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Associate Professor Mariella Andonova Nenova-Amar, PhD

Since 2001 is a lecturer in the Department of Economics at the Faculty of Economics and Business Administration, Sofia University "St. Kliment Ohridski”. Since 2009 is also a scientific advisor to PhD students in the professional field of 3.8 Economics.

In addition to teaching, she has significant experience in empirical macroeconomic analysis, acquired since 1991 as an employee in analytical units of public administration, actively participating in international meetings and discussions on important topics of economic development and economic policy. From September 2003 to September 2018, as a Director of the Economic Research and Forecasting Directorate of the Bulgarian National Bank (BNB), she was responsible for managing the ongoing analysis of economic developments of the global and national economy, conducting research and analytical activities of the BNB, actively participating in the activities related to Bulgaria's membership in the European Union and in the European System of Central Banks.

She is a member of the Bulgarian Macroeconomic Association and the European Economic Association.



  • Applied macroeconomic analysis and forecasting (in BG)
  • Monetary policy analysis (in BG)
  • Economic statistics (in BG)
  • Macroeconomics (introduction) (in ENG)
  • Money, banking and financial markets (in ENG)


Selected publications

Mariella Nenova, Evgeni Ivanov, Neli Ivanova, Daniel Kasabov, Boyan Zahariev, Gergana Markova, Kristina Karagyozova-Markova, (2019), „Transmission of ECB’s Monetary Policy in Bulgaria: Insights from a Large Macro-econometric Model“, Annual of the Bulgarian National Bank, vol: 2019, issue: volume 1, Publisher: Българска народна банка, 2019, pages:109-172, ISSN (online): 2683-0728,

Mariella Nenova, (2012), „The global crisis and the initial response of economic agents in Bulgaria (empirical analysis), Annual Book of Sofia University "St Kliment Ohridski", Faculty of Economics and Business Administration, volume:10, 2012, pp.:123-153, ISSN (print):1311-8420,

Mariella Nenova, (2009), „The macroeconomic impact of the global crisis and perspectives to economic policy in Bulgaria ” (Chapter II, section 4. ), pp. 46-68, in „The global financial and economic crisis and Bulgaria, Annual report to the President of the Republic of Bulgaria, Collective monograph, editor Prof Mitko Dimitrov, September 2009

Mariella Nenova, (2006), „Macroeconomic analysis of financial flows“, ISBN:10: 954-90671-4-9, “Ambrozia NT” Limited, Sofia, Reviewed by Professor G. Minasjan and Associate Professor G. Chobanov.

Mariella Nenova, (2005), „Exchange rate and monetary policies in Bulgaria since 1990“, in „European Economic Integration and South-East Europe“, editor/s: Klaus Liebscher; Josef Christl; Peter Mooslechner; Doris Ritzberger-Gruenwald, Publisher: Edward Edgar Publishing Limited, 2005, pages:176-198, ISBN:978 1 84542 517 3

Mariella Nenova, (2004), “The Relationship between Real Convergence and the Real Exchange Rate - The Case of Bulgaria”, BNB Discussion Papers Series, DP/41/2004, 27 стр., ISBN 954-9791-78-5,

Published also in the Annual of the Bulgarian National Bank (2020), volume 3 (2003 – 2008), pp 285 – 313, ISSN 2683-0728 (ON-LINE).

Mariella Nenova, (2004), “Catching up and the Growth Factors – the State of Play in Bulgaria”, pp. 120-140, in ‘Structural Challenges for Europe’, Tumpel-Gugerell, G. and Peter Mooslechner, eds., Edward Elgar Publishing Limited, 2004, 490 стр., ISBN: 978 1 84376 474 8,

Mariella Nenova, (2000), „Bulgarie: l’adhesion par la discipline du marche“, L'Option de confrontations, vol: Elargissement La fin de la secession europeene, issue:13, editor/s: Philippe Herzog, Jacky Fayolle, Publisher: Confrontations pour une democratie participative europeenne, 2000, pages:76-81, ISSN (print):1262-2230 (Фр.)

Mariella Nenova, Alfredo Canavese, (1998), “Inflación, estabilización y comportamiento de las empresas públicas en las economías en transición”, pp. 77-91, в M. Teubal (ed.) „Teoría, estructura y procesos económicos: Ensayos en honor del Dr. Julio H.G. Olivera“, EUDEBA, Buenos Aires, 1998, 260 стр. , ISBN-10 : 9502904702, ISBN-13 : 978-950290470

Mariella Nenova, Alfredo Canavese, (1998), "Inflation, Stabilization and the State-Owned Enterprise Behaviour in Transition Economies", in J.W. Owsinski y Z. Nahorski (eds.) „Models and Analyses of the National Change and International Integration Processes“, Macmillan, Londres, 1998;

Nenova, M., (1998), „Fiscal policy and macroeconomic stabilisation ” (Chapter 4), pp 39-57, in „The currency board in Bulgaria (the beginning and further on) ”, G. Minasjan, M. Nenova, V. Yotzov, GorexPress, Sofia, 1998. 218 pages, ISBN 954-616-033-6, Reviewed by Professor Vladimir Tzarevski, published in journal „Economic thought“, 1998, isse 5

Nenova, M., N. Micheva, Tz. Manchev, A. Mihailov, (1997), „Financial зolicy in Bulgaria under the transition to a market economy“, published by the Bulgarian National Bank, Sofia, 1997 г., 132 pages

Iskra Beleva, Richard Jackman, Mariela Nenova-Amar, (1995), “Bulgaria”, pp. 193-223, in “Unemployment, Restructuring, and the Labour Market in Eastern Europe and Russia”, edited by Simon Commander and F. Coricelli, EDI Development Studies, The World Bank, Washington, 1995, 391 стр.; ISBN:0-8213-2988-X,

Mariella Nenova-Amar, Evelina Radeva, Wages and Employment, pp. 109 – 134, in Economic Transition in Bulgaria, (editors Roumen Avramov and Ventsislav Antonov), Agency for Economic Coordination and Development, Sofia, 1994, ISBN 954-567-014-2, pages 223.

Mariella Nenova-Amar, Fiscal Policy and Macroeconomic Stabilization in Bulgaria, pp. 37 – 54, in Economic Transition in Bulgaria, (editors Roumen Avramov and Ventsislav Antonov), Agency for Economic Coordination and Development, Sofia, 1994, ISBN 954-567-014-2, pages 223.


Fields of study

The scientific publications are in the field of macroeconomics and applied macroeconomic analysis, i.e. empirical analysis of growth and price developments, labour economics, monetary policy and financial markets, fiscal policy, social policy.



email: Nenova.m@feb.uni-sofia.bg

Adress: 1113 Sofia, 125 Tsarigradsko Shose Blvd., Block 3, Office 506


Office hours:

Monday 17,00 – 18,00, after confirmation by e-mail


Profiles in scientific platforms

ORCID, Researchgate, Academics, Google scholar, Semanticscholar


CV in English