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  EFFICIENT FISCAL POLICY IN EU'S OPEN ECONOMY

  Since the financial crisis in 2008, the EU member states have not been able to reach their pre-crisis GDP growth rates for already seven years (the study was conducted in the beginning of 2015). Most of them face the effects of deflation as a new factor that delays the process of post-crisis recovery. Thus the public debate revolves around the logical questions whether and to what extent a policy of public sector expansion by increasing government spending can change the established trend and ... Since the financial crisis in 2008, the EU member states have not been able to reach their pre-crisis GDP growth rates for already seven years (the study was conducted in the beginning of 2015). Most of them face the effects of deflation as a new factor that delays the process of post-crisis recovery. Thus the public debate revolves around the logical questions whether and to what extent a policy of public sector expansion by increasing government spending can change the established trend and restore the growth rates. The aim of this study is to determine whether and to what extent a Pan-European expansionary government policy for post-crisis recovery would be efficient and could provide positive economic results. The first section presents an analysis of the causes for the global financial crisis. The second section contains a critical analysis of the Keynesian theory and the business cycles theory of the Austrian Economic School as well as a comparative analysis of the fiscal positions of the EU member-states before and after the crisis and an outline of the new trends. The third section reviews Bulgaria's net fiscal position and its effect on the GDP growth in before, during and immediately after the peak of the crisis. The fourth section reviews the currency exchange rate adjustment of the imbalances of the open economies of the EU and the US as a possible factor for their different rates of post-crisis recovery. The study contains eight tables, five figures and 26 cited sources, eight of which are in Bulgarian. The research methods include comparative analysis, correlation analysis, induction and deduction. The analyses are conducted with monthly and annual data from January 2000 to January 2015 (the last period prior to submitting the study.)

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  BEHAVIOURAL ECONOMICS: DEVELOPMENT, CONDITION AND PERSPECTIVES

  The study examines the place of behavioural economics in the structure of economic science and the practice of state regulating. The thesis that neoclassicism is an appropriate normative approach for analysing human behaviour is defended but the comparative advantages are on the side of behavioural economics in the answers of descriptive, diagnostic, prognostic and perspective issues. It tracks the historical roots, the ideas of behavioural economics for the limited rationality, will and egoism ... The study examines the place of behavioural economics in the structure of economic science and the practice of state regulating. The thesis that neoclassicism is an appropriate normative approach for analysing human behaviour is defended but the comparative advantages are on the side of behavioural economics in the answers of descriptive, diagnostic, prognostic and perspective issues. It tracks the historical roots, the ideas of behavioural economics for the limited rationality, will and egoism are presented in short as well as the contribution of behavioural approach to the state’s intervention ideology and practice. The libertarian paternalism idea and its role for the transformation of ‘a state of wealth’ into the ‘new paternalistic state’ that is increasingly gaining clear outlines are presented.

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  HUMAN RESOURCE MANAGEMENT AT “SKF BEARINGS BULGARIA” EAD

  The competitive advantages of modern business organizations is no longer considered in relation to their tangible assets but mostly to their intangible assets. Today the emphasis is put on human capital and the effective synchronization thereof with the overall organizational strategy. Numerous studies have concluded that firms with more efficient human resource management systems perform markedly better than their competitors and that their improved organizational performance is due to complex ... The competitive advantages of modern business organizations is no longer considered in relation to their tangible assets but mostly to their intangible assets. Today the emphasis is put on human capital and the effective synchronization thereof with the overall organizational strategy. Numerous studies have concluded that firms with more efficient human resource management systems perform markedly better than their competitors and that their improved organizational performance is due to complex changes in the skills, attitudes and behaviour of their personnel. This paper presents the results of a study conducted in a large business organization in order to identify the applicable human resource management practices and to derive conclusions regarding the potential of the human resource management (HRM) system to contribute to the effectiveness of the organization. The analysis of the results identified the most and the least often applied HRM activities in the everyday routine of manual workers and administrative staff. It also identified certain differences in the application of HRM practices to both categories of staff, which suggests that different approaches are adopted regarding the different types of job positions in a presumed conspiracy to defraud the workers. The paper outlines several problem areas that require the attention of the management of the organization and proposes certain solutions. In general, the company subject to our study may be considered an example of human resource management, which confirms the hypothesis that this function is well developed in large multinational organizations. This provides the grounds to believe that their HRM system is highly efficient and has a potential for inducing positive changes in the skills, attitudes and behaviour of their staff.