Understanding the small business sector

The Control of EducationBy John Vaizey. Pp. 263. (London: Faber and Faber, 1963.) 30s.

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Economics of Education

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Capital markets became global in the first half of the 1980s. This means that the techniques described in this book should be applied globally and not confined to the domestic system of any one country.

The Globalisation of Markets

Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth on the micro-level is scant. Using data from a cross section of Bulgarian firms, the authors estimate the impact of access to credit (as proxied by indicators of whether firms have access to a credit or overdraft facility) on productivity. To overcome potential omitted variable bias of OLS estimates, they use information on firms' past growth to instrument for access to credit. The authors find credit to be positively and strongly associated with total factor productivity. These results are robust to a wide range of robustness checks.

http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2006/05/11/000016406_20060511121642/Rendered/PDF/wps3921.pdf

Does access to credit improve productivity ? Evidence from Bulgarian firms

Total factor productivity measurement enables researchers to determine the contribution of supply-side production factors to economic growth. For Bulgaria, which is a transition economy, it is difficult to construct a production function with stable parameters, mostly because there are atypical developments of capital and labor during periods of economic growth, as well as due to the lack of sufficiently long and dependable data series. In this respect, growth accounting enables us to identify the basic sources and directions of influences. The calculations that have been carried out in this paper help in the identification of total factor productivity development as the main driving force of economic growth. The likely reasons for this strong influence have been also outlined.

Measuring Total Factor Productivity: Growth Accounting for Bulgaria

In this paper we use growth accounting methodology to study whether human capital explains a part of total factor productivity in transition. The results that are obtained are not in support of the theoretical findings of growth theory that human capital is a major determinant of growth and productivity. However, eventually we continue to believe that the reasons for this misfit to theory lie in the very nature of data and not in the specifics of the methodology used.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2025900_code1801990.pdf?abstractid=2025900&mirid=1&type=2

Can Educational Attainment Explain Total Factor Productivity? Growth Accounting Evidence from Seven Transition Countries for the Period 1991-2000

Main objective of the analysis is to examine the present situation of the SME sector, the potential of development of the enterprises, and to describe the key effects from the state policies.Situation of the SME sector is investigated for the period of 2005-2011. Main statistical data covers the period of 2005-2009. Research indicators are complemented with national representative survey among SMEs carried out in the beginning of 2011. For the purposes of analysis, data from other surveys are used, along with statistical records and reports related to SME in EU-27. In addition, some parts of the analysis resume contemporary business paradigms treating various aspects of SME development.Analysis is focused on the key factors for sustainable development and competitiveness. For each factor, a specific methodology is elaborated and indeces are constructed. The latter give an opportunity for a general view over the processes passing through Bulgarian enterprises. The methodology allows comparison between diffent segments of SME as well reveal of their internal dynamics.Research on the main question, namely effects of the economic crisis over SME sector, is conducted through specification of econometric models, which are based on modern theories about competitiveness. As a result, mechanisms of affecting different groups of enterprises are extrapolated in correlation with level of enterprise competitiveness. It is the base, on which the most sustainable and least affected by the crisis enterprises are identified. It is exactly the enterprises with the largest potential to lead the sector through the crisis if shortterm state aid was addressed to them.

Analysis of the Situation and Factors for Development of SMEs in Bulgaria: SMEs in the Crisis Context

The study of the macroeconomic potential and the deviations from it is one of the comparatively new and interesting but quite controversial areas of economic analysis. In recent years the topic has gained increasing popularity because of the fact that the opportunities to stimulate economic growth through the discovery and utilization of new production resources are decreasing on a worldwide scale and therefore ways are sought to fully utilise the available ones. Besides that, the level of potential production is an important guideline for the conduct of fiscal and monetary policies, and it also serves for the determination of other important indicators, such as the natural rate of unemployment1 and the cyclical phase of the economy. On the other hand, there is no single widely accepted opinion on how deviations from the potential should be calculated, and there are no unanimously accepted estimation methods and models. Consequently, the various institutions, which deal with planning and forecasting, publish and sometimes make international comparisons of this indicator although the calculations have been made using completely different methodologies.The paper aims at reviewing the statistical approaches used in estimating the deviations from the economy potential, as well as presenting some results on this indicator for the case of Bulgaria.

Kaloyan Ganev

Papers

Measuring Total Factor Productivity: Growth Accounting for Bulgaria

Measuring Total Factor Productivity: Growth Accounting for Bulgaria

Can Educational Attainment Explain Total Factor Productivity? Growth Accounting Evidence from Seven Transition Countries for the Period 1991-2000

Analysis of the Situation and Factors for Development of SMEs in Bulgaria: SMEs in the Crisis Context

Statistical Estimates of the Deviations from the Macroeconomic Potential: An Application to the Economy of Bulgaria