The study examines the costs of innovation and foreign direct investment by district (NUTS 3), Planning regions (NUTS 2) and Regions (NUTS 1), according to the classification of territorial units for statistical purposes. The main trends in their development are outlined. The authors believe that foreign direct investment is closely linked to the cost of innovation. Of particular importance is the view that the intensity of R&D expenditure by statistical regions and districts almost coincides with foreign direct investment. The results of the analysis confirm the strong disproportion in recent years in the distribution of direct investment and R&D expenditures, which leads to the formation of a highly developed center - Sofia district (capital) and weak periphery - all other districts.
The article studies two main aspects of functioning of the currency board in Bulgaria: its characteristics and its specifics and peculiarities.
Concerning the characteristics of the currency board in Bulgaria, the attention is focused on several theoretical matters of the nature of the currency board: mechanism for introduction of the currency board; choosing the foreign currency, to which the local monetary unit is to be fixed; financing the initial currency reserve, in order for the currency board to start functioning; setting the fixed exchange rate to the reserve currency; establishing the amount of coverage of the quantity of cash in circulation by the currency reserves; administration of the currency board; implementation of the function “lender of last resort” in cases of liquidity crisis; supervision of the commercial banks’ operation.
Each country is characterized by its specifics in terms of management of public finances, condition of the real (non-financial) sector, service sector, monetary and banking system. These specifics are reflected in the monetary boards, introduced in the individual countries.
The article provides a detailed analysis of the specifics of the currency board in Bulgaria.
The options for an independent monetary policy of the central bank are heavily restricted, and on the other hand, the currency board attained the goal of its policy – ensuring of price stability. As of the present moment, Bulgaria joined the exchange rate mechanism (ERM II) in 2020 and makes every effort to cover the criteria for real convergence.
One of the main VaR methods on theoretical aspect – Historical Simulation to Portfolio is explained in this article. Portfolio market risk measurement is carried out towards the shares of the particular companies – The Procter & Gamble Company (PG), Toyota Motor Corporation (TM) and Nokia Corporation (NOK).
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