Russian regional finances analysis and regional debt sustainability

2020 ◽  
pp. 30-58 ◽  
Author(s):  
Sergei V. Sheremeta
Keyword(s):  
Financial Stability ◽  
Negative Impact ◽  
Panel Data Analysis ◽  
Debt Sustainability ◽  
Tax Rate ◽  
Structure Of Population ◽  
Federal Taxes ◽  
Social Demographic ◽  
Regional Budgets ◽  
Floating Rates

Russian regions recovered financial stability in 2017—2019 due to high ruble commodities prices, improving tax collection and conservative expenditures and borrowings policy. Panel data analysis shows that social-demographic structure of population is one of the key factors of regional budgets balance. Government measures will contribute to sustainability of regional finances and reducing interregional differences in debt sustainability, but provide negative impact of regional fiscal policy on output dynamics in the coming years. Strengthening of fiscal burden via federal taxes will diminish procyclicality of regional budgets revenues, but require a return of full profit tax rate on regional level for compensating lost incomes. For improving borrowing conditions Bank of Russia and regional governments must develop placement of bonds with floating rates, indexed and amortized nominal.

On the Major Differences between the Banking Systems of the EAEU States

2020 ◽  
Vol 26 (4) ◽  
pp. 397-406
Author(s):  
T. E. Chekanova
Keyword(s):  
Financial Stability ◽  
Systems Approach ◽  
Negative Impact ◽  
Banking Regulation ◽  
Member States ◽  
Banking Systems ◽  
Significant Negative Impact ◽  
The Difference ◽  
The Government ◽  
Major Factors

The presented study examines the problems of integration of the national banking systems of the member states of the Eurasian Economic Union (EAEU).Aim. The study aims to examine the major differences in various aspects of functioning of banking systems in the EAEU member states in terms of their impact on integration processes.Tasks. The author identifies the most prominent features of the banking systems of the EAEU states; reveals the depth of the existing differences through a comparative analysis of various indicators of national banking systems; outlines ways of overcoming integration problems associated with differences in the banking sectors of the Union states.Methods. This study is based on universal general scientific methods and elements of comparative, functional, and economic analysis within the framework of a systems approach. The author uses regulatory documents and banking reports of the EAEU states, statistical and analytical materials of the Eurasian Economic Commission (EEC), and data of Moody’s international rating agency.Results. The study identifies a number of aspects that contain the major differences in the functioning of banking systems in the EAEU member states; highlights the disproportions in the scale, level of development, financial stability, and risks of the banking spheres of the Union states; comparatively analyzes the proportion of banking and non-banking structures in the system and the share of the government and non-resident companies in the capital of banks; marks the difference in the pricing of banking services; determines differences in the existing approaches to banking regulation and the established standards; analyzes the major differences in the legislative acts of the central banks and governments of the EAEU member states and in the terms and definitions used. According to the results of the study, the major factors hindering the development of integration processes between the banking systems of the EAEU states are identified.Conclusions. The existing differences between the banking systems of the EAEU countries are diverse and multifaceted. The author states that the aspects addressed in this study have a significant negative impact on the further development of integration processes, describing the major directions and actions of the member states aimed at minimizing the exiting differences, which are required to facilitate the convergence of the states and the transition towards a common financial market.

Money growth variability and output: evidence with credit card-augmented Divisia monetary aggregates

2020 ◽  
Vol 24 (5) ◽  
Author(s):  
Jinan Liu ◽  
Apostolos Serletis
Keyword(s):  
Financial Stability ◽  
Credit Card ◽  
Negative Impact ◽  
Balance Sheet ◽  
Credit Cards ◽  
Money Growth ◽  
Monetary Policies ◽  
Growth Variability ◽  
Significant Negative Impact ◽  
Growth Volatility

Abstract We reexamine the effects of the variability of money growth on output, raised by Mascaro and Meltzer (1983), in the era of the increasing use of alternative payments, such as credit cards. Using a bivariate VARMA, GARCH-in-Mean, asymmetric BEKK model, we find that the volatility of the credit card-augmented Divisia M4 monetary aggregate has a statistically significant negative impact on output from 2006:7 to 2019:3. However, there is no effect of the traditional Divisia M4 growth volatility on real economic activity. We conclude that the balance sheet targeting monetary policies after the financial crisis in 2007–2009 should pay more attention on the broad credit card-augmented Divisia M4 aggregate to address economic and financial stability.

scholarly journals Financial Hegemony, Diversification Strategies and the Firm Value of Top 30 FTSE Companies in Malaysia

2016 ◽  
Vol 12 (3) ◽  
pp. 14
Author(s):  
Wan Sallha Yusoff ◽  
Mohd Fairuz Md. Salleh ◽  
Azlina Ahmad ◽  
Norida Basnan
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Firm Value ◽  
Financial Stability ◽  
Panel Data Analysis ◽  
Location Decisions ◽  
Asian Countries ◽  
Diversification Strategies ◽  
The Stability ◽  
Southeast Asian Countries

<p>This study investigates the relationships between financial hegemony groups, global diversification strategies and firm value of the Malaysia’s 30 largest companies listed in FTSE Bursa Malaysia Index Series during 2009 to 2012 period. We chose Malaysia as an ideal setting because the findings contribute to the phenomenon of the diversification–performance relationship in the Southeast Asian countries. We apply hegemony stability theory to explain the importance of financial hegemony groups in deciding international locations for operations. By using panel data analysis, we find that financial hegemony groups are significantly important in international location decisions. Results reveal that the stability of financial hegemony in BRICS and G7 groups enhances the financial value of the Malaysia’s 30 largest companies, whereas the stability of financial hegemony in ASEAN groups is able to enhance the non-financial value of the firms. Overall, this paper suggests that in order to diversify globally, it is necessarily for the manager in the guest country to evaluate and fully understand the host country’s geopolitical situation and its financial stability.</p>

scholarly journals PENGARUH PENGHINDARAN PAJAK TERHADAP BIAYA HUTANG PASCA PERUBAHAN TARIF PAJAK BADAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

2016 ◽  
Vol 3 (2) ◽  
pp. 113
Author(s):  
Nining Purwanti
Keyword(s):  
Panel Data Analysis ◽  
Tax Avoidance ◽  
Negative Influence ◽  
Cost Of Debt ◽  
Tax Rates ◽  
Rate Reduction ◽  
Tax Rate ◽  
Study Find ◽  
Tax Reduction ◽  
The Cost

The aim of the research is to analyze tax avoidance behavior to cost of debt moderated by tax rates changes, on manufacturing company in Indonesia in 2008-2010. Panel data analysis is used in this research. In this study usingbook tax gap to measure tax avoidance and using the models used by Lim (2010), Dwi Martani (2011) and Widya Sartika (2012) to meansure cost of debt. The study find that tax avoidance has negative influence on cost of debt. Tax avoidance creates a risk thereby increasing the cost of debt. In the period before tax rate reduction the influence of tax avoidance on cost of debt smaller compare after period of tax reduction, this indicates the presence of earning management conducted by the company before tax rate reduction.

scholarly journals Determinants of Basmati Exports from Pakistan: A Panel Data Analysis

2021 ◽  
Vol 3 (1) ◽  
pp. 12-18
Author(s):  
Muhammad Munwar Hayat ◽  
Raheela Khatoon
Keyword(s):  
Panel Data ◽  
Method Of Moments ◽  
Negative Impact ◽  
Positive Impact ◽  
Panel Data Analysis ◽  
Generalized Method Of Moments ◽  
Trading Partner ◽  
Dummy Variable ◽  
Export Competitiveness ◽  
The Impact

This paper aims to estimate the impact of different factors of basmati exports from Pakistan to its trading partner. Results are obtained by using the Generalized Method of Moments (GMM) model and panel data methodology with a sample of 22 countries for the period of 2003-2019. To estimate the impact of different variables on basmati exports Generalized Method of Moments (GMM) model is used on the panel dataset. The results revealed that the inflation rate of Pakistan has a negative and significant effect on the export competitiveness of Pakistani basmati. The exchange rate of Pakistan has a positive and significant impact on the basmati export, the population of Pakistan has a negative and significant impact on basmati export. Basmati production in Pakistan also has a significant and negative impact on basmati export. The Gross Domestic Product (GDP) of Pakistan has a significant and positive impact on the basmati export while the GDP of the trading partner has a significant and negative impact on the basmati export. The dummy variable for joint border also has a positive and significant impact on basmati exports of Pakistan.

scholarly journals Financial Stability and Climate Change

2020 ◽  
Vol 9 (3) ◽  
pp. 27-43
Author(s):  
Nikola Fabris
Keyword(s):  
Climate Change ◽  
Financial Institutions ◽  
Financial Stability ◽  
Financial Risk ◽  
Negative Impact ◽  
Weather Conditions ◽  
Extreme Weather ◽  
Financial Risks ◽  
Balance Sheets ◽  
Sea Levels

AbstractFighting climate change is one of the biggest challenges in the 21st century. Climate change that leads to global warming has been increasingly visible in our environment. Extreme weather conditions such as hurricanes, floods, and droughts have been escalating and their acceleration can be expected in the future. They cause changes in sea levels, epidemics, large fires, etc. Increasingly, we are witnessing minor or major damage caused by these extreme weather conditions. Numerous studies have proven that climate change has negative impact on economic growth and prosperity. However, this paper starts from the premise that in addition to unequivocally identified threats, climate change also creates opportunities.The paper reaches a conclusion that climate change can adversely affect balance sheets of financial institutions. Therefore, climate change is a source of financial risk and thus a part of the mandate of central banks and supervisors in preserving financial stability. This type of risk has not been given enough attention by either supervisors or financial institutions over the past period. This paper develops a model for managing financial risks as a result of climate change.

A Panel Data Analysis for Exploring the New Determinants of Growth in Small and Medium Sized Enterprises in India

2017 ◽  
Vol 8 (1) ◽  
pp. 1-23
Author(s):  
Manoj Kumar
Keyword(s):  
Firm Growth ◽  
Small And Medium Enterprises ◽  
Panel Data Analysis ◽  
Growth Opportunities ◽  
Tax Rate ◽  
Determining Factors ◽  
Main Determinants ◽  
And Performance ◽  
Medium Enterprises ◽  
Future Growth

The purpose of this paper is to explore the main determinants of growth in small and medium sized enterprises (SMEs) in India. The empirical research has suggested that firm growth is determined not only by the traditional characteristics of size and age but also by other firm-specific factors such as indebtedness, internal financing, future growth opportunities, process and product innovation, and organisational changes. No empirical evidence has been provided so far on which of these determining factors are associated with SMEs growth and performance in India. Using a panel dataset of 560 fast growing small and medium enterprises from India the author finds evidence that firm size and age can explain to a large extend the growth in SMEs in India. Firm specific characteristics such as short-term liquidity, future growth opportunities, internally generated funds, and factor productivity are found to be important factors in determining a firm's growth and performance. Economy-wide factors such as inflation and corporate income tax rate (but not gross domestic product) seem to have a significant effect on SMEs growth in India.

scholarly journals Impact of food availability on child mortality: a cross country comparative analysis

2017 ◽  
Vol 63 (No. 6) ◽  
pp. 283-297 ◽  
Author(s):  
Agboola Mary Oluwatoyin
Keyword(s):  
Food Security ◽  
Child Mortality ◽  
Negative Impact ◽  
Panel Data Analysis ◽  
Social Indicators ◽  
Policy Option ◽  
Dynamic Panel Data ◽  
African Countries ◽  
Wide Range ◽  
The Impact

The study examined the impact of food security on child mortality (infant mortality and under-five mortality), using a dynamic panel data analysis for 114 countries for the period 1995–2009 by considering a wide range of controlled variables such as income, social indicators and policy variables. The result suggests that food security has a negative impact on child mortality for all countries and even more impact on child mortality within the food insecure African countries. Therefore, based on the findings of the study; it is recommended that an increase in food security is indeed a positive policy option, particularly within the food insecure African countries, since it ensures a decrease in child mortality within these countries.  

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