Economics 21

More titles

• 

  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)

  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 ... 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.

• 

  SOME CONSEQUENCES OF BULGARIA’S NON-MEMBERSHIP IN THE EURO AREA

  The accession of Bulgaria to the Eurozone has been a problem for 10 years now, and the non-persistent attempts of the Bulgarian governments have faced the organized opposition of the European institutions. The rules for adopting the European currency are known, but they seem unread, and the political interpretation of the full-scale criteria has ... The accession of Bulgaria to the Eurozone has been a problem for 10 years now, and the non-persistent attempts of the Bulgarian governments have faced the organized opposition of the European institutions. The rules for adopting the European currency are known, but they seem unread, and the political interpretation of the full-scale criteria has placed Bulgaria outside the “inner” European club. The deprivation of our country from Eurozone membership has not only social or political, but also financial consequences. The annual losses are significant and the national economy, financial markets and society remain only partially integrated.

• 

  MODERNIZING THE TRANSPORT SYSTEM IN BULGARIA IN ORDER TO PROMOTE TOURISM DEVELOPMENT

  The scope, the role and the essence of the relationship between tourism and transport are presented conceptually and in terms of their modern aspects, as well as the impact of that correlation upon the development of tourist destinations. We analyse the findings of a quality assessment of the different types of infrastructure in Bulgaria and in ... The scope, the role and the essence of the relationship between tourism and transport are presented conceptually and in terms of their modern aspects, as well as the impact of that correlation upon the development of tourist destinations. We analyse the findings of a quality assessment of the different types of infrastructure in Bulgaria and in several countries which are our immediate rivals as tourist destinations. Evidence is provided to support the thesis that the transport infrastructure in Bulgaria needs to be improved to meet the demands of tourism, including by promoting easier access and mobility, and thus contribute to the image of the country as a sustainable destination. Key aspects for providing more efficient public transport in tourist destinations are identified. The paper also pays attention to strategic transport planning that should meet tourism demands and to improving the coordination between the institutions in both sectors in order to achieve visitors’ satisfaction, especially in terms of transportation.