Economics 21

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  AN ECONOMETRIC ANALYSIS OF THE INVESTMENT FUNCTION FOR BULGARIA ALLOWING FOR THE IMPACT OF STRUCTURAL BREAKS

  An investment function is a concept or strategy within economics that helps to identify the connection between shifts in the national income and the investment patterns that take place within that particular national economy. The present study uses the Vector Error Correction Model (VECM) to examine the long-run and short-run relationships between ... An investment function is a concept or strategy within economics that helps to identify the connection between shifts in the national income and the investment patterns that take place within that particular national economy. The present study uses the Vector Error Correction Model (VECM) to examine the long-run and short-run relationships between investment and some of its key determinants � real gross domestic product, inflation, discount rate and the Composite Financial Development Index. The econometric analysis is based on annual data referring to the period from 1991 to 2011. Three investment functions are estimated � total investment, private investment and foreign direct investment, and each function is analyzed both by not taking and by taking into consideration the structural changes that occurred in the survey period

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  CREATIVITY AND SUSTAINABLE TOURISM DEVELOPMENT

  The article justifies the need for targeted development of destination creativity as a sustainable tourism resource. The economic significance and the way this resource adds value to tourism is outlined. The role of creativity in tourism development is identified on the basis of the systematization of discussions existing in scientific literature ... The article justifies the need for targeted development of destination creativity as a sustainable tourism resource. The economic significance and the way this resource adds value to tourism is outlined. The role of creativity in tourism development is identified on the basis of the systematization of discussions existing in scientific literature and comparisons between creative and traditional forms of tourism. The specifics of tourism demand and supply of creative tourism experiences are consistently analyzed. Specific conclusions are made that could contribute to the sustainable development of tourism in Bulgaria based on the analysis carried out

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  TERRITORIAL ASPECTS OF INNOVATIVE DEVELOPMENT: CITIES

  This study discusses the territorial aspect of development through renovation linking it to cities where communication between people, the resultant emergence of problems and prospective solutions are more intensive. The purpose of this study is to achieve a better understanding of what makes a city innovative and what the problems are in ... This study discusses the territorial aspect of development through renovation linking it to cities where communication between people, the resultant emergence of problems and prospective solutions are more intensive. The purpose of this study is to achieve a better understanding of what makes a city innovative and what the problems are in building an innovative city or district. In this context, first, the methodologies for defining, grouping and ranking innovative cities and similar territorial units are characterized. The results of the first comprehensive rankings of innovative cities in the world, Europe and China are presented. The second part of the study is devoted to characterizing debates regarding the European concept for the development of metropolitan areas as innovation centres within the Europe 2020 Strategy. Some ideas for the innovative development of territories in Bulgaria are suggested. The conclusion is that innovative development in a territorial aspect is related to the development of cities and metropolitan areas, which requires regular monitoring, evaluation and well-grounded measures for development, taking into account global good practice.