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The Economy of Bulgaria

Structural Funds, Growth And Cyclical Recurrence

Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Beate Jochimsen


Federalism is always torn between the principles of subsidiarity and solidarity. Defining the federal structure of a country by finding the welfare-maximizing amount and design of government layers is challenging. Thereby, the financial endowment of different layers of government which they need to fulfill their respective tasks is an important aspect. European countries have chosen quite different federal designs to address the question of an optimal degree of fiscal decentralization. The aim of this paper is to analyze these different approaches for Germany, Italy, and the European Union. Parallels can be found in that all the three entities share a form of institutional asymmetry, a kind of fiscal bailout system, and a sort of fiscal equalization scheme.

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Patrick Idode and Gbenga Sanusi

-1281. Stern R., 2017, Balance of Payments: Theory and Economic Policy , Routledge. Ugur M., 2014, Corruption’s direct effects on per-capita income growth: A meta-analysis , Journal of Economic Surveys, 28(3), pp. 472-490. Wang C., Hong J., Kafouros M., Wright M., 2012, Exploring the role of government involvement in outward FDI from emerging economies , Journal of International Business Studies, 43(7), pp. 655-676.

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Nil Baran Acarali, Emre Ozturk, Melek Bardakci, Mehmet Burcin Piskin and Nurcan Tugrul

REFERENCES Baran Acarali et al. 2010 – Baran Acarali, N., Piskin, M.B., Moroydor Derun, E. and Tugrul, N. 2010. 2009 Annual Bulletin of the Australian Institute of High Energetic Materials 1, pp. 12–16. Chang et al. 2000 – Chang, J.B., Yan, P.X. and Yang, Q. 2006. J Cryst Growth , 286(1), pp. 184–187. Eltepe et al. 2000 – Eltepe, H.E., Balköse, D and Ülkü, S. 2007. Ind Eng Chem Res 46, pp. 2367–2371. Gaafar et al. 2000 – Gaafar, M.S., Abd, El-Aal, N.S., Gerges, O.W. and El-Amir, G. 2009. J Alloy Compd 475(1–2), pp. 535

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Grażyna Osbert-Pociecha

References 1. Ashkenas R. (2010), Ograniczanie złożoności: w dążeniu… , „Harvard Business Review Polska” 2010 nr VI. 2. Crozier M. (1993), Przedsiębiorstwo na podsłuchu. Jak uczyć się zarządzania postindustrialnego. PWE Warszawa. 3. Eisenhardt K.H., Sull D.N. (2001), Strategy as Simple Rules , “Harvard Business Review”, No. I. 4. Foster R., Kaplan S. (2003), Twórcza destrukcja , Galaktyka. Łódź. 5. Gottfredson M., Aspinall K. (2006) Innowacje a złożoność operacyjna

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Khalid Aboura, Johnson I. Agbinya and Ali Eskandarian

assessment incorporating expert opinion and survival data. Journal of the American Statistical Association, 83(401), 43-51, Singpurwalla, N. D., & Song, M. S. (1988). Reliability analysis using Weibull lifetime data and expert opinion. IEEE Transactions on Reliability, 37(3), 340-347, Singpurwalla, N. D. (2006). Reliability and Risk. A Bayesian Perspective. Chichester, West Sussex: John Wiley and Sons. Smeitink, E., & Dekker, R. (1990). A

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Petra Šparl, Anja Žnidaršič, Helmut Kasper, Jürgen Mühlbacher and Jure Kovač

.G. (1982). An Evolutionary Theory of Economic Change . Cambridge, London: Belknap. Nohria, N., Joyce, W. & Roberson, B. (2003). What Really Works. Harvard Business Review, 81(7), 43-52. Penrose, E.T. (1959). The Theory of Growth of the Firm . London: Oxford University Press. Prahalad, C.K.& Hamel, G. (1990). The Core Competence of the Corporation. Harvard Business Review , 68(3), 79-91. Prahalad, C.K. & Hamel, G (1994). Competing for the Future . Boston: HBS Press. Probst, G

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Lyudmyla Malyarets, Oleksandr Dorokhov, Vitaliya Koybichuk and Liudmyla Dorokhova

Ukraine. Transport and Telecommunication , 12 (1), 25-33 13. Fabris, N. & Vujanovic, N. (2017). The Impact of Financial Dollarization on Inflation Targeting: Empirical Evidence from Serbia. Journal of Central Banking Theory and Practice , 6 (2), 23–43. 14. Fernando, A., Ferreira, F., Jalali, M., Ferreira, J., Stankevičienė, J. & Marques, C. (2016), Understanding the dynamics behind bank branch service quality in Portugal: pursuing a holistic view using fuzzy cognitive mapping. Service Business , 10 (3), 469-487. 15. Goncharuk, A. (2016). Banking

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Borivoje D. Krušković and Tina Maričić

References 1. Andres, J., Lopez-Salido J.D. & J. Valles. (2006). Money in an Estimated Business Cycle Model of the Euro Area. The Economic Journal. 2. Clarida, R., Jordi, G. & M. Gertler (2000). Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory. Quarterly Journal of Economics 115. 3. Fabris, N. (2006). Central Banking in Theory and Practice. Central Bank of Montenegro. 4. Favara, G. & P. Giordani. (2009). Reconsidering the Role of Money for Output, Prices and Interest

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Adriana Csikósoya, Katarina Ćulkoya and Maria Antośoya

vydavateľstvo, n. p. Košice. Novek Z. et al. 2001 - Novek Z., Csikósová A., Kameníková K., Hricišinová A., 2001 - Historical development of the magnezite plant in Košice. Mineralia Slovaca, vol. 33, no 6, pp. 551-556. O’Driscoll M., 2003a - Back to basics. Industrial Minerals, no 434, pp. 30-43. O’Driscoll M., 2003b - Elements of magnesia. Industrial Minerals, no 431, pp. 44-51. O’Driscoll M., 2003c - In the hall of the magnesite king. Industrial Minerals, no 430, pp. 26-37. Skvareková E., Kozakova L., 2012 - Brown coal and lignite issues from the perspective