scholarly journals Enterprises’ strategies transformation in the real sector of the economy in the context of the COVID-19 pandemic

2021 ◽  
Vol 27 (1) ◽  
pp. 8-15
Author(s):  
Natalia Baryshnikova ◽  
Olga Kiriliuk ◽  
Dorota Klimecka-Tatar
Keyword(s):  
Personnel Management ◽  
Turning Point ◽  
Management Strategies ◽  
Business Practices ◽  
Real Sector ◽  
Remote Work ◽  
The Real ◽  
Economic Behaviour ◽  
Restrictive Measures ◽  
The Impact

Abstract The article examines the impact of the COVID-19 pandemic on the content of key functional strategies of companies in the real sector of the economy. The purpose of the article is to assess the changes in the economic behaviour of companies in the context of the COVID-19 pandemic, to analyse business practices in adapting functional strategies to new risks, and to determine the directions for transforming functional strategies. An analysis of companies’ business practices showed that the pandemic had a significant impact on the economic behaviour of companies, transforming not only their tactics, but also their strategy. The functional strategies of the companies have undergone significant changes - marketing, production, personnel management strategies. The transformation of the marketing sphere is due to new trends in the sphere of consumption that have arisen as a result of the introduction of restrictive measures by states. The changed conditions of production activities necessitated accelerated digitalization and robotization of production, restructuring of supply chains and determined the need for the formation of innovative production strategies that meet the conditions of the Industry 4.0 era. The strategy and tactics of personnel management of companies are adapting to the conditions of the epidemic using a remote work format, digitalization of processes and tasks, and the use of new approaches in management. Based on the results of the study, the authors concluded that the pandemic has highlighted problems in the ability of companies to learn quickly in a rapidly changing environment. Today, the surviving companies are those that have been able to best adapt to unforeseen threats. For them, the coronavirus pandemic is not the cause of the crisis, but a turning point and a unique opportunity to develop in a highly competitive environment.

Reducing the Risks of the Financial Sector to Ensure Sustainable Growth of the Russian Еconomy

2019 ◽  
Vol 12 (3) ◽  
pp. 86-92
Author(s):  
T. I. Minina ◽  
V. V. Skalkin
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Financial Sector ◽  
Developed Countries ◽  
Sustainable Growth ◽  
Necessary Condition ◽  
Real Sector ◽  
Financial Instruments ◽  
The Real ◽  
The Impact

Russia’s entry into the top five economies of the world depends, among other things, on the development of the financial sector, being a necessary condition for the economic growth of a developed macroeconomic and macro-financial system. The financial sector represents a system of relationships for the effective collection and distribution of economic resources, their deployment according to public demand, reducing the risk of overproduction and overheating of the economy.Therefore, the subject of the research is the financial sector of the Russian economy.The purpose of the research was to formulate an approach to alleviating the risks of increasing financial costs in the real sector of the economy by reducing the impact of endogenous risks expressed as financial asset “bubbles” using the experience of developed countries in the monetary policy.The paper analyzes a macroeconomic model applied to the financial sector. It is established that the economic growth is determined by the growth and, more important, the qualitative development of the financial sector, which leads to two phenomena: overproduction in the real sector and an increase in asset prices in the financial sector, with a debt load in both the real and financial sectors. This results in decreasing the interest rate of the mega-regulator to near-zero values. In this case, since the mechanisms of the conventional monetary policy do not work, the unconventional monetary policy is used when the mega-regulator buys out derivative financial instruments from systemically important institutions. As a conclusion, given deflationally low rates, it is proposed that the megaregulator should issue its own derivative financial instruments and place them in the financial market.

scholarly journals Financial system and growth and economic development

VUZF Review ◽  
2021 ◽  
Vol 6 (2) ◽  
pp. 160-170
Author(s):  
Małgorzata Hala
Keyword(s):  
Economic Growth ◽  
Economic System ◽  
Financial Institutions ◽  
Financial System ◽  
Financial Sector ◽  
Real Sector ◽  
The Real ◽  
State And Local ◽  
The Impact

The aim of the article is to present the role of the financial system in economic growth and development. The first part presents the traditional understanding of the relationship between the economic system and economic growth. The second part presents the experience of financial crises and their impact on the conversation on the mutual relations between the financial sector and the real sector. The third part shows the role of the state in the financial system. The article describes the arrangement of interrelated financial institutions, financial markets and elements of the financial system infrastructure.  It shows what part of the economic system the financial system is, and whether it enables the provision of services allowing the circulation of purchasing power throughout the economy. The article presents the important role of the financial system, the role related to the transfer of capital from entities with savings to entities that need capital for investments. It shows the financial system as a set of logically related organizational forms, legal acts, financial institutions and other elements enabling entities to establish financial relations in the real sector and the financial sector, and this system forms the basis of activity for entities using money, enabling the conclusion of various economic transactions, in which money performs various functions. The article also presents the concept of a financial crisis as a situation in which there are rapid changes in the financial market, usually associated with insufficient liquidity or insolvency of banks or financial institutions, and as a result, a decrease in production or its deepening. The article also includes issues related to the impact of public authorities (state and local authorities) on the financial system in the economy.

scholarly journals Investment Decision In Micro, Small And Medium Enterprises In Indonesia*

2013 ◽  
Vol 14 (1) ◽  
pp. 1
Author(s):  
Siti Aisyah Tri Rahayu
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Cash Flow ◽  
Investment Decision ◽  
Inflation Expectations ◽  
Real Sector ◽  
Debt Ratio ◽  
The Real ◽  
Internal Capital ◽  
The Impact

The purpose of this study are: First, to analyze is there any significant influence among debt ratio, internal capital, cash flow, inflation expectations and the expectations of rupiah exchange rate against the decisions of businessmen in the real sector to invest or not to invest; Second, to analyze the impact of the variables perception mortgage interest rates, perceptions of bank regulation, internal capital and cash flow on debt ratio of the real sector (leverage). Investment decision model is estimated using logit models. The results of regression estimates the overall good for business and risk analysis for financial risk shows that almost all explanatory variables in the equation are statistically significant. There are three variables have a positive influence on the investment decisions taken by the businesses i.e. the debt ratio, cash flow and exchange rate expectations.

scholarly journals THE INFLUENCE OF INTERSECTORAL ECONOMIC FACTORS ON EMPLOYMENT AND PAYROLL

2021 ◽  
Vol 3 (44) ◽  
pp. 73-83
Author(s):  
E.A. Edinak ◽  
Keyword(s):  
Service Sector ◽  
Final Demand ◽  
Service Industries ◽  
Real Sector ◽  
Input Output ◽  
Labor Costs ◽  
The Real ◽  
Sectoral Structure ◽  
Total Labor ◽  
The Impact

The target of the research is the sphere of employment of the Russian labor market. The author attempts to assess the total labor costs in the sectoral context and the intersectoral structure of jobs in the economy. The aim of the study is to analyze retrospective indicators of the number and sectoral structure of employment, quantitative estimates of the impact on it of the parameters of economic dynamics. The analysis of the coefficients showed that the branches of the real sector and the service sector are characterized by different abilities to create jobs, which are determined by the structure of production in the economy. With the growth of production in the sectors of the real sector, the demand for employment (exceeding the size of the intrasectoral one) is formed more in related sectors. Most service industries have a low potential for inducing jobs in the economy. The article also substantiates that a change in final demand for the same amount in industries is differently transformed into labor income in the economy. In the service sector, the largest growth in payroll funds was recorded with a minimum increase in the income of workers in related industries. In the production sector, the situation is the opposite: the growth of final demand generates incomes for workers in related industries with a lower direct effect. The research is based on the input-output tables published by Rosstat and the symmetric input-output balance table obtained on their basis for 2017. The results of the study and the conclusions drawn are a tool for assessing the effectiveness of economic policy measures aimed at supporting and/or developing industries in terms of their impact on employment and income growth of the working population.

scholarly journals Improving the Resilience of Banking System in Small Open Economy: Is Macroprudential Policy Efficient?

2021 ◽  
Vol 92 ◽  
pp. 07050
Author(s):  
Petra Popek Biskupec ◽  
Suzana Herman
Keyword(s):  
Granger Causality ◽  
Financial Stability ◽  
Granger Causality Test ◽  
Financial Sector ◽  
Bank Credit ◽  
Real Sector ◽  
Causality Test ◽  
The Real ◽  
Bounds Test ◽  
The Impact

Research background: Although macroprudential instruments increase financial stability, it is necessary to test how they affect the overall economic recovery after a global financial crisis. In the post-crisis period, the real sector needed a strong injection of capital in order to be able to start recovery and to encourage economic growth. At the same time, most of the countries introduced strict regulatory measures that strengthen bank capital and the liquidity base. From the standpoint of the financial sector stability, these measures contributed to the overall financial stability, but at the same time, these measures hold up the bank credit activity. Purpose of the article: This paper analyses the impact of macroprudential instruments on the bank credit activity toward the non-financial sector. The analysis is made by using the Granger Causality Test and the ARLDS Bounds Test. Methods: The research was conducted for the period of 2000 – 2019, based on the data of the Croatian National Bank and the Croatian Bureau of Statistics using logarithmic quarterly data. The analysis is made by using the Granger Causality Test and the ARLDS Bounds Test. Findings & Value added: The results confirm the thesis that additional macroprudential measures decrease the bank credit activity toward the real sector, which slows down the real sector recovery and extends the downturn in the business cycle. On the other hand, the macroprudential measures increase the financial stability of the whole economy, which is positive for future investments and recovery of the real sector.

scholarly journals On the concept of “digital economy” and its interrelation with the real sector

2021 ◽  
pp. 29-38
Author(s):  
Oleg Vasilyevich Tikhanychev ◽  
Evgeniya Olegovna Tikhanycheva
Keyword(s):  
Digital Economy ◽  
Expert Assessment ◽  
Heterogeneous Structure ◽  
Real Sector ◽  
Economic Management ◽  
The Real ◽  
Production Distribution ◽  
Digital Production ◽  
Production And Distribution ◽  
The Impact

The subject of this research is digitalization of the economy, while the object is the structure of this process. Special attention is given to heterogeneous structure of digitalization process, as well as the impact of its various components upon the real sector. One of the concerns this subject category the expert assessment of the concept of “digital” economy as something integral. At the same time, the analysis indicates that the digitalization of society and economy is a complicated process, and each component influences the processes of production, distribution, and management of the real sector. Unless this fact is not taken into account, the errors in construction of digitalization plans may occur, which substantiates the relevance of the selected topic. Based on the analysis of the problems of digitalization of the economy, management, production and distribution, the article synthesizes the recommendations for clarification of the structure of “digital economy”. The author concludes that “digital economy” should not be viewed as organic whole, since the components have been determined with may differently affect the real production and distribution. The novelty lies in the proposal to view digitalization processes as a composite phenomenon that consists of interrelated, but relatively independent components. Theoretically, such approach would ensure more accurate planning of the development of digital production, the theory of economic management, and personnel training.

СОВРЕМЕННЫЕ ТЕНДЕНЦИИ И ПЕРСПЕКТИВЫ РАЗВИТИЯ БАНКОВСКОГО СЕКТОРА

2021 ◽  
Author(s):  
A.A. Mussina ◽  
M.A. Svyatova ◽  
А.А. Мусина ◽  
М.А. Святова
Keyword(s):  
Financial Market ◽  
Banking Sector ◽  
Integrated Approach ◽  
Real Sector ◽  
The Real ◽  
Current Trends ◽  
The World ◽  
State Of The Economy ◽  
Banking Business ◽  
The Impact

The state of the economy in any country determines the level of development of banking, since these two areas are directly interconnected and interdependent. This was confirmed again in 2020-21, when the world was hit by a pandemic associated with Covid19, which led to a fall in the economies of the countries of the world and, accordingly, to restrictions on the activities of all spheres, including the banking sector. The banking statistics of recent years characterize a rather tense situation in the industry, which cannot but arouse interest in studying both the causes and possible consequences not only for the banking business, but also for the economy as a whole. Despite the fact that in 2020 the banking sector of Kazakhstan showed a positive result, it is impossible to make an optimistic conclusion about a favorable situation in the banking business. It is necessary to pay attention to the importance of such an integrated approach due to the fact that recently there is often a one-sided interpretation of a commercial bank as a financial intermediary, which infringes on its role as a producer of loans, which are one of the main banking products. The bank, as a credit provider, has recently begun to lose its position in terms of its target direction in the real sector, reorienting itself to profitable and risky areas. The consequences of such a policy are felt, first of all, on the general state of the economy, the lag in the development of the real sector, and the outstripping growth of the financial market, which is disconnected from real projects. The article presents the results of a study conducted to assess the impact of current trends in the development of the banking sector on the prospects of the banking activities in Kazakhstan. Состояние экономики в любой стране определяет уровень развития банковской деятельности, поскольку эти две сферы непосредственно взаимосвязаны и взаимообусловлены. Это еще раз подтвердилось в 2020-21 годах, когда на мир обрушилась пандемия, связанная с Covid19, приведшая к падению экономик стран мира и, соответственно, к ограничениям деятельности всех сфер, в том числе банковского сектора. Статистика банковской деятельности последних лет характеризует достаточно напряженную ситуацию в отрасли, что не может не вызывать интереса к исследованию как причин, так и возможных последствий не только для банковского бизнеса, но и для экономики в целом. Несмотря на то, что за 2020 год банковский сектор Казахстана показал положительный результат, нельзя сделать оптимистичный вывод о благоприятной ситуации в сфере банковского бизнеса. Следует обратить внимание на важность такого комплексного подхода в связи с тем, что в последнее время часть встречается однобокая трактовкакоммерческого банка как финансового посредника, ущемляющая его роль как производителя кредитов, являющихся одними из главных банковских продуктов. Банк, как поставщик кредита, в последнее время стал терять свои позиции в части его целевого направления в отрасли реального сектора, переориентировавшись на прибыльные и рисковые направления. Последствия такой политики ощутимы, в первую очередь, на общем состоянии экономики, отставании развития реального сектора, опережении темпов роста финансового рынка, оторванного от реальных проектов. В статье приведены результаты исследования, проведенного с целью оценки влияния текущих трендов развития банковского сектора на перспективы банковской деятельности в Казахстане.

The Great Convergence: How the Italian Far Right and COVID Deniers Tried to Seize the Momentum

2021 ◽  
Vol 1 (1) ◽  
pp. 25-38
Author(s):  
Giovanni Savino
Keyword(s):  
New Age ◽  
The Political ◽  
Cultural Hegemony ◽  
Far Right ◽  
Conspiracy Theories ◽  
The Real ◽  
Political Landscape ◽  
Restrictive Measures ◽  
The Impact

This article explores how the pandemic crisis resulted in a confluence of neo-fascist groups such as Forza Nuova and CasaPound, national-populist parties such as Lega and Brothers of Italy, the Orange Vests of former General Pappalardo and COVID-19 deniers. Since March 2020, the Italian far right has consciously based its strategy on spreading conspiracy theories about COVID-19 and opposing any type of restrictive measures, from the lockdown to mask mandates and vaccination. The attempts to build a mass anti-vaccine movement permeated with neo-fascist influences may have stalled, but it would be mistaken to think that the battle has been lost: the impact of COVID deniers on the political landscape goes beyond poll results. The contemporary ideological fluidity favors mainstreaming negationist slogans, for instance through the unexpected overlap between the far right and New Age culture. The real struggle is conducted in the field of ideas and cultural hegemony, where a profound illiberal, anti-scientific, and conspiracy sentiment continues to gain support in Italy thanks to the overlap between neo-fascists, national-populists, and COVID deniers.

scholarly journals Impact Assessment of the Real Sector and Non-Productive Spheres on the Dynamics of the Business Activity Index

2019 ◽  
Vol 23 (2) ◽  
pp. 117-133 ◽  
Author(s):  
A. A. Frenkel ◽  
B. I. Tikhomirov ◽  
N. N. Volkova ◽  
A. A. Surkov
Keyword(s):  
Impact Assessment ◽  
Activity Index ◽  
Design Method ◽  
Objective Assessment ◽  
Probabilistic Approach ◽  
The State ◽  
Business Activity ◽  
Real Sector ◽  
The Real ◽  
The Impact

The article is devoted to the impact assessment of the real sector and other factors of economic growth (characteristics of the financial sector, paid services and household incomes) on the dynamics of the business activity index, an integral indicator characterizing the state and trends of the country’s macroeconomic development. The purpose of the article is to justify the need and highlight the feasibility for developing new aggregated business activity indexes that include a wider range of the national economy areas than the output index of goods and services for the Rosstat basic business lines. The authors have used the design method for integral estimates of macroeconomic dynamics, regression analysis, and a probabilistic approach (the method of pairwise preferences) to determine the weighing coefficients of the basic indicators. The work has resulted in time series of business activity indices (in tables and graphs), based on the method proposed by the authors. The new index of business activity suggests a more objective assessment of the state and trends of socio-economic development compared to the same Rosstat index. This index can help to improve the macroeconomic forecasting efficiency and lay the groundwork for more grounded management decisions.

scholarly journals The Role of Bank Lending in the Development of Ukraine’s Economy

2020 ◽  
Vol 3 (45) ◽  
pp. 176-183
Author(s):  
V. M. Kremen ◽  
◽  
O. I. Kremen ◽  
L. P. Huliaieva ◽  
◽  
...  
Keyword(s):  
Capital Investment ◽  
Bank Lending ◽  
Real Sector ◽  
The Real ◽  
Goods And Services ◽  
Estate Property ◽  
The Impact ◽  
The Relationship ◽  
Average Monthly Salary ◽  
Monthly Salary

The purpose of the article is to analyze the situation with bank lending to the real sector and its impact on the development of Ukraine’s economy. In order to effect this purpose, the following tasks have been fulfilled: to analyze the dynamics of the total bank lending to the real sector, to analyze the structure of bank lending to non-financial corporations by loan terms and by currency; to determine the volume of loans granted to non-financial corporations in order to buy, build and reconstruct real estate property. To carry out in-depth assessment of the impact made by bank lending to the real sector on economic development, a correlation and regression analysis has been made, revealing that the increase in bank lending to non-financial corporations leads to the growth of the GDP, industrial output (in goods and services), exports, capital investment and average monthly salary and wages. It also reduces the amount of man-power employed, which may serve as the evidence of production intensification and automation caused by using loan proceeds. The polynomial function most appropriately describes the relationship between the volume of bank lending to non-financial corporations and GDP, exports and employment in 2005-2019, and the exponential function most adequately describes the relationship between the volume of bank lending to non-financial corporations and capital investment and the average monthly salary and wages.

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