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Margarita Marinova, Emiliya Vacheva
FROM THE HISTORY OF TRADE AND BANKING IN SVISHTOV. TRADING-AND-BANKING
(MONEY-CHANGING) COMPANIES AND BANKING HOUSES AND THEIR IMPORTANCE FOR THE TOWN ECONOMY (1878-1912)
Summary:
Based on archival sources not used so far, periodicals and other sources of information, the study reviews the economic life of Svishtov in the period 1878-1912, with an emphasis on the development of trade. Against this background, it examines the issue of re-directing trading capital to banking. The focus of the study is the trading-and-banking (money-changing) companies and banking houses (8 partnerships and 9 sole proprietorships). The study answers a wide range of questions concerning their emergence, institutional characteristics, the nature of the capital mobilized in them; the banking operations and services they offered, with a focus on credit and the circumstances that allowed banking houses at certain periods to make a greater contribution to lending money to local trade and production; the psychological profile of the Svishtov merchant; the reasons why the joint-stock principle did not establish itself firmly and permanently in the economic life of the town. It also reveals the leading role of the Bulgarian National Bank in lending money to local trade and to the two savings joint-stock companies that existed in the 1890s and shows the importance of the banking houses for the development of the town’s economy in three directions – they were subjects in the process of initial capital accumulation; they provided short-term credit and increased the common funds for performing payment operations; they brought stability to the functioning of the banking and lending system especially in times of changes in the central bank’s policy. They also played the role of a ‘financial buffer’ that ensured the survival of companies in times of temporary hardships. The conclusion reached is that being away from joint-stock entrepreneurship, especially in banking, and the inability of local economic forces to create a joint-stock bank, was one of the main reasons for the economic backwardness of the town, beginning at the end of the nineteenth century.
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Mihal Stoyanov
LOW CARBON FOOTPRINT TRADE
Summary:
The impact which trade has on the economy, the performance of business entities and the daily life of individuals is in result of the immense significance and the scope it has acquired as a business activity. Although contemporary trade contributes to the carbon footprint of economic activity on the environment, it also provides a number of feasible opportunities for neutralizing the effect of the carbon footprint. While acting as the intermediaries in the exchange of goods and services, the agents engaged in trade need to develop efficient systems for waste management and resource allocation which, in addition to environmental benefits, will produce commensurate economic effects
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Eduard Marinov
BULGARIA’S TRADE RELATIONS WITH ITS MAIN PARTNERS
IN SUBSAHARAN AFRICA – TRENDS AND PROSPECTS
Summary:
This article aims at presenting the prospects for trade between Bulgaria and Sub-Saharan Africa by analysing the geographical structure of international trade relations with the region. To achieve this firstly it presents Bulgarian trade with Sub-Saharan countries summarizing the trade flow dynamics for the 2003-2015 period, the share of Sub-Saharan Africa in Bulgarian international trade, as well as the commodity structure of the trade flows. The main section of the article thoroughly discusses firstly the major trade products for the leading trade partners, then the dynamics of trade with these countries and finally it analyses the significant cases of trade fluctuations. The conclusion summarizes the main findings which show the increasing importance of Sub-Saharan Africa for Bulgaria’s international trade relations.
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Stefan Simeonov, Teodor Todorov
DESIGNING THE INVESTMENT PROFILE OF THE SHARES TRADED ON THE BULGARIAN STOCK EXCHANGE IN THE PERIOD FROM AUGUST 2016 TO DECEMBER 2017
Summary:
The analysis of shares performance is normally focused on risk and yield, while the third investment parameter, market liquidity, is usually ignored. In contrast to the world’s biggest stock exchanges where market liquidity is taken for granted, it seems to be a major issue for developing capital markets, such as the stock exchanges in new Balkan economies. This research paper introduces and employs a model of complex market liquidity assessment of the traded companies. We employ the Frequency Analysis of Volatility to add to the research value of Risk analysis, the coherent alternatives of VaR and the investment profile of traded shares. Based on the complex set of methods employed in our research, we present comprehensive investment profiles of the companies with the highest and the lowest market capitalization which are constituents of the four Bulgarian Stock Exchange indices about the period from August 2016 to December 2017.
