scholarly journals FINANCIAL MECHANISM FOR IMPLEMENTATION OF LOCAL LOAN BONDS IN THE TRANSPORT INDUSTRY

2020 ◽  
Keyword(s):  
Local Governments ◽  
Financial Support ◽  
Cash Flows ◽  
Transport Sector ◽  
Financial Investment ◽  
Advantages And Disadvantages ◽  
Organizational Mechanism ◽  
Transport Industry ◽  
Local Budget ◽  
Financial Mechanism

The work is devoted to the analysis and development of the financial mechanism for the introduction of local loan bonds. The author generalizes the concept of «local loan bonds» and identifies the advantages and disadvantages in the process of implementing local loan bonds in the transport industry. Has been studied, that local loan bonds are one of the most effective financial instruments used by local governments to attract additional sources of financial support for businesses in the transport sector. The difficulties of applying local bonds in four relevant areas were identified as organizational, financial, investment and regional. The advantages of local loan bonds introduction at different levels were systematized as state, regional and for the issuer – city self-government bodies. It is determined that there are a number of restrictions on the issuance of local bonds at the legislative level on the total amount of loans to the local budget, local budget expenditures may not exceed 10 percent of the general fund expenditures on local debt service and time limits. The organizational mechanism of local loan bonds introduction is developed and expenses of local authorities in the course of their issue are considered. It is determined that during the issue of local bonds the issuer incurs costs for basic or additional services. The issuer will make a significant part of the costs in the process of organizing the registration of the issue of local loan bonds, for the services of an underwriter and financial advisor. The implementation of the financial mechanism for the local loan bonds introduction through certain forms of interaction, which are proposed to be considered in terms of cash flows, bond rights and information flows. The financial mechanism of introduction of bonds of local loans for subjects of managing of transport branch is offered. Within the mechanism of introduction of local bonds, its main participants are the issuer, investor and professional intermediaries, and as elements of market institutions – governing bodies: the stock market, the depository and the registrar. On the basis of the financial mechanism of local loan bonds implementation, the stages of financial support of local loan bonds are systematized in accordance with their purpose and functions of the mechanism participants. An important feature of the mechanism of financing of economic entities of the transport industry is the gradual nature of its implementation.

scholarly journals INTERNATIONAL FINANCIAL SUPPORT FOR PUBLIC TRANSPORT AT THE REGIONAL LEVEL

2020 ◽  
Vol 1 (3) ◽  
pp. 9-15
Author(s):  
Nataliia Vyhovska ◽  
Olena Vyhovska
Keyword(s):  
Public Transport ◽  
Public Transportation ◽  
Financial Support ◽  
Regional Level ◽  
Transport Sector ◽  
Investment Bank ◽  
European Investment Bank ◽  
Urban Public Transport ◽  
European Investment ◽  
Financial Mechanism

The purpose of the article is to assess the practice of attracting international sources of financial support for public transportation at the regional level, to identify problems with insufficient effectiveness of the implementation of international financial support projects and the formation of solutions at various system levels. It is determined that the main sources of financing of transport entities are self-financing, lending, state and international financial support. The preconditions for the use of credit funds of international financial donors for financing public transport and the conditions for lending to transport entities are described. Peculiarities of public transport lending by way of implementation of the project "Ukraine Urban Public Transport" are analyzed, and it is highlighted that its purpose is to realize the strategic priorities of the transport industry, institutional reforms and informatization. It is clarified that the responsibility for the performance gaps under the project, defined in the assistance agreements, is allocated to the City Councils and / or public transport entities. An assessment of international financial support is made and the reasons for short receipt of funds by transport companies from international financial organizations are specified. The amount of losses on incomplete implementation of the plan of expenditures and provision of credits for the realization of projects in the transport sector of Ukraine is clarified. Inefficiency in finding additional sources of financing of the project "Ukraine Urban Public Transport" is justified due to the impossibility to allocate financial responsibility to a certain project group in case of delay in non-implementation of the project plan at all levels. The organizational and financial mechanism of providing international financing for urban public transport by the European Investment Bank is proposed. It is argued that the mentioned mechanism, in contrast to the existing ones, identifies control points for the flow of financial resources, which provides an opportunity to suggest ways to intensify control activities by observers of the European Investment Bank and the public. The main disadvantage of receiving financing from the European Investment Bank in the framework of the project "Ukraine Urban Public Transport" is identified: obligations to pay VAT to the State budget are allocated to the business entity of the transport sector. The problems of inefficiency of implementation of financing sources of international financial organizations (on the example of the European Investment Bank) are identified and the directions of their solution are offered. The need for coordination of bodies of state supervision at the regional level with the observers' control activity is identified to promote the efficient and meaningful use of international financial sources by economic entities in the transport sector. It is proposed to supplement the state and supranational control with public control functions through the following options for establishing cooperation: 1) interaction of public councils at local self-government bodies with independent observers of international organizations involving auditors of the Accounting Chamber; 2) control of the process of implementation of the credit project of important infrastructure projects, including public transportation, by public organizations of the regional level. Methodology. In accordance with the purpose, the following research methods were used: a systemic approach (in identifying the components of the organizational and financial mechanism of international financial projects and their relationship), methods of comparative and statistical analysis (in assessing the receipt of financial resources from international financial sources). Results. The problems of inefficiency of implementation of financing sources of international financial organizations (on the example of the European Investment Bank) are identified and the directions of their solution are offered. Practical implications. Improving efficiency of using the international sources of financial support at the regional level will contribute to the renewal of the rolling stock of urban public transport, ensure its sustainable operation and development, save jobs at utility enterprises, increase revenues of utility enterprises from the provision of transportation services to the population. Value/originality. The organizational and financial mechanism for providing international financial support for urban public transport by the EIB has been developed, which, unlike the existing ones, identifies control points for grant flows, providing an opportunity to suggest ways to intensify control activities by the EIB observers and the public.

scholarly journals POTENTIAL AND PROSPECTS OF THE DEVELOPMENT OF THE TRANSPORT INDUSTRY OF UKRAINE

2021 ◽  
Author(s):  
Yuliia Sorokun
Keyword(s):  
World Bank ◽  
Performance Index ◽  
Local Governments ◽  
Efficiency Index ◽  
Transport Sector ◽  
Transport Services ◽  
The World Bank ◽  
The World ◽  
Transport Industry ◽  
Logistics Performance Index

In the article considered the current state of the transport industry of Ukraine. The existing strategic direction of development of the transport industry is analyzed on the basis of the document "National Transport Strategy of Ukraine for the period up to 2030". Determined main measures and directions of strategic development of the transport sector of Ukraine. Analyzed world recognition of the transport industry of Ukraine on the basis of the logistics efficiency index (LPI - logistics performance index) of the World Bank. Carried out analysis of the LPI indicator and its elements influencing the calculated value of the logistics efficiency index. The effective values of the logistics efficiency index and its elements are grouped according to the research conducted in 2007, 2010, 2012, 2014, 2016, and 2018 in relation to Ukraine. Researched index of logistics efficiency as a tool for measuring the rating position of the transport industry development among the world countries. Identified main directions and prospects of development of the transport sector of Ukraine in order to achieve the goals in accordance with the strategic document for the development of the transport sector of Ukraine "National Transport Strategy of Ukraine for the period up to 2030". A methodological approach to the statistical calculation of the Logistics Performance Index and its application as an adequate tool for measuring the level of logistics development in different countries is proposed by the World Bank. Increasing the efficiency and competitiveness of the transport sector is an important element for improving the legal mechanism of public-private partnership, strengthening cooperation between the state and the private sector, public authorities, and local governments, carrying out necessary reforms, including decentralization, especially through coordinated initiatives of state policy. Implementation of the National Transport Strategy of Ukraine for the period up to 2030 will provide a solid foundation for sustainable development of the transport sector and the creation of a free and competitive market for transport services.

scholarly journals Formation of the Financial Support Mechanism for Public Transport Enterprises

2021 ◽  
pp. 35-43
Author(s):  
Olena Vyhovska ◽  
Keyword(s):  
Local Government ◽  
Elemental Composition ◽  
Public Transport ◽  
Financial Support ◽  
Financial Resources ◽  
Government Bonds ◽  
Financial Flows ◽  
Support Mechanism ◽  
Advantages And Disadvantages ◽  
Transport Industry

Features of state and regional management of financial flows in the transport industry significantly affect on all elements of the financial support mechanism for public transport enterprises (forms, types, tools, sources of financial resources). The purpose of the article is to determine the elemental composition of the financial support mechanism for public transport enterprises, to study the features of the formation of its structure, to characterize the advantages and disadvantages of possible sources of financing in this area in the context of limited attraction of budgetary resources. As a result of the study, the elemental composition was clarified and a model of the financial support mechanism for public transport enterprises (form of financing, method of financing, type of financing, financing instruments) was built, taking into account the specifics of the transport industry. It was substantiated that the financial support mechanism for public transport enterprises should be understood as a system of financial relations, implemented through a set of forms, methods and tools of influence on the financial and economic activities of public transport enterprises in order to effectively form, distribute and use financial resources and perform a socially important function of ensuring transportation passengers. The advantages and disadvantages of sources of financial support for public transport enterprises were determined. The expediency of using alternative sources of financial resources was substantiated, in particular, local government bonds and concessions within the framework of public-private partnership. The advantages of the introduction of local government bonds at various levels of government were determined.

scholarly journals Municipal Bonds as a Financial Component of the Development of Territorial Communities in Ukraine

2021 ◽  
pp. 21-29
Author(s):  
Volodymyr Ivanyshyn ◽  
Alla Pecheniuk
Keyword(s):  
Local Governments ◽  
Economic Thought ◽  
High Rate ◽  
Municipal Bonds ◽  
Industrial Countries ◽  
Financial Investment ◽  
Economies In Transition ◽  
Advantages And Disadvantages ◽  
The World ◽  
High Level

The world economic thought has a number of tools, the use of which helps attract financial investment and helps accumulate additional funds for infrastructure and social projects of municipalities. The issue of municipal bonds as a financial component of the development of territorial communities is considered vital for this research in which the factors that determine the ability to borrow are highlighted. The advantages and disadvantages of using municipal bonds by local governments are also identified. It is realized that the world experience in the application of municipal bonds is contradictory and ambiguous. It is established that the best results from the use of bonds have been the municipalities of countries with a high level of development and municipal management, which determines the demand for this type of securities from investors. The use of municipal bond in countries with economies in transition has led to a number of municipal defaults, resulting in severe restrictions on their issuance by central authorities. The united communities of Ukraine require additional financial resources. Smaller municipalities are characterized by a high rate of budget subsidies and low average income per community. Ukrainian territorial communities’ municipal bonds are used insufficiently in comparison to developed industrial countries. Factors that shape the risks of implementing a system of local borrowing in Ukraine are identified and include lack of recognition and registration of local governments as legal entities under public law, imperfection of legislation, lack of experience in local borrowing, lack of clear information about the available resources of local communities and their valuation.

FISCAL STRESS: Studi Kasus Pemda Provinsi Nusa Tenggara Timur

Wahana ◽  
2019 ◽  
Vol 21 (2) ◽  
pp. 125-135
Author(s):  
Mesri Welhelmina N. Manafe ◽  
Zet Ena ◽  
Salmun Saul Adu
Keyword(s):  
Low Income ◽  
Local Governments ◽  
Secondary Data ◽  
Fiscal Stress ◽  
Fiscal Health ◽  
Significance Level ◽  
Stress Variable ◽  
Local Budget ◽  
The Relationship ◽  
Direct Expenditure

Local governments play a significant role in the life of the community and the national economy which can be achieved in fiscal health conditions reflected in the low disparity in income structure towards regional expenditure. The inability of regions to escape fiscal dependence is due to the low income, especially from Pendapatan Asli Daerah, which causes fiscal stress which then impacts on policies and implementation of regional spending through spending on programs and activities. This study will examine the relationship between Fiscal Stress and Pendapatan Asli Daerah and expenditure of East Nusa Tenggara Province through simple linear regression testing using secondary data Pertumbuhan Pendapatan Asli Daerah and Belanja Langsung using a sample of six (6) districts / cities in 2014-2016 The results of the study show that the fiscal stress variable does not affect the income structure through Pertumbuhan Pendapatan Asli Daerah and Belanja Langsung at a significance level of <0.05. The results of this study contribute to local budget policies and theoretically to the use of direct expenditure variables that are different from previous studies. Key Words: Fiscal Health, Fiscal Stress, Pendapatan Asli Daerah, dan Belanja Langsung

FISCAL STRESS: Studi Kasus Pemda Provinsi Nusa Tenggara Timur

Wahana ◽  
2019 ◽  
Vol 21 (2) ◽  
pp. 125-135
Author(s):  
Mesri Welhelmina N. Manafe ◽  
Zet Ena ◽  
Salmun Saul Adu
Keyword(s):  
Low Income ◽  
Local Governments ◽  
Secondary Data ◽  
Fiscal Stress ◽  
Fiscal Health ◽  
Significance Level ◽  
Stress Variable ◽  
Local Budget ◽  
The Relationship ◽  
Direct Expenditure

Local governments play a significant role in the life of the community and the national economy which can be achieved in fiscal health conditions reflected in the low disparity in income structure towards regional expenditure. The inability of regions to escape fiscal dependence is due to the low income, especially from Pendapatan Asli Daerah, which causes fiscal stress which then impacts on policies and implementation of regional spending through spending on programs and activities. This study will examine the relationship between Fiscal Stress and Pendapatan Asli Daerah and expenditure of East Nusa Tenggara Province through simple linear regression testing using secondary data Pertumbuhan Pendapatan Asli Daerah and Belanja Langsung using a sample of six (6) districts / cities in 2014-2016 The results of the study show that the fiscal stress variable does not affect the income structure through Pertumbuhan Pendapatan Asli Daerah and Belanja Langsung at a significance level of <0.05. The results of this study contribute to local budget policies and theoretically to the use of direct expenditure variables that are different from previous studies. Key Words: Fiscal Health, Fiscal Stress, Pendapatan Asli Daerah, dan Belanja Langsung

Concept and components of the financial-investment maintenance of local governance

2020 ◽  
pp. 100-112
Author(s):  
Zenoviy Siryk
Keyword(s):  
Social Services ◽  
Local Governments ◽  
Local Governance ◽  
Local Level ◽  
National Standards ◽  
Investment Policy ◽  
Financial Resources ◽  
Financial Investment ◽  
Balanced Development ◽  
And Function

The issues related to the management of financial resources of territorial communities, financial independence of local governments and forming of efficient financial-investment policy to secure the balanced development of local communities and territories become of utmost importance in conditions of financial decentralization and administrative-territorial reform in Ukraine. The problem issues concerning the forming of financial-investment maintenance of local governance directly impact the capacity of a territorial community that should have financial, material, and other resources in the volumes sufficient to completely accomplish the tasks and function of local governments and provide social services to the population at the level stipulated by national standards. The forming of financial-investment maintenance of local governance is revealed to be directly influencing the capacity of a territorial community that should have financial, material, and other resources in the volumes sufficient to completely accomplish the tasks and function of local governments and provide social services to the population. The expansion of local governments’ competences and granting them greater independence are substantiated to be requiring more responsibility in the financial-investment policy implementation on the local level, forming of conditions to perform the economic activity, and develop businesses by all economic entities, and promoting favorable investment climate in the region. Based on the analysis of approaches to the definition of the nature of “financial maintenance” and “investment maintenance” in the context of the peculiarities of local governments’ activity, the paper suggests understanding the “financial-investment maintenance of local governance” as a set of opportunities and activities on distribution and use of financial resources and territories’ resources for the creation of conditions necessary for the efficient functioning of local governments and realization of their competences.

Rating assessment of economic security of municipalities in the region

2021 ◽  
Vol 97 (4) ◽  
pp. 72-81
Author(s):  
M. S. Syupova ◽  
Keyword(s):  
Local Governments ◽  
Economic Condition ◽  
Economic Security ◽  
Management Tool ◽  
Existing Problems ◽  
Advantages And Disadvantages ◽  
Current State ◽  
Regional Authorities ◽  
Negative Factors

Ensuring the economic security of municipalities is one of the key conditions for stable socio-economic de-velopment of the region. Recently, intraregional differentiation of territories has been growing, which increases the risk of the formation of negative factors that reduce the quality of life of the population. In order to neutralize and prevent acute social and economic problems, constant monitoring of the current state of the municipal econ-omy is necessary. As such a management tool, a rating assessment of the economic security of municipalities in the region can be used. The ranking of territories allows you to visualize the relative advantages and disadvantages of the development of territories. In addition, a systematic comparative analysis of controlled socio-economic pa-rameters will allow regional authorities to evaluate the results of the activities of local governments and improve the effectiveness of regional socio-economic policy. The article proposes a methodology for rating the economic security of municipalities, during which it is possible to visually assess the depth of the threats studied at the level of each territory. To this end, the proposed methodology is based on a system of indicators that identify the main problem areas of the socio-economic condition of the territories. To form the rating, the studied indicators are normalized and integral indices characterizing the level of economic security of municipalities are calculated. The methodology proposes criteria for assessing the level of municipal economic security (high; above average; aver-age; crisis; critical). According to the results of the study, a rating of municipal districts of the Khabarovsk Terri-tory was compiled. The study showed that the territories of the region are characterized by an unstable socio-economic condition. The leading positions in the rating are occupied by areas with an average level of economic security. Most municipal districts of the region have a crisis level of economic security, which provides for the de-velopment of a set of measures aimed at eliminating existing problems.

Current aspects of managing the bank’s cash liquidity in terms of minimizing cash circulation

2021 ◽  
Vol 27 (2) ◽  
pp. 133-138
Author(s):  
E. Prokofieva ◽  
Keyword(s):  
Banking Sector ◽  
Cash Flows ◽  
Current Situation ◽  
Advantages And Disadvantages ◽  
Processing Data ◽  
Modern Economy ◽  
Automatic Systems ◽  
Primary Impact ◽  
Banking Operations

The article is devoted to the problem of the banks’ participation in improving the efficiency of the organization of cash circulation, which does not lose its relevance in the modern economy. In the current situation, despite the growth in the volume and share of non-cash payments, the demand for cash is characterized by stability. The article focuses on the features, advantages and disadvantages of the reducing cash circulation process. It is noted that the primary impact on cash circulation is made by settlements made by individuals. In this regard, the study focuses on the fundamental changes in this direction that are taking place in the banking sector. This is, first of all, the reduction of cash withdrawals from plastic cards and the growth of non-cash payments with their use, the lack of growth of the card market; increase in electronic terminals and reduce the number of ATMs installed. At the same time, it is emphasized that one of the main areas that determine both the liquidity and profitability of the bank is the regulation of cash balances. With the number of banks operating in the economy shrinking, the struggle for customers is becoming more acute. The satisfaction of the latter with the quality of the bank’s services, including in terms of settlement liquidity, should be considered as one of the primary factors that ensure the effectiveness of a significant number of banking operations. In this context, special attention is paid to the specifics of the bank’s actions to optimize cash flows, which requires the use of specialized automatic systems that allow processing data on cash balances and turnover to form forecasts that optimize the collection schedule and reduce ATM downtime due to lack of funds

THEORETICAL AND METHODOLOGICAL PRINCIPLES OF CASH FLOWS OF ENTERPRISES

2017 ◽  
Author(s):  
Roman Greshko ◽  
◽  
Violetta Kharabara ◽  
Olena Tretyakova ◽  
◽  
...  
Keyword(s):  
Cash Flow ◽  
Cash Flows ◽  
Management Policy ◽  
Flow Management ◽  
Financial Investment ◽  
Cash Flow Management ◽  
Goods And Services ◽  
Methodological Approaches ◽  
Conducting Research ◽  
Methodological Principles

Efficient management of cash flows of the enterprise provides predict activities in a modern organization. The issue of ensuring balancing and synchronization of outflow and inflow of cash and their equivalents is important for any enterprise. The urgency of the study greatly increases in conditions of complex economic processes that create significant risks and difficulties in conducting a balanced cash flow management policy. The purpose of this study is to substantiate the theoretical and methodological principles of management of cash flows of the enterprise, which provides for the determination of the content of the concept of cash flows, their types and classification, as well as the formulation of methodological approaches to the management of cash flows of the enterprise. The theoretical basis for conducting research is the work of domestic and foreign scientists who studied the issue of managing the cash flows of the enterprise. In the course of the study of theoretical and methodological bases of management of cash flows of the enterprise, economic content and value of cash flows of the enterprise are determined. In the course of studying the approaches of various scholars, the proper definition of cash flows, which characterizes them as the receipt and payment of highly liquid assets of the enterprise within the framework of financial, investment and current activities of the enterprise, is formulated in order to ensure uninterrupted production, sales and other work, which leads to a change in the amount on the current account in the bank and the balance in the box office. Also in the article, methodological approaches to managing cash flows of enterprises that provide for quality accounting and collection of information on funds, analysis of preliminary management experience, substantiation of optimization measures, drawing up a payment calendar for the next year, control over the implementation of a substantiated cash flow management policy. Measures are determined to balance cash flow due to leasing, use of leasing, buying, emission or sale of corporate bonds or other securities, changing the policy of selling goods and services.

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