Tsvetomira Tsenova

Bulgarian National Bank

This monograph analyses the systemic impact of forthcoming provisions under Basel III related to banks’ capital adequacy in response to the global economic crisis. The study considers multiple policy channels which aim at achieving substantially higher capital adequacy standards, such as regulatory requirements, market-driven pressures and supervis...

This paper evaluates the impact of the taxation system on production factor costs, investment and economic activity. This is performed on the basis of detailed analysis of the Italian tax system and the production of own estimates of the user cost of capital to labour, which capture the contribution of tax rates, tax incentives and other underlying...

This paper shows that monetary policy does and should respond systematically to time variation in ex-ante uncertainty and heterogeneity in private sector’s views over the business cycle. Empirical tests are initially conducted on the basis of an augmented forward-looking Taylor rule framework, modified to account for learning and robustness. Normat...

This study assesses the degree of anchoring, i.e. stability, of long-term inflation expectations in the Euro area based on direct survey based evidence and latest data from the ECB’s Survey of Professional Forecasters. Consideration of the evolution of the entire distribution of inflation expectations in the long and medium term points to substanti...

This paper evaluates the impact of the taxation system on factor costs, investment and economic activity. This is performed on the basis of detailed analysis of the Italian tax system and the production of own estimates of the user cost of capital to labour, which capture the contribution of tax rates, tax incentives and other underlying factors. T...

The groundbreaking of the original building yard for the Euro-pean Monetary Union (EMU) dates back to 1970 with the Werner Plan envisaging the gradual introduction of a single currency in member states of the European Union. The dollar and oil crises of 1971-1973 imposed a suspension to the construction process of almost ten years, followed by anot...

This analysis reviews the experience of countries in Central and Eastern Europe before and during the current Long Recession with the aim to distinguish underlying longer-term trends and draw possible conclusions for the future strategic goals of the European Union. In a movie directed by Woody Allen entitled “Like Anything Else,” an older and mor...

This paper analyses the evolution of institutional governance in the Euro area, its perceived long-term prospects and policy alternatives going forward.

This paper presents a dynamic general equilibrium approach to analysing recent policy proposals on a resolution fund for direct recapitalisation of banks financed by banks. The model incorporates endogenous risk inherent in any economic activity due to imperfect information and incomplete financial markets, giving rise to dependence on banking fina...

This paper compares the effectiveness, efficiency and robustness of standard and non-standard monetary policy tools, such as the banks’ refinancing interest rate, penalty interest rate on deposit facility holdings and minimum reserve requirements on attracted deposits. The assessment is performed on the basis of a numerically evaluated open economy...

This paper proposes a numerically evaluated open-economy multiperiod general equilibrium model for macro-prudential analysis of monetary and regulatory policies, where optimal decisions by internationally linked financial intermediaries are key determinants of international financial flows and wider economic outcomes. Financial intermediaries are d...

This paper analyses the anchoring, i.e. stability, of long-term inflation expectations, as well as further moments of the distribution, as perceived by the professional forecasters in the euro area and the US. Evaluation is initially performed on the basis of sensitivity to innovations to observed inflation, short- and medium-term individual foreca...

This article describes a machine learning based approach applied to acquiring empirical forecasting models. The approach makes use of the LAGRAMGE equation discovery tool to define a potentially very wide range of equations to be considered for the model. Importantly, the equations can vary in the number of terms and types of functors linking the v...

Does corporate governance matter? Is it an important point with which politicians and economists of transition economies have to deal? Which is the model of corporate governance that will help transition economies to move towards a sustainable path of growth? Why does the economic performance of the transition economies differ and could this be due...

The article aims at identifying and measuring the determinants of the European union enterprises’ relocation in Bulgaria and their impact on the relations between foreign and local enterprises; an area, in which positive effects concerning the recipient country are expected. The transnational enterprises are engaged with local subsidiary when the c...

Does Corporate Governance matter? Is it an important point with which politicians and economists of transition economies have to deal? Which is the model of Corporate Governance that will help transition economies to move towards a sustainable path of growth? Why does the economic performance of the transition economies differ and could this be due...

This paper formally proves that economic outcomes are not independent from the corporate governance system and its ability to protect shareholders’ rights. This is achieved by extending a neoclassical growth model to incorporate an imperfectly functioning market for managerial labour enabling management to maximise own private benefit alongside pro...