. It aims to study the sensitivity of solvency constraints to explain asymmetric relationships. The applied case of Lebanon shows two relevant results (1) asymmetric relationships between economic agents and (2) top-down dynamics of money creation and destruction. These findings imply an institutional model of extractive economic policy dominated by strategies of vindication and rivalry.
Economic Relationships between Atonian Monasteries and Byzantium Emperors: The Beginning of Modern Corporate Business Models and Strategies
Economic Relationships between Atonian Monasteries and Byzantium Emperors: The Beginning of Modern Corporate Business Models and Strategies
(Economic Relationships between Atonian Monasteries and Byzantium Emperors: The Beginning of Modern Corporate Business Models and Strategies)
- Author(s):Radostin Vazov
- Language:English
- Subject(s):History, Economy, Business Economy / Management, Economic history, Socio-Economic Research
- Page Range:206-216
- No. of Pages:11
- Keywords:Atonian Monasteries; corporate business model; strategies
- Summary/Abstract:This article provides an analysis of the connections between monasteries and Byzantium emperors during the existence of the Byzantine Empire. It specifically focuses on how institutions the monasteries on Mount Athos interacted with the imperial authorities. The study investigates the methods through which these relationships were formed and explores their influence on the environment of that era. Also, the article draws an analogy between the business model used by the Athonian monasteries and modern corporations and shows that it has not changed regardless of the different social systems that humanity has passed through in the last thousand years.
Should State-Owned Enterprises Pay Dividends?
Should State-Owned Enterprises Pay Dividends?
(Should State-Owned Enterprises Pay Dividends?)
- Author(s):Spartak Keremidchiev
- Language:English
- Subject(s):Social Sciences, Economy, National Economy, Business Economy / Management, Sociology, Evaluation research, Economic development, Public Finances
- Page Range:217-229
- No. of Pages:13
- Keywords:Dividend puzzle; state-owned enterprises; dividend policy; Bulgaria
- Summary/Abstract:The dividend puzzle for private corporations has a long-lasting history. Six theories provide to certain extent explanations of this puzzle. However, the dividend puzzle has not yet been discussed as an economic problem for state-owned enterprises (SOEs). Thе article addresses this issue. All well-known six theoretical concepts of the dividend puzzle are presented and their strengths and weaknesses are analysed. After that, the specific features of SOEs are brought out and the dividend puzzle for them is formulated. After presenting the experience of the dividend policy of SOEs, a confrontation with the theories is made. It is proved that only the theory of dividend payment preference is relevant to SOEs.
Robots as Subjects under Bulgarian Tax Law – Mission Im/Possible?
Robots as Subjects under Bulgarian Tax Law – Mission Im/Possible?
(Robots as Subjects under Bulgarian Tax Law – Mission Im/Possible?)
- Author(s):Stoycho Dulevski
- Language:English
- Subject(s):Politics / Political Sciences, Social Sciences, Economy, Business Economy / Management, Public Law, Sociology, Social development, Social Informatics, ICT Information and Communications Technologies
- Page Range:230-238
- No. of Pages:9
- Keywords:robots; subject of taxation; legal personality; Bulgarian tax law
- Summary/Abstract:The aim of the current paper is to examine theoretically the possibility robots to be treated as subjects under Bulgarian tax law. For this purpose, the author will outline the main hypotheses following the tax specifics of the legal personality. Taking into account the relevant provisions of the Bulgarian tax law acts, he will draw conclusion on the future tax treatment of robots.
Big Data, New Advanced Analysis Tools for Researchers: The Case Study of Forecasted Volatility of the Use ESG Bonds
Big Data, New Advanced Analysis Tools for Researchers: The Case Study of Forecasted Volatility of the Use ESG Bonds
(Big Data, New Advanced Analysis Tools for Researchers: The Case Study of Forecasted Volatility of the Use ESG Bonds)
- Author(s):Sarah Goldman, Virginia Zhelyazkova
- Language:English
- Subject(s):Social Sciences, Economy, Business Economy / Management, Sociology, Methodology and research technology, Social Informatics, ICT Information and Communications Technologies
- Page Range:239-251
- No. of Pages:13
- Keywords:Granularity; Big Data; Machine learning; Neuronal Network; ARMA-GARCH process
- Summary/Abstract:The aim of this work is twofold. Firstly, we search to clarify the notion of Big Data (BD) and demonstrate that the taxonomy constitutes one of the fundamental tools to portray the BD characteristics. Secondly, we have shown that the traditional analysis instruments are now relatively obsolete to integrate such outstanding amount of data; consequently, new advanced analysis tools are recommended. Based on a neural network approach, we have found that this methodology improves the forecasting results of high volatility assets compare to a basic GARCH model.
Defining the Green Agenda: International and European Insights into Green Industrial Policies
Defining the Green Agenda: International and European Insights into Green Industrial Policies
(Defining the Green Agenda: International and European Insights into Green Industrial Policies)
- Author(s):Elena Spasova
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Governance, Environmental and Energy policy, EU-Accession / EU-DEvelopment
- Page Range:252-273
- No. of Pages:22
- Keywords:industrial policy; green agenda; subsidies; green industries
- Summary/Abstract:This article explores the green political agenda's evolution, particularly its rise as a driving force behind green industrial policies since the 2000s. These policies have become instrumental for governments aiming to bolster their national businesses' competitive edge and international trade roles. The paper is structured in three main sections. The first section traces the evolution of the Green agenda from the 1970s to the present, highlighting its transformation in policy makers' eyes to an economic and strategic tool in the 2000s. It explores how green industrial policies emerged, influencing international trade dynamics and national economic strategies. The second section delves into the specific aims and instruments of these policies over the past decades. The third section provides an examination of green industrial policy measures enacted by the US, the EU, and China in recent years. The conclusion highlights challenges for European decision-makers in crafting effective green industrial measures and suggests areas for future discussion.
Conference Program
Conference Program
(Conference Program)
- Author(s):Not Specified Author
- Language:English
- Subject(s):Economy, Essay|Book Review |Scientific Life, Business Economy / Management, Scientific Life
- Page Range:274-278
- No. of Pages:4
