Monetary Research Center

Monetary and financial economics

The term of “competitiveness of the firm”: can we really define it? A critical Analysis
by CHAIK Saif Eddine | Monday, August 2, 2021
Competitiveness is a very important concept that is widely used in academia and political discourse. Globalization and open markets imply fierce competition between countries and companies to gain market share. However, the understanding of this term remains far from being defined or clarified as it only goes beyond the gain of market shares through the improvement of the productive process but extends to the organization, management and also access to financing for SMEs. In this perspective, this paper tries to critically discuss the ambiguity present in the definition of competitiveness, which depends on its size, sector and also its internationalization. Also, we try to enhance the importance to create a scientific method to measure the competitiveness of the firm beyond the characteristics related to the price but to organizational criteria.
The term of “competitiveness of the firm”: can we really define it? A critical Analysis
by CHAIK Saif Eddine and MAYSSOUR Yasser | Monday, August 2, 2021
Competitiveness is a very important concept that is widely used in academia and political discourse. Globalization and open markets imply fierce competition between countries and companies to gain market share. However, the understanding of this term remains far from being defined or clarified as it only goes beyond the gain of market shares through the improvement of the productive process but extends to the organization, management and also access to financing for SMEs. In this perspective, this paper tries to critically discuss the ambiguity present in the definition of competitiveness, which depends on its size, sector and also its internationalization. Also, we try to enhance the importance to create a scientific method to measure the competitiveness of the firm beyond the characteristics related to the price but to organizational criteria.
WP 25/2021 The currency in Africa: history, regime and monetary system: the case of the Democratic Republic of Congo (in French)
by LUBOKOLO OBED | Friday, July 23, 2021
Notre travail porte sur la monnaie en République Démocratique du Congo (RDC) s’étalant sur la période allant de l’époque précoloniale, coloniale et ensuite post-coloniale. Il est question ici d’étudier de façon historique l’évolution et le fonctionnement du système monétaire de cette région en identifiant les facteurs qui ont conduit à la mise en place de sa monnaie ainsi que les variables monétaires qui jouent un rôle important au bon fonctionnement de son système monétaire. 
WP 23/2021 Balkan Monetary Dependence during the XIX and XX centuries
In this article, we look at the main stages of the monetary systems on the Balkans, representing a cyclical alternation of dependent models, each of them effectively serving the relationship of the Balkan peripheral economies with their dominant military, geopolitical and economic centre. This centre of attraction is the anchor against which the monetary regime of the periphery is adjusted. We consider four periods: (i) the building of a national monetary system after long years of Ottoman domination, and especially the accession to the Latin Monetary Union, (ii) the adoption of the rules of the League of Nations and monetary stabilizations based on the gold exchange standard, (iii) the inclusion in the German Lebensraum and the system of currency control and clearings, and finally (iv) the Soviet zone and the COMECON, the mechanism of passive money and the transferable ruble. In the last period we present the Yugoslav monetary regime, which was attached to the West.
WP 22/2021 Soft Monetary Constraint and Shortage in the European Sovereign Debt Economy. Insights from J. Kornai’s theory.
From the fourth quarter of 2007 to the second quarter of 2020, the monetary base in the euro area grew by 330%, the money supply by 61% and inflation measured by the consumer price index - only 17%. Interest rates are around zero and negative, inflation is low, and we often register deflation. This discrepancy between the growth of money and prices has not only practical dimensions for the ECB and FED monetary policy, but also a theoretical significance. In this contribution, we propose an interpretation of these trends on the basis of concepts developed by J. Kornai in his economics of shortage analysis, which we apply to the sovereign debt market of European countries. The point here is not to transpose Kornai's shortage economy analysis to European capitalist economies, but to show that similar phenomena are appearing today in a different institutional context. 
A Systems Engineering Approach to Formal Monetary and Financial Stability Without the Vagaries of “Austerity”
by GAUVIN Marc McNeill | Sunday, January 31, 2021
Currency units ($, €, ¥, ₩, etc.) are not specified nor defined formally. Nonetheless, account entries and balances in terms of such units are routinely assigned the role of records/measures of the “value” of “assets”, without any formal adherence to the requirements of the most elementary logic and math of “measure”. In all domains other than finance and economics, the application of mathematical expressions in terms of units that are not both conceptually defined in valid logic and mathematically specified unequivocally with respect to the reality to which such expressions are expected to be applied, are necessarily in all cases indeterminate (i.e. inapplicable). This paper establishes how such indeterminacy is translated into systemic “financial” risk in terms of formal stability as defined in dynamical systems theory and engineering.
Toward the cashless society in EU: The rise of e-commerce, challenges and perspectives (in Bulgarian)
by TSANKOV Ruslan | Sunday, January 31, 2021
The beginning of the 21st century has been marked by rapid technological changes with global coverage, as well as a series of economic crises, including the current one caused by the Covid-19 virus. These challenges boosted global economic trends dating back to the middle of the last century, and one of them is the establishment and development of a cashless society. Immediately after the first general payment card was issued in the middle of the last century a discussion on a cashless society emerged. Although the debates for and against it have been not subsided for 70 years a steady trend raised, accelerating the shift from physical to non-cash payments. It has been shaped by the increasing use of electronic money, the emergence of electronic banks and many forms of non-cash payments. The speed, low cost and efficiency of non-cash payments placed them at the heart of the increasing international competition at the micro- and macroeconomic levels.
EUROPE AFTER THE EU ELECTIONS: MONETARY AND ECONOMIC PERSPECTIVES

The fifth annual scientific conference of the Monetary and Economic Research Center (MRC) was held from 17th to 18th of October 2019 at the University of National and World Economy (UNWE) in Sofia, Bulgaria.

The main accent on the 5th Annual Conference was the future of Europe's monetary and economic development after the EU elections. Researchers and professionals from more than 7 countries took part.

           ISBN: 978-619-90797-6-8 
WP 21/2020 The loss of discipline after EU Enlargement: a theoretical note
Michael Dooley (Dooley, 1997; Dooley, 2000) put forward an insurance model (or moral hazard model) of currency crises, which read in the modified Roger Garrison (Garrison, 2001) economic framework gives a good theoretical basis for the explanation of the overall dynamics of the post-communist transformation and especially the loss of discipline after EU accession. The article analyses also the role of monetary regimes (currency anchor) and EU enlargement (political and geostrategic anchor) and their relationships. The article proposes graphical representation and introducing some new concepts such as “insurance possibility frontier”, “market for insurable funds”, etc.  
WP 20/2020 Dependent Monetary Regime. Theoretical foundations /in Bulgarian/
Това е предварителен вариант на глава трета Dependent Monetary Regime. Theoretical foundations от съвместната книга с Ерик Манин “Diversity of Capitalism in Central and Eastern Europe. Dependent Economies and Monetary Regimes, която ще излезе 2021 г., издателство Palgrave Macmillan. 

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