scholarly journals Short-term debt of the corporate sector and its impact on the stability of the financial system of Ukraine

2021 ◽  
Vol 2021 (2) ◽  
pp. 60-73
Author(s):  
Zymovets Vladyslav ◽  
◽  
Yershova Galina ◽  
◽  
Keyword(s):  
Financial Stability ◽  
Foreign Exchange Market ◽  
Financial System ◽  
Aggregate Level ◽  
Corporate Sector ◽  
Short Term ◽  
Accounts Payable ◽  
The Stability ◽  
Business Financing

The article deals with the economic essence of accounts payable. It is determined that in the process of deformations in the structure of business capital, it acquires the characteristics of a surrogate source of business financing, which in turn creates risks for the stability of Ukraine’s financial system. The authors describe the main trends in the dynamics and structure of accounts payable and define its impact on the growth of debt burden of non-financial corporations in Ukraine at the aggregate level. A comparison of the volume and growth rates of accounts payable in Ukraine and the EU countries is made, which allows to confirm the hypothesis of the introduction of a distorted model of business financing in Ukraine’s corporate sector. The authors point out that one of the reasons for the abnormally high debt dependence in the NFC sector at the aggregate level is the replacement of equity with other current liabilities (including financial loans from associated physical and legal entities), which allowed to establish such a flexible capital structure, which can help rapidly withdraw assets abroad in the event of macro-financial destabilization or other threats of capital loss related to the insecurity of property rights and the prevalence of fiscal voluntarism in Ukraine. The authors conclude that with the overload of balance sheets with short-term debts against the background of a significant reduction in equity leads to a rapid loss of financial stability. At the same time, under the influence of restrictions on activities and other concomitant barriers to doing business due to the global coronavirus pandemic, the financial depletion of the non-financial corporations sector could lead to a wave of corporate bankruptcies. It is concluded that under the influence of narrowing business access to capital in the financial market there is a rapid increase in lending to domestic business by nonresidents, which gives grounds to conclude that in this way domestic business lends itself, using funds previously withdrawn abroad. Further development of these trends not only can be a catalyst for financial imbalances at the level of individual enterprises, but can also provoke a crisis in the foreign exchange market. The authors substantiate that one of the ways to reduce the volume of current debt obligations is to assist the government in transforming the companies’ short-term liabilities into long-term ones. This can be done by converting the companies’ current liabilities into long-term bonds on a voluntary basis using simplified procedures for registration of their issue, and by registering current liabilities to suppliers (for goods and services) as long-term promissory notes.

scholarly journals SHORT-TERM DEBT OF THE CORPORATE SECTOR AND ITS IMPACT ON THE STABILITY OF THE FINANCIAL SYSTEM OF UKRAINE

2021 ◽  
Vol 2021 (2) ◽  
pp. 69-84
Author(s):  
Vladyslav Zymovets ◽  
◽  
Galina Yershova ◽  
◽  
Keyword(s):  
Financial Stability ◽  
Foreign Exchange Market ◽  
Financial System ◽  
Aggregate Level ◽  
Corporate Sector ◽  
Short Term ◽  
Accounts Payable ◽  
The Stability ◽  
Business Financing

The article deals with the economic essence of accounts payable. It is determined that in the process of deformations in the structure of business capital, it acquires the characteristics of a surrogate source of business financing, which in turn creates risks for the stability of Ukraine’s financial system. The authors describe the main trends in the dynamics and structure of accounts payable and define its impact on the growth of debt burden of non-financial corporations in Ukraine at the aggregate level. A comparison of the volume and growth rates of accounts payable in Ukraine and the EU countries is made, which allows to confirm the hypothesis of the introduction of a distorted model of business financing in Ukraine’s corporate sector. The authors point out that one of the reasons for the abnormally high debt dependence in the NFC sector at the aggregate level is the replacement of equity with other current liabilities (including financial loans from associated physical and legal entities), which allowed to establish such a flexible capital structure, which can help rapidly withdraw assets abroad in the event of macro-financial destabilization or other threats of capital loss related to the insecurity of property rights and the prevalence of fiscal voluntarism in Ukraine. The authors conclude that with the overload of balance sheets with short-term debts against the background of a significant reduction in equity leads to a rapid loss of financial stability. At the same time, under the influence of restrictions on activities and other concomitant barriers to doing business due to the global coronavirus pandemic, the financial depletion of the non-financial corporations sector could lead to a wave of corporate bankruptcies. It is concluded that under the influence of narrowing business access to capital in the financial market there is a rapid increase in lending to domestic business by nonresidents, which gives grounds to conclude that in this way domestic business lends itself, using funds previously withdrawn abroad. Further development of these trends not only can be a catalyst for financial imbalances at the level of individual enterprises, but can also provoke a crisis in the foreign exchange market. The authors substantiate that one of the ways to reduce the volume of current debt obligations is to assist the government in transforming the companies’ short-term liabilities into long-term ones. This can be done by converting the companies’ current liabilities into long-term bonds on a voluntary basis using simplified procedures for registration of their issue, and by registering current liabilities to suppliers (for goods and services) as long-term promissory notes.

Influence of internal and external risks on sustainability of financial system of Аltai krai

2018 ◽  
Vol 35 (4) ◽  
pp. 133-136
Author(s):  
R. N. Ibragimov
Keyword(s):  
Sustainable Development ◽  
Financial Stability ◽  
Management Strategy ◽  
Financial System ◽  
Risk Management Strategy ◽  
The Sustainable Development ◽  
The Stability ◽  
The Impact

The article examines the impact of internal and external risks on the stability of the financial system of the Altai Territory. Classification of internal and external risks of decline, affecting the sustainable development of the financial system, is presented. A risk management strategy is proposed that will allow monitoring of risks, thereby these measures will help reduce the loss of financial stability and ensure the long-term development of the economy of the region.

Remaking Medicare: The Voucher Myth

1998 ◽  
Vol 28 (1) ◽  
pp. 29-46
Author(s):  
Jonathan Oberlander
Keyword(s):  
Consumer Choice ◽  
Baby Boom ◽  
Market Competition ◽  
The Elderly ◽  
Medicare Beneficiaries ◽  
Short Term ◽  
Medicare Program ◽  
The Stability ◽  
Voucher System

There is growing enthusiasm for transforming Medicare into a voucher system. Advocates claim vouchers would increase the health care choices available to Medicare beneficiaries, reduce the regulatory burden on the federal government, and promote the benefits of fair market competition. In addition, some analysts contend vouchers are the only feasible solution to Medicare's short-term financing problems and the long-term “crisis” of the retirement of the baby-boom generation. The author argues against these claims. Vouchers would not work as advertised by proponents because of the limitations of risk-adjustment methods and unrealistic assumptions about consumer choice. Moreover, the elderly and disabled Medicare population is ill-suited to cope in a competitive insurance system. Implementation of vouchers would therefore pose a threat to both the health of beneficiaries and the stability of the Medicare program. The implications of this analysis for Medicare reform are discussed.

scholarly journals A SLR Pre-Processing Algorithm Based on Satellite Signature Effect

2021 ◽  
Vol 11 (19) ◽  
pp. 8880
Author(s):  
Bowen Guan ◽  
Cunbo Fan ◽  
Ning An ◽  
Ricardo Cesar Podesta ◽  
Dra Ana Pacheco ◽  
...  
Keyword(s):  
Mean Value ◽  
Observation Data ◽  
Short Term ◽  
Error Sources ◽  
Effect Model ◽  
The Mean ◽  
The Stability ◽  
First Time ◽  
Satellite Signature Effect

As one of the major error sources, satellite signature effect should be reduced or even erased from the distribution of the post-fit residuals to improve the ranging precision. A simulation of satellite signature effect removal process for normal point algorithm is conducted based on a revised model of satellite response, which fully considers the structural and distribution characteristics of retroreflectors. In order to eliminate both long-term and short-term satellite signature effect, a clipping method for SLR data processing is proposed by defining the clipping location as 5.6 mm away from the mean value of the long-term fit residuals to select effective returns for normal points. The results indicate that, compared to normal points algorithm, the RMS per NP of LAGEOS-1 observation data processed by the clipping method is reduced from 62.90 ± 9.9 mm to 56.07 ± 4.69 mm, and the stability of RMS is improved 53%. This study improves the satellite signature effect model and simulates the fluctuation of normal points caused by satellite signature effect for the first time. The new method based on the simulation of satellite signature effect has stronger robustness and applicability, which can further minimize the influence of satellite signature effect on the SLR production and significantly improve the data property.

scholarly journals Pandemics, Climate and Public Finance

2020 ◽  
Author(s):  
Stefano Battiston ◽  
Monica Billio ◽  
Irene Monasterolo
Keyword(s):  
Financial Stability ◽  
The European Union ◽  
Short Term ◽  
Economic Resilience ◽  
Taxation Policy ◽  
Containment Measures ◽  
Socio Economic Impact ◽  
Business As Usual ◽  
The Eu

The outbreak of COVID-19 and the containment measures are having an unprecedented socio-economic impact in the European Union (EU) and elsewhere. The policies introduced so far in the EU countries promote a ‘business as usual’ economic recovery. This short-term strategy may jeopardise the mid-to-long-term sustainability and financial stability objectives. In contrast, strengthening the socio-economic resilience against future pandemics, as well as other shocks, calls for recovery measures that are fully aligned to the objectives of the EU Green Deal and of the EU corporate taxation policy. Tackling these long-term objectives is not more costly than funding the current short-term measures. Remarkably, it may be the only way to build resilience to future crises.

scholarly journals Determinants of Polish financial stability in 2017-2018

2019 ◽  
Vol 30 (2) ◽  
pp. 5-19
Author(s):  
Kinga Górska ◽  
Karolina Krzemińska
Keyword(s):  
Financial Markets ◽  
Financial Stability ◽  
Banking Sector ◽  
Financial System ◽  
National Bank ◽  
The Stability

This article seeks to present the essentials of financial stability and to analyse and evaluate selected determinants of stability Poland’s financial system in the years 2017–2018. The study comprises exemplary ratios or indicators that are used in measuring the stability of a financial system. The proposed analysis is confined to selected groups of stability ratios/indicators that are pertinent to the macroeconomic situation, the situation in financial markets, and the situation of the banking sector. The analysis is based upon the data and statistics provided in the reports of the National Bank of Poland, available by 31st November 2018.

Financial health of Syariah and non-Syariah banks: a comparative analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Elok Heniwati ◽  
Nella Yantiana ◽  
Gita Desyana
Keyword(s):  
Comparative Analysis ◽  
Financial Stability ◽  
Influential Factors ◽  
Financial Health ◽  
Short Term ◽  
Liquid Asset ◽  
Content Type ◽  
Explanatory Variables ◽  
Insolvency Risk

Purpose This paper aims to investigate whether Syariah banks are more financially stable than non-Syariah banks and check the differential impact of explanatory variables in financial health and efficiency in the context of Indonesia. Design/methodology/approach By using unbalanced panel data from Bankfocus over the period 2011–2018, regression analysis is performed with two response variables representing financial health, ZSCORE for return on average assets, liquid asset to deposit and short-term funding ratio. A number of control variables are used as tools to confirm the hypotheses. To check the robustness of the findings, a model with different specifications has been used. Findings The results indicate that while Syariah banks present higher insolvency risk (less health) for long-term activity, the opposite is true for short-term activity. Other findings show that Syariah and non-Syariah banks contribute differently to the national system of financial stability owing to varying influential factors on the bank’s health. Originality/value This paper presents a comparative analysis between the financial stability of Syariah banks and that of non-Syariah banks in Indonesia by building an empirical framework that allows the author to examine the differential effects of each underlying feature on financial stability in Syariah and non-Syariah banks.

Evolutionary Stable Strategies for Supply Chains: Selfishness, Fairness, and Altruism

2018 ◽  
Vol 6 (6) ◽  
pp. 532-551 ◽  
Author(s):  
Caichun Chai ◽  
Hailong Zhu ◽  
Zhangwei Feng
Keyword(s):  
Supply Chains ◽  
Evolutionary Dynamics ◽  
Replicator Dynamics ◽  
Management Strategies ◽  
Individual Preference ◽  
Short Term ◽  
Evolutionary Stable Strategies ◽  
Pure Strategies ◽  
The Stability

Abstract The management strategies of a firm are inevitable affected by individual behavior preferences. The effect of individual preference on the evolutionary dynamics for supply chains is studied by employing replicator dynamics. Each firm has three behavior preferences: selfishness, fairness, and altruism. Firstly, the case that the strategy set of manufacturers and retailers including two pure strategies is considered and the effect of preference parameter on the equilibrium outcome in the short-term interaction is discussed. Secondly, the equilibrium state in the short-term is always disturbed because the change of the environment, firm’s structure, and so forth. Using the replicator dynamics, the evolutionary stable strategies of manufacturers and retailers in the long-term interaction are analyzed. Finally, the extend case that the strategy set of manufacturers and retailers include three pure strategies is investigated. These results are found that the strategy profile in which both manufacturer and retailer choose fairness or altruism, or one player chooses fair or altruistic strategy and the other player chooses selfish strategy may be evolutionary stable, the stability of these equilibria depends on the the preference parameters.

Fabrication of Boron Compensated Hydrogenated Amorphous Silicon Films with Significantly Improved Stability Using Plasma Enhanced Chemical Vapor Deposition Technique

1995 ◽  
Vol 377 ◽  
Author(s):  
Mohan K. Bhan
Keyword(s):  
Chemical Vapor ◽  
Short Term ◽  
Term Stability ◽  
Long Term Stability ◽  
Vapor Deposition Technique ◽  
Improved Stability ◽  
Donor Acceptor ◽  
B Doping ◽  
The Stability

ABSTRACTWe have systematically investigated the effects of addition of sub-ppm levels of boron on the stability of a-Si:H films and p-i-n devices, deposited by PE-CVD technique. The films thus produced with appropriate amounts of boron, show a significant improvement in stability, when soaked under both AM 1.5 (short-term) as well as 10×sun (long-term) illumination conditions. The opto-electronic properties of the films are quite respectable It is concluded that boron compensates the native impurities by forming donor-acceptor pairs, which reduces the “fast” defects and hence the initial degradation of the films. It is also speculated that boron may also be improving the short-term stability, by reducing the recombination of light generated electrons and holes, by converting D° into D+ states. The long-term stability appears to get affected by hydrogen dilution which seems to reduce the amount of “slow” defects. As a result of B doping of i-layer, the initial conversion efficiency of the devices decreases. It is presumed that our devices may contain an enhanced level of boron impurity, than expected, making them as worse material and to degrade less.

scholarly journals Key performance indicators of major companies: a study on Russian metallurgical industry

2019 ◽  
Vol 124 ◽  
pp. 05086
Author(s):  
Daria Baklanovskaya ◽  
Marat Goguadze ◽  
Alexey Shmatko
Keyword(s):  
Financial Stability ◽  
Metallurgical Industry ◽  
Environmental Safety ◽  
Production Costs ◽  
Energy Costs ◽  
Short Term ◽  
Energy Complex ◽  
Fixed Assets ◽  
Short And Long Term

The development of the metallurgical industry requires investing in the environmental safety of processes and technologies of metal processing, as well as to the measures aimed at energy costs reduction. We will look at the economic impact of reducing production costs by saving resources and improving the efficiency of the energy complex. The financial effect of reducing energy consumption per unit of production can be achieved by optimizing the purchase of energy resources, modes of operation of technological and support equipment, improving the management of the company’s energy complex. The article examines the most important indicators of the operating and financial activities of the three companies in the steel industry—Novolipetsk and Magnitogorsk Metallurgical Plants, as well as Severstal PJSC. The financial stability of these companies and the agility of their capital are quite high, and their fixed assets are financed by their own funds. Companies are also financially stable in the short term, as evidenced by the high current liquidity ratios (2 and above), and their own capital exceeds borrowing by 1.5 to 2 times. Thus, we can conclude that they are operationally efficient and have good financial sustainability in the short and long term.

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