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This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007–13 program period. Initial weaknesses resulted in a low absorption rate, which was mitigated by increasing advance payments; applying electronic application and reporting procedures; simplifying and unifying tender processes; and strengthening the role of international financial institutions and banks in project preparation, evaluation and monitoring. The possible impact on growth and potential output is briefly discussed, while the risks of improper absorption are acknowledged. Valuable lessons have been learned, but it is recommended that additional steps be taken for the next program period 2014–20.
This Selected Issues paper investigates the role of debt overhang in explaining weak nonfinancial corporate (NFC) investment in Bulgaria using firm-level data. The study confirms a negative association between measures of debt overhang and investment for Bulgarian NFCs using firm-level data. Bulgaria’s NFCs are the most leveraged among new member states. The findings suggest that high NFC debt overhang could be an important drag on investment. While credit demand is likely to pick up in line with economic activity, high NFC indebtedness could continue to stand in the way of corporate credit recovery. A possible direction for future work is to investigate the existence of different investment cycles across business activities/sectors, and their role in explaining the identified negative relationship. Policies that help reduce the corporate debt overhang could help boost credit and growth. Policy initiatives such as an efficient corporate debt restructuring framework and tax measures could help corporate deleveraging. The findings suggest that high corporate debt could be an important drag on investment.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
The scope for increasing public spending to meet Bulgaria’s development needs is limited by low revenue. Increasing the efficiency of spending is, therefore, crucial. This paper discusses how this can be achieved in four areas (public investment, social protection, health, and education). The methodology is based on a triple benchmarking. First, the level of public expenditure in each category is compared to other European countries. Second, the impact of spending is assessed against other European countries. Third, the input mix is analyzed to understand what components are responsible for the level of spending and for the quality of outcomes. Based on these results, the paper provides policy options for expenditure reform.
This book explores challenges and approaches to the development, financial management and growth of Eastern European organizations, both public and private. Including papers derived from the 2015 Griffiths School of Management Annual Conference on Business, Entrepreneurship and Ethics (GSMAC), organized by Emanuel University of Oradea, the authors provide a variety of strategies for growth and development in areas such as IT, medical management, marketing, entrepreneurship and family business. Collectively, these contributions provide a problem-solving framework that tackles such questions as: How are the growth and financial models of organizations changing? How should leadership in organizations adapt in order to ensure sustainable growth? How should educational concepts and methods be improved to help the next generation in the new global business environment? The rapid evolution of technology and innovation has changed the face of the business environment. With new actors in the global marketplace and new means of production, marketing and finance, businesses—particularly those in emerging regions, such as Eastern Europe—are faced with the pressure to rethink their structures and models from within. In this new economic climate, common issues such as corruption, risk, and customer satisfaction need to be examined from a globalized perspective. The goal of the 2015 GSMAC conference and the resulting papers is to help organizations and institutions in Eastern Europe and other developing regions formulate strategies and policies to thrive in this environment and promote sustainable management practices.
The Open Access version of this book, available at http://www.tandfebooks.com/doi/view/10.4324/9781315401867, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 3.0 license. This book brings together academics, members of European institutions, and regional and national level policymakers in order to assess the performance and direction of EU Cohesion policy against the background of the most significant reforms to the policy in a generation. Responding to past criticisms of the effectiveness of the policy, the policy changes introduced in 2013 have aligned European Structural and Investment Funds with the Europe 2020 strategy and introduced measures to improve strategic coherence, performance and integrated development. EU Cohesion Policy: Reassessing performance and direction argues that policy can only be successfully developed and implemented if there is input from both academics and practitioners. The chapters in the book address four important issues: the effectiveness and impact of Cohesion policy at European, national and regional levels; the contribution of Cohesion policy to the Europe 2020 strategy of smart, sustainable and inclusive growth; the importance of quality of government and administrative capacity for the effective management of the Funds; and the inter-relationships between institutions, territory and place-based policies. The volume will be an invaluable resource to students, academics and policymakers across economics, regional studies, European studies and international relations.
Bulgaria has made solid progress in its territorial governance and socio-economic development. Yet, it has not been able to counteract large and increasing territorial disparities. Doing so will require addressing remaining structural challenges that may be limiting further transformation, government performance and regional resilience.
This volume on Government Favouritism in Europe reunites the fieldwork of 2014-2015 in the ANTICORRP project. It is entirely based on objective indicators and offers both quantitative and qualitative assessments of the linkage between political corruption and organised crime using statistics on spending, procurement contract data and judicial data. The methodology used in the analysis of particularism of public resource distribution is applicable to any other country where procurement data can be made available and opens the door to a better understanding and control of both systemic corruption and political finance.