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"Лошите кредити": институционални и финансови аспекти, 1994

Author(s): Christina Vutcheva / Language(s): Bulgarian

Since the beginning of 1991 Bulgaria has been living through a period of transition from centralized totalitarian control to free market economy. Year 1990 can be said to mark the political liberation of the people with the adoption of the new Constitution. The economic liberalization, however, is a reality yet to be brought to life since private ownership is not prevalent in the economy. The prime aim of the transition is to substitute an absurd and inefficient economic system for a new one to rely on the free initiative, private ownership and competition.

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A Force for Good? Mapping the Private Security Landscape in Southeast Europe

Author(s): Arjan Dyrmishi,Rositsa Dzhekova,Donika Emini,Gentiola Madhi,Marko Milošević,Predrag Petrović,Atanas Rusev,Mentor Vrajolli / Language(s): English

The volume explores and assesses the origins and current state of the private security sector in four Southeast European countries (Bulgaria, Serbia, Albania and Kosovo), with specific reference to principles of good governance and the protection of human rights. In particular, the authors examine when and how the first private security companies developed and whether and how PSCs, their clients, and other factors such as relevant legislation determined the services private security offer today, and which companies were established/have survived in the market. The studies look into the economic importance of private security especially as a source of employment. They also explore if PSCs are able to provide quality security services by looking at the background and qualifications of managers and employees. A number of important questions are addressed: who are the people who work for PSCs, what is their level of expertise and professionalism and what are their working conditions? How important are (political) relationships for the success of a PSC and do domestic political considerations have an impact on which PSC receives contracts and how well they work? How is quality defined and enforced by both PSCs and their clients, especially public sector clients? Finally, do PSCs and state security providers coordinate, cooperate or compete with each other?

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American Investment In Bulgaria, December 1994

Author(s): Daniela Bobeva / Language(s): English

From 1990 until the end of September 1994, sixty-nine investments of declared American origin were registered at the Ministry of Finance. Forty-three of them were made in Bulgarian Leva. The total volume of American investment is 18,662,000 USD, or 6.5% of the total foreign investment inflow to Bulgaria (in comparison, Germany invested 177,305,000 USD). The United States place fifth in terms of invested capital in Bulgaria.

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American-Bulgarian Economic Cooperation Forum: Expanding Investment and Trade - How Can Institutions Help?

Author(s): Stephan Kyutchukov,Daniela Bobeva,Svilen Parvulov,Stephan Hadjitodorov,Valeri Kostov / Language(s): English

The collection of papers presents recommendations to be considered by governmental and non-governmental organizations to improve their coordination and effectiveness in trade and investment promotion activities. The papers were presented at a forum, that brought together approximately 30 representatives of American and Bulgarian institutions involved in promoting bilateral trade and investment. It was organized at the initiative of the Bulgarian Ambassador to the United States — Mrs Snezhana Botousharova - with support from the Open Society Fund. The objective was two-fold: - to identify those factors that currently constrain American investment in Bulgaria and hinder trade expansion; and, - to define a framework of actions to be undertaken by the Bulgarian and American institutions to promote expanded bilateral economic cooperation.

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Analysis of the Postprivatization Behavior of Enterprises in Bulgaria in the Period 1992-1994

Author(s): Author Not Specified / Language(s): English

Two years after the adoption of the Privatization Law(1992), even if slowly, privatization in Bulgaria has made considerable progress. It is the only transition country wich implements only market (capital) privatisation. Bulgaria is a middle-income country, which poses a serious barrier to capital privatization. Of course, experience (Chile, for instance) has shown that a successful capital privatization is possible in such countries as well.

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Article on Undeclared Work from SYSDEM Correspondent: Bulgaria

Author(s): Pobeda Loukanova,Tihomir Bezlov / Language(s): English

The Article, published in May 2007 by the European Employment Observatory, debates on undeclared employment and the grey economy in Bulgaria. The authors, Tihomir Bezlov, Senior Researcher at the Center for the Study of Democracy and Pobeda Loukanova, Senior Researcher at Institute of Economy at the Bulgarian Academy of Sciences, argue that the absorption of the Structural Funds demands proper tax behaviour of companies and transparent management. This defies the interests of the correct taxpayers to those evading taxes. It was the businessmen from the first group who launched a campaign against the shadowy sector with the traditional involvement of the professional unions. The high social security contributions are constantly the focus of debates organised by the professional unions. The Government on its part has serious political problems instigated by the grey sector expansion thus reducing the means for social expenditures. These more important reasons induce the 2007 campaign for rethinking the recently applied approaches for limiting the grey economy in Bulgaria.

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Background Analysis on the Spread and Trends of Hidden Economy in Macedonia

Author(s): Ana Mickovska-Raleva,Emil Shurkov / Language(s): English

Blamed for many of the country’s problems, but at the same time under-researched and ineptly understood, the hidden economy phenomenon has, for many years, been insufficiently tackled by Macedonian academic and political elites. During the past few years, a renewed interest in the topic has led towards its more systematic treatment by institutions, but still largely based on approximations, lack of coordination between institutions and under-evaluation of policy measures. This treatment of the problem opens the floor to many speculations regarding the effectiveness of policies and their actual impact on reducing the size of hidden economy. The analysis, prepared by the Center for the Study of Democracy and the Center for Research and Policy Making (CRPM), involves a review of existing reports and data on the hidden economy in Macedonia as well as the available international sources. It reviews the current policy initiatives and whether these have been evaluated, as well as any planned future initiatives. The document aims to address some of the key issues through representing cross-section of existing data on the hidden economy in Macedonia and relevant policies, with the intention to review and summarize the knowledge-base on the issue and provide recommendations for better tackling the problem.

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Bad Credits: Financial and Institutional Aspects

Author(s): Christina Vutcheva / Language(s): English

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Bansko Municipal Privatization Investment Fund: Rules for Organization and Activities

Author(s): Daniela Bobeva,D. Batchvarov / Language(s): English

The municipal privatization Fund is being established pursuant to the provisions of Article 6, par. 2 (3) of the Law on Privatization and Transformation of State and Municipally Owned Property. According to this section, "the remainder (from the total revenues from the privatization of municipal enterprises, entering a separate account to the respective municipal budget, as set forth in Article 6, par. 2 of the same law) amounting to 88 percent shall be set aside in a special Fund under the discretionary authority of the municipal council, and the funds shall be used in order of priority to cover uncollected debts incurred by municipal enterprises, including payment against loans extended for pending construction projects, as well as for investment purposes.

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Brain Drain from Central and Eastern Europe, April 1997

Author(s): Constantin Ciutacu,Ion Glodeanu,Oscar Hoffman,Ioan Mărginean / Language(s): English

The project was carried out by research teams from the following transition countries: Bulgaria, Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland, Romania, Slovenia and Slovakia. Initially, Albania was included in the project, but the project coordinator left Albania and the contract could not start. Many difficulties were encountered in carrying out an international cross-country analysis on migration issues. Although the countries included had quite similar backgrounds during the socialist period, they are now different. Migration as a phenomenon has a different economic, historical, cultural and ethnic background in each of those countries. In addition, the researchers involved in the project had varying scientific backgrounds: sociologists, geographers, economists, etc. Therefore, a common research approach and methodology was quite difficult to achieve. The other difficulty of the project was due to the fact that some of the contractors were given different tasks according to their technical expertise. The difficulties were increased by the fact that, in some countries, more than one institute was involved in the project. Fortunately, all these complications were overcome, thanks to the efforts and good will of all participants.

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'Brain Drain' in Transition of Science

Author(s): Daniela Bobeva / Language(s): English

The paper analysis the reasons why Bulgaria is one of the specific cases of science development and 'Brain Drain'. Bulgaria is one of the countries with the largest share of unemployed with higher education - 17% of all unemployed. The unemployment promotes the emigration attidues among scientist. The data indicates that the Bulgarian science personnel is ageing. Less and less young people work in the research institutions. Special measures are needed in this respect on the part of the government for encouraging young people. Before the reforms Bulgaria used to have a highest standard by the indicator "employed in science per capita".

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Bulgaria: Summing Up Privatization, April 1996

Author(s): Maria Prohaska / Language(s): English

The 1993-1995 period saw the first steps of privatization, the establishment and development of its institutional foundations and in 1995, the phasing-in of actual privatization. Over 24,000 entities had been privatized by December 31, 1995. Most units (about 22,000 shops, restaurants, hotels, warehouses, small production enterprises, etc.) passed into private hands through restitution. The specific nature of the recent development of Bulgaria's private sector is determined largely by this restoration of ownership rights to small urban properties. Restitution helped create favorable conditions for the establishment of a real estate market and for the promotion of entrepreneurship, mainly in trade and services. However, there are still many unsettled restitution claims, as well as some unresolved problems concerning how some former owners may be indemnified by giving them the opportunity to participate in other forms of privatization.

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Bulgarian financial markets during 1991 - 1992. Institutional mechanisms, role and results of monetary policy

Author(s): Nikolay Gueorgiev,Nikolay Gospodinov / Language(s): English

The radical transformation of the nation's economic system requires that a new financial system facilitating the functioning of today's market economy to the utmost degree should be created. The consolidation of the banking system through the enlargement of existing commercial banks aiming at a higher degree of their stability is now under way.

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Bulgarian Fiscal Policy in the Stabilization Program

Author(s): Nikolai Gulubov / Language(s): English

The first changes (after the most important political change on November 10, 1989) toward a pluralistic society and market economy appeared in 1990. In that year for the first time Bulgaria began its fiscal year (which coincided with the calendar year) without a budget prepared and approved by Parliament - due to the complicated economic and political situation. In 1990 alone. Parliament voted the state budget twice (the second budget was an updated version of the earlier one and its basic indicators were even worse). The actual implementation, in turn, was a less successful version of the second budget. This tradition was followed throughout 1991 and will obviously prevail as well in 1992.

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BULGARIAN SMALL AND MEDIUM-SIZED ENTERPRISES AND THEIR PARTICIPATION IN THE ABSORPTION OF THE STRUCTURAL FUNDS OF THE EUROPEAN UNION

Author(s): Author Not Specified / Language(s): English

After Bulgaria joins the EU in 2007 the country will receive access to the Structural Funds (SF) and the Cohesion Fund of the European Union (EU), which are the main instruments for reducing the economic and social disparities within the Union. The effective management of these proceeds entails good knowledge of the EU Funds’ requirements and thorough preparation at national, regional and local levels both by the public and private sectors, including the small and medium-sized enterprises (SMEs). In 2000 in Lisbon, the European Commission and the EU Member States agreed upon the ambitious goal that by 2010 the European Union would have to become the most dynamic knowledge-based economy in the world . The instruments and mechanisms to achieve this goal have been outlined in the Lisbon Strategy of the EU. In 2005, an interim review on the progress of the Lisbon Strategy was done, based on which it was concluded that the Union was falling behind in some of its basic parameters, and that the gap between the EU and the leading innovative world economies of the United States and Japan was broadening.

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Consumer market for laundry detergents, April 2003

Author(s): Author Not Specified / Language(s): English

A marketing research study was conducted in the end of April 2003 to explore and evaluate the market for the different brands of washing powder in Bulgaria. The survey was representative of the country's adult population. The size of the multi-stage cluster sample was N=1077 respondents from across the country. Information was collected by the method of the face-to-face interview at respondents' homes.

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Corporate Governance and Control in Bulgaria. Summary Report

Author(s): Author Not Specified / Language(s): English

This report is aiming at presenting the state and specific problems of corporate governance and control in Bulgaria. It has been elaborated as part of the project "Corporate Governance Initiative in Bulgaria" with the financial support of the Center for International Private Enterprise, an affiliate of the U.S. Chamber of Commerce. The project is mainly targeted at facilitating the introduction of contemporary standards of corporate governance and procedures that are to guarantee responsibility and accountability, transparency in the economy and control mechanisms within companies. The report has been drawn on the basis of data from sociological surveys (carried out by Vitosha Research Agency for the Center for Economic Development) as well as publications of international organizations and specialized editions. The conclusions for Bulgaria presented in the report are based on the information from a qualitative sociological survey on the corporate governance problems. The survey was carried out in late January 1999 using the discussions-in-focus-groups method. Participating in the discussions were representatives of branch ministries, the Privatization Agency, Center for Mass Privatization, Securities and Stock Exchanges Commission, Bulgarian Stock Exchange - Sofia, managers of enterprises and investment companies, investment intermediaries, investors. organizations, individual shareholders, journalists.

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Corporate Governance Assessment Report: 2000

Author(s): Author Not Specified / Language(s): English

The present report has the objective to provide an overview of the general framework and particular dimensions of the corporate governance in Bulgaria. It is published for the first time and the authors intend to continue its publication on an annual basis. In its present form, the study contains information thus far unavailable to the professional community and the media. The evaluations and analyses herein are the first attempt to outline the achievements and the problems in the field of corporate governance in Bulgaria in the years of transition. The authors of the report thus aim to encourage a wider discussion on the subject and that, as a result, practical improvement action will be undertaken.

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Corporate Governance Guidelines

Author(s): Author Not Specified / Language(s): English

The present action plan contains practical measures and proposals for the improvement of the corporate governance in Bulgaria. It was prepared by the expert group, working on projects within the Corporate Governance Initiative in Bulgaria. A substantial part of the proposals were induced by the results and analyses presented in the Corporate Governance Assessment Report:2000, other expert opinions have also been used for the regulatory changes and improvement of the practice in that aspect. The practical steps are grouped in the following problematic fields, in which the attention of the professional community should be focused in order the corporate governance in Bulgaria to improve considerably and get closer to the global standards.

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Corporate Governance Initiative for Bulgaria - Action Plan

Author(s): Author Not Specified / Language(s): English

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Series:CSD Economy Papers