Economics 21

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  ECONOMIC UNCERTAINTY AND THE ROLE OF THE INSTITUTIONAL FACTOR IN ITS ANALYSIS

  This article presents an attempt to clarify the understanding of the role played by institutions in relation to economic uncertainty. The aim is to critically analyze and compare the place which this economic phenomenon occupies in neoclassical and institutional analytical models. The need for the introduction of the institutional factor in a ... This article presents an attempt to clarify the understanding of the role played by institutions in relation to economic uncertainty. The aim is to critically analyze and compare the place which this economic phenomenon occupies in neoclassical and institutional analytical models. The need for the introduction of the institutional factor in a highly formalized orthodox neoclassical analysis model is theoretically justified. The conclusion is that, under this condition, economic analysis will be able to produce objective results on the basis of which precise conclusions and correct decisions will be made as regards economic policy

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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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  ON SOME ASPECTS OF CONTINUING VOCATIONAL TRAINING IN BULGARIA

  This study focuses on issues related to continuing vocational training (CVT) in Bulgaria. Its significance in building a knowledge economy is in compliance with modern views. Some key indicators of its scope and importance in EU countries are analyzed. Major problems with continuous vocational training are revealed and the fundamental trends for ... This study focuses on issues related to continuing vocational training (CVT) in Bulgaria. Its significance in building a knowledge economy is in compliance with modern views. Some key indicators of its scope and importance in EU countries are analyzed. Major problems with continuous vocational training are revealed and the fundamental trends for overcoming them in Bulgaria are outlined