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Tarasov, A. A. "Financial Instruments to Support Russian Exporters." Economics, taxes & law 12, no. 4 (September 6, 2019): 29–38. http://dx.doi.org/10.26794/1999-849x-2019-12-4-29-38.
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The subject of the research is the basic financial instruments for the support of Russian exporters that can ensure the competitiveness of Russian corporations in the international markets. The purpose of the article is a structured description of the line of banking products that are available for leading Russian exporters, as well as defining the tools for international development banks whose member is the Russian Federation; also, commercial banks products classification for exporters, and study of pre-export credit. The methodological base for the research is optimization approach application to the forming of the capital structure for the exporting corporation using financial tools. To analyze banking products, structural and process approaches, including describing the parameters and pre-export and post export financing mechanisms and detailed execution schedule of the transactions, are used. Three key elements of corporate capital raising are discriminated. They are optimal structuring of the deal, correct organization of the monetary fund’s raising process, and efficient risk management in raising debt and stock capital. It is concluded that exporters have to use a number of different banking products to raise capital for achieving tactical and strategic aims of development. Depending on the needed size, terms and structure of the transactions the corporation can use such tools as short-term revolving credit, medium-term investment credit, long-term project financing.
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Blackmon, Pamela. "OECD Export Credit Agencies: Supplementing Short-Term Export Credit Insurance during the 2008 Financial Crisis." International Trade Journal 30, no. 4 (July 8, 2016): 295–318. http://dx.doi.org/10.1080/08853908.2016.1199983.
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Rahmanov, Ramiz. "Financial Constraints and Export Participation of SMEs in Post-Communist Countries." Acta Oeconomica 69, no. 2 (June 2019): 289–319. http://dx.doi.org/10.1556/032.2019.69.2.7.
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This paper examines the impact of medium- and short-term financial constraints on the probability of export participation of SMEs in 28 post-communist countries. The regression analysis conducted over the cross-sectional sample of SMEs taken from the BEEPS III-IV-V shows that the medium- and short-term financial constraints produce a significantly negative effect on the probability of exporting. Although there exist arguments for why the effects of medium- and short-term financial constraints can differ from each other, both the medium- and short-term financial constraints appear to reduce the probability of exporting equally by 25%. The regression results also suggest that more productive, innovative, and larger SMEs, and also SMEs with international quality certificates are more likely to export. When the regressions are separately estimated for the first-time and continuous exporters, it appears that only the probability of exporting of continuous exporters is significantly sensitive to the financial constraints. Furthermore, the regressions separately run for the direct and indirect exporters show that the financial constraints have a larger effect on the probability of exporting of indirect exporters. The heterogeneity analysis shows that there is a significant heterogeneity in the effects of medium- and short-term financial constraints on the likelihood of exporting across regions, industries, periods, and firm types.
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Esen, Sinan, Halil Simdi, and Oylum Sehvez Erguzel. "The Effect of International Trading Activities of Firms on Their Financial Structure." International Business Research 9, no. 6 (March 19, 2016): 1. http://dx.doi.org/10.5539/ibr.v9n6p1.
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<p>This study aims to find out the impacts of international trading activities of firms on the their capital structure and profitability by using panel data analysis of the manufacturing companies listed in Istanbul Stock Exchange (ISE) for the period of 2009–2014. For this purpose we analyzed 107 manufacturing firms that declared international trade and financial data figures.<strong> </strong>We observed an inverse effect of import level on the long-term debt ratio and the negative impact of export level on the profitability. Every one-unit increase in import ratio decreases long term debt ratio by 0.0764, and every one-unit increase in export ratio decreases profitability by 0.0517. According to empirical findings there is no effect of import level on the short-term debt ratio, shareholder equity ratio and profitability. At the same time there is no effect of export level on the long term debt ratio, short term debt ratio and shareholder equity ratio.</p>
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Yakimova, Vilena. "Financial instability as a sustained export growth limiting factor of the Russian far east regions." E3S Web of Conferences 291 (2021): 03002. http://dx.doi.org/10.1051/e3sconf/202129103002.
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The paper analyses the export dynamics of the Russian Far East regions in the context of cyclical business activity. A multi-regression model with lag variables is formed during correlation-regression analysis, since a tendency for a lagging export reaction in response to fluctuations in financial instability indicators was revealed. The analysis showed that exports are influenced by factors of economic activity, fluctuations in real exchange rates, oil prices and levels of external debt relative to GDP. During the crisis, there was a short-term pattern of growth, but in the subsequent period, the decline in the output of exporters, the shortage of financial resources, the increase in the cost of materials and other costs led to a reduction in the sales of products for export. Financial instability is becoming the main source of financial risk for exporters, requiring regional government intervention and business support mechanisms.
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Li, Chenggang, and Yong Gan. "Trade Conflicts and China's Macroeconomic Fluctuations ---An Empirical Analysis Based on Vector Autoregression Model." ITM Web of Conferences 25 (2019): 01007. http://dx.doi.org/10.1051/itmconf/20192501007.
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This paper uses the data from November 2016 to June 2018 to construct a VAR model to empirically analyze the impact of trade wars on the Chinese economy since the trade friction between China and the United States. The empirical results show that the trade conflict between China and the United States will have short-term effects on financial institution loans, net export fluctuations, capital markets, short-term international capital flows, and the RMB exchange rate. After the impact of the trade war, the Chinese economy will have a spontaneous adjustment function, which will cause a certain positive and negative change in economic changes. But over time, the impact of Sino-US trade conflicts on financial institution loans, net export volatility, asset prices, short-term international capital flows, and the RMB exchange rate has gradually weakened until the gradual convergence to the zero axis and the effect disappears.
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Lanney, Andrew Ray, and Prescott C. Ensign. "Melville Corporate Finance, Inc." Asian Case Research Journal 18, no. 02 (December 2014): 221–49. http://dx.doi.org/10.1142/s0218927514500096.
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Melville Corporate Finance, Inc. (Melville) is approached by a Canadian bottling equipment manufacturer to provide $3.4 million of capital investment foreign buyer financing to their customer, a rapidly expanding Chinese bottling company. The Chinese company needs to purchase the equipment and increase its production capacity to secure long-term, multi-million dollar contracts with Pepsi and Coca-Cola in Thailand. With very short deadlines, Melville's CEO works with Export Development Canada (EDC) to assess the risks involved in offering full financing and insurance for the Chinese bottler, and must keep in mind that the Canadian manufacturer will lose the sale if the financing does not get approved. The deal presents several challenges to Melville; an unknown foreign buyer with no proven credit history, language and communication barriers, geographic distance, incongruent accounting standards, etc. As the risk variables emerge, both Melville and EDC must decide if the stakes are too high to support the transaction.
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Sharma, Chandan. "Exchange rate volatility and exports from India: a commodity-level panel data analysis." Journal of Financial Economic Policy 12, no. 1 (June 3, 2019): 23–44. http://dx.doi.org/10.1108/jfep-11-2018-0157.
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PurposeThis study aims to examine the relationship between exchange rate risk and export at commodity level for the Indian case.Design/methodology/approachThe monthly panel data used for analysis are at a disaggregated level, which cover around 100 products, encompassing all merchandize sectors for the period spanning from 2012:12 to 2017:11. To measure the exchange rate volatility, the authors use real as well as nominal exchange rate concepts and predict the volatility of exchange rate using the autoregressive conditional heteroscedastic-based model. They use pooled mean group, mean group and common correlated effects mean group estimator that is suitable for the objectives and data frequency.FindingsThe empirical analysis indicates both short- and long-term negative effects of exchange rate variations on exporting. Specifically, in the long run, real exchange rate as well as nominal exchange rate volatility has significant effects on export performance, yet, the effects of uncertainty of nominal exchange rate is much severe and intense. In the short run, it is the nominal exchange rate uncertainty that hurts exports from India. Nevertheless, the short-run effect is much lesser than the long-run, supporting the argument that the short-term exchange rate risk can be hedged, at least partially, through financial instruments; however, uncertainty of the long-term horizon cannot be hedged easily and cost-effectively.Practical implicationsReducing uncertainty and attaining stability in exchange rate and price level should be an important policy objective in developing countries such as India to achieve higher export growth, both in the short and long run.Originality/valueUnlike previous studies, this paper tests the relationship using micro-level data and uses advanced econometric techniques that are likely to provide more precise information regarding the association between exchange rate volatility and trade flows.
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Ika Nurhayati, Nanik. "Determinant Analysis of Decrease In Manufacturing Export Value Amid Depreciation of Rupiah Exchange Rate." Economics Development Analysis Journal 6, no. 1 (March 14, 2018): 69–74. http://dx.doi.org/10.15294/edaj.v6i1.22203.
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Indonesia uses a system of floating exchange rate. The depreciation of the exchange rate, in which the value of domestic currency decreases and the value of foreign currency increases, will increase the export. The high depreciation of Rupiah should be able to increase the competitiveness of Indonesia’s export products, especially the manufacturing exports that have the greatest contribution to the total exports. However, what has happened in recent years is very different. The depreciation of Rupiah value cannot spur the value of Indonesia’s manufacturing exports. Based on the fact above, the research is entitled "Determinant Analysis of Decrease in Manufacturing Export Value amid Depreciation of Rupiah Exchange Rate. This research uses time series secondary data for the quarterly period of 2006Q1-201Q3 that is obtained from Bank Indonesia, International Financial Statistics, and World Bank. The analytical technique used is the OLS (Ordinary Least Square) method using E-Views 6. The results of this research indicate that the Rupiah exchange rate and the GDP growth of the export destination countries have a positive relationship but are insignificant to the manufacturing exports, while the inflation rate is negative and insignificant to the value of manufacturing exports. Meanwhile, the raw material import has a significant positive effect on manufacturing exports. This shows that the Indonesia’s manufacturing exports still depend on the imported raw materials. Related to this fact, the government must take a strategic step in the short term to increase the non-oil exports, especially the exports of manufactured products that are the high value-added export products.
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Sriyanto, Agus, Sri Murwani, and Eleonora Sofilda. "Government Stimulus Policy Effects to Foster Indonesia's Economic Growth: Evidence from Seventeen Years' Experience." Signifikan: Jurnal Ilmu Ekonomi 10, no. 1 (March 14, 2021): 63–76. http://dx.doi.org/10.15408/sjie.v10i1.15480.
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We study the budget stimulus effects and government spending to help foster the recovery of Indonesia's current economic growth that was hit by the monetary crisis 1997 and 2008. Using government spending allocation policies through capital expenditures, infrastructure expenditures, financing through government debt, private debts, and increased productivity through export and import activities. This research provides to proves the extent to which macroeconomic variables could promote Indonesia's economic growth due to the crisis—using quantitative analysis of time series in the analysis of cointegration autoregressive distribution lag and bounds testing cointegration starting from 2001 Q4 to 2018q4 data. We can prove that in the short term, the most influential factor in economic growth is the first lag of the GDP growth itself; The first lag of exports, and the first lag of government spending and imports. However, some factors still negatively affect corruption control, government effectiveness, and government debt. While in the long term, government expenditure and imports still have a positive effect, but corruption control is still hurt GDP.JEL Classification: G18, O47How to Cite:Sriyanto, A., Murwani, S., & Sofilda, E. (2021). Government Stimulus Policy Effects to Foster Indonesia's Economic Growth: Evidence from Seventeen Years' Experience. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 63-76. https://doi.org/10.15408/sjie.v10i1.15480.
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Falcone, Pasquale, and Edgardo Sica. "Assessing the Opportunities and Challenges of Green Finance in Italy: An Analysis of the Biomass Production Sector." Sustainability 11, no. 2 (January 19, 2019): 517. http://dx.doi.org/10.3390/su11020517.
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The present paper provides empirical evidence of the opportunities and challenges surrounding green finance (GF), looking at the financial issues that might prevent the investment decisions of green companies. To this end, we explore the case of Italian biomass producers by means of a discourse analysis supported by a survey administered to a pool of experts. Although our findings suggest that GF provides an opportunity for achieving environmentally sustainable innovation pathways, experts recognize that it does not actually prevent biomass producers from facing institutional and financial criticalities in funding their investment projects. Such criticalities include: uncertainty about government policies, the minimal involvement of financial suppliers in the biomass sector, the short-term orientation of financial instruments and the limited knowledge of financing options and technical expertise within companies. The results indicate that effective policy interventions should ensure that objectives are orientated towards the long term with the aim of reducing the risks perceived by financial institutions in funding biomass producers.
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Chung, Kyuil, Hail Park, and Hyun Song Shin. "Mitigating Systemic Spillovers from Currency Hedging." National Institute Economic Review 221 (July 2012): R44—R56. http://dx.doi.org/10.1177/002795011222100115.
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Korea has been a forerunner in incorporating macroprudential policies to mitigate the vulnerabilities from currency crises that can turn into a more generalised liquidity crisis. This paper examines longer-term design issues for a more resilient and stable financial system that could be expected to complement the existing macroprudential measures in achieving a more stable financial system. In particular, the paper examines the rationale and mechanics of a new public financial institution, provisionally called the Exchange Stabilisation and Guarantee Corporation (ESGC) whose main role is to buy dollar forward positions from Korean exporting companies who wish to hedge the currency exposure from long-term export orders. The ESGC is intended to mitigate the risks arising from the reliance on the role of the banking sector in providing currency hedging services to exporters. Rapid growth of short-term foreign currency denominated debt has been the result of banks receiving forward dollar sales by exporters, and then hedging the long dollar position by borrowing short in dollars. A public institution that can buy dollars forward, but which is designed so that there is no need to hedge by taking short dollar debt, can mitigate the rapid increase in short-term dollar debt in booms.
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Li, Ziran, Keri L. Jacobs, and Georgeanne M. Artz. "The cooperative capital constraint revisited." Agricultural Finance Review 75, no. 2 (July 6, 2015): 253–66. http://dx.doi.org/10.1108/afr-11-2014-0034.
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Purpose – There is little reason a priori to expect that a cooperative firm’s capital needs are different from a non-cooperative firm’s needs if the two firms are otherwise similar in function and size and operate within similar market economies. However, the notion that cooperatives face capital constraints that investor-owned firms (IOFs) do not is a persistent theme in the literature. The paper aims to discuss these issues. Design/methodology/approach – The authors revisit this hypothesis with an empirical examination of capital constraints in a panel data set of US agricultural supply and grain cooperatives and IOFs. Findings – The findings are mixed. While the authors find little to suggest that cooperatives face financial constraints on borrowing in the short run, relative to IOFs, the authors do find some evidence that for long-term investments, a capital constraint may exist. Originality/value – These short and long run differences have implications for the survival and growth of agricultural cooperatives. While in the short run, access to debt financing allows these firms to operative profitably, ultimately long-term large investments in technology and fixed assets will be required to maintain competitiveness in this industry.
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Behera, Harendra Kumar, and Inder Sekhar Yadav. "Explaining India’s current account deficit: a time series perspective." Journal of Asian Business and Economic Studies 26, no. 1 (June 7, 2019): 117–38. http://dx.doi.org/10.1108/jabes-11-2018-0089.
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Purpose The purpose of this paper is to examine the issue of high current account deficit (CAD) from various perspectives focussing its behaviour, financing pattern and sustainability for India. Design/methodology/approach To begin with the trends, composition and dynamics of CAD for India are analysed. Next, the influence of capital flows on current account is investigated using Granger non-causality test proposed by Toda and Yamamoto (1995) between current account balance (CAB) to GDP ratio and financial account balance to GDP ratio. Also, the sustainability of India’s current account is examined using different econometrics techniques. In particular, Husted’s (1992), Johansen’s cointegration and vector error correction model (VECM) is applied along with conducting unit root and structural break tests wherever applicable. Further, long-run and short-run determinants of the CAB are estimated using Johansen’s VECM. Findings The study found that the widening of CAD is due to fall in household financial savings and corporate investments. Also, it was found that a large part of India’s CAD has been financed by FDI and portfolio investments which are partly replaced by short-term volatile flows. The unit root and cointegration tests indicate a sustainable current account for India. Further, econometric analysis reveals that India’s current account is driven by fiscal deficit, terms of trade growth, inflation, real deposit rate, trade openness, relative income growth and the age dependency factor. Practical implications Since India’s CAD has widened and is expected to widen primarily due to rise in gold and oil imports, policy makers should focus on achieving phenomenal export growth so that a sustainable current account is maintained. Also, with rising working-age and skilled population, India should focus more on high-value product exports rather than low-value manufactured items. Further, on the structural side it is important to correct fiscal deficit as it is one of the important factors contributing to large CAD. Originality/value The paper is an important empirical contribution towards explaining India’s CAD over time using latest and comprehensive data and econometric models.
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Sriwardiningsih, Enggal. "Dampak Penularan Krisis Global terhadap Aliran Investasi Asing di Indonesia." Winners 11, no. 2 (September 30, 2010): 130. http://dx.doi.org/10.21512/tw.v11i2.690.
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Global crisis and Greece crisis have potential contagion effect to emerging market by two main ways, which are export emerging market countries decrease to developed countries and financial crisis developed countries made foreign direct investment bring back their financial from emerging countries because of lack of capital. But Indonesia economy has good conduct to support investment by his regulation, so it make high expectation opportunities to foreign direct investment come to Indonesia. The problem is how is short–term capital change becoming long-term foreign direct investment that makes Indonesia economy can sustainable growth economy. Government control the rate of banks, inflation and fiscal stimulus in Indonesia dynamic condition perhaps Indonesia economy potential propose his target growth according his expectation for 5 years later (2010-2014).
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Karaman, S. Cem. "Effective Use of Foreign Debt, the Case for Turkey." International Journal of Social Science Research 3, no. 2 (September 30, 2015): 107. http://dx.doi.org/10.5296/ijssr.v3i2.7086.
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An advanced financial system is regarded as a hallmark of development. Lending or borrowing money, or debt, plays a vital role in an economy. But just like any other economic decision, borrowing requires a thorough analysis of contingencies. Debt may lead to prosperity through sound investment, or it may overwhelm firms/people when not used properly. In today’s circumstances, borrowing from world financial markets is easier than ever before. In this paper, the possibility of foreign borrowing helping Turkey to improve its macroeconomic variables of GDP, consumption, government spending, investment, exports and current account balance is explored. We look for cointegration relationships between various foreign debt variables classified as public or private foreign debt; short-term or long-term foreign debt, and various macroeconomic variables. Later, the variables studied are tested to see if there are any statistically causal relationships between them. The following results are found: short-term foreign debt is not cointegrated with any of the macroeconomic variables when long-term foreign debt is cointegrated with some of them; private foreign debt is more effective than public foreign debt on macroeconomic variables. Whilst Turkey is critically dependent on foreign borrowing in financing its current account deficit, its current account balance is not cointegrated with any of the foreign debt data. Public foreign debt precedes government spending where private foreign debt follows private sector spending. This is interpreted as a sign that the private sector is more careful with its borrowing decisions than the government since its spending, which is procyclical with the business cycle, is leading its borrowing.
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Ervanto, Adi Darmawan, and Andry Irwanto. "PENGARUH STRUKTUR UTANG, PERINGKAT KREDIT, DAN STRUKTUR MODAL TERHADAP IMBAL JASA AUDIT." Jurnal Ekonomi dan Bisnis Airlangga 28, no. 2 (September 30, 2020): 84. http://dx.doi.org/10.20473/jeba.v28i22018.84-93.
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Introduction: The purpose of this study is to empirically examine any effect of short-term debt structure, credit ratings, and capital structure on the audit fee. The sample used in this study are the companies listed in the PT Pemeringkat Efek Indonesia (Pefindo) and the Indonesia Stock Exchange. Methods: Data were analyzed using linear regression.The independent variables in this study are the proportion of short-term debt, credit ratings, and capital structure. Dependent variable is audit fee. This research uses the control variables representing firm size, its complexity, and risk. Number of assets and current assets to total assets ratio represent the size of the company. Number of business segments and the proportion of export sales to total sales represent the complexity of the company. Risk represented by the ratio of short-term liabilities to total assets, short-term liabilities to total assets ratio, quick ratio, and return on assets. Results: Hypothesis testing shows that the proportion of short-term debt does not significantly influence audit fee. Ratings have a negative impact on the audit fees of listed companies in Indonesia's credit rating. Capital structure does not significantly influence audit fee. Conclusion and suggestion: This study has limitations that are audit fee is measured by the natural logarithm of the nominal value of professional fees expense presented in the financial statements of the company and there is a possibility of mediating variables such as risk governance and audit, in examining impact of the proportion of debt and capital structure on audit fee.
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Rahman, Md Habibur, and Bijoy Chandra Das. "Necessity of the Establishment of a Financial Derivatives Market in Bangladesh." International Journal of Management Science and Business Administration 2, no. 1 (2014): 21–32. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.21.1002.
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Derivatives instruments have been a feature of modern financial markets for several decades. They play a pivotal role in managing the risk of underlying securities such as bonds, equity, equity indices, currency, and short-term interest rate asset or liability positions. With the development of Bangladesh’s market economy, it is now becomes very essential of the establishment of a financial derivatives market in this country. In our article is has been tried to explain in detail the theoretical framework of various types of derivatives and their potential usage in strengthening capital market, capital structure of commercial banks, against the fluctuation of major import(petroleum) and export(RMG) sectors, and thus turning Bangladesh’s economy into a strong global one. In the last part of our study, some strong recommendations with the suggestion of phase by phase establishment of a financial derivatives market are included.
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Mahara, Tilak Singh, and Sabina Dhakal. "Macroeconomic determinants of external debt in Nepal: The ARDL Approach." Quest Journal of Management and Social Sciences 2, no. 2 (December 15, 2020): 275–89. http://dx.doi.org/10.3126/qjmss.v2i2.33299.
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Background: External debt is the loan amount borrowed from the international level, payable with interest and principal. It is the major source of financing budget deficit in a developing country. Debt accumulation for productive investment is a viable strategy for long-term development. To escape the external debt burden or for the external debt burden strategy, it is crucial to study the major macroeconomic determinants of external debt.
Objective: The principal objective of this study is to examine the major macroeconomic determinants of external debt in Nepal.
Methods: In this study, the external loan is taken as a dependent variable whereas, budget deficit, per capita gross domestic product, terms of trade, trade openness, foreign aid, and real effective exchange rates are taken as explanatory variables that may cause external borrowing in Nepal. The study applies the ARDL cointegration approach to trace out the relationship between the stated variables. The bound test (F-Version) has been applied for the determination of the existence of long-term cointegration among variables.Short-run dynamics is measured by the Error Correction Mechanism.
Results: The empirical result indicates that fiscal deficit, trade openness, and foreign aid are major macroeconomic determinants of external debt in Nepal. From the obtained results, it is seen that an increase in foreign aid helps to significantly reduce external debt but trade openness and the budget deficit significantly leads to an increase in external debt both in the short-run as well as in the long-run. The error correction term is found to be significant and negative, showing proof of a strong association between the selected variable and ensures the correction of short-term disequilibrium to a stable equilibrium at the rate of 37 percent per annum.
Conclusions: The study concludes that foreign aid, budget deficit, and trade openness are the main determinants of external debt in Nepal in both the long-run and short-run. Appropriate export-import or foreign trade policy, effective demand management policy, progressive tax system as well as monitoring tax evasion, effectual and productive utilization of available resources helps to reduce debt accumulation and saves the nation from the possible debt trap.
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Глатте, Юлия. "Knowledge, Power, and Trust: The Role of Experts in Russia’s Migration Regime." Journal of Social Policy Studies 18, no. 4 (December 29, 2020): 751–64. http://dx.doi.org/10.17323/727-0634-2020-18-4-751-764.
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This article examines the role of experts in the field of migration policy in an authoritarian environment and their collaboration with the state in times of crisis. While much of the literature on migration policy-making in Russia focuses on patron-client relationships between state and business, little is known about the collaboration of state actors and experts. Therefore, this paper provides an overview of the main migration experts and shows the conditions under which they are involved in migration policy. Despite various forms of collaboration, expert policy networks are strictly controlled by Russia’s authoritarian state. Measures of control include the sanctioning of foreign financing, a weak culture of dialogue, non-transparent political decisions, the absence of institutionalized political competition and an extremely personalized system of interaction that places experts in a relationship of dependence, thus preventing substantial criticism of political decisions and forcing loyalty. Since 2016, the conditions under which experts are involved in migration policy have become even more limited. It is argued that the reasons for the change are linked to a threefold loss of trust in the expertise of non-state actors, in particular, international organizations. This loss of trust can be explained firstly by a collision of the long-term logic of expert advice with the short-term crisis management of the state; secondly by a dynamic that followed from the institutional restructuring of the Federal Migration Service that dissolved long-standing personal relationships between experts and officials; and thirdly by a general loss of trust in Western policy solutions and liberal norms in the management of migration (crises).
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Ejsmont, Aneta. "Cooperation and Coopetition as a Tools Which Could Improve Leading Startups all over the World." European Journal of Social Sciences Education and Research 11, no. 2 (June 10, 2017): 228. http://dx.doi.org/10.26417/ejser.v11i2.p228-237.
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Building own business is a long-term and laborious process. A person who leads a startup tries to start with building own business by taking first steps toward financial independence. Analyzing conditions in Poland, on average every second startup sells its services abroad, admittedly it is good news, although half of them do not export at all. Half of the startups which export their services and goods generates more than 50% of their revenues outside Poland. Very interesting is the fact that 60% of exporters have conducted their foreign sale since the moment of establishing their business. On which markets do they sell their services? It turns out that the most popular are markets in the European Union (54%), including the United Kingdom 14% and Germany 9%. Only about 25% of Polish startups exports their products and services to the United States. Taking the United States into consideration, in 2008 the USA lost their leading position in the number of startups which are newly created and achieving success in business. Currently in terms of the number of new startups the USA is on a quite distant place after Denmark, Finland, Sweden, Hungary, New Zealand, Israel or Italy. In short, more companies were closed than created, so it was, as a matter of fact, like in Poland. Therefore, the condition to improve the development of startups both from Poland and other countries all the world is to increase cooperation and coopetition.
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Dritsakis, Nikolaos, and Pavlos Stamatiou. "Causal Nexus between Government Debt, Exports and Economic Growth for Three Eurozone Countries: A Panel Data Analysis." Journal of Economics and Public Finance 3, no. 1 (December 30, 2016): 47. http://dx.doi.org/10.22158/jepf.v3n1p47.
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<em>The relationship between government debt, exports and economic growth has been the focus of a considerable number of academic studies in recent years. The economic crisis, which started in the United States mortgage market, quickly went global when mortgage-backed securities traded by financial institutions. Europe’s response was immediate regarding the measures to tackle the crisis. The establishment of common strategies was the long term goal of the European Union (EU). This paper examines the relationship between government debt, exports and economic growth in the EU countries with the highest level of government debt, using panel data over the period 1990-2014. The Fully Modified Ordinary Least Square (FMOLS) and Dynamic Ordinary Least Square (DOLS) methods are used to estimate the long run relationship between the variables. In addition, the Vector Error Correction Model (VECM) is used in order to investigate the causal relationship between the examined variables. The empirical results of the study revealed that there are both short and long run relationships. Findings suggest that that there is a unidirectional causality running from exports to economic growth as well as from exports and economic growth to government debt. The results provide evidence to support the export led-growth hypothesis. Exports are an important factor for economic development. Moreover, the results reveal that government debt is affected by exports both directly and indirectly through economic growth. Policy implications are then explored in the conclusions.</em>
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Jensen, Camilla, and Aušryte Rasteniene. "LITHUANIAN EXPORTERS IN THE FINANCIAL CRISIS." Ekonomika 95, no. 2 (October 3, 2016): 118–38. http://dx.doi.org/10.15388/ekon.2016.2.10128.
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Using Enterprise Survey data covering the period 2001–2011, the paper investigates the export behavior of Lithuanian firms and changes herein before, during and after the financial crisis. The primary objective is to investigate if there are changes in export behavior such as frequency, intensity, value and structure, hence focus lies on the results obtained with the standard enterprise survey data that is annual and collected before and after the crisis. The findings show that in a quantitative perspective the financial crisis has only a marginal impact on the long run exporting behavior of Lithuanian firms. There are no significant changes in number of exporters and exported percentage and only a small but negative effect on exported value when using simple ANOVA (F-test) analysis or more advanced regression analysis for repeated cross sections and panel data. The impact of the crisis falls more on the qualitative aspects of exporters from Lithuania. Generally do exporters, though affected by the crisis, outperform local market oriented firms in and over the crisis on factors such as productivity, sales growth and quality. Complementary evidence from the more ad-hoc and short-term focused financial crisis surveys corroborates the findings from the standard enterprise surveys. In every aspect investigated did exporters perform at least as well and often much better than firms catering solely to the local market. The financial crisis survey data reveals that exporters had higher capacity utilization, lower levels of indebtedness and recovered generally faster than other firms from the crisis. For the methodology, we conclude with this paper that the usage of repeated cross sections from the Standard enterprise surveys is the best way to investigate our research questions. This owes to the large drop in number of observations in the panel dataset published by the World Bank, making those results overtly vulnerable to outliers in the sample and unobservable attrition factors. The financial crisis survey data is mainuly useful towards understanding short run adjustments and financial aspects of the crisis, while structural aspects and exporting behavior is better covered with the standard surveys. The main methodology problem of using less than population data (making it sensitive to survey sampling routines) to investigate exporting behavior in general concerns the enormous skewedness that exists within the population of exporting firms. This owes to the phenomena that in most countries a handful of (multinational and locally owned) firms account for more than 50% of total exports. This is also increasingly true for a country such as Lithuania as the transition towards a market and open economy has progressed.
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Jayasundera, Manik. "Financial and economic aspects of Ceylon Tea Industry in Sri Lanka." Financial Markets, Institutions and Risks 3, no. 3 (2019): 131–35. http://dx.doi.org/10.21272/fmir.3(3).131-135.2019.
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The functioning of the tea industry forms the main source of revenue for Sri Lanka’s budget, which is now ranked as the world’s fourth largest tea producer and second largest exporter. About 20% of the world’s tea products are sourced from Sri Lanka. The key objective of this study is to analyze the financial and economic aspects in the context of studying the peculiarities of sales of tea production enterprises. The research of this question in the article is carried out in the following logical sequence: the specifics of the process of making tea products are studied; the historical aspects of the formation and development of the tea industry in Sri Lanka; identified the main directions of state policy in terms of functioning of tea production enterprises; Key aspects of the pricing and marketing policy of the tea industry have been analyzed; features of implementation of export mechanisms are indicated. The article focuses on the system of taxation by the government of the tea industry, taxes in the context of which are designed to redistribute gross domestic revenue in accordance with priority directions of state social policy. The paper notes that the Government of Sri Lanka has now implemented subsidy mechanisms for tea companies: 1) subsidy for the modernization of production facilities in the long run; 2) subsidy for the development of the tea industry to improve the efficiency of tea processing and its transformation into other varieties; 3) short-term subsidy, which insures against falling tea prices or rising raw material costs; 4) marketing subsidies in the form of tea promotion grants, discounts on import duties and grants from the Export Development Board. The study made it possible for the authors to summarize the following: in 2019, there is a gradual fragmentation of land and a shortage of skilled labor in the Sri Lankan tea industry; state policy to support the tea sector will in the long run allow for appropriate reforms and mechanisms for regulating aspects of the tea industry (adjusting exports and imports, pricing systems, subsidy programs, state land redistribution programs). Keywords: government policy, pricing, sales mechanisms, exports, income and losses, tea industry.
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Sriram, Mahadevan, and Srilakshminarayana Gali. "Corporate hedging theories and usage of foreign currency loans: a logit model approach." Investment Management and Financial Innovations 17, no. 4 (December 18, 2020): 367–77. http://dx.doi.org/10.21511/imfi.17(4).2020.31.
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The present study has attempted to discuss the association between corporate hedging theories and the usage of foreign currency loans by companies listed in India. A total of 349 non-financial companies were selected, and the data for the financial year ending 31st March, 2018 were considered for the analysis. The descriptive statistics indicate that 55% of the sample companies had borrowed funds in foreign currency. The companies were highly levered and maintained adequate short-term assets to honor short-term obligations. A logit model was employed for analyzing the cross-sectional data. The dependent variable being binary (‘0’ for non-user of foreign currency loans and ‘1’ for foreign currency loan user), the study found the variable ‘industry type’ to have a significant association with usage of foreign currency loans. Companies from the manufacturing sector were likely to use foreign currency loans than companies from the services sector. Debt to net worth, export to sales, revenue (log of revenue) were the variables that significantly influenced the likelihood of companies raising foreign currency loans. Interest coverage ratio had a negative influence on the likelihood of companies opting for foreign currency loans. Hosmer and Lemeshow test showed that the model is a good fit indicating 73% accuracy in predicting the users of foreign currency loans as ‘foreign currency loan users’. Theories such as financial distress, size, and extent of international operations explain why companies raise foreign currency loans.
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Yıldırım, Seda, Durmus Cagrı Yıldırım, and Pelin Diboglu. "Does Sukuk market development promote economic growth?" PSU Research Review 4, no. 3 (July 13, 2020): 209–18. http://dx.doi.org/10.1108/prr-03-2020-0011.
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Purpose This paper aims to explain the relationship between sukuk market and economic growth. In this context, the study investigates the impact of sukuk market development on economic growth for nine countries (Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey) which have Islamic finance and banking system. Design/methodology/approach The study analyzed the data of nine countries as Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey for periods between 2014Q1 and 2017Q4. As a part of gross domestic product, total sukuk export measured by the sukuk market and the sukuk density which was considered as annual sukuk export per country were used to determine sukuk market development. Inflation, trade deficit and financial stress series were used as control variables. Findings It was determined that there was a long-term cointegrated relationship between sukuk market development and economic growth. Sukuk volume and sukuk density had a positive effect on growth in the long run. One unit increase in sukuk volume increased growth by 0.5%, while increase in sukuk density increased growth by 1.7%. According to short-term relationships, it was seen that sukuk variables did not have an effect on growth. However, sukuk exports contributed positively to growth rates in the long run. Research limitations/implications The findings of this study are limited with nine countries (Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey). Also, the accessible data of sukuk market was used and the periods of 2014Q1–2017Q4 was analyzed in a study. Accordingly, future studies can find different results for different countries which has Islamic finance and banking system for different periods in the global market. Originality/value This study provides empirical findings to the related literature, and it proves that sukuk market development contributes positively to the economic growth of countries including Islamic finance and banking system in the long run.
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Lin, Jong-Shong, Stewart K. C. Leung, and David M. Chen. "A Century of Economic Development in Taiwan." Review of Pacific Basin Financial Markets and Policies 01, no. 03 (September 1998): 369–81. http://dx.doi.org/10.1142/s0219091598000235.
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This paper provides a brief summary of Taiwan's economic development in the past century in three broad stages: colonial foundations (1895-1940), dark ages (1941-1960), and reforms to miracle (1961-1994) .The historic perspective adopted here clearly indicates the strength and weakness of an export-led economy built on low-tech manufacturing. Though domestic savings and foreign reserves are high, Taiwan is short of an updated technological infrastructure and an effective financial system. Corporate strength is also rare. With a well-defined government policy allowing appropriate funds to be channeled to long-term finance to reinforce industrial banking, it is conceivable that the economy can be revitalized. Because success in industrial banking depends on initiative, efficiency and fair distribution of capital, it is imperative that a strategy of such significance be implemented by the private sector.
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Panta, Bhim Prasad. "Macroeconomic Determinants of Stock Market Prices in Nepal." Quest Journal of Management and Social Sciences 2, no. 1 (May 19, 2020): 56–65. http://dx.doi.org/10.3126/qjmss.v2i1.29022.
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Background: Stock market plays a crucial role in the financial system of a country. It can be viewed as a channel through which resources are properly channelized. It enables the governments and industry to raise long-term capital for financing new projects. The stock markets of developing economies are likely to be sensitive to various macro-economic factors such as GDP, imports, exports, exchange rates etc., when there is high demand on financial products, as a constituent of financial market, ultimately stock market needs to develop. Many factors can be a signal to stock market participants to expect a higher or lower return when investing in stock and one of these factors are macroeconomic variables and thus, macro-economic variables tend to effect on stock market development.
Objective: This study examines the linkage between stock market prices (NEPSE index) and five macro-economic variables, namely; real GDP, broad money supply, interest rate, inflation, and exchange rate using ARDL model and to explain the behavior of the Nepal Stock Exchange Index.
Methods: The ECM which is delivered from ARDL model through simple linear transformation to integrate short run adjustments with long run equilibrium without losing long run information. The analysis has been done by using 25 years' annual data from 1994 to 2019.
Findings: The result suggests that the fluctuation of Nepse Index in long run is strongly associated with broad money supply, interest rate, inflation, and exchange rate.
Conclusion: Though Nepalese stock market is in primitive stage, broad money supply, interest rate, inflation and exchange rate are major factors affecting stock market price of Nepal. So, policies and strategies should be made and directed taking these in to consideration.
Implication: The findings of research can be helpful to understand the behavior of Nepalese stock market and develop policies for market stabilization.
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Levchenko, Tatiana Aleksandrovna. "Digital economy of China: level and factors of development." Vestnik of Astrakhan State Technical University. Series: Economics 2021, no. 3 (September 30, 2021): 28–36. http://dx.doi.org/10.24143/2073-5537-2021-3-28-36.
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The article considers the active development and significant impact of digital technologies on people’s lives, functioning of enterprises in various sectors of the economy and government agencies. The level of digital competitiveness is different, which determines the importance of studying and adapting the experience of countries - digital leaders with a developed and rapidly growing digital economy of China. There has been given analysis of the main indicators of the development of China’s digital economy over the period 2018-2020, which showed high growth rates of the digital economy - more than 25%, an increase in the share of the digital economy in GDP by almost 6 p.p. There have been defined the policies, in which China is the undisputed world leader: e-commerce, financial technology, cloud computing, and the export of IT products. China’s strengthening its position in international digital rankings has been analyzed. It was ranked 4th in the Digital Opportunity Index, 16th in the Global Digital Competitiveness Index and 45th in the E-Government Development Index. This became possible due to factors such as the scale and potential of the domestic market, a high level of technological development, an active innovation policy of the state and large Chinese corporations that promotes digitalization, high quality education and research results. Taking into account the processes taking place in the global economy in 2020, the short-term and long-term effects of the COVID-19 pandemic on the development of China’s digital economy have been identified. The short-term effects include the capitalization of restrictions, testing of new technologies and familiarization of the population with new digital opportunities, the long-term ones are the expansion of demand and a change in its structure, an increase in investments in digital transformation, including through public and private support programs
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BEATTY, EDWARD. "The Impact of Foreign Trade on the Mexican Economy: Terms of Trade and the Rise of Industry 1880–1923." Journal of Latin American Studies 32, no. 2 (May 2000): 399–433. http://dx.doi.org/10.1017/s0022216x00005794.
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This article uses both new and published data on Mexico's foreign trade to measure terms of trade and to investigate the relationship between trade and the early growth of domestic industry. This analysis yields five conclusions: (1) Mexican terms of trade declined, largely due to the dramatic fall in the price of silver; (2) the growing diversity of Mexican exports significantly cushioned the short-term impact of silver depreciation; (3) declining terms of trade did not characterise the entire era, but instead were concentrated in two periods: 1891–97 and 1912–21; (4) although net barter terms of trade declined, Mexico's capacity to import – measured by the income terms of trade – improved markedly, and (5) this proved absolutely crucial in financing the concurrent process of incipient import-substituting industrialisation. In other words, the Porfiriato witnessed a development process in which trade growth and the spread of domestic manufacturing were highly complementary. Without the former, industrialisation would have been severely handicapped.
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Kontus, Elenora. "Short-term financing management." International Journal of Management Cases 14, no. 4 (January 1, 2012): 314–24. http://dx.doi.org/10.5848/apbj.2012.00108.
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Makarenko, Mykhaylo, and Daria Gordieieva. "Development of composite indicator of Ukraine’s international reserves adequacy." Risk Governance and Control: Financial Markets and Institutions 5, no. 4 (2015): 168–76. http://dx.doi.org/10.22495/rgcv5i4c1art6.
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This paper develops an indicator for estimating international reserves adequacy in Ukraine taking into account its unique characteristics. The proposed indicator was constructed based on the modification of IMF adequacy metric by changing weighting coefficients of potential balance of payments vulnerabilities based on historical data for Ukraine and by the inclusion of import as an additional component. In comparison to the IMF metric our indicator implies greater international reserves. This is due to the fact that balance of payments of Ukraine is very sensitive to current account shocks such as worsening terms of trade so our indicator except import component has increased weighting coefficient of export earnings. Also, compared to the IMF metrics our indicator provides more weighting coefficients of the other portfolio liabilities and the money supply that represents the sensitivity to financial account shocks. Reduced weighting coefficient of the short-term debt could be explained by the partial refinancing of external debt. This new indicator suggests that the accumulated levels of reserves of Ukraine have been inadequate at 1 April 2015.
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Holland, Dawn, Aurélie Delannoy, Tatiana Fic, Ian Hurst, Ali Orazgani, Paweł Paluchowski, and Rachel Whitworth. "Appendix A: Summary of Key Forecast Assumptions." National Institute Economic Review 217 (July 2011): F25—F29. http://dx.doi.org/10.1177/0027950111420947.
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The forecasts for the world and the UK economy reported in this Review are produced using NIESR's global econometric model, NiGEM. The NiGEM model has been in use at the National Institute for forecasting and policy analysis since 1987, and is also used by a group of about 50 model subscribers, mainly in the policy community. Most countries in the OECD are modelled separately, and there are also separate models of China, India, Russia, Hong Kong, Taiwan, Brazil, South Africa, Estonia, Latvia, Lithuania, Slovenia, Romania and Bulgaria. The rest of the world is modelled through regional blocks so that the model is global in scope. All models contain the determinants of domestic demand, export and import volumes, prices, current accounts and net assets. Output is tied down in the long run by factor inputs and technical progress interacting through production functions, but is driven by demand in the short to medium term. Economies are linked through trade, competitiveness and financial markets and are fully simultaneous. Further details on the NiGEM model are available on http://nimodel.niesr.ac.uk/.
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Saputra, Putu Mahardika Adi. "Dynamic Perspective of Trade Balance: Evidence from Southeast Asia before the Global Financial Crisis of 2008." GATR Journal of Business and Economics Review 4, no. 1 (March 19, 2019): 58–67. http://dx.doi.org/10.35609/jber.2019.4.1(7).
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Objective - This paper studies the influence of some determinants of trade balance for Southeast Asia countries in dynamics perspective before the global financial crisis of 2008. Methodology/Technique - Based on quarterly data (1980q1 to 2007q3), the investigation is carried out using VECM. Findings - The results show that in the long run: (i) income effect is found to be dominant in determining the change in trade balance; (ii) the cash balance effect does influence bilateral trade; (iii) bilateral trade is affected by exchange rate movements. Further, the effect of small economies are suspected to be present in Southeast Asia region. Meanwhile, in the short run: (i) the cash balance effect plays a major role in influencing trade balance improvement; (ii) compared to the cash balance effect, the income effect is present with slightly less contribution; (iii) the exchange rate effect is observed in the analysis, while a J-curve phenomenon exists in minor cases. Novelty - This paper concludes that in the long term, income effect is found to be dominant in determining the change in trade balance. Type of Paper: Empirical. Keywords: Export; Trade Balance; VECM; J-curve; Income Effect. JEL Classification: C33, F14, O14. DOI: https://doi.org/10.35609/jber.2019.4.1(7)
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Khan, Rabnawaz. "Impact of Monetary Policies on the Exchange Rate and Global Trade Evidence from Ghana." American International Journal of Business and Management Studies 2, no. 1 (March 19, 2020): 1–15. http://dx.doi.org/10.46545/aijbms.v2i1.143.
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The impact of monetary policies and their implementation by the exchange rate covered the economic condition of Ghana. The social inclusion and conversion factors change the implemented policies of nations, where the real price, trade, technology, a price rate, and price level of ratio take an important part of growth. The reform of the financial sector favors the free-floating of the exchange rate and global trade under the premise of flexible exchange rates. The tragedy of country growth and exchange rate toward a trajectory of growth with the growth-enhancing effect through social inclusion, conversion factors, price level ratio, exchange rate, merchant rate, export, and trade services. The research study is based on the secondary study and social inclusion equity indicators with public resources, building human resources and social protection for economic development has determined. Different evidence and trade indicators classify the monetary policies. The significant influence of growth and internal policies has affected trade and exchange rates with growth and reserve policies. The results have computed by linear regression and it proved that social inclusion and alternative conversion factors impact on global trade and create short term binary relationships.
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KONTU, ELEONORA. "SOURCES OF SHORT-TERM FINANCING." International Journal of Management Cases 14, no. 2 (January 1, 2012): 178–97. http://dx.doi.org/10.5848/apbj.2012.00062.
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Jersova, Anastasija, and Inta Kotāne. "THE IMPACT OF THE LABOUR TAX BURDEN ON THE LIVING STANDARD OF THE INHABITANTS OF LATVIA." Journal of Regional Economic and Social Development 1, no. 12 (November 17, 2020): 97. http://dx.doi.org/10.17770/jresd2020vol1.12.5388.
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The standard of living of the inhabitants of Latvia, especially in the context of material well-being or disposable income, is a guarantee that the inhabitants will be able to meet their basic needs, which are important for ensuring an adequate standard of living. Inhabitants ensure their material well-being mainly by working and receiving a net salary, which is paid after the calculation and deduction of labour taxes. However, the state is essentially the same inhabitant, which has its own basic needs, the financing of which requires income, which is mainly obtained after the collection of certain taxes, which accordingly reduces material well-being or disposable income of the inhabitants which is an essential component of the standard of living.The goal of the research: to investigate the impact of the labour taxes on the standard of living of the inhabitants of Latvia. The research uses general scientific research methods: the method of monographic or descriptive research, the comparative analysis method, an expert survey, data grouping, and the graphical method. Authors of the paper believe that employees employed in Latvia should be encouraged to use the possibilities of gross salary relief, thus promoting the growth of their net salary. In order to raise the living standards of the inhabitants in the short and long term, the government of Latvia and local governments must emphasize their attention to the growth of the national economy. The government of Latvia and local governments must implement measures aimed at raising the long-term living standards of the population and gaining material benefits in the future.
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Agrawal, Amit. "Optimizing the Supply Chain in a Fuel Process Industry." Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 5 (April 11, 2021): 549–53. http://dx.doi.org/10.17762/turcomat.v12i5.1051.
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The Supply Chain Improvement (SCO) project is being introduced by KNPC, which recognises the major business advantages of improved hydrocarbon supply chain efficiency. The objectives of this work is to strengthen, optimise, and integrate supply scheduling and processes not just at stage of enterprise, but also throughout the entire KNPC framework. This is expected to lead to an improvement in the company's bottom line and facilitate the management of business operations at the highest level of efficiency, agility and profitability. In ever changing market conditions and globally competitiveness, it is necessary that raw material supply storage and product delivery were carried out at the lowest possible time and efficiency. Otherwise export oriented refinery like KNPC cannot remain in business with profit. KNPC has therefore embarked on ambitious multi-year operational excellence programs aimed at enhancing its operations and business processes that include short / mid-term planning, scheduling, accounting for growth, inventory management, and performance management. The aim is to achieve top-quartile financial results by accessing new value streams, encapsulating business processes of best practice and motivating employees of businesses to work in a collaborative atmosphere within the global and cross-functional business cycle to make smarter, quicker and more competitive choices.
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Mugumisi, Nathan. "The impact of public external debt on private investment. Evidence from Zimbabwe under the multi-currency system." Journal of Economic Info 8, no. 1 (February 16, 2021): 33–47. http://dx.doi.org/10.31580/jei.v8i1.1688.
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The levels of public debt have grown significantly in both emerging and developed countries even during times of peace. The rising levels of debt pose substantial debt sustainability issues to developing countries including Zimbabwe. A defaulting country usually has limited access to new international credit lines or tends to borrow at a higher cost, due to high perceived country risk premium, making the country a less attractive investment destination. Zimbabwe is currently suffering debt distress and has since the year 2000 struggled to service her external debt from international multilateral financial institutions. Zimbabwe’s external debt continues to pile up due to penalties on defaults. This paper examines the impact of public external debt on private investment in Zimbabwe, using quarterly time-series data for the period 2009 and 2017. The period of study was a period of relative stability when Zimbabwe operated under a multicurrency system. Interest rates, political risk, trade openness and household consumption are control variables of this study. Using the Vector Error Correction Model (VECM), we find that external debt and external debt squared have a negative impact on private investment in the long run. Results suggest that Zimbabwe’s external debt is crowding out private investment. In the short-term, we urge the government of Zimbabwe to apply for debt rescheduling to avoid penalties that have so far contributed to the ballooning of Zimbabwe’s external debt obligations. In the medium term, we urge the government of Zimbabwe to design comprehensive debt and arrears reduction strategies, to reduce Zimbabwe’s external debt to sustainable levels. In the long term, after regaining borrowing rights, we urge the government of Zimbabwe to invest external borrowings in productive ventures, to facilitate debt amortisation. Secondly, we recommend that external debt be invested in education, health and infrastructure, which can potentially stimulate private investment, and thus create a multiplier effect on economic growth. Lastly, we recommend the government to invest foreign loans in sectors where Zimbabwe enjoys a comparative advantage, to ensure reliable export revenue for debt servicing.
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Shi, Xia. "Calculation of VaR with the Bootstrap Method Based on Experts Predict in Mechanical Engineering." Advanced Materials Research 681 (April 2013): 60–64. http://dx.doi.org/10.4028/www.scientific.net/amr.681.60.
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Based on GARCH model to catch the financial data of auto correlation and volatility clustering, while the use of expert predictive value and the short term newer data using the Bootstrap method for Vary estimation. Through the SSE Composite Index of empirical research, the results show that this method can avoid the old data invalid information, at the same time the financial experts forecast was introduced risk management, improve the accuracy of the computation
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Miahkykh, Iryna M., Mariana S. Shkoda, and Nataliia Lytvyn. "ЗОВНІШНЯ ТОРГІВЛЯ ТОВАРАМИ ТА КЛЮЧОВІ НАПРЯМИ ЇЇ РОЗВИТКУ В УКРАЇНІ." Bulletin of the Kyiv National University of Technologies and Design. Series: Economic sciences 149, no. 4 (March 11, 2021): 39–49. http://dx.doi.org/10.30857/2413-0117.2020.4.4.
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The article seeks to explore the drastic changes in the modern economic realia in Ukraine which are characterized by intensification of globalization, elimination of barriers that hinder the development of economic relationships with other actors in the world economy. This opens up new opportunities for domestic enterprises to use external factors of development, attract international financial and technological resources, implement production and management best practices, and expand the existing markets. The purpose of this article is to provide insights on the trends of international trade in goods in Ukraine, identify the key vectors to address the international trade challenges in Ukraine and to specify the prospects for further development of international trade in goods. To attain the research objectives, the general research methods have been employed, in particular, the logical approach and generalization, and the methods of statistical and financial analysis – to assess the indicators of export and import of goods in Ukraine. Special emphasis is put on the significant effect from the drop in Ukraine's external turnover with the CIS countries (from 15.2% in 2015 up to 10.8% in 2019). Among the major reasons for the decline in foreign markets trading are geopolitical issues, complete or partial exclusion of Ukrainian enterprises from their direct participation in foreign economic activities, currency instability and volatility of the national economy, etc. According to the results of the study, it is argued that the lag in creating favorable environment to enhance production and international trading along with expanding the state budget revenues (behind imbalanced structure of exchange trade and its low efficiency) will reinforce the structural and investment crisis and extend the period of economic stagnation. All this reduces the opportunities to boost the national economy competitiveness and expand international trading. Thus, there is a need to reconsider the current approaches and actions to gain a competitive edge, in particular this refers to tackling the crisis challenges and facilitate post-crisis economic recovery. The study pinpoints a significant role of exports in shaping Ukraine's economy. Thus exports must become a driver in structural transformation of Ukraine’s economy, both in the short-run and in the medium term perspective. In this context, it is proposed that to continue to foster economic partnerships with the EU and other countries globally, Ukraine needs to accomplish the reforms within the country, in particular, improve the business climate, eliminate corruption and strengthen self-government. The Ukraine's international trade efforts should be aimed at increasing and accelerating exports of Ukrainian goods, implementing import substitution policies to improve Ukraine's trade balance; promoting the optimization of import structure; generating government to support Ukrainian exports, etc. Hence, further development of Ukraine's international trade and its implications for the national economy should rely on a balanced government policy to enhance domestic manufacturing, mitigate crisis effects, overcome unemployment, and strengthen the national currency.
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Trogen, Paul C. "Uncovering patterns of state short-term debt financing." Journal of Public Budgeting, Accounting & Financial Management 12, no. 3 (March 2000): 370–98. http://dx.doi.org/10.1108/jpbafm-12-03-2000-b002.
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McCarthy, C. M. "Financing indigent care: short- and long-term strategies." JAMA: The Journal of the American Medical Association 259, no. 1 (January 1, 1988): 75. http://dx.doi.org/10.1001/jama.259.1.75.
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McCarthy, Carol M. "Financing Indigent Care: Short- and Long-term Strategies." JAMA: The Journal of the American Medical Association 259, no. 1 (January 1, 1988): 75. http://dx.doi.org/10.1001/jama.1988.03720010053041.
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Rahman, Md Saifur, and Shahari Farihana. "The nexus between Asian and US short-term financing rate." Managerial Finance 45, no. 12 (December 2, 2019): 1563–79. http://dx.doi.org/10.1108/mf-10-2018-0488.
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Purpose The purpose of this paper is to examine the nexus between Asian and the US short-term financing rates and compare them between pre- and post-Asian financial crisis. Design/methodology/approach The short-term financing rate is used in the estimation by employing two-stage cointegration test. Findings The result of the empirical study shows several outcomes; the short-term financing rates among the selected Asian countries are not highly correlated during pre-crisis period, but the rates become strongly associated during the post-crisis period. The US financing rate has significant influence on the Asian rate during both periods. Asian financing rates are not integrated by the influence of the USA, rather regional cooperation and financial initiatives lead the regional financing rate to be integrated. Originality/value The empirical finding of the study offers significant policy implications for strengthening regional economic bonding and developing the financial systems.
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Abdul-Rahman, Aisyah, Noor Latifah Hanim Mohd Said, and Ahmad Azam Sulaiman. "Financing Structure and Liquidity Risk: Lesson from Malaysian Experience." Journal of Central Banking Theory and Practice 6, no. 2 (May 1, 2017): 125–48. http://dx.doi.org/10.1515/jcbtp-2017-0016.
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Abstract This study examines the relationship between financing structure and bank liquidity risk. We compare the findings between Islamic and conventional banks for the case of Malaysia. We adopt four measures to represent financing structure; namely 1) real estate financing, 2) financing concentration, 3) stability of short-term financing structure and 4) stability of medium-term financing structure. Two BASEL III liquidity risk measures are tested; namely, liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) to measure short- and long-term liquidity risk, respectively. Based on panel data regression comprising 27 conventional and 17 Islamic banks from 1994 to 2014, our findings show that real estate financing and stability of short-term financing structure for Islamic banks are positively related to both liquidity risk measures. This implies that an increasing number of real estate financing and a stable short-term financing structure may increase Islamic banks’ short- and long-term liquidity risks. However, although real estate financing does not affect conventional banks’ liquidity risks, a stable short-term financing structure and increasing financing concentration can positively influence bank long-term liquidity risk. Our findings shed light crucial policy implications for regulatory bodies and market players in the context of liquidity risk management framework as well as the need to develop a separate framework between conventional and Islamic banking institutions.
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Hwang, Sangyeon, and Hyejoon Im. "Implications of the Global Financial Crisis on Korea's Trade." Asian Economic Papers 8, no. 3 (October 2009): 46–81. http://dx.doi.org/10.1162/asep.2009.8.3.46.
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In this paper, we examine the channels through which the current global crisis affects Korea's trade and assess the implications thereof. These five important channels under investigation are: (1) world demand, (2) domestic demand, (3) exchange rate, (4) credit markets, and (5) protectionism. We conclude that the world demand channel is the most important factor for the recovery of Korea's exports. We expect that depreciation followed by the crisis should generate only small positive effects on a trade balance in the short run. However, depreciation can erode the long-term competitiveness of domestic firms because it can deteriorate not only firms' balance sheets but also banks' balance sheets.
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Koshman, Sergey S. "LONG-TERM AND SHORT-TERM EXPORT CONTRACTS FOR NATURAL GAS SUPPLY." Energy law forum 3 (October 8, 2020): 51–56. http://dx.doi.org/10.18572/2312-4350-2020-3-51-56.
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Natural gas is exported in accordance with the terms and conditions of foreign trade contracts between the seller and the buyer. Research into the execution procedure, terms and conditions of such contracts has both theoretical and practical value. The importance of a foreign trade contract for relations between the parties cannot be overemphasized as its scope determines and legally binds the parties for the achievement of their respective goals. When entering into foreign trade contracts, the parties should consider the impact of natural gas extraction, processing, transportation, storage processes on terms of foreign trade transactions with natural gas. These terms are especially important for long-term natural gas export contracts which are considered to be the traditional form of natural gas trading. However, more recently, forms of foreign trade contracts for natural gas export used to interact with foreign buyers have become more diversified. Natural gas trading under short-term contracts using electronic trading platforms is becoming increasingly important. In this article, the author examines the key peculiarities of such contracts, defines basic advantages and disadvantages of using various contract forms for natural gas export.
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Koshman, Sergey S. "Long-Term and Short-Term Export Contracts for Natural Gas Supply." Energy law forum 3 (October 8, 2020): 103–7. http://dx.doi.org/10.18572/2410-4396-2020-3-103-107.
Full textAbstract:
Natural gas is exported in accordance with the terms and conditions of foreign trade contracts between the seller and the buyer. Research into the execution procedure, terms and conditions of such contracts has both theoretical and practical value. The importance of a foreign trade contract for relations between the parties cannot be overemphasized as its scope determines and legally binds the parties for the achievement of their respective goals. When entering into foreign trade contracts, the parties should consider the impact of natural gas extraction, processing, transportation, storage processes on terms of foreign trade transactions with natural gas. These terms are especially important for long-term natural gas export contracts which are considered to be the traditional form of natural gas trading. However, more recently, forms of foreign trade contracts for natural gas export used to interact with foreign buyers have become more diversified. Natural gas trading under short-term contracts using electronic trading platforms is becoming increasingly important. In this article, the author examines the key peculiarities of such contracts, defines basic advantages and disadvantages of using various contract forms for natural gas export.
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Sarwedi, Sarwedi. "DETERMINANT ANALYSIS OF SUPPLY CHANGE OF INDONESIA'S EXPORT PRODUCT." Buletin Ekonomi Moneter dan Perbankan 12, no. 3 (November 19, 2010): 329–48. http://dx.doi.org/10.21098/bemp.v12i3.375.
Full textAbstract:
This study analyzes the effects of structural economic movement on the change of indonesia’s exports and examines the validity of the ignacy theory concerning structural economic movement in relation to the changes of of export composition. The study utilize an ordinary mechanism of WLS, namely the Wald model.The estimation resulted through the combination of ECM and WLS shows that the price of export goods/merchandises has a positive effect and is significant in the short-term. Yet, over the long-term period, the increase in export commodity price causes the decrease in export volumes. Meanwhile, the relationship between export volume and inflation is not significant, either in the short-term or long-term. Foreign exchange interestingly has a positive and significant relationship with the export volume over a short-term period, but in the long-term it has a reverse effect, that is, it decreases export volume. Foreign investment has a positive and significant relationship with export volume in the long-term, the significance, however, weakens over the short-term period.The structural economic movement has a positive and significant relationship over a short-term period with export volume, but over long-term period the relationship is not statistically strong. Thus, the structural economic movement towards more on the growth of industry sector could stimulate the growth in export aggregately. This evidence provides further support on the Ignacy theory (1980) if it is applied on Indonesian international economy, especially for the period of 1983-1997.JEL Classification: C32, F14, O24Keyword: Weighted Least Square, Error Correction Model, Structural Economic Movement, Export Change