Bulgaria's evolving legal framework for private sector development

Bulgaria is in the midst of a historic transformation from a planned to a market economy. The Bulgarian government is working steadily to create a legal framework in which the private sector can develop. The authors describe the current legal framework in Bulgaria in the areas of constitutional, real property, intellectual property, company, foreign investment, bankruptcy, contract, and antimology law. These areas of law define property rights, the means for exchanging property rights, and the rules for competitive market behavior - the bedrock of a legal system for a market economy. But the administrative and judicial machinery for implementing these laws is slower to develop. Laws by themselves are only paper; the legal framework comes to life only when legal and administrative institutions can enforce the laws and readily resolve the disputes they inevitably spur, and only when the public accepts that the laws are binding. Moreover, the laws by necessity provide only a general framework. Their content must be filled by more detailed regualtions and practice in individual cases, a process that takes time. The challenge of legal development is as immense as that of economic reform, and the two are inexorably intertwined.Municipal Housing and Land,Municipal Financial Management,National Governance,Environmental Economics&Policies,Banks&Banking Reform

Romania's evolving legal framework for private sector development

As the economies of Central and Eastern Europe move from central planning and state ownership to market-driven development of private sector activity, they are undertaking comprehensive change in the"rules of the game", the legal framework for economic activity. The authors analyze the evolving legal framework for private sector development in Romania. The government has worked intensively in the last two years to create a legal framework for a market economy. It has adopted not only a new constitution but also extensive new legislation covering real and intellectual property, companies, and foreign investment. It has revived the pre-war civil code as a basis for contract law, and is moving to modernize its bankruptcy code. The only area surveyed in which little legal reform has occurred is antimonopoly law. Challenges remain in both law and practice. The broad principles of private ownership, free market exchange, and equal treatment of public and private firms are well recognized and have been largely achieved. But a tendency towards centralized, bureaucratic control remains in excessive requirements for approval and uneconomic limits on certain activities. Moreover, implementation will take a long time because there is little or no institutional framework for enforcement and dispute resolution. Developing a body of regulation and case practice will take time.Environmental Economics&Policies,National Governance,Legal Products,Banks&Banking Reform,Real&Intellectual Property Law

The legal framework for private sector development in a transitional economy : the case of Poland

The economies of Central and Eastern Europe are in the midst of a historic transition from central planning and state ownership to development of a market-driven private sector. This transition requires comprehensive changes in"rules of the game"- including the legal framework for economic activity. A market economy presupposes a set of property rights and a system of laws or customs that allow the exchange of those rights. The legal framework in a market economy has at least three basic functions: defining the universe of property rights; setting the rules for entry into and exit from productive activities; and setting the rules of market exchange. These legal tasks are accomplished by areas of law such as: company, foreign investment, bankruptcy, contract and competition law. Poland has a rich legal tradition dating from pre-socialist times, which was suppressed but not eliminated during its forty years of socialism. This tradition is being revised as the country moves toward a private market economy. The current legal framework in Poland closely follows other continental jurisdictions and has a clear and reasonable internal logic. Many of the laws are old, but most are flexible enough to permit a wide range of modern, market-oriented activity. Property law, however, remains a"jungle". The wide discretion and general lack of precedent create tremendous legal uncertainty that is sure to hamper private sector development.Environmental Economics&Policies,Banks&Banking Reform,Municipal Housing and Land,Legal Products,Land and Real Estate Development

Effects of System’s Limitations on the Accuracy of Measured Ultrasonic Correlated Signal

Within a highly attenuating material, it is often difficult to identify relevant target signals due to the system’s white noise that is elevated by high gains on a conventional ultrasonic system. Ultrasonic pulse compression technique resolves such problem. The ultrasonic pulse compression technique permits an ultrasonic system to operate with long transmitted pulses for an increased detection range, but without sacrificing the depth resolution by signal correlation. Moreover, the time integral involved in the cross-correlation further suppresses the system’s white noise, and hence it produces an improved signal-to-noise ratio (SNR)

The B_s and D_s decay constants in 3 flavor lattice QCD

Capitalizing on recent advances in lattice QCD, we present a calculation of the leptonic decay constants f_{B_s} and f_{D_s} that includes effects of one strange sea quark and two light sea quarks. The discretization errors of improved staggered fermion actions are small enough to simulate with 3 dynamical flavors on lattices with spacings around 0.1 fm using present computer resources. By shedding the quenched approximation and the associated lattice scale ambiguity, lattice QCD greatly increases its predictive power. NRQCD is used to simulate heavy quarks with masses between 1.5 m_c and m_b. We arrive at the following results: f_{B_s} = 260 \pm 7 \pm 26 \pm 8 \pm 5 MeV and f_{D_s} = 290 \pm 20 \pm 29 \pm 29 \pm 6 MeV. The first quoted error is the statistical uncertainty, and the rest estimate the sizes of higher order terms neglected in this calculation. All of these uncertainties are systematically improvable by including another order in the weak coupling expansion, the nonrelativistic expansion, or the Symanzik improvement program.Comment: 4 page

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