Journal articles: 'Capital accounts'

1

Dickie, Ian, and Sophie Neupauer. "Natural capital accounts: nations and organizations." Journal of Environmental Economics and Policy 8, no. 4 (July 9, 2019): 379–93. http://dx.doi.org/10.1080/21606544.2019.1639219.

Full text

APA, Harvard, Vancouver, ISO, and other styles

2

Carrillo, Francisco J. "Capital cities: a taxonomy of capital accounts for knowledge cities." Journal of Knowledge Management 8, no. 5 (October 2004): 28–46. http://dx.doi.org/10.1108/1367327041058738.

Full text

APA, Harvard, Vancouver, ISO, and other styles

3

Piketty, Thomas, Emmanuel Saez, and Gabriel Zucman. "Simplified Distributional National Accounts." AEA Papers and Proceedings 109 (May 1, 2019): 289–95. http://dx.doi.org/10.1257/pandp.20191035.

Full text

Abstract:

This paper develops a simplified methodology to distribute total national income across income groups that reproduces closely the sophisticated methodology of Piketty, Saez, and Zucman (2018). It starts from top income share series based on fiscal income of Piketty and Saez (2003) and makes two basic assumptions on how national income components not included in fiscal income are distributed: (1) nontaxable labor income and capital income from pension funds are distributed like taxable labor income; (2) other nontaxable capital income is distributed like taxable capital income. This methodology could be applied to countries with less data.

APA, Harvard, Vancouver, ISO, and other styles

4

HOSONO, KAORU, DAISUKE MIYAKAWA, MIHO TAKIZAWA, and KENTA YAMANOUCHI. "COMPLEMENTARITY BETWEEN TANGIBLE AND INTANGIBLE CAPITAL: EVIDENCE FROM JAPANESE FIRM-LEVEL DATA." Singapore Economic Review 65, no. 05 (July 9, 2020): 1293–321. http://dx.doi.org/10.1142/s0217590819500735.

Full text

Abstract:

Using Japanese firm-level panel data spanning from 2000 to 2013, we estimate industry-level production functions that explicitly take into account the complementarity and substitutability between tangible and intangible capital. The estimation results show that tangible and intangible capitals are complementary in most industries although the degree of complementarity substantially varies across industries. We further find that the relation between tangible and intangible capital in the production function accounts for the relation between firm-level tangible capital and intangible capital investments. Namely, firms’ tangible investments are more strongly positively associated with intangible investments as the degree of the complementarity between the tangible and intangible assets becomes larger. These findings show the necessity to take into account the relation between the dynamics of tangible and intangible capital in terms of their complementarity for precisely understanding the mechanisms governing a firm’s growth.

APA, Harvard, Vancouver, ISO, and other styles

5

Kawachi, I. "Commentary: Reconciling the three accounts of social capital." International Journal of Epidemiology 33, no. 4 (July 28, 2004): 682–90. http://dx.doi.org/10.1093/ije/dyh177.

Full text

APA, Harvard, Vancouver, ISO, and other styles

6

Davoine, Thomas. "The long run influence of pension systems on the current account." Journal of Pension Economics and Finance 20, no. 1 (November 14, 2019): 67–101. http://dx.doi.org/10.1017/s1474747219000258.

Full text

Abstract:

AbstractExplaining cross-country differences in current accounts is difficult. While pay-as-you-go pensions reduce the need to save for retirement, contributions to capital-funded pensions are saved for future consumption. An overlapping-generations analysis shows that capital-funded pensions increase net foreign assets holdings. With a multi-pillar system whose capital-funded part accounts for 18% of pensions, the Austrian current account balance would be 1 percentage point of gross domestic product (GDP) higher than with pure pay-as-you-go pensions in 20 years. By comparison, the Austrian current account surplus averages 1.8% of GDP. Empirically, I find that the current account of high-income countries increases with the coverage and replacement rates of capital-funded pensions.

APA, Harvard, Vancouver, ISO, and other styles

7

Pain, Nigel, and Peter Westaway. "Why the Capital Account Matters." National Institute Economic Review 131 (February 1990): 52–56. http://dx.doi.org/10.1177/002795019013100105.

Full text

Abstract:

Most discussion of the balance of payments and its implications for exchange-rate prospects and economic policy falls into two distinct categories. Some authors focus on the current account alone while others argue that in a world of liberalised capital markets information from the volume of trade flows will simply be swamped by flows of highly mobile international capital. In this note we argue that both these viewpoints are too extreme; in aggregate both the current and capital accounts will matter.

APA, Harvard, Vancouver, ISO, and other styles

8

Rambaud, Salvador Cruz, and María del Carmen Valls Martínez. "Progressive Current Accounts: Profit-Sharing Interest." International Game Theory Review 05, no. 02 (June 2003): 139–49. http://dx.doi.org/10.1142/s0219198903000945.

Full text

Abstract:

Certain financial investments have different profitabilities according to the invested capital. In particular, there are some bank transactions, such as progressive current accounts, which discriminate nominal rates of interest, depending on the invested sums, that is, transactions whose underlying financial laws are not homogeneous of the first degree with respect to the amounts. More specifically, this discrimination occurs when assigning an equal rate to the capitals C in the same interval ]Ci,Ci+1]. This makes the financial law discontinuous with finite jumps, once the term has been fixed. Of course, it would be convenient, for a group of investors, to join their savings because greater rates of interest can be obtained. The question is how to distribute, in a rational way or with equity, among the individual agents, the interest obtained jointly. Our findings are based on a progressive sharing, using differential calculus.

APA, Harvard, Vancouver, ISO, and other styles

9

Samborski, Adam. "Finansowanie inwestycji rzeczowych w niemieckim sektorze przedsiębiorstw." Zarządzanie Finansami i Rachunkowość 5, no. 4 (December 28, 2017): 75–83. http://dx.doi.org/10.22630/zfir.2017.5.4.28.

Full text

Abstract:

The article assumes two objectives, namely: to adjust the way of the research proposed by Corbett and Jenkinson to the requirements of the European System of Accounts 2010; identification of the financing structure of non-financial investments in the German corporate sector. The analysis used data from national reporting, and more specifically the two accounts included in the accumulation accounts, i.e.: the capital account and financial account. It was adopted the methodology of net financing, which uses a flow of funds, and not the stocks. It was noted that, in the German corporate sector internal sources and capital transfers are the basis of non-financial investments financing.

APA, Harvard, Vancouver, ISO, and other styles

10

Canry, Nicolas. "Why and How Should Human Capital be Measured in National Accounts?" Economie et Statistique / Economics and Statistics, no. 517-518-519 (October 8, 2020): 61–79. http://dx.doi.org/10.24187/ecostat.2020.517t.2023.

Full text

APA, Harvard, Vancouver, ISO, and other styles

11

Ozai, Ivan. "Two Accounts of International Tax Justice." Canadian Journal of Law & Jurisprudence 33, no. 2 (June 8, 2020): 317–39. http://dx.doi.org/10.1017/cjlj.2020.8.

Full text

Abstract:

The contemporary international tax regime has been increasingly criticized over the years from varied perspectives, particularly as to the unfairness it produces for developing countries. Some commentators argue it is unjust due to the lack of participation of developing countries in the policymaking process on an equal footing. Others suggest the international tax regime was designed by affluent countries to respond to self-interested goals. Some note that its current institutional design creates opportunities for tax competition and avoidance, which more seriously affect developing economies due to their relative dependence on corporate income tax and their greater vulnerability to capital mobility. Others specifically criticize how taxing rights, that is, the entitlement of countries to tax cross-border transactions, are currently allocated between home and host countries and how they disfavour capital-importing, developing countries.

APA, Harvard, Vancouver, ISO, and other styles

12

ARCHER, SIMON, and RIFAAT AHMED ABDEL KARIM. "ON CAPITAL STRUCTURE, RISK SHARING AND CAPITAL ADEQUACY IN ISLAMIC BANKS." International Journal of Theoretical and Applied Finance 09, no. 03 (May 2006): 269–80. http://dx.doi.org/10.1142/s0219024906003627.

Full text

Abstract:

Islamic banks do not pay interest on customers' deposit accounts. Instead, customers' funds are placed in profit-sharing investment accounts (PSIA). Under this arrangement, the returns to the bank's customers are their pro-rata shares of the returns on the assets in which their funds are invested, and if these returns are negative so are the returns to the customers. The bank is entitled to a contractually agreed share of positive returns (profits) as remuneration for its work as asset manager; however, if the returns are zero or negative, the bank receives no remuneration but does not share in any loss. In the case of Unrestricted PSIA, the investment account holders' funds are invested (i.e., commingled) in the bank's asset pool together with the bank's shareholders' own funds and the funds of current account holders. In that case, the bank's own funds that are invested in the asset pool are treated the same as those of Unrestricted PSIA holders for profit and loss sharing purposes; however, the shareholders also receive as part of their profit the remuneration earned by the bank as asset manager (less certain expenses not chargeable to the PSIA holders). This remuneration (management fees) represents an important source of revenue and profits for Islamic banks. From a capital market perspective, this arrangement presents an apparent anomaly, as follows: shareholders and Unrestricted PSIA holders share the same asset risk on the commingled funds, but shareholders enjoy higher returns because of the management fees. On the other hand, competitive pressure may induce the bank to forgo some of its management fees in order to pay a competitive return to its PSIA holders. In this way, some of the PSIA holders' asset risk is absorbed by the shareholders. This phenomenon has been termed "displaced commercial risk" [2]. This paper analyzes this phenomenon. We argue that, in principle, displaced commercial risk is potentially an efficient and value-creating means of sharing risks between two classes of investor with different risk diversification capabilities and preferences: wealthy shareholders who are potentially well diversified, and less wealthy PSIA holders who are not. In practice, however, Islamic banks set up reserves with the intention of minimizing any need to forgo management fees.

APA, Harvard, Vancouver, ISO, and other styles

13

PODOLIANCHUK, Olena, and Nataliya GUDZENKO. "CAPITAL INVESTMENTS: NORMATIVE LEGAL AND ACCOUNTING." "EСONOMY. FINANСES. MANAGEMENT: Topical issues of science and practical activity", no. 2 (56) (June 29, 2021): 166–81. http://dx.doi.org/10.37128/2411-4413-2021-2-12.

Full text

Abstract:

The article evaluates the legal regulation and accounting of capital investments and determines that a single and precise term that would determine their essence has not yet been developed. The difference in the definitions of capital investments is outlined, which leads to confusion in their evaluation and reflection in the system of accounting accounts. There are two approaches to determining the nature of capital investment in the legal framework: economic and accounting. The dynamics and structure of capital investments by types of assets in terms of 2015-2019 are presented. Based on the results of elaboration of the regulatory framework and scientific opinions of scientists, their own opinion on the definition of capital investment has been expressed. It is noted that in the organization of accounting for capital investments it is important to assess, classify, justify objects, as well as the allocation of costs to current (to maintain the object in working order) and attribute investments to capital (improving the functional properties of the object ). A generalized classification of capital investments is proposed, which will help to timely and fully systematize the accounts and reflect in the reporting of objective and reliable information. It was found that one of the problems of accounting for capital investments is the distribution of costs and investments incurred between current costs and capital investments. Entities are invited to develop their own criteria for identifying capital investment objects and assigning the cost of repairs (capital repairs) to capital investments and approve them in the accounting policy and order. In order to ensure the objectivity of the information on capital investments, alternative changes to the Chart of Accounts have been proposed in the part of the Capital Investments account. The submitted proposals will provide an opportunity to consider capital investments as a separate object of accounting and to assess the rationality of investments.

APA, Harvard, Vancouver, ISO, and other styles

14

Cox, Bill D., and John E. Elsea. "Building an Awareness of Unrealized Capital Accounts in Stockholders' Equity." Journal of Education for Business 70, no. 4 (April 1995): 243–46. http://dx.doi.org/10.1080/08832323.1995.10117758.

Full text

APA, Harvard, Vancouver, ISO, and other styles

15

Bokhari, Sheharyar, and David Geltner. "Commercial Buildings Capital Consumption and the United States National Accounts." Review of Income and Wealth 65, no. 3 (April 30, 2018): 561–91. http://dx.doi.org/10.1111/roiw.12357.

Full text

APA, Harvard, Vancouver, ISO, and other styles

16

Lin, Shuanglin. "Capital Taxation and External Accounts in a Small Growing Economy." Review of International Economics 6, no. 1 (February 1998): 59–73. http://dx.doi.org/10.1111/1467-9396.00087.

Full text

APA, Harvard, Vancouver, ISO, and other styles

17

Tran, Hien, Malcolm Abbott, and Chee Jin Yap. "How does working capital management affect the profitability of Vietnamese small- and medium-sized enterprises?" Journal of Small Business and Enterprise Development 24, no. 1 (February 20, 2017): 2–11. http://dx.doi.org/10.1108/jsbed-05-2016-0070.

Full text

Abstract:

Purpose Well-designed and implemented working capital management (WCM) will encourage positive returns for a business and establish the firm’s value, while ineffective management will undoubtedly lead to failure of the enterprise. The paper aims to discuss these issues. Design/methodology/approach In business, fixed capital and working capital are the two main forms of capital used. The current assets used in the business as working capital for day-to-day operations include raw materials, work in progress, finished goods, bills receivable, cash and bank balance. This paper analyses the relationship between WCM and profitability in Vietnamese small- and medium-sized enterprises (SMEs) after integration into the global economy. Findings The results suggest that SME owner-managers can increase their firm’s profitability by reducing the number of days of accounts receivable, accounts inventories and accounts payable to an optimal minimum. In addition, a robustness check of this study indicates that high profitability will be achieved, with an optimal level of working capital investment in accounts inventories, accounts receivable and accounts payable. Originality/value No work of this sort has been applied to Vietnamese circumstances. It is also rare in SE Asia more generally.

APA, Harvard, Vancouver, ISO, and other styles

18

Karahan, Özcan, and Olcay Çolak. "An examination of the causality relationship between current and financial accounts in Turkey." Ekonomski anali 65, no. 224 (2020): 7–28. http://dx.doi.org/10.2298/eka2024007k.

Full text

Abstract:

In today?s economies, where commerce and the economy are strongly interrelated, the relationship between current account and financial account has become crucial. However, economists have not reached a consensus regarding the direction of the causality relationship between capital and current accounts. Our study aims to contribute to the literature by determining the direction of the causality relationship between current and financial accounts in Turkey, applying the Johansen Cointegration Test and the Vector Error Correction (VEC) model to quarterly data for 2002-2018. The empirical results show that the causality relationship in Turkey runs from the financial account to the current account. This means that capital inflows to Turkey have the potential to deteriorate the current account balance. Therefore, it is of crucial importance that Turkey implement policies to manage the financial account in order to provide a current account balance.

APA, Harvard, Vancouver, ISO, and other styles

19

Nishimwe, Grace, Didier Milindi Rugema, Claudine Uwera, Cor Graveland, Jesper Stage, Swaib Munyawera, and Gabriel Ngabirame. "Natural Capital Accounting for Land in Rwanda." Sustainability 12, no. 12 (June 22, 2020): 5070. http://dx.doi.org/10.3390/su12125070.

Full text

Abstract:

Land, as a valuable natural resource, is an important pillar of Rwanda’s sustainable development. The majority of Rwanda’s 80% rural population rely on agriculture for their livelihood, and land is crucial for agriculture. However, since a high population density has made land a scarce commodity, growth in the agricultural sector and plans for rapid urbanisation are being constrained, and cross-sectoral trade-offs are becoming increasingly important, with a risk that long-term sustainability may be threatened if these trade-offs are not considered. To help track land value trends and assess trade-offs, and to help assess the sustainability of trends in land use and land cover, Rwanda has begun developing natural capital accounts for land in keeping with the United Nations’ System of Environmental-Economic Accounting. This paper reports on Rwanda’s progress with these accounts. The accounting approach adopted in our study measures changes in land use and land cover and quantifies stocks for the period under study (2014–2015). Rwanda is one of the first developing countries to develop natural capital accounts for land, but the wide range of possible uses in policy analysis suggests that such accounts could be useful for other countries as well.

APA, Harvard, Vancouver, ISO, and other styles

20

McGrattan, Ellen R., and Edward C. Prescott. "Technology Capital and the US Current Account." American Economic Review 100, no. 4 (September 1, 2010): 1493–522. http://dx.doi.org/10.1257/aer.100.4.1493.

Full text

Abstract:

The US Bureau of Economic Analysis (BEA) estimates that the return on investments of foreign subsidiaries of US multinational companies over the period 1982–2006 averaged 9.4 percent annually after taxes; US subsidiaries of foreign multinationals averaged only 3.2 percent. BEA returns on foreign direct investment (FDI) are distorted because most intangible investments made by multinationals are expensed. We develop a multicountry general equilibrium model with an essential role for FDI and apply the BEA's methodology to construct economic statistics for the model economy. We estimate that mismeasurement of intangible investments accounts for over 60 percent of the difference in BEA returns. (JEL F23, F32)

APA, Harvard, Vancouver, ISO, and other styles

21

Talonpoika, Anna-Maria, Sari Monto, Miia Pirttilä, and Timo Kärri. "Modifying the cash conversion cycle: revealing concealed advance payments." International Journal of Productivity and Performance Management 63, no. 3 (April 8, 2014): 341–53. http://dx.doi.org/10.1108/ijppm-12-2012-0130.

Full text

Abstract:

Purpose – The cash conversion cycle (CCC) is widely used in the academic studies of working capital management and supply chain efficiency. The purpose of this paper is to introduce a modification of this measure that takes into account advance payments as a component of operational working capital. Design/methodology/approach – A new measure, the modified cash conversion cycle (mCCC) is introduced and tested with empirical data of companies in Helsinki Stock Exchange. Findings – The mCCC reveals the real efficiency of operational working capital in companies that receive advance payments to a remarkable extent. Research limitations/implications – The mCCC can be used in empirical analysis in academic studies. In this paper, the empirical data are used only for testing the mCCC. The paper concerns received advance payments, but the mCCC can also be extended also to other components of operational working capital ignored by the traditional CCC. Practical implications – The paper offers insights into the variations of CCC for class teachers, and business practitioners, particularly financiers, who deal with operational working capital, cash flow predictions and calculations. Originality/value – There are current items that may have a remarkable effect on operational working capital, but traditionally only inventories, accounts receivable and accounts payable are discussed. The authors argue that also other current items should be taken into account, if they affect the efficiency of operational working capital. The new mCCC is encouraged to be used instead of the CCC when observing working capital management.

APA, Harvard, Vancouver, ISO, and other styles

22

Cumbie, Joseph Brian, and John Donnellan. "The Impact of Working Capital Components on Firm Value in US Firms." International Journal of Economics and Finance 9, no. 8 (July 11, 2017): 138. http://dx.doi.org/10.5539/ijef.v9n8p138.

Full text

Abstract:

Working capital is an important part of any businesses day-to-day operations. However, most businesses do not take into consideration that continuous investment into working capital does not maximize firm value. The specific problem addressed was firm managers that do not understand the optimal level for each component of working capital create sub-optimal value firm; leading to diminished investment returns for shareholders. For this study, 140 firms for the years 2003-2012 were selected from a stratified random sample of firms listed on the Russell 2000 index. Accounts receivable days outstanding, accounts payable days outstanding, and inventory days outstanding were regressed on economic value to determine whether a curvilinear relationship existed. All three models showed a statistically significant relationship to firm value, F(6, 2268), p<.01, R2= .40, F(6, 2268), p<.01, R2= .38, F(6, 2268), p<.01, R2= .39. Recommendations for firm managers included lowering accounts receivable, accounts payable, and inventory days during boom economic times while increasing accounts receivable, accounts payable, and inventory days during recessionary economic times. Consideration for future research into working-capital management and firm value should consider whether different curvilinear relationships exist between firm value and working-capital components during different economic cycles.

APA, Harvard, Vancouver, ISO, and other styles

23

Xiong, Jianying, and Haifeng Zhong. "Identification of money laundering accounts based on weighted capital flow network." Journal of Physics: Conference Series 1629 (September 2020): 012023. http://dx.doi.org/10.1088/1742-6596/1629/1/012023.

Full text

APA, Harvard, Vancouver, ISO, and other styles

24

Abu-Serdaneh, Jamal. "Bank loan-loss accounts, income smoothing, capital management, signaling and procyclicality." Journal of Financial Reporting and Accounting 16, no. 4 (December 3, 2018): 677–93. http://dx.doi.org/10.1108/jfra-06-2016-0041.

Full text

Abstract:

Purpose The purpose of this paper is to investigate if Jordanian banks using provision accounts as a technique to smooth income, manage capital ratio, signal future earning and test other determinants affecting provision accounts. Design/methodology/approach The study was conducted on all Jordanian listed banks, and it covers the period 2005-2014. Different models are applied to test the dependent variables (loan loss provision [LLP] accounts) and its effects on different explanatory variables by using several statistical techniques (e.g. multiple regression). Findings The results show that there is no conclusive evidence supports that Jordanian banks used provision to smooth income, manage capital ratio or engage in pro-cyclical behavior. However, a positive and significant effect between one year ahead change in earnings and loan loss allowance, indicating that banks may use provisions to signal future positive changes in earnings. In addition, the results show that loan-to-asset ratio and beginning loan loss allowance have positive effect on provision accounts. Practical implications The results of this study are useful in assisting the regulators (e.g. US Securities and Exchange Commission, central bank) in efforts toward improving the quality of the reported financial reporting in the banking industry and focus on LLP management motivations. This study gives shareholders further insight which enables them to better understand the actions of managers and thus increase their control over their investments. Additionally, auditors should be aware of different incentives for using LLP as a tool of earnings management to be able to detect eventual manipulation of accounting earnings. Originality/value Banking in is one of the most stringently regulated of sectors and, furthermore, has a major impact on other sectors and on economic growth in general. In view of such importance, this study focuses on the banking industry and contributes to the literature in several ways. First, it represents the first known study, to the best of author knowledge, which examines if Jordanian banks use LLP accounts as a tool to smooth income and/or to manage capital. Second, unlike most existing research, which usually studies one aspect of LLP, this study focuses on four main motivations influencing provision accounts in the banks of Jordan. Third, additional tests were carried out to check the robustness of results, for example, sensitivity analysis is used to examine the change of findings by repeating of tests after using different proxies. Fourth, as a difference from other studies, this study investigates the effects of global financial crisis of 2008 on income smoothing behavior of Jordanian banking sector. Fifth, this paper provides a timely contribution to the continuous debate of the effect of LLP on earnings management in a poorly exploited setting, emerging market context.

APA, Harvard, Vancouver, ISO, and other styles

25

Cherry, M. J. "Building Social and Economic Capital: The Family and Medical Savings Accounts." Journal of Medicine and Philosophy 37, no. 6 (November 22, 2012): 526–44. http://dx.doi.org/10.1093/jmp/jhs047.

Full text

APA, Harvard, Vancouver, ISO, and other styles

26

Recuero Virto, Laura, Jean-Louis Weber, and Mathilde Jeantil. "Natural Capital Accounts and Public Policy Decisions: Findings From a Survey." Ecological Economics 144 (February 2018): 244–59. http://dx.doi.org/10.1016/j.ecolecon.2017.08.011.

Full text

APA, Harvard, Vancouver, ISO, and other styles

27

HORAN, RICHARD D., JAMES HRUBOVCAK, JAMES S. SHORTLE, and ERWIN H. BULTE. "Accounting for the distributional impacts of policy in the green accounts." Environment and Development Economics 5, no. 1 (February 2000): 95–108. http://dx.doi.org/10.1017/s1355770x00000073.

Full text

Abstract:

Green income accounting models are designed to appropriately value changes in a country's natural resource (natural capital) base. However, green NNP is useful as a guide for domestic and international policy only to the extent that it accurately reflects the economic goals and policy options of policy makers. For example, international policy designed to slow natural capital depletion in a developing country is more effective if policy makers recognize the developing country's perceived income effects of the policy. Traditional green accounting models do not satisfy this criterion because they are based on the assumption that policy makers are either not concerned with the distributional consequences of policies, and/or are not limited in the instruments available to them. We present an alternative green NNP measure that reflects distributional goals and policy implementation. Using this measure, the depletion (accumulation) of natural capital stocks in excess of economically efficient rates may increase income.

APA, Harvard, Vancouver, ISO, and other styles

28

Prasad, Eswar S., and Raghuram G. Rajan. "A Pragmatic Approach to Capital Account Liberalization." Journal of Economic Perspectives 22, no. 3 (July 1, 2008): 149–72. http://dx.doi.org/10.1257/jep.22.3.149.

Full text

Abstract:

In the mid-1990s, mainstream economists of nearly all stripes commonly recommended capital account liberalization—that is, allowing a free flow of funds in and out of a country's economy—as an essential step in the process of economic development. But then came the East Asian financial crisis of 1997–98, in which even seemingly healthy and well-managed economies like those of South Korea were engulfed by massive capital outflows and tremendous currency volatility, and capital account liberalization became quite controversial in the economics profession. A decade later, now that time has quelled passions and intervening research can shed more light on the debate, it appears that both the costs and benefits of capital account liberalization may have been misunderstood in that earlier debate. Now it appears that the main benefits of capital account liberalization for emerging markets are indirect, more related to their role in building other institutions than to the increased financing provided by capital inflows. And these indirect benefits are important enough that countries should look for creative approaches to capital account liberalization that would help attain these benefits while reducing the risks. Countries don't have much choice but to plan for capital account liberalization because capital accounts are de facto becoming more open over time, whatever governments may do to try to control them.

APA, Harvard, Vancouver, ISO, and other styles

29

Vilutiene, Laura, and Daiva Dumciuviene. "The Impact of International Capital Flows on Central and Eastern European Countries’ Investments, Savings, Consumption, and Current Accounts." Engineering Economics 31, no. 4 (October 29, 2020): 450–60. http://dx.doi.org/10.5755/j01.ee.31.4.24855.

Full text

Abstract:

Capital flows have been analysed from various perspectives and yet no consensus has been reached about the impact of international capital flows on national economies. The main aim of this paper is to present the theoretical aspects of the effect of international capital flows on national economies, and to analyse the impact of international capital flows on Central and Eastern European (CEE) countries’ domestic savings, investments, consumption, and current accounts. During the investigation, the latest studies on international capital flows were reviewed and systemised, 11 CEE countries’ main indicators from across a 10-years period were collected, and computed coefficients, which represent the change associated with a variation in clusters’ capital inflows, equal to 1 percent change of GDP, were analysed. The analyses conducted show that capital flows have an impact on countries’ economies. The main findings are: first, domestic savings and consumption are seen to have been more strongly associated with capital inflows than investments in developed countries. Second, the relationship between investments, domestic savings, consumption and one inflow in portfolio flows would be negative, in both highly developed countries and emerging market countries. Third, where positive inflows in net and gross capital are concerned, foreign direct investments would have an insignificant positive impact on current accounts in highly developed countries and developed countries but a negative impact in emerging market countries. By achieving economic growth dynamics within a specific country, a wide evaluation of a country’s capital flows can be performed, and control of capital flows gained, by applying different assessment models.

APA, Harvard, Vancouver, ISO, and other styles

30

Akinlo, Olayinka Olufisayo. "Effect of Working Capital on Profitability of Selected Quoted Firms in Nigeria." Global Business Review 13, no. 3 (October 2012): 367–81. http://dx.doi.org/10.1177/097215091201300301.

Full text

Abstract:

The article examines the relation between working capital management and profitability for a sample of 66 Nigerian non-financial firms for the period 1997–2007. Trade credit policy and inventory policy are measured by number of days accounts receivable, accounts payable and inventories; and the cash conversion cycle (CCC) is used as a comprehensive measure of working capital management. The results suggest that firm’s profitability is reduced by lengthening the number of days accounts receivable, number of days of inventory and number of days accounts payable. The result shows that shortening the CCC improves the profitability of the firms.

APA, Harvard, Vancouver, ISO, and other styles

31

Duggal, Rakesh, and Michael C. Budden. "The Effects Of The Great Recession On Corporate Working Capital Management Practices." International Business & Economics Research Journal (IBER) 11, no. 7 (July 5, 2012): 753. http://dx.doi.org/10.19030/iber.v11i7.7062.

Full text

Abstract:

Working capital theory prescribes using the optimal amount of net working capital to maximize shareholder wealth. Evidence from multiple countries indicates a negative relationship between the cash conversion cycle or net working capital and firm profitability. However, severe economic conditions may force firms to change their inventory, accounts receivable, and/or accounts payable policies, causing the firms to use more/less net working capital. Taking a sample of non-financial S&P 500 firms, many of which are multinationals, this study finds significant changes in the cash conversion cycle in 2010 for some industries. Also, it appears firms in general held more net working capital in order to face new economic challenges.

APA, Harvard, Vancouver, ISO, and other styles

32

Ohanian, Lee E., Paulina Restrepo-Echavarria, and Mark L. J. Wright. "Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America." American Economic Review 108, no. 12 (December 1, 2018): 3541–82. http://dx.doi.org/10.1257/aer.20151510.

Full text

Abstract:

After World War II, international capital flowed into slow-growing Latin America rather than fast-growing Asia. This is surprising as, everything else equal, fast growth should imply high capital returns. This paper develops a capital flow accounting framework to quantify the role of different factor market distortions in producing these patterns. Surprisingly, we find that distortions in labor markets, rather than domestic or international capital markets, account for the bulk of these flows. Labor market distortions that indirectly depress investment incentives by lowering equilibrium labor supply explain two-thirds of observed flows, while improvement in these distortions over time accounts for much of Asia's rapid growth. (JEL E22, E24, E32, F21, F32, O16, O47)

APA, Harvard, Vancouver, ISO, and other styles

33

Decressin, Jörg, and Piti Disyatat. "Capital Markets and External Current Accounts: What to Expect From the Euro." IMF Working Papers 00, no. 154 (2000): 1. http://dx.doi.org/10.5089/9781451857221.001.

Full text

APA, Harvard, Vancouver, ISO, and other styles

34

Gabor, Daniela. "Managing Capital Accounts in Emerging Markets: Lessons from the Global Financial Crisis." Journal of Development Studies 48, no. 6 (June 2012): 714–31. http://dx.doi.org/10.1080/00220388.2011.649257.

Full text

APA, Harvard, Vancouver, ISO, and other styles

35

Brandon, Carter, Katrina Brandon, Alison Fairbrass, and Rachel Neugarten. "Integrating Natural Capital into National Accounts: Three Decades of Promise and Challenge." Review of Environmental Economics and Policy 15, no. 1 (January 1, 2021): 134–53. http://dx.doi.org/10.1086/713075.

Full text

APA, Harvard, Vancouver, ISO, and other styles

36

Offei-Nyako, Kofi, Leslie Cyprian Ohene Tham, Mark Bediako, Charles Dela Adobor, and Richard Oduro Asamoah. "Deviations between Contract Sums and Final Accounts: The Case of Capital Projects in Ghana." Journal of Construction Engineering 2016 (June 7, 2016): 1–8. http://dx.doi.org/10.1155/2016/2814126.

Full text

Abstract:

Cost estimation is particularly difficult, often leading to considerable deviations. For capital projects, especially transport infrastructure projects, deviations hover around an average of 28% of the estimated cost. There are several factors that cause these deviations between the final accounts and the contract sum. How these factors combine to cause deviations between the contract sum and the final account in recent times has been of great concern to construction managers and researchers alike. This study sought to identify the significant factors that result in deviations between contract sums and the final accounts of capital projects. Using a sample size of 45, comprising contractors, consultants, and clients, the factors identified using Relative Important Indices were “price fluctuations,” “late material delivery,” “changes in the scope of work,” “fluctuations in the market demand,” and “changes in design.” Using Kendall’s coefficient of concordance, a coefficient p value of 0.068 was obtained. As such, the null hypothesis was rejected as there was a level of agreement among the respondents. Again, based on a significance test run, 26 out of the 40 identified factors used for the analysis were seen to be significant in influencing the deviations between contract sums and final accounts figures.

APA, Harvard, Vancouver, ISO, and other styles

37

Paweenawat, Archawa, and Robert M. Townsend. "Village Economic Accounts: Real and Financial Intertwined." American Economic Review 102, no. 3 (May 1, 2012): 441–46. http://dx.doi.org/10.1257/aer.102.3.441.

Full text

Abstract:

We propose a framework to create village economic and balance of payments accounts from a micro-level household survey. Using the Townsend Thai data, we create the accounts for villages in rural and semi-urban areas of Thailand. We then study these village economies as small open countries, exploring in particular the relationship between the real and financial variables. We examine cross-village risk-sharing and the Feldstein-Horioka puzzle. Our results suggest that within-village risk-sharing is better than across-village and, while there is smoothing in both, the mechanisms are different. We also find that, unlike countries, the cross-village capital markets are highly integrated.

APA, Harvard, Vancouver, ISO, and other styles

38

AL-DEEHANI, TALLA, RIFAAT AHMED ABDEL KARIM, and VICTOR MURINDE. "THE CAPITAL STRUCTURE OF ISLAMIC BANKS UNDER THE CONTRACTUAL OBLIGATION OF PROFIT SHARING." International Journal of Theoretical and Applied Finance 02, no. 03 (July 1999): 243–83. http://dx.doi.org/10.1142/s0219024999000157.

Full text

Abstract:

Islamic banks are established with the mandate of conducting all their transactions in conformity with Islamic precepts which prohibit, among other things, the receipt and payment of interest. Unlike conventional (non-Islamic) commercial banks, Islamic banks mobilise funds primarily via investment accounts using profit sharing contracts. In this paper, we argue that the concept of financial risk, on which modern capital structure theories are based, is not relevant to Islamic banks. Given the contractual obligation binding the Islamic bank's shareholders and investment account holders to share profits from investments, we propose a theoretical model in which, under certain assumptions, an increase in investment accounts financing enables the Islamic bank to increase both its market value and its shareholders' rates of return at no extra financial risk to the bank. We theoretically demonstrate that such a process leads to an increase in the Islamic bank's market value but does not alter its weighted average cost of capital, i.e. the weighted average cost of capital of the Islamic bank remains constant. The evidence obtained from estimating and testing the model on annual accounts drawn from a sample of 12 Islamic banks lends support to our theoretical predictions, as do the results from counterfactual simulations and sensitivity experiments. Hence, in the context of Islamic banks both our theoretical and empirical results provide a new dimension to the theory of capital structure, which is based on a mixture of only debt and equity financing. In general, viewed against the main competing tenets of the traditional school and the MM standpoint, our results provide an encompassing paradigm on the theory of capital structure.

APA, Harvard, Vancouver, ISO, and other styles

39

Ohanian, Lee, Musa Orak, and Shihan Shen. "Revisiting Capital-Skill Complementarity, Inequality, and Labor Share." International Finance Discussion Paper 2021, no. 1319 (May 27, 2021): 1–43. http://dx.doi.org/10.17016/ifdp.2021.1319.

Full text

Abstract:

This paper revisits capital-skill complementarity and inequality, as in Krusell, Ohanian, Rios-Rull and Violante (KORV, 2000). Using their methodology, we study how well the KORV model accounts for more recent data, including the large changes in the labor's share of income that were not present in KORV. We study both labor share of gross income (as in KORV), and income net of depreciation. We also use nonfarm business sector output as an alternative measure of production to real GDP. We find strong evidence for continued capital-skill complementarity in the most recent data, and we also find that the model continues to closely account for the skill premium. The model captures the average level of labor share, though it overpredicts its level by 2-4 percentage points at the end of the period.

APA, Harvard, Vancouver, ISO, and other styles

40

Mba Ollo, Joseph Stevy. "Capital Account Liberalization and Financial Stability: An Application of the Finite Distributed Lag Model." International Journal of Economics and Finance 10, no. 3 (January 31, 2018): 47. http://dx.doi.org/10.5539/ijef.v10n3p47.

Full text

Abstract:

The recurrence of financial crises in recent years has sparked renewed interest in the controversy over the implications of financial openness for the stability of the financial system. This article examines the relationship between capital account liberalization and financial stability in 31 sub-Saharan African countries for the period 1996-2015. Firstly, the study uses the Exchange Market Pressure Index (EMP) as the indicator of the degree of financial risk. Then, to determine the timing and the nature of the effect of capital account liberalization on financial stability, a finite distributed lag model is used. The estimation of long-term structural coefficients is obtained by the Fully Modified Ordinary Least Squares (FMOLS) method in panel data. The results show that liberalization of the capital account negatively affects financial stability after two years in sub-Saharan African countries. These results suggest that sub-Saharan African countries should standardize their strategies for liberalizing capital accounts and engage reforms to promote long-term capital flows that are more stable and improve the macroeconomic and institutional environment.

APA, Harvard, Vancouver, ISO, and other styles

41

Lisdawati and Faisal Ardiansyah. "Return On Assets Sebagai Pengukuran Perputaran Modal Kerja dan Piutang PT AKR Corporindo Tbk." Coopetition : Jurnal Ilmiah Manajemen 12, no. 1 (March 1, 2021): 55–64. http://dx.doi.org/10.32670/coopetition.v12i1.267.

Full text

Abstract:

Financial performance can be a future or prospect whose development potential is very good for company growth. Working capital is a separate and fundamental problem that company managers often face in managing equity and assets. In contrast, Receivables, which are part of the working capital component, have a turnaround or cycle related to the sale of commodities, cash flow, and cash receipts. The turnover describes good financial condition. The study population used financial statement data at PT AKR Corporindo Tbk in 2005-2019. The purpose of this research is to specifically examine and prove the measurement of Working Capital and Accounts Receivable Turnover and its impact on Return On Assets empirically. Data analysis used multiple regression analysis with Statistic / Data Analysis software STATA MP14 Version. This study indicates that the turnover of working capital and accounts receivable turnover does not increase Return on Assets either partially or simultaneously. The Return On Assets contribution is influenced by 16.88 percent of the Working Capital Turnover, Accounts Receivable Turnover, and Company Size factors as control variables.

APA, Harvard, Vancouver, ISO, and other styles

42

Ровенский, Yu Rovenskiy, Наточеева, N. Natocheeva, Белянчикова, and T. Belyanchikova. "Managing Economic Calculations of a Company." Economics of the Firm 4, no. 4 (December 18, 2015): 23–27. http://dx.doi.org/10.12737/18385.

Full text

Abstract:

The paper considers the issues of how to manage the accounts receivable and accounts payable based on the findings of analysis of thereof. The authors propose to sort out definite stages in debt management and suggest ways to calculate the working capital amount to be allocated to accounts receivable; to assess the company financial performance, subject to the provision of onemonth and three-month discounts to debtors, and to evaluate the effect of the increase in accounts receivable in the upcoming period. All the above help to enhance efficiency of the company’s credit policy and of the accounts payables management and also allow to reduce financial losses related to attracting additional sources of capital.

APA, Harvard, Vancouver, ISO, and other styles

43

DUCH, RAYMOND M., and HARVEY D. PALMER. "It's Not Whether You Win or Lose, but How You Play the Game: Self-Interest, Social Justice, and Mass Attitudes toward Market Transition." American Political Science Review 98, no. 3 (August 2004): 437–52. http://dx.doi.org/10.1017/s0003055404001261.

Full text

Abstract:

To explore systematic differences in economic reasoning and what might account for them, we investigate how sociocultural conditions affect transitions to market economies in the West African country of Benin. We probe the importance of several factors: basic economic norms, utility maximization behavior, individual-level personal capital, and individual-level social capital. The evidence, based on experiments embedded in an opinion survey, indicates that Beninese citizens widely share commitments to the basic foundations of economic interaction, e.g., property rights. The nature of social capital varies across cultural and political contexts and accounts for cross-contextual variation in the costs associated with cooperative behavior and in utility maximization behavior.

APA, Harvard, Vancouver, ISO, and other styles

44

Salami, Abdulai Agbaje, and Ahmad Bukola Uthman. "Bank Capital, Operating Efficiency, and Corporate Performance in Nigeria." Acta Universitatis Sapientiae, Economics and Business 6, no. 1 (December 1, 2018): 61–87. http://dx.doi.org/10.1515/eb-2018-0004.

Full text

Abstract:

Abstract This study examines the impact of bank capital and operating efficiency on the Nigerian deposit money bank financial performance with a view to resolving risk-based and non-risk-based capitals’ dichotomy existing in the bank literature. Using bank-specific data obtained from the annual reports and accounts of 15 banks listed on the Nigerian Stock Exchange between 2012 and 2015, the panel data regression analyses revealed the superiority of standard capital ratio of equity-to-total-assets, a non-risk-based capital, over other measures. While all measures, both risk-based and non-risk-based capitals, showed significantly positive effects on bank performance as measured by return-on-asset, mixed results were obtained from other indicators: return-on-equity and net-interest-margin. Overall, only equity-to-total-assets influenced all adopted performance indicators positively. It was also found that operating efficiency measured by cost-to-income ratio had negative impact on bank performance, but on the average it appeared too high. Thus, incorporating the standard capital ratio of equity-to-total assets into regulatory regime by the banks’ regulator is recommended to ensure its relevance is not overshadowed.

APA, Harvard, Vancouver, ISO, and other styles

45

Salami, Abdulai Agbaje, and Ahmad Bukola Uthman. "Bank Capital, Operating Efficiency, and Corporate Performance in Nigeria." Acta Universitatis Sapientiae, Economics and Business 6, no. 1 (December 1, 2018): 61–87. http://dx.doi.org/10.1515/auseb-2018-0004.

Full text

Abstract:

AbstractThis study examines the impact of bank capital and operating efficiency on the Nigerian deposit money bank financial performance with a view to resolving risk-based and non-risk-based capitals’ dichotomy existing in the bank literature. Using bank-specific data obtained from the annual reports and accounts of 15 banks listed on the Nigerian Stock Exchange between 2012 and 2015, the panel data regression analyses revealed the superiority of standard capital ratio of equity-to-total-assets, a non-risk-based capital, over other measures. While all measures, both risk-based and non-risk-based capitals, showed significantly positive effects on bank performance as measured by return-on-asset, mixed results were obtained from other indicators: return-on-equity and net-interest-margin. Overall, only equity-to-total-assets influenced all adopted performance indicators positively. It was also found that operating efficiency measured by cost-to-income ratio had negative impact on bank performance, but on the average it appeared too high. Thus, incorporating the standard capital ratio of equity-to-total assets into regulatory regime by the banks’ regulator is recommended to ensure its relevance is not overshadowed.

APA, Harvard, Vancouver, ISO, and other styles

46

Munhoz, Vanessa da Costa Val, Larissa Naves de Deus, and Vanessa de Paula Pereira. "Capital Flows to BRICS Countries during 2000-2010." Brazilian Keynesian Review 2, no. 2 (January 31, 2017): 211–38. http://dx.doi.org/10.33834/bkr.v2i2.77.

Full text

Abstract:

The objective of this paper is to analyze the dynamics of financial flows towards the BRICS in the period 2000-2010. Particularly, the paper examines the impacts of the capital controls adopted by each economy on the movements of specific types of capital registered in their financial accounts. The idea is to show that, regarding financial dynamics, the economies of the BRICS present peculiar characteristics that should be taken into account in the formulation of strategies for global financial regulation. To accomplish this goal, Minsky’s theoretical framework is used as background; the cycles of international liquidity are discussed as well as their impact on the behavior of capital flows toward emerging economies, specially the BRICS. The empirical analysis allows us to highlight the importance of an adequate capital management to attract long-term financial flows that are able to contribute to the productive growth of these economies.

APA, Harvard, Vancouver, ISO, and other styles

47

Drozd, Lukasz A., and Jaromir B. Nosal. "Understanding International Prices: Customers as Capital." American Economic Review 102, no. 1 (February 1, 2012): 364–95. http://dx.doi.org/10.1257/aer.102.1.364.

Full text

Abstract:

The article develops a new theory of pricing to market driven by dynamic frictions of building market shares. Our key innovation is a capital theoretic model of marketing in which relations with customers are valuable. We discipline the introduced friction using data on differences between short-run and long-run price elasticity of international trade flows. We show that the model accounts for several pricing “puzzles” of international macroeconomics. (JEL E13, F14, F31, F41, F44, M31)

APA, Harvard, Vancouver, ISO, and other styles

48

Mouton, Marise, and Nico Smith. "Company determinants of capital structure on the JSE Ltd and the influence of the 2008 financial crisis." Journal of Economic and Financial Sciences 9, no. 3 (December 3, 2016): 789–806. http://dx.doi.org/10.4102/jef.v9i3.71.

Full text

Abstract:

The optimal capital structure and value of a company is in constant evolution, taking into account both the external and internal environment. This study examines company-related determinants of capital structure and investigates whether the 2008 financial crisis exerted any significant influence on the capital structure and the identified determinants in a sample of top 40 JSE Ltd listed companies in South Africa. A panel regression model was applied to identify the most significant capital structure determinants and variance in them. Panel regression accounts for cross-sectional data and time series data simultaneously. It was found that the 2008 financial crisis did not exert a significant difference on the capital structures of the sample companies. The most significant company-related determinants of capital structure before the 2008 financial crisis were risk, tangibility and profitability. Risk and tangibility had a stronger influence on capital structure after the 2008 financial crisis but profitability became insignificant. The significant factors should be closely monitored to detect change in capital structure and the valuation of a company.

APA, Harvard, Vancouver, ISO, and other styles

49

Koh, Dongya, Raül Santaeulàlia-Llopis, and Yu Zheng. "Labor Share Decline and Intellectual Property Products Capital." Econometrica 88, no. 6 (2020): 2609–28. http://dx.doi.org/10.3982/ecta17477.

Full text

Abstract:

We study the behavior of the U.S. labor share over the past 90 years. We find that the observed decline of the labor share is entirely explained by the capitalization of intellectual property products in the national income and product accounts.

APA, Harvard, Vancouver, ISO, and other styles

50

Samborski, Adam. "Znaczenie banków w finansowaniu inwestycji rzeczowych w polskim sektorze przedsiębiorstw." Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, no. 106 (June 20, 2014): 21–32. http://dx.doi.org/10.22630/eiogz.2014.106.12.

Full text

Abstract:

Research issues include the physical investment financing in Polish nonfinancial corporations in 1995 to 2011. The purpose of this study is to identify the structure of physical investment financing in Polish non-financial corporations, and to define the role of bank financing. The data used in the estimation of physical investment financing structure in Polish non-financial corporations, were obtained from two accounts belonging to the accumulation accounts, i.e. the capital account and the financial account. The study used net sources of finance methodology initiated by Mayer [1988, 1990], Corbett and Jenkinson [1994, 1997]. It uses the flow of funds rather than stock data.

APA, Harvard, Vancouver, ISO, and other styles

Journal articles on the topic 'Capital accounts'

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles