Monetary Research Center

Monetary and financial economics

ФИНАНСОВОТО БОГАТСТВО УСЛОВИЯТА НА ПАРИЧНИЯ СЪВЕТ В БЪЛГАРИЯ

Преходът от централно-планова към пазарна икономика води до съществени преразпределителни процеси поради необходимостта да се извършат редица реформи, свързани със смяна на собствеността, либерализиране на пазара, структурни промени, създаване на институции, определени пазарни правила и утвърждаването на законодателни норми, за които няма ясно и точно предписание как да се извършат и да се осъществят във времето. Продължителността на преходния период зависи от склонността и готовността на икономическите агенти да променят своето икономическо мислене, свързано с протичащите процеси в икономиката, да се превърнат в пазарни субекти с рационално поведение, максимизиращи полезността от едно или друго свое решение. Процесът на прехода се характеризира с макроикономически дисбаланси и неравновесия, които неизменно водят до преразпределение на богатството в икономиката.

ISBN: 978-619-90797-4-4

 
IFRS for SMES and the internationalization of SMES: reality or a myth? A discussion about the Moroccan case
by CHAIK Saif Eddine and REDA Oujgha | Tuesday, April 09, 2019
The interest in small and medium-sized enterprises (SMEs) has become a global phenomenon (Torrès, 1999). Today, they represent a key source of economic growth, international dynamism and flexibility for both advanced industrialized countries (OECD, 2007) and developing economies (Todd and Javalgi, 2007). Otherwise, Accounting is one of the key factors that help the SMEs get a better view of its situation and develop a better decisional reaction. As therefore, this paper intends to analyze and discuss exhaustively the standard IFRS of SMEs published in 2009 and applied in more than 80 countries at the moment and its use, benefits and danger if being adopted by SMEs generally and specifically studying the opportunities that can provide to the internationalization process of certain exportation Moroccan SMEs, if it exists.
WP Macroprudential and Monetary Policies: The Need to Dance the Tango in Harmony

The Great Recession during the late 2000s and early 2010s has led to a strength- ening of macroprudential policies over the world in order to address systemic risk concerns. However, the effectiveness of those measures remains unclear. The ex- isting literature fails to demonstrate clearly that macroprudential policies address effectively financial vulnerabilities. Moreover, the impact of these policies is often assessed regardless of the monetary policy stance, which is another main determi- nant of financial stability.   This empirical paper aims to fill this gap by at least   two  ways.   Based on a sample of 37 countries covering the period from 2000Q1   to 2014Q4, we first propose to re-evaluate the effectiveness of the macropruden- tial policies to limit excessive credit growth by considering different measures accounting for the macroprudential policy stance. Second,  we  also test whether  the impact of prudential policies is strengthened by the monetary policy stance, measured through the Taylor gap. Our results indicate that changes in macropru- dential policies effectively reduce the credit growth, but there is a transmission delay approximately of one year to be effective. Interestingly, this delay fell to one quarter when macroprudential and monetary policies move in the same direction simultaneously which is a new finding.

 
Monetary federalism as а concept and its еmpirical underpinnings in Argentina’s monetary history
by THERET Bruno | Friday, March 29, 2019
This chapter develops the concept of monetary federalism by drawing from both theory and history. The theory is relative to the concept of federalism in philosophical and political thought, while history mainly concerns monetary experiments in Argentina. The chapter is divided into three sections. First section presents the general principles and several historical underpinnings of the application of federalism to monetary systems. Second section presents one of the clearest historical manifestations of monetary federalism, namely the recurrent waves of issuances of provincial fiscal complementary currencies (CC) in Argentina between 1890 and 2003. The third section looks at why this country has exhibited a such noteworthy case of monetary federalism, even if it is a repressed one. In conclusion, we suggest an « argentinian » scenario of monetary federalism for the eurozone that would allow to come through the European Union monetary crisis without falling into the deadlocks of either present generalized austerity policies, or breakdown of the monetary union.
Monetary federalism as а concept and its еmpirical underpinnings in Argentina’s monetary history
by THERET Bruno | Friday, March 29, 2019
This chapter develops the concept of monetary federalism by drawing from both theory and history. The theory is relative to the concept of federalism in philosophical and political thought, while history mainly concerns monetary experiments in Argentina. The chapter is divided into three sections. First section presents the general principles and several historical underpinnings of the application of federalism to monetary systems. Second section presents one of the clearest historical manifestations of monetary federalism, namely the recurrent waves of issuances of provincial fiscal complementary currencies (CC) in Argentina between 1890 and 2003. The third section looks at why this country has exhibited a such noteworthy case of monetary federalism, even if it is a repressed one. In conclusion, we suggest an « argentinian » scenario of monetary federalism for the eurozone that would allow to come through the European Union monetary crisis without falling into the deadlocks of either present generalized austerity policies, or breakdown of the monetary union.
Portfolio performance appraisal and attribution analysis: A review of theoretical concepts, professional standards and empirical studies (in Bulgarian)
by DIMITROVA Tanya | Monday, March 25, 2019
Portfolio performance analysis is the final stage in the portfolio management process. It consists of three components: performance measurement, performance appraisal and performance attribution. Performance appraisal analysis involves evaluation of an active portfolio’s performance relative to appropriate benchmarks (e.g. passive portfolio of similar risk level and investment style) on risk-adjusted basis, whereas performance attribution analysis involves determining the sources of this performance by decomposing the achieved return into the main investment management decisions regarding strategic asset allocation, tactical asset allocation and security selection. This paper provides a review of conventional and contemporary concepts, techniques and models for analysing portfolio performance and summarizes the evidence from empirical studies on the performance of mutual funds and pension funds worldwide. Particular attention is paid to the practical publications addressing selectivity and market timing ability assessment. The vast majority of studies concern developed markets’ funds and in particular American funds. However, the evidence from the European asset management industry is of greater interest. The research on the performance of active funds which operate in Bulgaria and other emerging and frontier European markets is scarce. The conclusions of the considered empirical studies are dependent on the chosen length of the evaluation period (short or long-term evaluation), the data frequency, the stage of the business cycle during the evaluation period, the fund’s type, style and size, the selected benchmark portfolio and other decisions which are more or less discretionary. Most of the studies found no evidence or evidence of negative market timing abilities among fund managers and more evidence of positive selectivity skills.
MONETARY REGIMES. 20 YEARS OF CURRENCY BOARD IN BULGARIA

The third annual scientific conference of the MRC was held from 12th to 13th of October 2017 at the University of National and World Economy (UNWE) in Sofia, Bulgaria.

Main accent on the 3rd Annual Conference conference was the monetary regimes with special focus on 20 years of currency board in Bulgaria. Researchers and professionals from more than 9 countries took part.

   The present book consists papers in English and Bulgarian languages 

ISBN 978-619-90797-3-7

СИСТЕМЕН РИСК ПРИ ВАЛУТЕН БОРД И В ПРОЦЕСА НА ПРИСЪЕДИНЯВАНЕ КЪМ ЕВРОЗОНАТА
by CHOBANOV Petar | Monday, December 17, 2018

Паричният съвет в България бе въведен след тежката финансова криза от края на 1996г. и началото на 1997г., с цел стабилизиране на икономическите очаквания и осигуряване на рамка за осъществяване на структурни и институционални реформи за постигане на устойчив икономически растеж. Изминалите над седем години от функционирането му доведоха до постигане на добри макроикономически резултати и приключване на преговорите за членство в ЕС. Процесите на преструктуриране и приватизация могат да се смятат относително за приключени, като една от сферите със сериозно чуждестранно участие е банковата система. Независимо от подобряването на стопанската среда, постигането и запазването на икономическа стабилност е от първостепенно значение за бъдещото развитие. Много важен инструмент за анализ и въздействие се явява познаването на източниците на системен риск в икономиката, възможностите за неговото проявление, чрез специфичния му механизъм на предаване на шоковете, както и мерките за ограничаването му. Процесите на интеграция към международното финансово пространство усложняват анализа и изискват задълбочени познания за съвременното икономическо развитие.

ISBN 978-619-90797-2-0           


A Model for Fiscal Stability in the CEE Countries with Currency Board (In Bulgarian)
This survey is proposing a model for fiscal stability of the CEE countries with currency board regimes – Bulgaria, Estonia and Lithuania. Factors which influence the budget balance are modeled and conclusions are drawn about their eventual impact on the fiscal stability. There are two factor groups – domestic and foreign. Domestic factors include some approximators of the budget revenues and expenditures, the structure of the economy and the GDP growth, while the foreign factors represent the influence of the economy openness, eurozone membership and the impact of the global crisis.
The Institutional Framework As Matter Of Stability And Sustainability For The Financial Safety Net (in Bulgarian)
by MITEVA Diyana and MITEVA Diyana and MITEVA Diyana | Monday, November 12, 2018
The institutional framework for stability and sustainability to the investor compensation schemes is subject to analysis within an investigation among European schemes. This investigation covers 26 European schemes and also the Korean, the Japanese, the Canadian and the American ones. The basis for the research covers the following fields: `1) core information; 2)management; 3)membership; 4)scope and coverage; 5) compensation procedures; 6)financing; 7)crisis management etc. The results from the analysis give the option to trace on a macro level the institutional framework, which is a precondition for reaching sustainability.

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