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Journal articles on the topic 'Zone of financial stability'
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1
Chandio, Peeral, and Arifa Bano Talpur. "An Assessment of Financial Stability of Textile Sector of Pakistan: An Altman Z Score Approach." Sustainable Business and Society in Emerging Economies 3, no. 3 (September 30, 2021): 309–18. http://dx.doi.org/10.26710/sbsee.v3i3.1957.
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Purpose: The study purpose is to examine the financial stability of Pakistani textile enterprises. Investment towards textile is crucial to boost the textile sector’s financial performance, which can be analyzed by adopting the model of Altman Z-score.
Design/Methodology/Approach: The Altman Z-score approach is a method, applied to analyze the financial stability of textile firms for seven years from 2013-2014 to 2019-2020 through the annual reports of textile firms which were taken from companies’ website and PSX links. Quantitative analysis is done by MS-Excel using simple random sampling technique of secondary data of 10 firms taken from 5% listed companies.
Findings:Finding of the study shows that financial performance of textile sector lies in all three zones of safe, grey and distress zones. 30% of textile sector falls in safe zone, 40% falls in grey while only 30% of textile sector of Pakistan falls in distress zone. Average result of textile sector of Pakistan is in grey zone, which shows the companies can get safe zone if they control required ratios.
Implications/Originality/Value: Result shows that textile firms of Pakistan may improve financial performance and stability because it lies in grey zone by controlling their financial ratios which are the part of Altman Z-Score model.
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Ngakosso, Antoine. "Monetary Policy and Financial Stability: A CEMAC Zone Case Study." International Journal of Economics and Finance 8, no. 7 (June 23, 2016): 244. http://dx.doi.org/10.5539/ijef.v8n7p244.
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This article scrutinizes the relation between the monetary policy and the financial stability driving data from CEMAC zone countries. Furthermore, it aims to know if in addition to its mandate about price stability, the BEAC bank integrates the financial stability in its monetary policy. My method is based on the Taylor Increased Rule estimation of the financial price assets and the econometric test. The results show that the separated policy-mix better fits for CEMAC zone countries. Furthermore, it comes out that the adapted monetary policy practiced by BEAC bank currently ensures the price stability.
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Gospodarchuk, Galina, and Nataliya Amosova. "Geo-financial stability of the global banking system." Banks and Bank Systems 15, no. 4 (December 18, 2020): 164–78. http://dx.doi.org/10.21511/bbs.15(4).2020.14.
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The development of globalization creates a need for diagnosis of financial stability at the global level. This study aims to analyze the financial stability of the global banking system and identify threats to stability at the level of geographic regions and countries. The study uses the methods of a structured system, comparative and cluster analysis. The empirical study is based on World Bank data for 126 countries for the period 1998–2017. One of the key results of the study is the development of quantitative indicators of the financial stability of the world banking system. These indicators differ from the existing ones due to the predictive nature of the former. The study also proposes criteria of qualitative assessment of the level of financial stability of the world banking system and its individual elements in the form of regional and national banking systems. In addition, appropriate algorithms were developed to calculate the proposed indicators and criteria. The results helped to form clusters of countries in terms of the level of their banking system stability, compile maps of financial stability risks at the global level, and identify countries that are sources of potential threats to financial stability. The empirical part of the study confirms the practical applicability of the proposed analytical tools. The study shows that in 2017, the banking system of Asian countries moved to the high-risk zone. Potential threats to the financial stability of the global banking system come from the European and Asian banking systems, as well as from the Australian banking system. AcknowledgmentThe study was funded by the RFBR according to the research project No 18 010 00232 “A methodology of multilevel system of diagnostics and regulation of financial stability” year 2018–2020.
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Chea, Ashford C. "The Euro Zone Financial Meltdown and Sub-Saharan Africa’s Financial Sector: Analysis and The Way Forward for Financial Development and Economic Growth." International Journal of Regional Development 3, no. 1 (January 23, 2016): 81. http://dx.doi.org/10.5296/ijrd.v3i1.8925.
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<p>The purpose of the paper was to assess the effects of the euro zone financial crisis on sub-Saharan Africa’s (SSA) financial sector. The evidence showed that the euro zone crisis had limited negative effects on SSA financial sector as a whole. However, individual countries were impacted negatively based on their relative integration into the global financial system and the idiosyncratic responses by policy makers to the crisis. The article begins with a historical perspective and underpinning of the euro zone financial crisis. Next, it presents a brief overview of the euro zone financial sector. This is followed by an analysis of SSA’s financial sector and its exposure to the euro zone crisis. The paper then continues with a discussion of the transmission mechanisms of the crisis to SSA’s financial sector. The article ends with an outline of policy lessons learned from the euro debt crisis, policy implications for SSA’s financial sector, and recommendations for the way forward for financial development and stability in SSA.</p>
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Salova, Lyubov V. "Diagnostic Analysis of Factors for the Financial Stability of a Power Supply Company." REICE: Revista Electrónica de Investigación en Ciencias Económicas 8, no. 16 (December 30, 2020): 490–501. http://dx.doi.org/10.5377/reice.v8i16.10712.
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The paper discloses the approach and results of the study of the electric power market (electricity market) related to the II non-price zone on the basis of the formulation of indicators that make it possible to highlight its specificity. The results of a study devoted to the solvency of electricity consumers - individuals are revealed by comparing the level of average income in the regions of the Russian Federation and the conditional maximum amount of electricity that can be paid for from these incomes. It has been established that despite the opportunities for timely payment, there remains a low payment discipline for a number of consumers, which is reflected in the growth of receivables and, as a result, leads to cash gaps. During the review of the dynamics of debt, the scope of cash gaps was determined, which in 2018 amounted to more than 169 billion rubles. Power supply companies attract loans for timely settlements, what entails additional costs and worsens financial results. The impact of the identified factors on the main indicators of power supply companies being last resort providers of electricity in Russia, including the power supply company under study, was assessed. The results obtained will be further used to develop methods for the diagnostic analysis of critical risk zones, which determine the financial stability of the power supply company being a single purchaser and last resort provider of the 2nd non-price zone.
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Kornіvska, V. O. "Banking system stability in the context of the relationship between banks and the state." Problems of Economy 3, no. 45 (2020): 155–66. http://dx.doi.org/10.32983/2222-0712-2020-3-155-166.
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The article presents the results of a study of the banking system stability under the conditions of increased financial support from the state during the financial and economic destabilization. The banking system stability in the euro zone has been analyzed to assess the prospects for monetary and financial development in Ukraine. The European experience proves that strengthening relations between banks and the state amidst the financialization process is harmful. The author of the article treats this relationship as a closed-loop problem of public and financial liquidity circulation, which leads to financial bleeding in the real economy and destabilization of the financial system, as a whole. This problem requires to be fixed by reducing banking transactions with government securities. The article gives facts proving that the search for solutions to this problem made in the European financial space has become one of the factors of financial and institutional transformations in the euro zone and the EU, in general, and has led to the creation of a banking union. The newly introduced legal framework has manifested itself as unable to stimulate efficient financial distribution. It has also been demonstrated that due to the public and financial liquidity circulation the banking system becomes subject to profound redesigning, thus losing its ability to conduct effective financial distribution in the real sector of economy.
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LU, CHIN-SHAN, and CHING-CHIAO YANG. "Comparison of Investment Preferences for International Logistics Zones in Kaohsiung, Hong Kong, and Shanghai Ports from a Taiwanese Manufacturer's Perspective." Transportation Journal 45, no. 1 (January 1, 2006): 30–51. http://dx.doi.org/10.5325/transportationj.45.1.0030.
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Abstract This research empirically evaluates international logistics zones in Kaoshiung, Hong Kong, and Shanghai ports based on the importance of investment criteria from the perspective of investors in Taiwanese manufacturing firms. Results suggest respondents viewed political stability as the most important investment criterion, followed by corporate tax incentives, government administration efficiency, labor cost, and energy cost. Shanghai Port's industrial logistics zone has a very strong competitive edge in cost, market, and industrial related criteria. The international logistics zones in Hong Kong and Kaohsiung ports have advantages in infrastructure, political, and financial related investment criteria. Respondents preferred to invest in the international logistics zone in Shanghai Port rather than that in Kaohsiung or Hong Kong Ports. Leasing factory buildings to operate their business in an international logistics zone was the preferred entry mode. Theoretical and practical implications of the research findings are discussed.
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Martin, Vesna. "INTEREST RATE BENCHMARK REFORMS IN EURO ZONE AND UNITED STATES." Ekonomske ideje i praksa, no. 44 (March 31, 2022): 1–15. http://dx.doi.org/10.54318/eip.2022.vm.313.
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The aim of this paper is to analyze the process of implementing reforms in the bank lending market and its consequences. During the global financial crisis of 2007/2008, there was a decrease in confidence and thus a decline in the turnover in the bank lending market. Consequently, the benchmark interest rates did not present the conditions for lending funds between banks, but were a reflection of manipulative actions by participants. This reduced liquidity in the bank lending market, as well as the unreliability of the methods of calculating benchmark interest rates, became a source of financial vulnerability and endangering the stability and security of operations for all participants in the financial market. For this reason, in 2012, the process of reforming benchmark interest rates at the global level began, which represents the most significant change in the global financial market in recent history. The reforms were implemented with the aim of increasing transparency in the calculation of benchmark interest rates, which increases their reliability of calculation and prevents the possibility of manipulation while protecting investors and users of all financial services. Of great importance is the analysis of the consequences of benchmark reforms and the impact on all participants in the financial market.
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Zakharova, N. Y. "The Approaches to the Formation and Assessment of the Financial Stability of Enterprise." Business Inform 10, no. 513 (2020): 307–15. http://dx.doi.org/10.32983/2222-4459-2020-10-307-315.
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The article is aimed at allocating approaches to determining the essence of financial stability, factors that cause it and substantiating the basic methodical approaches to its assessment. The approaches to determining the essence of financial stability are systematized, namely: as the status of both enterprise and its financial resources; as both ability and capacity of the enterprise to fulfill certain obligations and achieve results; both as an integrated and generalizing characteristic of the enterprise in general or as its financial position in particular; as solvency ensured in a certain time period and under certain conditions. The author substantiates the importance of assessing financial stability, the purpose of which is to determine the degree of dependence of the enterprise on external sources of financing, the level of financial risk, the ability to fulfill financing at the expense of the own financial resources, setting the zone and reserve of financial stability. The main features of financial stability of the enterprise and approaches to its assessment are singled out. The need to analyze the structure of financial resources is substantiated and the algorithm of grouping of the own, involved and borrowed financial resources in accordance with certain articles of balance is provided. A calculation mechanism is presented and the values of the main indicators used to assess financial stability are outlined. It is emphasized that only a balanced approach to the formation of a certain level of financial stability on the basis of its careful valuation can be the guarantee to a stable growth of business profitability, ensuring creditworthiness and investment attractiveness of the enterprise.
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Tsagkanos, Athanasios, Anastasios Evgenidis, and Konstantina Vartholomatou. "Financial and monetary stability across Euro-zone and BRICS: An exogenous threshold VAR approach." Research in International Business and Finance 44 (April 2018): 386–93. http://dx.doi.org/10.1016/j.ribaf.2017.07.108.
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Ozerova, M. G., and A. V. Sharopatova. "Financial risks and their impact on the economic security of agricultural enterprises." IOP Conference Series: Earth and Environmental Science 839, no. 2 (September 1, 2021): 022090. http://dx.doi.org/10.1088/1755-1315/839/2/022090.
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Abstract The article considers the classification of financial risks in order to determine their impact on the level of economic security of an agricultural enterprise. For this purpose, the assessment of the indicators of liquidity and financial stability was carried out on the example of a specific economic entity operating in the agro-industrial complex industry. In addition, the factors of the external environment are considered, which include natural conditions, production innovations, market conditions that determine the economic security of the agricultural enterprise. The results of the risk assessment indicate that the agricultural enterprise is on the verge of a critical risk zone in terms of financial stability. Thus, a timely assessment of financial risks helps to prevent the occurrence of threats to the loss of sustainable development by an agricultural enterprise.
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Hrynyuk, N., L. Dokiienko, О. Nakonechna, and І. Kreidych. "FINANCIAL STABILITY AS A FINANCIAL SECURITY INDICATOR OF AN ENTERPRISE." Financial and credit activity problems of theory and practice 4, no. 39 (September 10, 2021): 228–40. http://dx.doi.org/10.18371/fcaptp.v4i39.241312.
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Abstract. The system diagnostics of enterprise financial security developed by the authors are based on taking into account the combined effect of the main elements of the financial stability management process. On the basis of the justification of the interdependence of the main components of an enterprise’s financial security (on the one hand, the types of financial stability and the liquidity of the balance sheet, on the other hand, their correlative effect on the level of financial security) the authors proposed a model for its evaluation. It has been proposed that the type of financial stability of an enterprise should be determined on the basis of the identification of the financial situation in accordance with the scale developed on the basis of the values of the main financial stability ratios. The type of liquidity on the balance sheet is based on a comparison of liquidity-based items of assets with maturities. The unified impact of types of financial stability and balance sheet liquidity on the level of financial security became the basis for the development a matrix for diagnostics the general position of financial security of the enterprise. Based on the established relationship between the degrees of financial stability and liquidity of an enterprise on the one hand, and the level of financial security of operating activities on the other, a model has been developed to assess the level of financial security of the enterprise’s operating activities. It has been proposed that the financial stability and liquidity of an enterprise should be determined on the basis of a three-tiered indicator by classifying financial situations within the established indicator scale: depending on the priority of selecting funds to finance the tangible portion of a negotiable asset and the sufficiency and composition of a negotiable asset to meet current liabilities. On this basis, a diagnostic matrix of the financial security position of the enterprise’s operational activities has been developed. The interconnection of the positions of the financial security of the enterprise and the unification of its level enabled the authors to develop a matrix of zones of the general position of the financial security of an enterprise where, depending on the combination of financial security levels, zones are distinguished from absolute financial security to financial danger. The testing of each element of the proposed enterprise financial security diagnostic’s system on the materials of a selected group of enterprises of the oil-and-fat industry confirms the practical significance of the developed tools in the process of managing their general financial security. Keywords: financial security, financial security level, financial security position, financial security of operating activities, financial stability, liquidity, oil-and-fat enterprises. JEL Classification G30, M20, Q14 Formulas: 14; fig.:5; tabl.: 4; bibl.: 22.
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Kondratov, D. "Effects of European Debt Crisis and Prospects of Euro Zone." World Economy and International Relations, no. 10 (2012): 52–61. http://dx.doi.org/10.20542/0131-2227-2012-10-52-61.
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The European economy is just recovering after the crisis and is facing numerous problems that prevent the transition to a sustainable economic growth. Among the most significant problems are massive fiscal deficits and public debt. This imposes the risks of default and can cause a collapse of national economies’ encouragement programs. Large-scale foreign trade imbalances threaten the already shaky stability of the global monetary and financial system. Huge amounts of speculative capital contribute to the formation of price bubbles in the domestic and international stock and commodity markets. It is obvious that these difficulties are systemic by their nature. In order to overcome them the leading European states have to undertake decisive and concerted measures for the restructuring of the existing economic order. An understanding of the respective need is currently declared at the highest political level, including the European Central Bank and G20. In practice, however, the efforts so far are concentrated mainly on the soft and cautious reform of the regulation of financial markets in the countries of the Eurozone. Implementation of the steps to create a more reliable and secure European financial and economic architecture is restrained by dramatic differences in the interests of the leading countries. According to most analysts, efforts to overcome this are likely to fail in the coming years. The failure to address fundamental problems of the financial crisis increases the uncertainty of the development of the European economy and creates the preconditions for new crisis situations.
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KOZJUK, Viktor. "MACROFINANCIAL RESPONSIBILITY OF CENTRAL BANKS: THEORETICAL FOUNDATIONS AND INSTITUTIONAL DILEMMAS." WORLD OF FINANCE, no. 2(51) (2017): 139–57. http://dx.doi.org/10.35774/sf2017.02.139.
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Introduction. Postcrisis tendency to enhance central bank’s macrofinancial responsibility should be related to real-financial inter-linkages rethinking but not to activistic demand management. Different approaches on how price stability and financial stability are inter-related, as well, as different institutional modalities of how to achieve them are making more complicate optimal institutional design of central bank with increased zone of responsibility. Purpose. Taking into account different macroeconomic viewpoints on the role of financial instability in macroeconomic fluctuations and institutional challenges for central bank independence the purpose of the paper is to validate that enhanced macrofinancial responsibility of central banks should be balanced by additional measures in direction to facilitate autonomous regulatory status. Results. Different views on how to enhance macroeconomic stability and what the role of central banks in new macrofinancial environment provide serious challenge for optimal designing of central bank’s macrofinancial responsibility. The problem not only relate to how price and financial stability are inter-related but also to how define the wrong way policy then price and financial stability are in non-linear relations. The difficulties in this segment may affect far reaching political consequences while assessing central bank from political economy point of view. Also it is necessary to take into account that macroprudential toolkit may overlap with monetary policy instruments providing additional regulatory distortions. Clear institutialisation of relations between price and financial stability responsibilities will help to avoid political economy type of manipulations with central bank new tasks. Priority of price stability should be kept while financial stability mandate should be clarified and tied to macroprudential regulation. In the same time more active central bank’s participance in the post-crisis economy should be based not on standard Keynesian activism but on enhanced financial responsibility balanced with protection of central bank independence in new regulatory areas. Conclusions. It the article it is stressed that enhanced macrofinancial responsibility should be based on unchanged priority of price stability mandate, increased level of central bank independence and coordination between monetary and macroprudential policies. It is shown that vulnerability of macrofinancial responsibilities to political pressure is going to increase. Political independence of central banks should protect them in the area of price stability and financial stability all together.
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Mints, Oleksii, Viktoriya Marhasova, Hanna Hlukha, Roman Kurok, and Tetiana Kolodizieva. "Analysis of the stability factors of Ukrainian banks during the 2014–2017 systemic crisis using the Kohonen self-organizing neural networks." Banks and Bank Systems 14, no. 3 (September 6, 2019): 86–98. http://dx.doi.org/10.21511/bbs.14(3).2019.08.
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The article proposes an approach to analyzing reliability factors of commercial banks during the 2014–2017 systemic crisis in the Ukrainian banking system, using the Kohonen self-organizing neural networks and maps. As a result of an experimental study, data were obtained on financial factors affecting the stability of a commercial bank in a crisis period. It has been concluded that during the banking crisis in Ukraine in 2014–2017, the resource base of a bank was the main factor of this bank stability. The most preferred sources of resources were funds from other banks (bankruptcy rate of 5.7%) and legal entities (bankruptcy rate of 8%), and the least stable were funds from individuals (bankruptcy rate of 28.5%). The relationship between financial stability and the amount of capital and the structure of bank loans is less pronounced. However, one can say that banks that focused on lending to individuals experienced a worse crisis than banks whose main borrowers were legal entities. The tools considered in the article (the Kohonen self-organizing neural networks and maps) allow for efficiently segmenting data samples according to various criteria, including bank solvency. The “hazardous” zones with a high bankruptcy rate (up to 49.2%) and the “safe” zone with a low rate of bankruptcy (6.3%) were highlighted on the map constructed. These results are of practical value and can be used in analyzing and selecting counterparties in the banking system during a downturn.
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Alice, Kos à. Mougnol, and Pr Kamajou François. "Determinants Du Developpement Financier Dans Les Pays De La Zone Franc Cfa: Le Role De La Qualite Des Institutions." European Scientific Journal, ESJ 12, no. 28 (October 31, 2016): 285. http://dx.doi.org/10.19044/esj.2016.v12n28p285.
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This paper aims at analysing the role of the quality of institutions (institutional factors) on financial development within the fourteen countries of the CFA Franc zone. For that purpose, the Pool Mean Group (PMG) method is used in order to estimate a linear model in dynamic panel data over the period 1996-2011. Findings show that the quality of some institutions (corruption, political stability, quality of regulation…) conditions or affects the improvement level of financial system of the above-listed countries. To contribute to the emergence of better developed finance and of course more productive, the paper stands for an “institutional convergence” as one of the assets of financial development in the CFA Franc countries.
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Barbu, Teodora Cristina, and Iustina Alina Boitan. "FINANCIAL SYSTEM PERFORMANCE IN EUROPEAN UNION COUNTRIES: DO COUNTRY’S GOVERNANCE INDICATORS MATTER?" Journal of Business Economics and Management 21, no. 6 (October 12, 2020): 1646–64. http://dx.doi.org/10.3846/jbem.2020.13633.
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The study analyses the impact of country’s governance factors on the financial behaviour and performance of financial intermediaries operating in European Union countries, by covering the period 2000–2017. Empirical evidence provided by the paper relies on a set of financial and political factors that has not been previously studied. Four indicators are jointly used as proxies for capturing the various dimensions of a country’s good governance, while 21 financial indicators represent the alternative dependent variables meant to comprehensively depict the banking sector and capital market development. Each panel regression has been controlled for country’s degree of economic development and its membership to OECD and euro-zone. The findings indicated that various dimensions of political factor caused different effects on financial sector features. Control of corruption, solid political and economic stability determine significant effects on most financial variables considered (almost two-thirds of the financial indicators considered). Even after controlling for the lagged effect of governance factors the main results hold, in that monitoring corruption, maintaining political stability and designing sound economic policies still have an impact on most financial indicators considered. Another interesting conclusion supported by the results is that not all political instability indicators are detrimental for banking and stock market functioning.
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Valaskova, Katarina, Ane-Mari Androniceanu, Katarina Zvarikova, and Judit Olah. "Bonds Between Earnings Management and Corporate Financial Stability in the Context of the Competitive Ability of Enterprises." Journal of Competitiveness 13, no. 4 (December 31, 2021): 167–84. http://dx.doi.org/10.7441/joc.2021.04.10.
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The financial health of enterprises and their continued profitability and competitiveness in the market are influenced considerably by the level of earnings achieved. Enterprises are forced to report the best possible results to demonstrate financial strength and competitiveness and to provide a good accounting for investors and creditors. Thus, the main objective of the study is to investigate whether there is any mutual dependence between corporate financial stability and earnings management. To measure these categories, Altman’s Z score was used to determine the financial health of enterprises, and the Beneish M-score and modified Jones model were applied to detect earnings manipulation. Using the chi-square test, the results revealed a statistically significant dependence between financial distress and earnings manipulation. Then, a multivariate statistical technique of correspondence analysis was applied to the categorical data to find categories of factors that are mutually correspondent. Based on a dataset of 11,105 enterprises operating in the Visegrad countries, the results found that enterprises that are threatened by bankruptcy or located in the gray zone tend to manipulate their earnings to maintain credibility, creditworthiness, and competitiveness. Because the financial health of an enterprise provides a potential incentive for earnings manipulation, state authorities, regulators, and policy-makers may benefit from the findings of the study.
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Louati, Salma, and Younes Boujelbene. "Banks’ stability-efficiency within dual banking system: a stochastic frontier analysis." International Journal of Islamic and Middle Eastern Finance and Management 8, no. 4 (November 16, 2015): 472–90. http://dx.doi.org/10.1108/imefm-12-2014-0121.
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Purpose – The purpose of this paper is to examine and compare the market power and the efficiency-stability of Islamic and conventional banks in the MENA zone and South East Asia during the 2005-2012 period. Design/methodology/approach – The author applied an empirical approach in two steps. First, the author estimates the Lerner indicator, which is a measure of competition. Then, this measure is regressed and other explanatory variables on the banking “stability-efficiency” are derived simultaneously from the estimation of a stability stochastic frontier. Findings – The author concludes that increased competition in the Islamic banking sector promotes the overall banking stability. Besides, whether there is a low or high competitiveness, the size of an Islamic bank is positively related to financial stability. However, large conventional banks operating in market with limited competitiveness become more involved in the risk behavior. The author concludes that capitalization has a positive effect on stability only in case of low competitiveness. Originality/value – The originality of this research lies in the application of the stochastic frontier approach (SFA) on the Z-score indicator. This methodology enables to take into account the differences between the current and the optimum stability that each bank can achieve, thus creating a new measure of financial stability called “efficiency-stability”.
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Emadi-Tafti and Ataie-Ashtiani. "A Modeling Platform for Landslide Stability: A Hydrological Approach." Water 11, no. 10 (October 15, 2019): 2146. http://dx.doi.org/10.3390/w11102146.
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Landslide events are among natural hazards with many fatalities and financial losses. Studies demonstrate that natural factors such as rainfall and human activities such as deforestation are important causes of triggering a landslide. In this study, an integrated two-dimensional slope stability model, SSHV-2D, is developed that considers various aspects of hydrological effects and vegetation impacts on the stability of slopes. The rainfall infiltration and water uptake of roots change the water content of the unsaturated zone. The temporal and spatial distribution of water content is estimated in the hydrological unit of the developed model. The vegetation unit of the model considers interception loss due to the existence of canopies and trunks, soil reinforcement effect by roots, root water uptake, the impact of root on hydraulic conductivity, and the influence of vegetation weight on slope stability. Benchmark problems with and without vegetation are solved for the model verification. The analyses demonstrate that the consideration of matric suction in the unsaturated zone can increase the safety factor more than 90%. It is also observed that the existence of trees with high density on a slope can increase the factor of safety about 50% and prevent shallow landslides. The present model is a platform for further development of more comprehensive and elaborative slope stability models.
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Shida, Yoshisada, and Viktoriya Kan. "How Effective Are Special Economic Zones in the Russian Far East: A Financial Assessment Using Firm-Level Data." Spatial Economics 17, no. 1 (2021): 35–65. http://dx.doi.org/10.14530/se.2021.1.035-065.
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With ‘Advanced Development Zones (TORs)’ formed in the Russian Far East in the mid-2010s, now it is a good time to overview the first five years of this policy development. Here, in contrast to the mostly qualitative prior studies, we assess the initial growth of the Far East TORs quantitatively. In order to achieve this, we set up a novel financial database which we use to trace the dynamics of zonal economic activities, compare their fiscal performances, and capture their structural differences. Our analysis, based on the database composing resident registers and financial accounting reports, reveals the following. First, a few TORs successfully attract new residents, leading to regional heterogeneity of the resident distribution and zone development dynamics. Second, there is one or a few companies in each TOR that dominate in the zone and determine total TOR revenue. Thus, their presences sway the TORs’ economic performance. Curiously, these ‘dominant’ firms do not necessarily act as ‘anchor residents’ originally supposed to initiate foundations of clusters in their industries. Third, small businesses, on the contrast, show rather low profitability; however, there is variation among companies in different TORs. SMEs are hoped to play a key role in creating local labor market stability and adding to the regional economy what centralized big business cannot. In this regard, the TOR’s institutional improvement is vital to ensure local SME profitability. Summing up, we bid to label TORs as having ‘rich’ or ‘poor’ development potential to attract and stimulate SME in the zones
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Ikue, Nenubari John, Ifeanyichukwu Lucky Amabuike, Joseph Ade Ajaba, John Akin Sodipo, and Linus Bamekpari Enegesi. "Financial system, trade concentration and economic growth in West African Monetary Zone (WAMZ)." International Journal of Research in Business and Social Science (2147- 4478) 9, no. 4 (July 14, 2020): 426–36. http://dx.doi.org/10.20525/ijrbs.v9i4.770.
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It is observed that despite the legislative endorsement of the West Africa Countries there is still a glaring divergence in economic structures, which impedes the performance to realize macroeconomic convergence and economic growth within the region. This paper investigated the effects of trade and financial indexes in WAMZ on economic growth. The paper uses three variables and a host of control measures to focus on six countries of WAMZ covering the periods of 2001-2018. Given the heterogeneous nature of the information gathered for the study, the models are cast in static and dynamic panel frameworks that provided micro-structure for the combined data analysis. The models were tested with various econometric and statistical instruments. Results from the analysis show that exported trade is highly concentrated to fewer goods, while imported trade is concentrated on more products and partners; that is, countries in WAMZ tend to shadow liberal import policy. The weak link was also noticed among financial and trade indexes and economic growth in the WAMZ economies. The implications call for short term economic plans and policies in the WAMZ economies so as to collectively monitor economic policies and growth. We equally observed that the structures of the economies in the region are heterogeneous making it rather difficult for regional trade and financial indicators to accelerate output growth in the region. Thus our basic postulations are an inter-policy approach on social, political and economic (trade and finance) arrangements that would neutralize the heterogeneity and foster institutional and attitudinal reforms, eliminate insecurity challenges, and spur political stability and responsible leadership within the regions.
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Petrovic, Pero, and Zeljko Jovic. "Economic crisis impact on international financial institutions: The necessity for reforms." Medjunarodni problemi 65, no. 2 (2013): 160–84. http://dx.doi.org/10.2298/medjp1302160p.
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The emergence and deepening of the global economic crisis is reflected in large part on the functioning of international financial institutions and their current structure. The long-term financial crisis has placed demands for decisive reform moves in the functioning and structure of the IMF, the World Bank Group and other global and regional financial institutions. This means that so far, the results of their policies have been inadequate and that their role is subject to critical observation finding an efficient performance of financial markets. The crisis has imposed the need to reform international financial institutions and the new global financial architecture. Changes in structure and their functioning should lead to the global economic stability. Members of the Euro zone are faced with a new attitude towards the international financial institutions and the International Monetary Fund, in particular. The proclaimed missions of the International Monetary Fund and the World Bank are clearly separated in theory, but with the passing of time, their activities have become increasingly intertwined, so that they often include a name - international financial institutions.
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Trusova, Natalia, Nataliia Polishchuk, Alina Sakun, Oleksandr Prystеmskyi, and Roman Morozov. "Anti-Crisis Stability of Break-Even Development Potential and its Resource Support in Agribusiness." Scientific Horizons 24, no. 6 (November 24, 2021): 62–80. http://dx.doi.org/10.48077/scihor.24(6).2021.62-80.
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The article considers the anti-crisis stability of the potential of break-even development and its resource support in agribusiness. The necessity of a synergetic approach to estimating the dynamic flow of resources capable of generating own sources of financing to activate the target parameters of crisis stability of break-even development potential and the development of an alternative scenario of self-financing of the production and financial cycle to stimulate economic growth of agribusiness is proved. The reproductive process of resource support of anti-crisis stability of the potential for safe development of agribusiness enterprises is substantiated. The model of estimation of target parameters of anti-crisis stability of potential of unprofitable development of agrarian business and a matrix of its point estimation at a choice of the alternative scenario of self-financing is presented. Scenarios of the flow of resource support of anti-crisis stability of the potential of unprofitable development of the agribusiness enterprise are developed. An indicator of the level of anti-crisis stability of the break-even development potential according to the determined target parameters of self-financing is offered. The dynamics of anti-crisis factor load on the stability of the potential of break-even development of agribusiness enterprises on average in one region of the Steppe zone of Ukraine by its territorial location is analyzed. Cluster analysis was used to assess the elements of the qualitative system-resource component of anti-crisis stability of the potential of break-even development with the separation of types of agribusiness enterprises in the regions of the Steppe zone of Ukraine with different structure of current assets. The forecast level of resource support according to the quantitative component of anti-crisis stability of the potential of break-even development on average in the regions of the Steppe zone of Ukraine and per one agribusiness enterprise of the region is determined. The forecast range of limits of target parameters of self-financing and their influence on the level of anti-crisis stability of potential of unprofitable development of agribusiness enterprises on the average on one region of the Steppe zone is presented
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Azizi, Masagus Ahmad, Razak Karim, Irfan Marwanza, and Muhammad Kemal Ghifari. "Prediction of Material Volume of Slope Failure in Nickel Surface Mine Using Limit Equilibrium Method 3D." Indonesian Mining Professionals Journal 1, no. 1 (December 17, 2019): 43–48. http://dx.doi.org/10.36986/impj.v1i1.13.
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PT X had an accident of slope failure that caused fatalities and injuries experienced by labor mining, and also some heavy mining equipments buried by materials that causing companies got financial loss. therefore important to analyze the slope stability of surface mining operation, and predicting total volume of slope failure to anticipate the impact of fatalities/ injuries and financial risks. This research aim is to analyze slope stability before failure conditions, predicting volume of slope failure, and determine position of critical zone using limit equilibrium “Simpilfied Bishop” method 3-dimensional, then doing validation with calculation of actual volume by comparing results of topography maps before and after failure using the cut and fill method. From the result of research, the slope on unstability conditions, actual and predicted volume of slope failure is 8,629 m3 and 10,559 m3, so percent of calculation error is 18.3% .
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Bovenschen, Willem, Gijsbert Ter Kuile, and Laura Wissink. "Tailor-made accountability within the Single Supervisory Mechanism." Common Market Law Review 52, Issue 1 (February 1, 2015): 155–89. http://dx.doi.org/10.54648/cola2015006.
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Banking supervision within the euro zone has been placed in the hands of the European Central Bank in order to restore financial stability and aid economic recovery. This "Single Supervisory Mechanism" is an important step in further integrating the financial markets and indeed the European Union itself. The SSM creates new legal realities within EU law. In bolstering EU integration, a key question concerns the democratic legitimacy of the SSM. The article argues that different modes of accountability can be identified in the creation and operation of the SSM, of a political, administrative and judicial nature. This great variety leads to tailor-made accountability which keeps power in check while respecting the independence of the banking supervisors.
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Ayadi, Mohamed A., Nesrine Ayadi, and Samir Trabelsi. "Corporate governance, European bank performance and the financial crisis." Managerial Auditing Journal 34, no. 3 (March 4, 2019): 338–71. http://dx.doi.org/10.1108/maj-11-2017-1704.
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PurposeThis paper aims to analyze the effects of internal and external governance mechanisms on the performance and risk taking of banks from the Euro zone before and after the 2008 financial crisis.Design/methodology/approachTo avoid macroeconomic problems and shocks and because of data availability, the authors select some countries of the Euro zone, namely, France, Belgium, Germany and Finland, during the 2004-2009 period. These countries share similar macroeconomic environments (unemployment, inflation and economic growth rates). All the data relating to the banks are manually drawn from the supervising reports submitted to banks and are available on the banks’ websites and/or on that of the AMF website. The banks included in our sample are drawn from the list of European central banks onwww.ecb.intFindingsThe empirical results show that banks undertake tradeoffs between different governance mechanisms to alleviate the intensity of the agency conflicts between the shareholders and managers. The findings also confirm that internal mechanisms and capital regulations are complementary and significantly impact bank performance.Research limitations/implicationsThis analysis can be extended through studying the interaction between bondholders’ governance and shareholders’ governance and their impact on the 2008 financial crisis.Practical implicationsThe changes in banking governance help banks find a useful and necessary way to avoid ill-considered risks that can cause a systemic risk. Therefore, some conditions should be met so that banking governance can contribute to the economic development.Social implicationsCulture and mentality of good banking governance must grow as much as possible through awareness-raising, training, promotion, recognition of performance, enhancing procedure transparency and stability of good banking governance and regulations, strengthening the national capacity to fight against corruption, and preventive mechanisms.Originality/valueThis paper complements previous studies, mainly those of Andres and Vallelado (2008) who examine the impact of the components of the board on banking performance and of Laeven and Levine (2009) who estimate the combined effect of regulatory and ownership structure on the risk-taking of each bank.
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Rowland, Zuzana, Alla Kasych, and Petr Suler. "PREDICTION OF FINANCIAL DISTRESS: CASE OF MINING ENTERPRISES IN CZECH REPUBLIC." Ekonomicko-manazerske spektrum 15, no. 1 (June 30, 2020): 1–14. http://dx.doi.org/10.26552/ems.2021.1.1-14.
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The ability to predict a company's financial health is a challenge for many researchers and scientists. It is also a distracting topic, as many other new approaches to financial health predictions have emerged in recent years. In this paper, we focused on identifying the financial health of mining companies in the Czech Republic. We chose the neural network method because, based on various instances of related research, neural networks represent a more reliable financial forecast than mathematical-statistical methods such as discriminant analysis and logistic regression. The concept of a neural network emerged with the first artificial neural networks, inspired by biological systems. The existence of prediction and classification problems directly predetermines artificial neural networks with respect to a given issue. We used the Amadeus database for processing, including financial indicators, SPSS, and Visual Gene Developer software. In total, we analyzed sixty-four mining companies. Complete data on financial stability were available for fifty-three companies, which we explored, and based on these results, identified financial situations for the other thirteen. Based on the available information, we processed a neural network and regression analysis. We managed to classify thirteen companies as solvent, insolvent, and in the grey zone, with the help of prediction.
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Diadchenko, I., and L. Sakharnatska. "System of financial sustainability management of forestry enterprises of southern Ukraine." Agroecological journal, no. 1 (April 6, 2021): 205–11. http://dx.doi.org/10.33730/2077-4893.1.2021.227853.
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The article considers the possibility of more efficient use of forest resources of the steppe zone of Ukraine, including by improving the level of financial stability of forestry enterprises in the South of Ukraine. For this purpose, on the basis of well-known principles of process algorithmization, a conceptual model of formation of the financial stability management system of forestry enterprises of the South of Ukraine is proposed. The presented model is based on the economic, social and environmental components (subsystems) of forestry enterprises and in each of them the necessary directions (possible effects) for improving the financial condition of economic entities are identified. The main reasons of normative and organizational nature, which make it impossible to increase the economic potential of forestry enterprises in the South of Ukraine, are highlighted. The directions of cooperation of forestry enterprises with local self-government bodies are offered, in particular: conclusion of commercial agreements on reconstruction of existing and creation of new parks and squares, construction of sanatoriums, cultural and entertaining, development of water purification and water-preserving functions of forest plantations. The mechanism of realization of the system of management of financial stability of the forestry enterprises which is based on realization by the forestry enterprises of a complex of the corresponding organizational and technical and administrative actions is presented. which consists in the implementation of the relevant stages of the enterprise, in particular: capitalization of own assets, identification of sources of funding and diversification of activities. It is substantiated as one of the directions of diversification of forestry enterprises, creation of energy crops on forest lands that cannot be used for other needs, and production of pellets from them for further sale. In particular, based on the calculations, it is proved that the proposed direction of diversification of forest enterprises in the South of Ukraine will not only improve their financial condition, but also attract low-value lands that are unsuitable for growing forests and crops, eventually improving their structure and content.
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Carbó-Valverde, Santiago, Harald A. Benink, Tom Berglund, and Clas Wihlborg. "Regulatory response to the financial crisis in Europe: recent developments (2010-2013)." Journal of Financial Economic Policy 7, no. 1 (April 7, 2015): 29–50. http://dx.doi.org/10.1108/jfep-11-2014-0071.
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Purpose – The purpose of this paper by the European Shadow Financial Regulatory Committee (ESFRC) is to provide an account of the financial crisis in Europe during the period 2010-2013 and an analysis of how the relevant authorities reacted to the crisis. Design/methodology/approach – These actions included measures taken by central banks, governments or fiscal authorities, and by regulatory or supervisory bodies. In a previous study covering the regulatory developments during the financial crisis up until 2009, issues such as the implementation of Basel III rules in Europe and the (mostly ad hoc and unilateral) resolution mechanisms set in most European countries to fight the crisis were covered. This study focuses on developments since 2010 with a focus on the concerns and actions that emerged with the sovereign debt crisis in the euro area. In particular, the transition from the European Financial Stability Facility to the European Stability Mechanism is assessed. The focus after 2012 has progressively turned to the challenges of the European banking union. Findings – These issues are jointly covered, along with some updates on the views of the ESFRC on recent advances in other areas, such as solvency regulation. All in all, the authors find that the weaknesses of the global financial system remain to be addressed, and they believe that the banking union is one of the main tools and opportunities for an improved and efficient crisis management in Europe. Originality/value – The paper aims at contributing to the study of financial regulation after the banking crisis. The experience of the euro zone in this context is assessed in this article from a wide range of perspectives.
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Donath, Liliana, and Veronica Mihutescu Cerna. "Alternative Views on the Participation of Non-Euro Zone Countries at the Bank Union." Studia Universitatis Babes-Bolyai Oeconomica 62, no. 1 (April 25, 2017): 3–19. http://dx.doi.org/10.1515/subboec-2017-0001.
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Abstract The reformation of the bank systems’ regulation and supervision in The European Union was founded on a macroprudential approach to monitor systemic risks and the vulnerabilities in a more effective way. Considered as the backbone of the new macroprudential supervision architecture, the Bank Union raises intense debates among the catching up economies. The fact that there are few studies on the costs and benefits of joining the Bank Union for the Central and Eastern European countries, explains the different views of the decision makers concerning this issue. The study stresses the manner in which macroprudential policies were implemented in Romania, as a particular case among the CEE countries, and the extent of their contribution to mitigating vulnerabilities and maintaining financial stability. The paper summarises the main arguments in favour of joining the Bank Union by emphasising the Romanian monetary authorities’ stance compared to those of the neighbouring CEE countries.
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Kotliński, Kamil. "Treaty on Stability, Coordination and Governance in the Economic and Monetary Union as an Instrument of Fiscal Policy Coordination in the European Union." Oeconomia Copernicana 4, no. 2 (June 30, 2013): 5–20. http://dx.doi.org/10.12775/oec.2013.010.
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The aim of this study is to assess the Treaty on Stability, Coordinationand Governance in the Economic and Monetary Union as an instrument fiscalpolicy coordination and identify some of the consequences that potentially carriesits use. All EU-members conduct independent fiscal policies, regardless of whetherthey are members of the euro zone or not. It is now known that one of the immediatecauses of the crisis in part the euro zone countries was permanent crossingfiscal convergence criteria as a result of an erroneous and irresponsible fiscalpolicy. Used so far forms of coordination of fiscal policies were too weak to preventthe destabilization of the Member States' public finances. The crisis has becomethe impetus for build deeper integration in the area of fiscal policy. Treaty onStability, Coordination and Management, called briefly Fiscal Compact or TSCG,is another instrument of fiscal policy coordination in the European Union. In largepart it is a repetition and a little evolution of the Stability and Growth Pact. Thisstudy indicated some disadvantages of the Fiscal Compact, what has the potentialto lead to its inefficiency. These are: reference to the structural balance, which isa relatively small transparency budgetary rule for the public opinion and becauseof the existence of several competing methods for its calculation; the Treaty providesfor the possibility of "extraordinary circumstances" and does not specify theterm balanced budget, which is a softening of fiscal discipline and opens opportunitiesfor political bargaining; financial penalties imposed on overdebt governmentswill not improve their situation. The Treaty on Stability, Management and Coordination does not constitute a breakthrough in the coordination of fiscal policiesin the European Union.
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Yarkova, Olga I., and Olga S. Chudinova. "Tools for modeling the capital dynamics of financial organizations." Journal Of Applied Informatics 16, no. 95 (October 29, 2021): 48–65. http://dx.doi.org/10.37791/2687-0649-2021-16-5-48-65.
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The issues of ensuring the financial stability of financial institutions, which is understood as the sufficiency of assets to meet obligations, are of paramount importance both for clients and the management of a financial institution, and for the country's economy as a whole. Most often, the inability to fulfill obligations is associated with a lack of funds, therefore it is important to monitor the dynamics of the monetary capital of organizations, to assess their financial risks, including in the conditions of investment. Purpose of the study: development of tools for assessing the risks of financial organizations. Statement of the problem: to develop a simulation model that allows one to study the dynamics of the capital of an organization, whose financial resources are formed due to heterogeneous flows of inflow and outflow of funds and investment, including in risky assets, in an inflationary environment. The paper proposes a modeling algorithm that allows to collect a descriptive statistics on the distribution of financial resources, to estimate the dynamics of the money capital of financial organizations and investigate the "sufficiency" of the company's funds to meet financial obligations basing on data of cash flows for various types of contracts and returns (growth rates) of assets, presented in the form of statistical data and/or characteristics of time series models. The description of the software tool is given. A computational experiment was based on data of the inflow and outflow of funds of a non-state pension Fund under the program of non-state pension provision. Descriptive statistics are given for the distributions of the size of organization's funds constructed as a result of modeling. The probability of organization’s downfall in dynamics and the risk of entering the zone of financial insecurity are assessed. The proposed tools have scientific novelty in the field of designing simulation models and decision support systems for analyzing the activities of financial organizations and determining effective directions for their development.
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Zimmermann, Hubert. "The Euro under Scrutiny: Histories and Theories of European Monetary Integration." Contemporary European History 10, no. 2 (July 2001): 333–41. http://dx.doi.org/10.1017/s0960777301002090.
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Kenneth Dyson, The Politics of the Euro-Zone. Stability or Breakdown? (Oxford: Oxford University Press, 2000), 311 pp., ISBN 0-199-24164-3. Kenneth Dyson and Kevin Featherstone, The Road to Maastricht. Negotiating Economic and Monetary Union (Oxford: Oxford University Press, 1999), 860 pp., ISBN 0-198-28077-7. Peter Henning Loedel, Deutsche Mark Politics: Germany in the European Monetary System (London: Lynne Rienner, 2000), 264 pp., ISBN 1-555-87835-0. Kathleen R. McNamara, The Currency of Ideas: Monetary Politics in the European Union, (Ithaca: Cornell University Press, 1998), 200 pp., ISBN 0-801-43432-7. James I. Walsh, European Monetary Integration and Domestic Politics. Britain, France, and Italy (London: Lynne Rienner, 2000), 182 pp., ISBN 1-555-87823-7. Amy Verdun, European Responses to Globalisation and Financial Market Integration (London: Macmillan, 2000), 260 pp., ISBN 0-333-71708-2.
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Pezzuto, Ivo. "Predictable and avoidable: What’s next?" Journal of Governance and Regulation 3, no. 3 (2014): 134–50. http://dx.doi.org/10.22495/jgr_v3_i3_c1_p7.
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The author of this paper (Dr. Ivo Pezzuto) has been one of the first authors to write back in 2008 about the alleged "subprime mortgage loans fraud" which has triggered the 2008 financial crisis, in combination with multiple other complex, highly interrelated, and concurrent factors. The author has been also one of the first authors to report in that same working paper of 2008 (available on SSRN and titled "Miraculous Financial Engineering or Toxic Finance? The Genesis of the U.S. Subprime Mortgage Loans Crisis and its Consequences on the Global Financial Markets and Real Economy") the high probability of a Eurozone debt crisis, due to a number of unsolved structural macroeconomic problems, the lack of a single crisis resolution scheme, current account imbalances, and in some countries, housing bubbles/high private debt. In the book published in 2013 and titled "Predictable and Avoidable: Repairing Economic Dislocation and Preventing the Recurrence of Crisis", Dr. Ivo Pezzuto has exposed the root causes of the financial crisis in order to enables readers to understand that the crisis we have seen was predictable and should have been avoidable, and that a recurrence can be avoided, if lessons are learned and the right action taken. Almost one year after the publication of the book "Predictable and Avoidable: Repairing Economic Dislocation and Preventing the Recurrence of Crisis", the author has decided to write this working paper to explore what happened in the meantime to the financial markets and to the financial regulation implementation. Most of all, the author with this working paper aims to provide an updated analysis as strategist and scenario analyst on the topics addressed in the book "Predictable and Avoidable" based on a forward-looking perspective and on potential "tail risk" scenarios. The topics reported in this paper relate to financial crises; Government policy; financial regulation; corporate governance; credit risk management; financial risk management; economic policy; Euro Zone debt crisis; the "Great Recession"; business ethics; sociology, finance and financial markets. This paper aims to contribute to the debate about the change needed in the banking and finance industries and to supervisory frameworks, in order to enhance regulatory mechanisms and to improve global financial stability and sustainability.
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Esoimeme, Ehi Eric. "A critical analysis of the effects of the Central Bank of Nigeria foreign exchange policy on financial inclusion, anti-money laundering measures and fundamental rights." Journal of Money Laundering Control 20, no. 4 (October 2, 2017): 417–27. http://dx.doi.org/10.1108/jmlc-05-2016-0020.
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Purpose Following the drop in crude oil prices from a peak of US$114 per barrel in July 2014 to as low as US$33 per barrel in January 2016, the country’s reserves have suffered great pressure from speculative attacks, round tripping and front loading activities by actors in the foreign exchange (forex) market. The fall in oil prices also implied that the Central Bank of Nigeria’s (CBN) monthly foreign earnings had fallen from as high as US$3.2bn to current levels of as low as US$1bn. The net effect of these combined forces unfortunately is the depletion of the nation’s forex reserves. As of June 2014, the stock of forex reserves stood at about US$37.3bn but has declined to around US$28.0bn as of today. To avoid further depletion of reserves, the CBN adopted a number of policies including the prioritisation of the most critical needs for forex. This paper aims to critically analyse the effects of these policies on financial inclusion, anti-money laundering (AML) measures and human rights. Its aim is also to determine whether CBN’s Forex Policy does strike a fair balance between financial stability, inclusion, AML measures and human rights. Design/methodology/approach This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. Findings This paper determined that the CBN forex policy does not strike a fair balance between financial stability, inclusion, AML measures and human rights. Research limitations/implications This paper focuses on the effect of the most recent CBN Forex Policies on financial inclusion, AML measures and human rights. It does not address the older policies. Also, it does not address other vulnerable groups like low-income households. Its focus is on the under-served group. Originality/value While many have written papers on CBN’s forex policies, none of those papers critically analysed the effects of these policies on financial inclusion, AML and fundamental rights. The Lagos Chamber of Commerce and Industry, for example, analysed the impact of these polices on the financial services sector; the manufacturing sector; food and household products; tyre and rubber industry; pharmaceutical sector, oil and gas sector; free trade zone sector; furniture manufacturers; and foam manufacturers. It made no mention of inclusion, money laundering and fundamental rights. Also, Vincent Haruna analysed the effect of these policies on Nigerians, particularly those engaged in international trade, and those who have children studying abroad. He neither specifically addressed financial inclusion nor did he make any mention of human rights and money laundering.
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Friedrich, Stefan, Torben Hilmers, Claudia Chreptun, Elizabeth Gosling, Isabelle Jarisch, Hans Pretzsch, and Thomas Knoke. "The cost of risk management and multifunctionality in forestry: a simulation approach for a case study area in Southeast Germany." European Journal of Forest Research 140, no. 5 (June 6, 2021): 1127–46. http://dx.doi.org/10.1007/s10342-021-01391-y.
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AbstractForest management faces growing uncertainty concerning environmental conditions and demand for ecosystem services. To help forest managers consider uncertainty, we applied a robust and multi-criteria approach to select the optimal composition of a forest enterprise from 12 stand types. In our simulation, the forest enterprise strives for either financial return or a multi-criteria forest management considering financial return, carbon storage and forest ecosystem stability. To quantify the influence of climate change on these decision criteria, we used the concept of analogous climate zones. Our results provide recommendations for long-term strategies for tree species selection in a Southeast German forest enterprise. The results show that considering both uncertainty and multifunctionality in forest management led to more diversified forest compositions. However, robust and multi-criteria optimisation required the forest enterprise to pay a premium in terms of lower income. Financial returns decreased when forest composition accounted for uncertainty or multiple objectives. We also found that adaptation measures could only partly financially compensate the effects of climate change. As the study is limited to two tree species, including additional tree species, variants of mixing proportions and further silvicultural strategies in the optimisation appears a promising avenue for future research.
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OVCHINNIKOVA, VALERIYA. "FRANCO-GERMAN COOPERATION AT THE EARLY STAGES OF EUROPEAN MONETARY INTEGRATION." History and Modern Perspectives 3, no. 4 (December 30, 2021): 58–65. http://dx.doi.org/10.33693/2658-4654-2021-3-4-58-65.
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The article examines the prerequisites for european monetary integration after the World War II, as well as the stages of the formation of the EU Economic and Monetary Union. The aim of the study is to identify the internal and external factors of european monetary integration, as well as the role of Franco-German cooperation in this process. As a result of the study, the author comes to the conclusion that the european monetary integration was facilitated by both external factors: the influence of the United States in the post-war recovery of destroyed european economy and financial system, as well as the collapse of the Bretton Woods system of fixed exchange rates; and internal: the successful economic integration of countries and the further desire to remove all barriers, including financial ones, to internal trade. Franco-German cooperation played a significant role in european monetary integration. The positions of the countries on the basic principles of the functioning of the euro zone differed: France defended the flexibility of the monetary union, and Germany, fearing to lose control over the stability of the economy, advocated the harmonization of the economic policies of states. Nevertheless, the countries were able to form a common position and to end the formation of the Economic and Monetary Union on time, introducing the euro.
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ARTAMONOVA, Nataliia. "Economic and legal support for the process of bankruptcy prevention and liquidation of business entities." Economics. Finances. Law, no. 2/1 (February 26, 2021): 9–12. http://dx.doi.org/10.37634/efp.2021.2(1).2.
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Introduction. One of the most important indicators of the country's economic development is the level of growth in the number of financially insolvent, bankrupt and liquidated enterprises, because the interests of the state, business and the individual are in the zone of influence and attention. The purpose of the paper is to assess the legal changes in the legislation of Ukraine on the application of bankruptcy procedures and presents the economic justification and methodical implementation of a set of tools for timely detection of insolvency, their current and future assessment to prevent bankruptcy and liquidation of business entities. Results. The data of the State Statistics Service on the increase in the number of insolvent enterprises in 2020 are presented. The systematization of methods and tools for timely detection of insolvency in the context of legal innovations is proposed, thanks to the introduction of tools for testing, labeling, ranking. The testing program for early diagnosis of bankruptcy provides for the calculation of indicators to assess the structure of the balance sheet; opportunities to restore solvency and the ability to neutralize the threat of bankruptcy due to the internal potential of the enterprise. The system of markers and indicators is used to determine the creditworthiness of the enterprise and for self-analysis, when considering alternative sources of financing to avoid the threat of bankruptcy. Rating is used to definitively determine the level of financial stability or insolvency of the enterprise. Conclusion. This tools should be used at different stages: both at the pre-crisis stage, to prevent the possibility of financial deterioration, and at the crisis and post-crisis stages, to assess the effectiveness of the enterprise and the likelihood of early detection of bankruptcy.
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Zivko, Igor, and Suncana Slijepcevic. "Upravljanje rizikom likvidnosti banaka u tranzicijskim drzavama." Ekonomski anali 51, no. 168 (2006): 137–58. http://dx.doi.org/10.2298/eka0668137z.
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Banks are the most important financial institution in transition countries Therefore all other sectors depend on banks safety, stability and its risk management skills. With their function of intermediaries they have strong influence on economic growth. However, they can not fulfil their function of intermediaries if they become illiquid, which additional raises the in confidence in banking sector and possibility of bank crises. Banks like the other firms borrow money and transform it in different forms of assets. Liquidity risk present possibility of negative consequences on bank's liquidity under impact of different events, like withdraws deposits. Goals of liquidity management includes: estimation of all cash outflow liabilities on daily basis, settlement of minimum reserve requirements and avoidance of additional cost of emergency borrowing and forced liquidation of assets. The basic challenge for bank's liquidity management is uncertainty about clients' behavior and inter-dependencies between taking credits and deposit withdrawing. Therefore, banks must create safety zone for liquidity risk and adopt BIS Sound principles for managing liquidity risk in order to improve liquidity management.
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Armstrong, Angus, and Monique Ebell. "Scotland: Currency Options and Public Debt." National Institute Economic Review 227 (February 2014): R14—R20. http://dx.doi.org/10.1177/002795011422700103.
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This paper considers which currency option would be best for an independent Scotland. We examine three currency options: being part of a sterling currency zone, adopting the euro, or having an independent currency. No currency option is the best when considered against all criteria. Therefore, making the decision requires deciding which criteria are most important. Recent events around the world, particularly in Europe, show that it is essential to consider how an independent Scotland would seek to adjust to adverse economic circumstances. In economists' terms, it is important to think through the ‘off-equilibrium’ adjustment paths of each of the currency options. The amount of public debt, and so the capacity for a fiscal response, is a critical determinant of these paths and therefore of the optimal currency choice. Since commitment to a currency union by an independent country can only be conditional, an independent Scotland might find it optimal to abandon the currency union in the future if the financial stability advantages to having its own currency begin to outweigh any disadvantages due to trade and transactions costs.
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Gordon, June A. "Asian American Resistance to Selecting Teaching as a Career: The Power of Community and Tradition." Teachers College Record: The Voice of Scholarship in Education 102, no. 1 (February 2000): 173–96. http://dx.doi.org/10.1177/016146810010200102.
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In the face of noticeably low interest in K-12 teaching among young Asian American students, interviews first were conducted with undergraduate Asian American students in teacher education programs and then those same students conducted interviews themselves with a variety of Asian Americans in several California communities. Findings suggest the pivotal influence of the traditional Chinese role of teachers in undermining the confidence and interest needed for the choice of a K–12 teaching career by Asian Americans. The main sources of resistance to teaching as a career were identified as: intense pressure from parents to strive for positions perceived as having higher status, greater financial rewards, and stability; a sense of personal inadequacy due to standards set by Chinese culture for what it means to be a teacher; and fear of working outside a comfort zone defined by language, diversity, respect, responsibility for other people's children, and separation of private from public selves. The majority of informants saw race-matched teaching as not valuable or necessary. Differences in American and Chinese traditions of K-12 education are discussed.
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Rodriguez-Lucas, Luis, Chen Ning, Marcelo Fajardo-Pruna, and Yugui Yang. "Study of Vortex Systems as a Method to Weakening the Urban Heat Islands within the Financial District in Large Cities." Sustainability 13, no. 23 (November 29, 2021): 13206. http://dx.doi.org/10.3390/su132313206.
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This paper presents a new concept called the urban vortex system (UVS). The UVS couples a vortex generator (V.G.) that produces updraft by artificial vortex and a vortex stability zone (VSZ) consisting of an assembly of four buildings acting as a chimney. Through this system, a stable, upward vortex flow can be generated. The Reynolds Averaged Navier–Stokes (RANS) simulation was carried out to investigate the flow field in the UVS. The Renormalized Group (RNG) k–ε turbulent model was selected to solve the complex turbulent flow. Validation of the numerical results was achieved by making a comparison with the large-size experimental model. The results reported that a steady-state vortex could be formed when a vapor-air mixture at 2 m/s and 450 K enters the vortex generator. This vortex presented a maximum negative central pressure of −6.81 Pa and a maximum velocity of 5.47 (m/s). Finally, the similarity method found four dimensionless parameters, which allowed all the flow characteristics to be transported on a large scale. The proposed large-scale UVS application is predicted to be capable, with have a maximum power of 2 M.W., a specific work of 3 kJ/kg, buildings 200-m high, and the ability to generate winds of 6.1 m/s (20 km/h) at 200 m up to winds of 1.5 m/s (5 km/h) at 400 m. These winds would cause the rupture of the gas capsule of the heat island phenomenon. Therefore, the city would balance its temperature with that of the surrounding rural areas.
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McCord, Linnea B., Terry Young, and Peggy J. Crawford. "Danger Zones Dead Ahead For The U.S. And China: Prospects And Challenges." International Business & Economics Research Journal (IBER) 12, no. 9 (September 6, 2013): 1013. http://dx.doi.org/10.19030/iber.v12i9.8075.
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To be successful and remain independent, every country must create a prosperous economy, keep peace among its people, maintain political stability, and ensure the security of the people and the country from internal and external threats. Doing all four at the same time is never easy and in a time of economic volatility, change, and uncertainty juggling all four becomes more difficult. This is when countries enter the danger zone where hidden cracks and fissures in a countrys organization and structure could become destabilizing. In this paper we will compare the challenges and prospects for the United States and China as both countries enter the danger zone. The purpose of this paper is to examine how each countrys unique attributes are likely to impact its ability to succeed. We will examine their political, economic and legal systems to determine the strengths and weaknesses of each. We will also assess the role of corruption in each society. Both the United States and China have serious economic, social, political and security issues on the horizon. To solve the problems will require serious sacrifices and pain for a large portion of the populations in both countries. Which form of government will best be able to adapt quickly to the constantly changing environment? Will a serious economic slowdown topple the Communist dictatorship in China? Will gridlock and distrust in the U.S. prevent Americans from adapting fast enough to make the necessary changes in time to save its financial system and economy? Time will tell.
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Parmacli, Dmitri, and Alina Ianioglo. "Instability of production of agricultural products: Assessment and analysis features." Zbornik Matice srpske za drustvene nauke, no. 168 (2018): 803–19. http://dx.doi.org/10.2298/zmsdn1868805p.
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The article highlights the presence of unfavourable climatic conditions in the agricultural production of the Republic of Moldova, which adversely affect the results of crop cultivation and the economic sustainability of enterprises. As a rule, the variation indicators are not taken into account and evaluated when calculating the efficiency of crops production and sales, and accordingly, the potential values of land use efficiency in the industry are not correctly predicted. In this regard, the aim of the study is to develop methodo?logical approaches to assess the stability of production and to justify some fea?tures of calculating potential indicators of production and sales of crops. The article shows the dynamics of yield of leading crops over the past 16 years and estimates the instability of production. For this purpose formulas are proposed, with the help of which the level of sustainability of enterprises can be predicted. The suggested interrelationships are vividly presented on graphs. The proposed approaches will allow specialists of enterprises to calculate the financial safety margin and the risk zone for each crop, to predict economic development using, above all, the moving average indicators.
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Berhanu, Soboka, and Gacheno Dubiso. "Using farmers evaluation criteria as an essential constituent of variety popularization: The case of improved finger millet variety demonstration in selected districts of East Wallaga Zone." International Journal of Agricultural Science and Food Technology 8, no. 2 (May 3, 2022): 083–89. http://dx.doi.org/10.17352/2455-815x.000149.
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The study was conducted in the Boneya Boshe, Wayu Tuqa, and Diga districts of western Oromia, during the 2020 main cropping season. The objective of the study was to demonstrate a recently released finger millet variety to the farmers in the study areas. A new variety (Bako-09) was planted along with standard checks (Gute and Gudetu) on 100 m2 adjacent plots, adhering to breeder recommendations. Both qualitative and quantitative data were collected and analyzed for this study. At maturity, participatory variety evaluation was done using qualitative and quantitative traits/criteria set by the farmers to select the best variety for future use. Disease resistance/ tolerance, grain yield performance, tillering capacity, number of fingers per head, and seed color were the first five most important criteria considered by the farmers in their order of importance. The new variety was ranked first based on these criteria and was selected as the first option for future use by the farmers. An independent sample t-test was used to analyze quantitative data, while qualitative data were qualitatively analyzed and described. The mean grain yield performance of the varieties (qt ha-1) was 24.73±1.05, 20.23±0.73 and18.36±0.34 for Bako-09, Gute, and Gudetu, respectively which is statistically significant (p<0.01). The new variety, accordingly exhibited a yield advantage of 22.24% and 34.7%, respectively over Gute and Gudetu varieties. The technology gap and technology index for Bako-09 were 5.07 qt and 17.01%, respectively while the values were 14.77 qt and 42.2%; 4.4 qt and 20.17% for Gute and Gudetu, respectively, witnessing more stability and feasibility of the new variety to the farmers. The result of financial analysis also reveals that a net gain of 31755.83 ETB, 24073.33 ETB, and 20672.5 ETB were accrued from Bako-09, Gute and Gudetu varieties, respectively, evidencing more profitability of the new variety compared to the checks. The new variety, has consequently, met the farmer’s demand both in terms of qualitative and quantitative traits including financial benefits than the standard checks. This calls for wider dissemination of the variety with its full package to the farmers in the study area and with similar agro-ecological conditions.
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Fyliuk, G. M., and K. V. Akulenko. "ANALYSIS OF INVESTMENT ATTRACTIVENESS OF ENTERPRISES OF AGROINDUSTRIAL COMPLEX OF UKRAINE." THEORETICAL AND APPLIED ISSUES OF ECONOMICS, no. 40/41 (2020): 4–20. http://dx.doi.org/10.17721/tppe.2020.40.1.
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A comparison of the main financial and economic indicators of agro-industrial enterprises engaged in the cultivation of oilseeds in Ukraine and the current trends in their development are determined.The analysis of investment attractiveness of domestic agro-industrial enterprises in cultivating oilseeds and the most investment-attractive domestic agro-industrial enterprises according to the results of the use of the method of graphic integration were engaged. Four variants of the integral indicator were calculated, provided that the investor's advantage is given to the market position and competitiveness of the company on the market, the profitability of the enterprise's activity, financial stability and independence, as well as the innovative potential of the investigated enterprise;the problems that cause the most negative impact on the level of their investment attractiveness were revealed and analyzed;a set of indicators that determine the investment attractiveness of the enterprise by the method of graphical integration were calculated; agricultural companies in three groups are analyzed: with high investment attractiveness, with average investment attractiveness and low investment attractiveness;the following general trends for all enterprises are highlighted:most of the indicators are in the middle and low attractiveness zone; the investment attractiveness graphs are approximately the same on a market position, mainly due to the influence of the external factor - the prevailing market demand; high profitability of sales due to the market situation; there is a potential very low innovation activity, almost no own development, using mostly borrowed innovation; high rates of financial sustainability, most enterprises carry out economic activities through self-financing, however, on the other hand, this indicates the problems related to the attraction of financing sources and lack of adequate support of the agro-industrial complex from the state the rating of investment attractiveness of domestic agro-industrial enterprises in cultivating oilseeds is constructed, in relation to different investor's goals, accordingly with the obtained values of the general integral coefficients were engaged.
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Nyahoho, Emmanuel. "L'accord monétaire de Maastricht et ses implications de politiques économiques." Études internationales 24, no. 2 (April 12, 2005): 355–83. http://dx.doi.org/10.7202/703171ar.
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The precised calendar of Maastricht treaty for setting up the european System of central banks (ESCB) and the european central bank (ECB) with a single currency can merely be explained by the concern of the member countries of having such a monetary integration before the end of the century. There's every chance that ESCB be formed with limited number of countries, namely: France, Germany, Luxembourg, Netherlands. If the objectives of price controls and non monetisation of debt assigned to ESCB are unequivocal, the responsability of fixing the parity of écu vis-à-vis third currencies which belongs to the Council and the Parliament might deprive the ESCB of full scope in conducting monetary policy. In regard to fiscal policies, the coexistence of budgets of various natures and the conjonctural stabilizations programs in prospect render difficult any computation on future coordination policy or federal budget. Finally, ecu once in place as a single currency could extend beyond the communities, but its acceptance on financial and commercial markets beside the dollar and the yen is scarcely predictable. This tendancy toward currencies zone, thus repeating history of the years thirties, does not constitute any guaranty for the stability of international monetary System which would require a kind of multilateral surveillance.
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Turchyn, Yaryna, and Lesya Dorоsh. "Prospects of the Eastern Partnership under modern challenges to the European security system." Lithuanian Foreign Policy Review 35, no. 1 (June 1, 2016): 67–91. http://dx.doi.org/10.1515/lfpr-2016-0024.
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Abstract The purpose of the article is to examine the Eastern Partnership initiative as a component of the European Neighbourhood Policy and a tool of regional security by taking into account the factor of Russian aggression and the military conflict in eastern Ukraine. Based on methods of analysis and synthesis, content analysis of primary and secondary sources of information, modelling and prediction, the following objectives are achieved: (1) to determine the vulnerabilities in the programme design, given the current geopolitical threats, and (2) to develop proposals to change the security component of the Eastern Partnership (EaP) within the context of the Russian- Ukrainian conflict. The significant shortcomings of the existing EaP model are highlighted, in particular, the initiative overall ineffectiveness, the EU membership perspective in the long run, disregarded national features, the lack of commitment by the EU countries to strengthen the integration, the security component weakness and the insufficient European Neighbourhood Policy (ENP) financial support. It is concluded that intensification of the cooperation of the EaP partner countries in the area of security will not only contribute to the initiative development, but it will also enhance national securities and promote the development of a zone of stability and democracy as well as the European security space consolidation.
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Giubboni, Stefano. "European Citizenship and Social Rights in Times of Crisis." German Law Journal 15, no. 5 (August 1, 2014): 935–63. http://dx.doi.org/10.1017/s2071832200019210.
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European citizenship celebrated its twentieth anniversary during the most difficult and uncertain moment of the Union's crisis. The real economy has now been fully saturated by the financial crisis far beyond the borders of the Euro-Mediterranean area, with devastating social effects in those countries most affected. The prolonged vertical drop of the gross domestic product in Greece—the epicenter of the crisis—has been intertwined with a dramatic and unprecedented growth of levels of unemployment and social suffering in a vortex destructive to the point of validating the perception, now widespread not only within the bewildered public opinion of that unfortunate country, that the “rescue” of the Union has been based on a cure that is worse than the disease. The recent general elections in Italy, a country key for the stability and indeed the survival of the Euro-zone, have produced a situation of fragmentation and political instability that is both unprecedented and disquieting. Among the few elements of certainty in Italy can be found a widespread Euro-skepticism, if not an openly anti-European mood, that is also unprecedented in the history of the country's public opinion, which historically is among the most favorable towards a strengthening of the integration process. With the worsening of the economic and social crisis, the very tenacious confidence in Europe as a positive “external constraint” which has supported Italy's efforts towards reforms, commencing with its admission into the Euro-zone in the latter 1990s until the most recent experience of the technocratic government headed by Mario Monti, seems to have declined. Everywhere in Europe, a sense of frustration and distrust in recent years has grown against the Union and its frantically sought capacity to respond to the crisis without finding truly effective outcomes.