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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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The paper aims at summarizing the main trends and based on that to draw recommendations on the opportunities for the future development of Bulgarian international trade. It fi rstly discusses some of the main transformations and trends in the current global system of international economic relations which affect Bulgarian international trade. Then it summarizes the general trends in the dynamics of the country’s trade fl ows, assesses the economy’s openness and dependence on international trade and discusses the changes in the commodity structure of trade. To conclude the analysis an index of the terms of trade is calculated and Bulgaria’s results are compared to the results for EU-28. The paper ends with a summary of the main conclusions and recommendations.
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The aim of this report is to analyze and assess the post-crisis trends in Bulgaria’s foreign trade and to outline their impact on its improving competitiveness. The aim is achieved by analysis on the current account of the country resulting in the outline of the structural changes and the positive trends in the foreign trade, both in product and in geographic terms. Improving Bulgarian competitiveness is also confi rmed by the analysis of the country‘s positions in the World Economic Forum‘s Global Competitiveness Report. Based on it, the main competitive advantages and disadvantages of the Bulgarian economy are examined.
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In the dynamically changing modern world, work and employment call for a new approach on the behalf of the employers and society, as well as for rethinking of the meaning we put into the concept of job quality and job wellbeing. Competition for highly qualifi ed professionals on an European and on a global scale transforms working conditions into one of the key aspects that make an position attractive. It is also one of the key factors for developing and retaining talented professionals. The paper contains an analysis of data and guidelines for the development of the concept of working conditions in the Republic of Bulgaria as a model for improving workplaces and making them desired by Bulgarian citizens, by the Bulgarians emigrants abroad and by the foreigners seeking employment in the Bulgarian economy.
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Basic features of the digital age and their impact on human capital are presented. The paradigms of the contemporary business environment and the opposite perspectives on the future are summarized: fear – abundance. The analysis of the different opinions of the authors surveyed on digital literacy leads to the identifi cation of 5 key complementary perspectives. A model is presented by which organizations can evaluate their overall digital literacy status.
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A major feature of modern society is the enhanced process of globalization and international cooperation. These relationships are becoming increasingly complicated, which complication itself results in the need for better and more adequate management of the different types of resources in an economic system. This applies equally to human capital, especially to this human capital in transnational corporations. The article summarizes the basic tools and results of a study of evolution in the understanding and management of human capital in transnational corporations in the Persian Gulf, as well as the impact that cultural differences have on these processes.
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Thirty years ago, Bulgaria made a shift towards democratic development, but the social environment has the potential to strengthen or undermine the selected direction. The aim of the current work is to identify the state of Bulgarian political culture and entrepreneurial activity and make a forecast about their future development. The object of the study is Bulgaria since 1989. The focus are a selection of indicators, regarding the political culture and entrepreneurial activity. In order to achieve our goal we make review of the studies, regarding the topic and use quantitative data in order to evaluate the political culture and entrepreneurial activity. Among the sources are European values study, World values survey, Eurostat and Global Entrepreneurship Index.
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The report outlines the current characteristics and priorities of the management of sustainable development. Presented is an administrative regulatory framework for sustainable development. Defined are arguments on actual results of the implementation of the objectives of sustainable development in EU. An analysis of the priorities, policies and goals of the sustainable development of the Republic of Bulgaria has been made. Emphasis is placed on global insecurity, digitalisation and cybersecurity
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The author conducted an internal investigation in order to determine the level of maturity in regards to ILCM within the company. In parallel, an external investigation on selected companies’ best practices research was also initiated by the author in the area of ILCM. Various organizations in the power plant / energy industry and similar industries segments having product or business profi les similar to ALSTOM Thermal Power were researched and documented, including internet, own public information and selected company interviews. All of this work was complemented by an additional investigation of academia, scientifi c conferences and management literatures.
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Labor plays an important role in the functioning of the economy and its cost has economic and social dimensions. From the point of view of the enterprises, the labor cost is an expense (labor cost), and in terms of employees – employee income (salary). In this report, with the help of the structural and dynamic analysis, the level and the variation of the labor and wage costs, the comparisons in different cuts and the conclusions and proposals are formulated.
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The development and maintenance of applicable business models in rural areas requires support at different levels of government. The implementation of the EU’s Common agricultural policy (CAP) measures in the rural areas creates the conditions for increasing the added value achieved through a number of initiatives, including through the concept of “smart villages”. The purpose of this article is to identify successful business models in rural areas of Bulgaria on the basis of an assessment of the local environment and in line with the CAP priorities. The article defi nes the concepts of “business model” and “rural entrepreneurship”, an analytical methodology assesses the business environment in several rural areas in Bulgaria.
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In today’s globalized world, the world economy is booming. Human needs are being met more and more and the role of companies in society is growing, which unfortunately is accompanied by negative effects on the environment. In order for this role to be properly assessed, it is necessary to improve the reporting of the companies. As a result, the paradigm regarding the reporting of economic activities is changing. Integrated reporting is introduced, which includes both fi nancial and non-fi nancial indicators (social and environmental).This paper aims to explore the essence and importance of integrated reporting as one of the conditions for sustainable growth and development of enterprises. The main thesis is that, at the present stage of economic development, the presentation of non-fi nancial information is one of the main factors for enhancing the competitiveness of each enterprise.
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Investment and changing attitudes towards cultural tourism which has grown increasingly high in demand among the various types of special interest tourism make of it a popular choice among Bulgarian and international tourists. In the era of social networks, the possibility for on-line exchange of comments and opinions has changed forever the way cultural tourism is managed and communicated. This type of special interest tourism requires a particular attention to special events, attractions, and modern animation. This paper deals with how our country’s chances as a promising cultural tourism destination can be enhanced at the background of the new trends in event management. It analyzes some good practices related to notorious special events and attractions and making many successful destinations recognizable.
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Seasonality is analyzed as the main element of the most mass tourism types. Events are defi ned as an essential part of the tourist development of destinations, a factor for attracting visitors, promoting investment, improving the image and revitalizing the local economy. The effect of this development can be twofold: on the one hand, by identifying and discussing the main concept of events, it will contribute to the enrichment of scientifi c knowledge in the fi eld with potential for future research work. On the other hand, it can be benefi cial to destination managers as it will offer a better understanding of the importance of conducting unique events for the formation of destination image, seasonal decline, and the development of a sustainable economy based on tourism.
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Along with the economic benefi ts of urban tourism development, such as creating new business opportunities, providing employment to the local residents, and generating revenue, there are a number of unfavorable consequences of overtourism to some destinations at the same time. In particular, this involves the destruction of cultural heritage, environmental pollution, deterioration the quality of life and, in general, a lower quality supply of tourist services, which have a signifi cant impact on tourists‘ experiences. The decision of these questions is on the one hand within the scope of local tourism management and concerns the behavior of tourists, on the other hand.
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With the development of global hotel services markets as well as the general trends of the transnationalization of the economy lead to the expansion of international hotel chains. Hotel chains contribute to raising the level of organization of production and tourism services, creating a certain image of hotel services.Their impact on the market is strong and competitive. They are entering new tourist destinations and their network is constantly growing. This trend will continue in the future as well as strong competition between them for markets and offering innovative services.
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Polecamy książkę, która jest jak bardzo dobra multiwitamina. Dostarcza kompleksowego wsparcia osobom, które chcą poznać świat finansów i funkcjonować w tym świecie, a zatem jest wsparciem dla szerokiego grona czytelników. Kompleksowość wiąże się z szerokim spektrum poruszanych zagadnień: od finansów osobistych po finanse międzynarodowe, od finansów publicznych po finanse przedsiębiorstw, od prostych instrumentów finansowych, jak czek, po te notowane na giełdach papierów wartościowych. Co ważne, zagadnienia te przedstawiono w świetnie przyswajalnej pigułce. Przyswajalność tej pigułki wynika z formy i języka przekazu. Czytelnik znajdzie tu przejrzyste definicje i liczne przykłady oraz ilustracje. Znajdzie też zadania, które umożliwią mu weryfikację zdobytej wiedzy. Choć podręcznik był tworzony z myślą o młodzieży przygotowującej się do Ogólnopolskiej Olimpiady Wiedzy o Finansach „Finansomania”, z pewnością będzie też wsparciem dla wielu innych czytelników i poszerzy grono finansomaniaków.
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The actions of socially responsible banks were implemented on a large scale before the outbreak of the COVID-19 pandemic and concerned such areas as environmental and climate protection, financial education, health protection, employee volunteering, patronage of culture and arts, and supporting non-governmental organizations. However, after the outbreak of the pandemic, these actions have focused in particular on the priorities and challenges of the pandemic time. The aim of the chapter is to analyze social projects implemented by banks in Poland in 2020, i.e. the year of the outbreak of the pandemic. The chapter presents the idea of corporate social responsibility on the basis of banks from the theoretical point of view. Then, in connection with the COVID-19 pandemic and the 2020+ coronavirus crisis, the focus was on describing the impact of this crisis on the situation in the banking sector in Poland, which was the background to present social activities of the largest banks in Poland related to mitigating the effects of the pandemic for various groups of stakeholders. From the presented analysis of social activities, it can be concluded that they were multidirectional and concerned bank customers, including seniors, bank employees in the field of remote work support, health and their families, remote education, scholarship programs, IT education and cybersecurity, as well as those affected by the crisis health service.
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The report examines the specifics of modern inflation in the context of the paradigm shift for economic growth. The characteristics of modern inflation after the pandemic crisis and its factor conditioning in the conditions of revival of economic activity, increased aggregate demand and increase in international commodity market prices in connection with market segmentation and difficulties in global value chains are formulated. The analysis reveals the essence and characteristics of modern inflation as a multifactorial phenomenon that determines the choice of policies and the difficulties in achieving synergy between them. The typology of the types of inflation is substantiated, and their specifics are considered sequentially. There is a focus on green inflation and wage gap inflation, the rise of which is debated as to the effect on inflation. Conclusions are systematized about the relationship between modern inflation and economic security as a factor determining the sustainability of inflation, and problems and perspectives in the European context are outlined.
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Sustainable finance as a key area continues to gain momentum as governments and corporate issuers pay increasing attention to environmental, social and governance factors, and investors, regulators and other stakeholders encourage more robust ESG practices. Interest in sustainable finance accelerated in 2020, with the COVID-19 pandemic highlighting the need for funds to help economies, businesses and people recover in a responsible way that addresses environmental and social challenges. The report is structured in three parts: a literature review exploring the success factors, benefits and challenges of issuing green bonds as identified by researchers in different countries; then we use the methodological potential of the analyzed area to formulate expert research; and we summarize the results of the study and suggestions for its further development. The results show that the issuer’s reputation, good credit rating and environmental, social and governance performance are key considerations for the success of issuing green bonds. The main benefits of green bonds are that they carry low investment risk with the ability to raise large investment amounts while providing quantifiable visible benefits. While the challenges related to the issuance of green bonds include greenwashing, the questionable role of the green bond market in environmental protection, and insufficient financial and economic benefits of issuance.
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