Dynamics of the Financial Wealth of the Institutional Sectors in Bulgaria: Empirical Studies of the Post-Communist Period

The question of who benefits and who loses from the transition, the channels and mechanisms of redistribution of wealth in the post-communist period, and the relation between redistribution and monetary regime are, in our opinion, fundamental in understanding theoretically the deep systemic changes in Eastern Europe. This article has two basic tasks ñ one empirical and one theoretical. Our empirical task is to analyse the dynamics of the financial wealth of the institutional sectors in Bulgaria in the period 1998-2005 and to identify the major net creditors and net debtors. The empirical data used for the purpose are based on adapted methodology for the financial account of the Bulgarian economy according to the requirements of the System of National Accounts (SNA). Econometric simulations have been carried out of the major factors conditioning the change in the sectoral financial wealth. The empirical investigations are given in Part 3. Our theoretical task is to prove the hypothesis (which is to a large extent supported by the empirical results) about the functional relationship between the dynamics of redistribution and the change in monetary regime. This is presented in Part 2 and is discussed in Part 4.http://deepblue.lib.umich.edu/bitstream/2027.42/57244/1/wp864 .pd

Dynamics of the Financial Wealth of the Institutional Sectors in Bulgaria: Empirical Studies of the Post-Communist Period

The question of who benefits and who loses from the transition, the channels and mechanisms of redistribution of wealth in the post-communist period, and the relation between redistribution and monetary regime are, in our opinion, fundamental in understanding theoretically the deep systemic changes in Eastern Europe. This article has two basic tasks – one empirical and one theoretical. Our empirical task is to analyse the dynamics of the financial wealth of the institutional sectors in Bulgaria in the period 1998-2005 and to identify the major net creditors and net debtors. The empirical data used for the purpose are based on adapted methodology for the financial account of the Bulgarian economy according to the requirements of the System of National Accounts (SNA). Econometric simulations have been carried out of the major factors conditioning the change in the sectoral financial wealth. The empirical investigations are given in Part 3. Our theoretical task is to prove the hypothesis (which is to a large extent supported by the empirical results) about the functional relationship between the dynamics of redistribution and the change in monetary regime. This is presented in Part 2 and is discussed in Part 4.redistribution, financial wealth, financial account, Bulgaria

The Evolution of Bulgarian Banks' Efficiency During the Twenties: A Dea Approach

This paper studies the dynamics of the bank efficiency in Bulgaria in the years 1923 and 1928. In the course of research several interdependencies were detected, related mainly to the reaction of different types of banks to the financial crisis and the financial stabilization. Official bank balance sheets were used as well as the profit and loss statements of 50 Bulgarian credit institutions. After their classification into subgroups different variations of DEA (data envelopment analysis), in particular the intermediation approach, were applied to the banks’ financial positions. The DEA overcomes several deficiencies in the traditional accounting measurement of bank efficiency, which has made it very popular in latest literature. To our knowledge this method has not been applied so far to historical data.Bulgarian monetary history; Banking system; Âanking efficiency; DEA modelling.

Effects of Coronavirus Pandemic on the Economic Performance of Bulgaria and the EU

The study examines the negative effects of the coronavirus pandemic, came in 2020, on the economic development of European Union countries, including Bulgaria. The negative impact on the economic performance of the European countries is investigated by analyzing the dynamics of several indicators, such as economic growth, unemployment, production in manufacturing, construction production, retail sales. The results of the analyses showed that the countries, registered the largest total number of coronavirus cases were the most negatively affected in terms of economic growth rates, unemployment, and manufacturing production. In addition, the coronavirus pandemic had stronger negative effects on the economic performance of the European countries than the international financial crisis in 2008-2009. The reason for the stronger negative effect of the health crisis on the economic development of the countries compared to the financial crisis in 2008 is its comprehensiveness and the impact on almost all sectors of the economy, and not only the impact on the financial sector

Optimisation of Mobile Communication Networks - OMCO NET

The mini conference “Optimisation of Mobile Communication Networks” focuses on advanced methods for search and optimisation applied to wireless communication networks. It is sponsored by Research & Enterprise Fund Southampton Solent University. The conference strives to widen knowledge on advanced search methods capable of optimisation of wireless communications networks. The aim is to provide a forum for exchange of recent knowledge, new ideas and trends in this progressive and challenging area. The conference will popularise new successful approaches on resolving hard tasks such as minimisation of transmit power, cooperative and optimal routing

MEASURING THE FINANCIAL WEALTH OF THE ECONOMIC AGENTS IN THE BULGARIAN ECONOMY

The measurement of the financial wealth is very important especially in countries, whichhas significant external imbalances like Bulgaria. The change in the financial position of institutional sectors could point out the reasons for the external imbalances and could reveal which sector contributes to it. The paper investigates the change in the financial position or so called net lending/net borrowing of different institutional sectors in the Bulgarian economy. Their behaviour in respect to different financial assets is also pointed out. The change in the financial wealth of institutional sectors and the structure of the financial wealth is analysed my means of the financial flow of funds account which is a part of the System of National Accounts

Dynamics of the Financial Wealth of the Institutional Sectors in Bulgaria for the Period 1990 – 2005

The transitional period is always connected to redistribution processes and change in the financial wealth of the economic agents. The examination of the redistribution of wealth and its dynamics is important related to the possibilities for a more complete study and rationalization of the changes that occurred in the economy. In this connection the dynamics of financial wealth of the institutional sectors in Bulgaria for the period 1990 – 2005 is assessed and analyzed. The main net creditors and debtors to the economy are differentiated and their behavior before and after the change of the monetary regime is examined. Econometric simulations are made on the main factors that determine the shift in the sector financial wealth. In the progress of the expose grounded is the hypothesis (which to a great extent is confirmed by the empirical results) for a functional relation between the dynamics of redistribution and the change of the monetary regime.

Ефективност на българската банкова система през двайсетте години на XX век: приложение на метода DEA

Изследването анализира динамиката на банковата ефективност в България през 1923 и 1928 г. Идентифицирани са няколко взаимовръзки по отношение на реакцията на различните видове банки на финансовата криза и финансовата стабилизация. За целите на изследването са използвани официално публикуваните баланси и "Печалба-загуба" на 50 български кредитни институции. Приложени са различни вариации на подхода DEA (data envelopment analysis), след като е направена групировка на кредитни институции по определени критерии. Приложен е т.нар. подход на посредничеството по отношение на финансовата позиция на банковите институции. Методът DEA позволява да се преодолеят няколко недостатъка на традиционните счетоводни показатели за банкова ефективност, което го налага все повече в съвременните изследвания. Доколкото ни е известно,този метод не е бил прилаган до настоящия момент за исторически данни. Резултатите от изследването показват, че се наблюдава "изравняване" на ефективността в края на 20-те години, в сравнение с началната дата на анализ (1923 г.), което говори за по-високата конкуренция в края на 20-те години. Въпреки това, БНБ е една от най-ефективните банки, тя почти винаги е на границата на ефективност, което в определен смисъл е илюстрация за нарушенията на принципите на свободна конкуренция.парична история; банкова система; банкова ефективност; подход DEA

Efficiency of the Bulgarian Banking System: Traditional Approach and Data Envelopment Analysis

The paper traces the trends in the development of the Bulgarian banking system focusing on the dynamics of bank efficiency. Although the financial crisis in 1996-1997 and the following shift in monetary regime (introduction of Currency Board Arrangement) exerted significant influence on the development of banking sector characteristics, the study covers only the period of 1999-2006 because of the lack of consistent available data prior 1999. During the analysed period the impact on the bank efficiency of the following factors is studied: change in property, penetration of the foreign commercial banks on the local banking market, competition, structure of bank assets and liabilities, central bank policy in respect to credit activity, etc. The limits of the traditional accounting approaches to bank efficiency evaluation are discussed, as well as the implementation of non-parametric methods, in particular Data Envelopment Analysis (DEA). Different specifications of DEA like intermediation and operating approaches were applied to separate groups and sub-groups. The results show that: firstly, the foreign banks perform better than domestic and state-owned banks because of the technological and managerial improvements; and secondly, the large banks are more efficient than the small banks due to decreasing operating costs and scale economies.DEA; bank efficiency; Bulgarian banking system; foreign banks