Czech enterprises: the barriers to restructuring

1999 ◽  
Vol 8 (2) ◽  
Author(s):  
Martin Myant
Keyword(s):  
Institutional Environment ◽  
Policy Framework ◽  
Financial Resources ◽  
Budget Constraints ◽  
Transport Equipment ◽  
Light Industry ◽  
Milk Processing ◽  
Active Policy

Much of the literature on changes in Czech enterprises has been developed around a neo-classical framework with the emphasis on the effects of hard budget constraints and privatization. That, however, provides a limited view of the choices available to enterprises and of the constraints that have been imposed by a weak institutional environment, an often inappropriate policy framework and an approach to privatization that has, in a number of different ways, made subsequent rationalization and modernization more difficult. The effects on, and changes in, enterprises are analysed around experience in four different sectors; light industry, engineering and transport equipment, milk-processing and brewing. This points to the need to place more emphasis on enterprise access to financial resources for modernization and, above all, on the ability of managements to formulate coherent and appropriate long-term strategies. It also points to the desirability of a more active policy framework.

scholarly journals Formation of institutional model of project financing in Ukraine

2021 ◽  
pp. 155-161
Author(s):  
M.I Zvieriakov ◽  
D.V Zavadska
Keyword(s):  
Large Scale ◽  
Institutional Environment ◽  
Financial Resources ◽  
Innovative Development ◽  
Project Financing ◽  
Normative Documents ◽  
Investment Projects ◽  
Financing Mechanism ◽  
And Performance

Purpose. Substantiation of the formation of the mechanism of project financing for solving issues of financial maintenance of infrastructural projects of innovative development in Ukraine. Methodology. The information base of the research is legislative and normative documents and results of scientific achievements of leading foreign and domestic scientists. The following methods, such as analysis and synthesis; comparison and systematization; observation; graphic, tabular; logical generalization are used. Findings. According to the results of the research, it is proved that to ensure sustainable economic growth and diversification of Ukraines economy, the importance of institutions for development and use of such a multi-instrumental form of reproduction of real investments as project financing, becomes actual. Based on the system approach, the features, elemental composition and subsystems of the project financing mechanism are determined. It is established that the current legislative basis for the formation of the project financing mechanism in Ukraine is fragmentary and needs further development. It is proved that the implementation of measures of state stimulation of the processes of financing the innovative development of Ukraines economy will be facilitated by the adoption of the Laws of Ukraine On The Bank of Development, On Syndicated Loan and the proposals for the formation of project financing developed in the research. Originality. For the first time, a comprehensive theoretical approach to the formation of the project financing mechanism in Ukraine has been implemented. The need is substantiated for highlighting such subsystems of the mechanism as providing subsystem (institutional environment of which is legislative support and regulatory bodies), transforming subsystem (financial instruments and participants of which are the Bank of Development, international financial organizations, banks, institutional investors, development institutions, project sponsors) and performance subsystem (financial resources in the required amounts, currencies and terms). The effective operation of the proposed mechanism helps to overcome the shortage of long-term financial resources needed for lending support of innovative enterprises that implement large-scale and capital-intensive investment projects and programs of national importance. Practical value. Introduction of the mechanism of implementation of the program for supporting the project financing development will allow accumulating considerable amounts of financial resources from various sources on a long-term target basis; increasing the level of investment and the number of innovative projects; reducing the total cost of funding and risks through their redistribution among participants of the project.

scholarly journals POLLUTION ABATEMENT AS A SOURCE OF STABILIZATION AND LONG-RUN GROWTH

2016 ◽  
Vol 21 (3) ◽  
pp. 644-676 ◽  
Author(s):  
Theodore Palivos ◽  
Dimitrios Varvarigos
Keyword(s):  
Overlapping Generations ◽  
Pollution Abatement ◽  
Short Term ◽  
Overlapping Generations Model ◽  
Environmental Preservation ◽  
Powerful Source ◽  
Long Run ◽  
Stationary Level ◽  
Active Policy

In a two-period overlapping-generations model with production, we consider the damaging impact of environmental degradation on health and consequently life expectancy. Despite the presence of social constant returns to capital, which would otherwise generate unbounded growth, when pollution is left unabated, the economy cannot achieve such a path. Instead, it converges either to a stationary level of capital per worker or to a cycle in which capital per worker oscillates permanently. The government's involvement in environmental preservation proves crucial for both short-term dynamics and long-term prospects of the economy. Particularly, an active policy of pollution abatement emerges as an important engine of long-run economic growth. Furthermore, by eliminating the occurrence of limit cycles, pollution abatement is also a powerful source of stabilization.

Freedom of Choice for the Mentally Handicapped

1983 ◽  
Vol 46 (12) ◽  
pp. 356-359 ◽  
Author(s):  
Jenny Bodenham
Keyword(s):  
Independent Living ◽  
Institutional Environment ◽  
Way Of Life ◽  
Freedom Of Choice ◽  
Mentally Handicapped ◽  
Key Factor ◽  
Training Team

This article deals with the resettlement of long-term mentally handicapped patients into independent living in wardened accommodation at Priory Court. The emphasis has been on ‘survival‘ and every person thought suitable for the project was given the opportunity to expand his concept of living and be discharged from a long-stay institutional environment. Motivation was the key factor, and staff and patients learnt much from the opportunity. The author gives an outline of the course taken and discusses some of the difficulties and triumphs. It was 3 years ago that long-stay institutional patients were discharged to the freedom of choosing a fuller way of life and from a distance the training team are able to see that these people are succeeding.

scholarly journals Liberation Autochthony

2019 ◽  
Vol 5 (1) ◽  
pp. 186-201
Author(s):  
Lalli Metsola
Keyword(s):  
Institutional Environment ◽  
Significant Differentiation ◽  
Cultural Markers

Th is article examines Namibian ex-combatant and veteran politics in the context of African claims and struggles over citizenship. Namibian veteran politics has unfolded as long-term negotiation between claimants and political authorities over recognition, realization of citizenship, and legitimacy. This process has operated through repeated claims and responses, material techniques such as employment and compensation, and changing delimitations of the categories of ex-combatant and veteran. Compared with citizenship struggles elsewhere in Africa, particularly the much-discussed surge of autochthony and ethnonationalism, this article discusses how the institutional environment and the particular histories of those involved have influenced modes of claim-making and logics of inclusion and exclusion. It finds that the citizenship politics of Namibian veterans are not based on explicit “cultural” markers of difference but still do construct significant differentiation through a scale of patriotism based on precedence in “liberation.”

scholarly journals The Effect of Corruption and Governance on Tax Revenues

2010 ◽  
Vol 49 (4II) ◽  
pp. 405-417 ◽  
Author(s):  
Tahseen Ajaz ◽  
Eatzaz Ahmad
Keyword(s):  
Developing Countries ◽  
Tax Evasion ◽  
Policy Framework ◽  
Tax Revenue ◽  
Tax Administration ◽  
Public Officials ◽  
Revenue Generation ◽  
Quality Of Governance

Developing countries are typically unable to generate sufficient amount of revenue from taxation because these countries face a number of institutional problems in the process of revenue generation. One of the main problems is corruption in tax administration. The two important components of revenue generation are tax administration and tax system reforms [Brondolo, et al. (2008)]. The main objective of these is to increase the efficiency of tax administrations, specifically by reducing corruption and tax evasion. The second main problem of low revenue generation is political instabilities in developing countries. One of the important characteristics of political instability is unstable and governments and, hence, incoherent policy framework, which hinder in the process of long-term reforms in the system. The quality of governance as a whole is also relevant in this context. It is widely agreed that the presence of tax evasion and corruption of public officials is a social phenomenon that can significantly reduce tax revenue and seriously hurt economic growth and development.

scholarly journals Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?

2010 ◽  
Vol 9 (1) ◽  
pp. 151-166
Author(s):  
Magdalena Zaleczna ◽  
Rafał Wolski
Keyword(s):  
Pension Fund ◽  
Pension Funds ◽  
Capital Allocation ◽  
Portfolio Diversification ◽  
Financial Resources ◽  
Constant Flow ◽  
Real Property ◽  
Return Levels ◽  
Entire Economy

Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?The pension fund investments should be characterised by a long term, low risk and profitability, which implicates the necessity of portfolio diversification. In general, pension funds having regular long-term contributions should develop the long-term policy and its effects would be responsible for the economic position of their future beneficiaries. The ways of capital allocation are also critical in terms of the entire economy, as a constant flow of financial resources provided by pension funds stimulates the activity of its recipients. The typical assets in a pension fund's portfolio in the developed economy are stocks, bonds and real property owing to low (negative) correlation between these assets and their diversified potential. The legal investment limits imposed on the Polish pension funds exclude direct investment in real property, which is responsible - in the authors' opinion - for the lower level of diversification and hinders the risk reduction. The authors analyze the Polish pension fund portfolios focusing on risk and return levels. The aim of the study is to find the answer to the important question about the results of hypothetically added real property to the portfolios of pension funds.

scholarly journals Structuring An MBA Consulting Course: Aligning Pedagogical Strategies To Meet The Needs Of A Business Schools Critical Stakeholders

2013 ◽  
Vol 6 (4) ◽  
pp. 417-428
Author(s):  
Olivier P. Roche ◽  
Yvonne Downie ◽  
Memo Diriker
Keyword(s):  
Competitive Advantage ◽  
Business Schools ◽  
Business Community ◽  
Financial Resources ◽  
Limited Resources ◽  
Budget Constraints ◽  
Pedagogical Strategies ◽  
Professional Environment ◽  
Business Experience ◽  
Internal Stakeholders

At a time when business schools of second-tieruniversities face budget constraints, the MBA consulting program has become avehicle to build a schools reputation and to engage the business community inorder to raise financial resources. Business schools also face competition fromon-line programs, and consulting assignments help to define a schools competitive advantage. Finally, an increasing number of students with little or no prior business experience are seeking the MBA edge to help them find their first positions. As a result, the consulting program is rapidly becoming aninstrument of choice to facilitate the transition from campus to professional environment. This article presents the pedagogical strategies implemented by auniversity with limited resources and for which the consulting program has been designed to address the needs of both external and internal stakeholders.

scholarly journals European Experience in Adapting Social and Economic Development to Crisis Situation: Programs and Financial Instruments

2021 ◽  
Vol 3 (49) ◽  
pp. 22-34
Author(s):  
V. O. Kornіvska ◽  
Keyword(s):  
Institutional Environment ◽  
Crisis Response ◽  
Special Role ◽  
Financial Instruments ◽  
Eu Member States ◽  
Role Of The State ◽  
European Experience ◽  
Investment Process ◽  
European Investment

The paper presents analysis of European counter-crisis response programs: investment initiatives in response to the coronavirus; REACT-EU package of measures; a long-term recovery program (budget for 2021-2027) and Next Generation EU; and a banking package of measures titled “Supporting businesses and households amid COVID-19”. The sources of financial instruments for the recovery and adaptation of EU member states to the transcrisis state are described, and the most effective mechanisms for supporting entrepreneurship in the COVID-19 crisis are shown. The example of Slovakia and Poland is used to demonstrate the European experience in organizing the credit process, providing guarantees, intensifying social entrepreneurship in the face of the ongoing epidemic shock. The European investment trends and the participation of financial intermediaries in the post-crisis recovery are determined and used as a basis to characterize nationalization of the European long-term investment process. The special role of the state and the formation of state funds in the process of ensuring the effective adaptation of the Ukrainian financial and institutional environment to new challenges is substantiated; the importance of developing long-term programs for adapting the Ukrainian economy and society to the challenges of sanitary, humanitarian, climatic and political and economic nature, as well as forming appropriate institutions is shown. It is concluded that, given the peculiarities of the operational behavior of Ukrainian banking institutions, which are now focused on operations with government securities and commission activities, the adaptation investment process should be provided by public financial institutions.

scholarly journals Learning from Interventions Using Hierarchical Policies for Safe Learning

2020 ◽  
Vol 34 (06) ◽  
pp. 10352-10360
Author(s):  
Jing Bi ◽  
Vikas Dhiman ◽  
Tianyou Xiao ◽  
Chenliang Xu
Keyword(s):  
Reaction Time ◽  
State Of The Art ◽  
The State ◽  
Policy Framework ◽  
Asymptotic Performance ◽  
Short Term ◽  
Learning From Demonstrations ◽  
Hierarchical Levels ◽  
Long Term Behavior

Learning from Demonstrations (LfD) via Behavior Cloning (BC) works well on multiple complex tasks. However, a limitation of the typical LfD approach is that it requires expert demonstrations for all scenarios, including those in which the algorithm is already well-trained. The recently proposed Learning from Interventions (LfI) overcomes this limitation by using an expert overseer. The expert overseer only intervenes when it suspects that an unsafe action is about to be taken. Although LfI significantly improves over LfD, the state-of-the-art LfI fails to account for delay caused by the expert's reaction time and only learns short-term behavior. We address these limitations by 1) interpolating the expert's interventions back in time, and 2) by splitting the policy into two hierarchical levels, one that generates sub-goals for the future and another that generates actions to reach those desired sub-goals. This sub-goal prediction forces the algorithm to learn long-term behavior while also being robust to the expert's reaction time. Our experiments show that LfI using sub-goals in a hierarchical policy framework trains faster and achieves better asymptotic performance than typical LfD.

Early impact of Covid-19 on private sector employees finance homeownership in Kingdom of Saudia Arabia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Raed Khamis Alharbi
Keyword(s):  
Private Sector ◽  
Large Scale ◽  
Housing Finance ◽  
Policy Framework ◽  
Content Type ◽  
Financial Uncertainty ◽  
Key Stakeholders ◽  
Negative Impacts ◽  
Future Policy

Purpose For almost two years, the economic shocks and financial uncertainty created by the Covid-19 pandemic have affected all sectors. The private sector employees may be the worst hit. This is because of the lockdown across many countries, including the Kingdom of Saudi Arabia (KSA), leading to income irregularities. Studies exploring private-sector employees concerning housing finance for the houses purchased and how the lockdown has affected their sources of income for repayment plans are scarce. Therefore, this study aims to investigate the possible early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA. Design/methodology/approach A phenomenology type of qualitative research was used. Data were sourced from three cities (Riyadh, Al-Qassim and Medina) and three mortgage banks across KSA. Virtual interviews via Zoom and WhatsApp video calls were conducted with engaged participants (bankers, government agencies and private sector employees). Thematic analysis was adopted, and the analysed data was presented in themes. Findings Findings show that the partial and full lockdown resulted in income irregularities in many private businesses. Also, findings identified downsizing, leading to large-scale unemployment, half-monthly income for employees, loss of profit, human resources wastage, etc. Findings reveal that because of the economic shock, many homeowners have not been able to meet up with their monthly mortgage repayment obligation. Also, the absence of financial support in form of socioeconomic needs has not helped the matter. Research limitations/implications The paper is limited to the early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA and data collected via Zoom and WhatsApp video calls across the three main cities. The recommendations that will emerge from this study may be adopted by other Gulf and Islamic countries with similar homeownership repayment challenges. Practical implications This study would stir key stakeholders, especially the policymakers and mortgage institutions to consider future policy principles that focus on who is at the highest risk for housing-related hardships because of the Covid-19 or future pandemic. The outcome can be used to develop an equitable housing policy framework to foster long-term economic mobility and be validated in the future by scholars. Originality/value Similar research in this area is limited, which makes this study one of the pioneering attempts to investigate the early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA. The paper sheds light on the emerged early negative impacts and proffer feasible possible solutions to promote homeownership amongst Saudi citizens.

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