
Stefan PetranovSofia University "St. Kliment Ohridski" · Department of Economics
Stefan Petranov
PhD
About
65
Publications
12,792
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
130
Citations
Introduction
Additional affiliations
September 1997 - present
Publications
Publications (65)
The book provides qualitative and wide knowledge in the field of financial investments with good balance between theory and practice. Although financial theory often requires complicated mathematical models the content of the book is not very difficult from technical point of view. Along with the general principles and the international case studie...
In the present article, we study a trend that has been observed in
recent years - financial resources that could be invested in the development of
“catching up” EU Member States in Southeast Europe (SEE) are invested
abroad, and support already developed economies, particularly in the euro
area. We find that such a trend is likely to continue in th...
Разглеждат се детайлно какви са условията за приемане на България в Еврозоната, като се подчертава и анализира наличието на различни по своя характер условия – такива, които са формално описани и са свързани с обективни количествени критерии и такива, които не са формализирани и са свързани с функционирането на българските институции. Много често в...
В Главата се дискутира необходимостта от създаването на единен Съюз на капиталовите пазари в Европа (СКП). Представени са сравнителни данни и аргументи, подкрепящи тезата, че финансирането на европейската икономика е твърде зависимо от банковата система и има нужда делът на пазарното финансиране да се увеличи. Излагат се първоначалния План на Европ...
The article argues that tax morale is an essential component of social capital with a significant impact on tax compliance and tax collection. Against this backdrop, the results of the study are based on a questionnaire survey in Bulgaria, conducted among
1280 employed individuals. They work in enterprises that are representative of the country’s e...
Problems with adapting Bulgarian legal texts to match the recommendations of ECB
The main objective of the article is to obtain an estimate for the size and the trend of the shadow economy in Bulgaria. Based on the monetary approach, we find that the shadow economy in Bulgaria for the period 2006-2019 tends to decline as a ratio to GDP: from 31.7%, it shrinks to 21.1%. This trend could be explained by the country's accession to...
The main objective of this article is to examine the existence of a relationship between the shadow economy and macroeconomic factors of production. Based on a dataset of 50 countries over the period from 1991 to 2015, we find that the size of the shadow economy is inversely related to all three macroeconomic production factors - labour, capital st...
The article discusses the regional aspects of the shadow economy in Bulgaria. The main factors that generate motivation for shadow practices are considered and it is concluded that they operate mainly at the national level.
It follows that measures to limit and prevent this phenomenon should be primarily national. However, the article argues that r...
The article attempts to analyze the economic aspects of the crisis caused by the global pandemic COVID 19. The complex of economic factors and consequences and especially the uncertainty about the duration of the pandemic make unpredictable the exact economic effect on the Bulgarian economy. At this stage, there are different estimates depending on...
Предлага се теоретично издържан и практически приложим модел за оценка на производителността на труда на ниво икономическа дейност. Привеждат се аргументи в полза на необходимостта от договаряне на минимални работни заплати на отраслово е браншово ниво.
(A theoretically sound and applicable in practice model for estimating labor productivity at t...
Изследването на привлекателността на професиите е типичен пример за прилагането на комбинация от индуктивни и дедуктивни подходи към изучаването и обяснението на социално– икономическите реалности. Концептуализирането на тази проблематика черпи вдъхновение от „дневния ред“ на живия живот, като разработва и предлага теоретични решения на серия от пр...
The article presents a methodology for designing an indicator of labor productivity and its changes at industry level. The practical
necessity of such an indicator is discussed as well as the characteristics it should possess in order to reflect as accurately as possible the performance of labour productivity from a static and dynamic point of view...
The chapter analyzes the macroeconomic policy in Bulgaria after the international financial crisis of 2007-2008 and its impact on the regional development. The focus is on the negative trends of increasing division and inequality between regions. It is argued that the observed trend will pose significant long-term problems if not corrected. Economi...
The paper examines the process of negotiating social security floors (SSF) in Bulgaria and analyzes its problems. The focus is placed on finding the adequate balance between the role of SSF to accumulate sufficient means for the social funds and the impact of these floors on employment. Five different systems are presented aimed at offering specifi...
The macroeconomic policy in Bulgaria is considered from the point of view of regional development. Increasing regional differences are identified and relevant regional policies are recommended. (В презентацията се разглежда макроикономическата политика в България от гледна точка на регионалното развитите. Идентифицират се нарастващи регионални разл...
Draws conclusions about challenges on the level of the policy priority areas and recommendations about the ways the effectiveness of the policies can be improved.
The article examines one of the main initiatives of the European Commission for the new programming period from the point of view of the Bulgarian economy. Initially it sets out the context and the reasons driving this initiative and the difficulties and problems it will likely encounter during the implementation process. Then the article focuses o...
The article presents the results of an econometric study on the impact of social security floors on the informal employment in Bulgaria for the period 2003-2012. The social security floors (SSF) are an economic policy tool that has common features with the minimum wage, but it is different from the later. We analyse seven different indicators of in...
The paper prsents a holistic approach to the analysis of jobs' attractiveness. Hypotheses about the factors with possible impact on jobs' attractiveness are under discussion.
New industrial policy is necessary both at European and national level. Recent theory recommends that such policy should follow “soft” and horizontal measures that enhance collaboration between government, industry, and cluster-level private organizations, and focus on creating a competitive environment. This understanding is contrary to old-fashio...
Разглежда се създаването на Съюз на капиталовите пазари като една от целите на Европейската комисия. Анализират се необходимостта, трудностите и перспективите пред такъв съюз. Дискутират се възможностите за българската икономика в контекста на такъв съюз.
(The Capital Markets Union is being considered as one of the objectives of the European Commi...
Trends in the development of the shadow economy in Bulgaria are discussed together with the main driving forces behind them.
The EU Corporate Governance Models and their development over the recent years are under consideration. The various models are studied by means of a Taxonomy, based on characteristics, referring to the regulatory, institutional and cultural country specific factors. More attention is paid to the Eastern European Model, because it is less known and...
The manual provides solutions to the problems and exercises published in the book "Investments. Theory and Practice of Financial Instruments and Markets" by S. Petranov (Ръководството предоставя решения на проблемите и упражненията, публикувани в книгата "Инвестиции. Теория и практика на финансовитe инструменти и пазари" от С. Петранов
The book provides qualitative and wide knowledge in the field of financial investments with good balance between theory and practice. Although financial theory often requires complicated mathematical models the content of the book is not very difficult from technical point of view. Along with the general principles and the international case studie...
Статията анализира възможностите за изчисляване на оценки за бета коефициенти на публично търгувани компании в специфичните условия на българския капиталов пазар. Представена е съответна методология и се достига до такива оценки за най-ликвидните емисии въз основа на иконометрична процедура, включваща корекция по метода на Blume.
Large non-listed companies in Bulgaria differ substantially in their corporate governance systems. This heterogeneity is a natural result of the origin and evolution of Bulgarian firms as market agents. Under normal market circumstances companies begin their lives as private companies and become publicly traded when they need additional capital or...
Discussion and analysis of the achievements and challenges for the corporate governance practice in Bulgaria from the point of view of the OECD White paper.
Direct investment in the country is an international investment, in which the direct investor, resident of a foreign economy, acquires a lasting interest (at least 10 % of the equity) in an enterprise resident of the Bulgarian economy (direct investment enterprise). There are two main cases of equity investment as follows: privatization and other t...
Анализирани са състоянието и тенденциите в развитието на българския капиталов пазар в контекста на процеса на присъединяване на страната към Европейския съюз. Извършено е сравнение на характеристиките на капиталовия пазар в България с пазарите в други страни в преход от Източна Европа. В резултат на анализа се достига до извода, че капиталовият паз...
The condition and the trends of the evolution of the Bulgarian capital market are analyzed in the context of the process of incorporation of this country into the European Union. A comparison is performed of the characteristics of the capital market in Bulgaria with the markets of other countries in transition of Eastern Europe. Resulting from this...
In the period 1997-1999 in Bulgaria is imposed a tendency towards concentration of the capital in the public companies. The mentioned factors and carried out analysis give a reason for conclusion that this tendency is provoked by the insufficient protection of the people’s rights and the institutions which provide the firms’ resources. The normativ...
The monograph summarizes materials that capture the specific details of the Bulgarian financial system in the second half of the last decade of the 20th century. The analysis concentrates on the events that developed during and following the crisis in 1996 and 1997. It chronicles the development and the problems of the banking and nonbank financial...
We present an overview of recent developments in the capital markets. These markets have had a rocky start with low volume and poor liquidity. The insurance industry, subsequently analysed, has experienced the most growth among non-blank financial sectors but is still relatively small. New pensions systems are beginning to expand and show more rapi...
In January 1995, a Socialist government came to power in Bulgaria and initiated a mass privatization programme. In the first wave of this programme, which was completed in June 1997, about one-fourth of Bulgaria's state-owned enterprises were partially privatized through the programme. Patterned after the Czech mass privatization programme, an impo...
Изследвани е динамиката на структурата на собствеността в публично търгуваните компании на българския капиталов пазар в началния период на неговото развитие. Установена е тенденция към концентрация. Анализирани са причините и следствията от нея.
The monograph contributes to the discussion of capital market reform in Bulgaria in preparation for eventual integration into the European Union. It views the accession question on two levels. The first is whether the necessary capital market institutions and legislation are in place. The second is whether capital markets are functioning in a manne...
Обсъжда се реформата на капиталовия пазар в България при подготовката на страната за интегриране в Европейския съюз. Проблемите са разгледани на две нива - от една страна, дали съществуват необходимите за капиталовия пазар институции и законодателство и, от друга страна, дали капиталовия пазар функционира така, че да подпомага икономическия растеж...
In the period 1995-1998 a large scale mass privatisation programe was carried out in Bulgaria. Stocks of more than 1050 state owned enterprises were transfered from the state to the private sector. The chapter examines to what extent the achieved results correspond to the initial goals of the program.
През периода 1995-1998 г. в България се провеж...
The study describes the estalishment of the institutional framework neccessary for the operation of an efficient capital market. Special attention is paid to the mechanisms for controling the management by shareholders in companies privatised under the mass privatisation programme in Bulgaria.
The paper discusses some drawbacks of the existing regulatory legislation in the context of an emerging market in an economy in transition.
В статията се дискутират някои недостатъци на нормативната уредба, регулираща зараждащия се капиталов пазар.
The chapter presents an analysis of the development of the process of privatization in Bulgaria. Both major techniques which were applied (cash and mass privatization) are studied. Under cash (market) privatization state owned assets are privatized against money or debt instruments while under the mass privatization programme they are privatized ag...
The paper discusses the uncertainty of the money market in an economy in transition from central planning to market. Based on the experience of Bulgaria in the first half of 1990s it focuses on the sources of uncertainty and their possible implications for the monetary policy. The paper arrives at some conclusions about the efficiency of the moneta...
В статията се разглеждат условията, при които има висока ефективност на паричната политика и до каква степен тези условия са налице в периода 1992-1996 г. в България. Обосновава се необходимостта от комплексност на паричната политика по отношение на взаимовръзката между регулирането на паричната маса и валутната политика, както и по отношение на вл...
The book describes and analyses the important issues of how Bulgarian financial institutions perform the functions required in a capitalist economy during the early years of transition from a centrally planed to a market economy. Under discussion are the tools available to the Central Bank to control the money supply and the supply of credit in the...
Problems of short-term and long-term lending for the ariculture sector are analysed under the conditions of transition from central planning to a market economy in Bulgaria.
Анализирани са проблемите на краткосрочното и дългосрочното кредитиране на селското стопанство в България в условията на преход от централно планиране към пазарна икономика.
Since the beginning of the economic reform in Bulgaria, flows of credit to agriculture have decreased. As the farm credit
issue has an extremely high profile in the public debate about the crisis in agriculture, the government finds itself under
extreme pressure to assist in financing the sector. Some of the difficulties in the credit market for ag...
The paper develops and applies a model for estimating the cash flows in the Bulgarian Agriculture sector with the purpose to estimate the need for bank financing for the sector.
The article discusses methodological issues related to the macroeconomic estimation of technical progress embodied in physical capital. Estimations for the Bulgarian economy are presented.
Разглеждат се методологически въпроси на макроикономическате оценки на технологичния прогрес, който се материализира в основните производствени фондове. Привед...
Разглеждат се статистически оценки на възрастовите характеристики на основните производствени фондове в България. Извършен е сравнителен анализ на широк кръг статистически измерители въз основа на единна методологическа база и са приведени аргументи за това, че те не отразяват достатъчно точно определени характеристики. Предложен е алтернативен под...
Разглежда се влиянието на нормата на натрупване върху динамиката на икономиката. Определя се оптимална норма на натрупване, която може да бъде подходяща цел за постигане от гледна точка на макроикономическата политика.
(The impact of the accumulation rate on the development of the national economy is under investigation. An optimal accumulation ra...
The paper deals with the econometric methods of estimation of capital stock age characteristics. A critical analysis of a wide range of methods is undertaken and a new approach with certain advantages is suggested.
The estimation of the costs for investments is of paramount importance for the investment process. The paper provides a methodology for estimating direct, indirect and total costs for investments securing an unit increase of the total output and the final production at the level of economic activity.
В книгата подробно се изследват в сравнителен план икономическите структури на страните-членки на Европейската икономическа общност. Анализът се основава на данни от Системата на националните сметки за отделните страни.
(The book provides a detailed analysis of the еconomic structures of the European Economic Community Member States. The analysis i...
В статията се предлага методика за определянето на преките и пълните разходи за производството на прирастна крайна и обща продукция.
The paper presents a detailed comparative analysis of the imports dependency for five countries which are member states of the European Economic Community. The estimations are based on the direct and total import intetsity of the different economic activities. The data used come from the System of National Accounts with the analytical tool being th...
Изследва се отрасловата структура на потреблението при оптимизиране чрез нелинейни целеви функции. Показани са експериментални изчисления с данни за българската икономика за 1976 г. на базата на статични междуотраслови модели по 25 икономически дейности.
The industrial structure of the consumption is studied under optimization with non-linear obj...
Развита е методология за оценка на това дали са случайни или са систематични различията в коефициентите на баланса на междуотрасловите връзки за различни периоди . Методологията изхожда от разбирането, че междуотрасловите връзки, изразяващи се в обемите междинна продукция, са подложени на въздействието на многобройни случайни (несистемни) фактори....
В статията се предлагат алгоритми за оценка на параметрите на степенна регресия, които се основават на итеративен подход. Доказва се предимството на този подход в сравнение със стандартния подход за оценка след, използващ линеаризиране на регресионния модел.
Algorithms for estimation of the parameters of an exponential regression based on iterati...