scholarly journals PROBLEMS OF FORMATION AND ACCOUNTING OF RESERVE CAPITAL OF THE ENTERPRISE

2021 ◽  
Author(s):  
Liudmyla Tymoshyk ◽  
Victor Holovko
Keyword(s):  
Financial Stability ◽  
Relevant Information ◽  
Legal Framework ◽  
Equity Capital ◽  
Research Topic ◽  
Point Of View ◽  
Efficient Operation ◽  
Long Run ◽  
Reserve Capital ◽  
Retained Earnings

The main problems of formation and accounting of the reserve capital of the enterprise are considered in the article. At present, there are a number of inconsistencies in the methodology of accounting for reserve capital. The article discusses issues regarding the accounting for the formation and use of reserve capital. The characteristic of the reserve capital as a component of equity capital from the point of view of domestic and global accounting practices .. Observed that the accounting for the formation of reserve capital, it is purely calculated in nature unsecured assets. The article presents possible options for improving the accounting of reserve capital in order to increase the financial stability of the enterprise in the long run. The main promising aspects are the improvement of the legal framework and relevant information and methodological support. One of the advantages of the chosen research topic is that it is currently relevant, because the formed reserve capital is the financial basis of each enterprise. Reserve capital characterizes the degree of financial independence, financial capacity, as well as the degree of creditworthiness of the enterprise. The size or availability of reserve capital allows you to assess the efficiency of the enterprise, its effectiveness. Sound management of reserve capital contributes to the efficient operation of the enterprise, increase profits and increase the competitive advantages of the enterprise. The issues of accounting and reporting of reserve capital at the present stage of market economy are among the most important economic problems, allowing internal and external users of financial statements to determine the financial capabilities of the enterprise in the short term and long term. The relevance of the research topic is that for each enterprise reserve capital is the basis for the initiation and implementation of economic activity of any enterprise, one of the most important and important indicators. The economic importance of reserve capital and the versatility of its structure necessitate proper and reliable accounting. Reserve capital is a kind of result of redistribution of retained earnings as part of the company's equity.

International Regulation of the Internet

2019 ◽  
Author(s):  
Antonio Segura Serrano
Keyword(s):  
International Law ◽  
New Technology ◽  
Legal Framework ◽  
Point Of View ◽  
The Internet ◽  
Internet Governance ◽  
Public And Private ◽  
International Regulation ◽  
Long Run ◽  
Human Rights Norms

The international regulation of the Internet may be understood in two different ways. From a narrow point of view, it may be conceived as equivalent to Internet governance, i.e. comprising exclusively the institutional arrangements that enable the Internet to function. From a comprehensive point of view, it may be interpreted more widely, including all sectors and areas where international law rules that intersect or interact with the Internet may be found. The Internet is a pervasive network that nowadays touches upon the lives of public and private actors. This article aims to present an account of the many domains in which international regulation may be found or may be needed if universal or community interests are to be protected. If although state practice and the codification of international law rules regarding the Internet are now in flux, due to the unwillingness of states or, in other words, the impossibility of finding universal consensus on the matter, it is possible to identify areas in international law that already apply to online activities. To be sure, this use is in many instances a difficult one, as this new technology challenges the extant legal framework. But today the applicability of international law to activities carried out with respect to the Internet is not only possible, it is also necessary as this new medium is truly global. Even though if there is not a new demos, or because of that, international law rules in the traditional sense are needed to solve the new challenges. This is why traditional doctrines on jurisdiction and state responsibility, together with cybersecurity rules (warfare is not the object of this contribution), have been put to work, with adjustments necessary to make their functioning appropriate to the new circumstances. Furthermore, taking into account the reinforced role of nonstate actors in this field, international cooperation is needed to address the problems of cybercrime, cyber espionage, and cyber terrorism, although in this the latter is not as ubiquitous as the former. Moreover, international human rights norms must be confirmed with respect to the Internet, as those rights are exposed to the same risks, if not more, by state activities as in the real world. Finally, the issue of Internet governance as addressed in this article is treated as one in which it is necessary to ensure in the long run that this new medium is organized following the principles of democracy and inclusion.

scholarly journals Central Bank Independence and economic crises: how both the fed and ECB managed to rely on unconventional monetary policies

2018 ◽  
Vol 12 (1) ◽  
pp. 335-348
Author(s):  
Mădălina Doroftei ◽  
Alexandru Pătruți
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Practical Importance ◽  
Central Banks ◽  
Central Bank Independence ◽  
Point Of View ◽  
Economic Downturn ◽  
Economic Crises ◽  
Monetary Policies ◽  
Long Run

Abstract The Central bank independence was viewed in the last decades as an essential prerequisite for ensuring good monetary policies. However, the global crisis of 2009 has shown that this concept was of little practical importance. The European Central Bank, which was built as one of the most independent central banks in the world, and the Federal Reserve System, a not so independent central bank from the point of view of legal independence, reacted in almost the same manner to the looming crises. Both of them used unconventional monetary policies, for which there was little theoretical support, to safeguard their economies. Quantitative easing, forward guidance and negative interest rate are now considered common instruments in the monetary authority’s arsenal. Moreover, central banks now have an extended goal, i.e. to provide financial stability. This means that they are expected to take action to prevent future economic crises by using monetary policy as a counter-cycle instrument. Given this important modification regarding the expected actions which must come from the monetary authorities, we argue that central bank independence becomes irrelevant in times of economic downturn, when they will use whatever means necessary to ensure financial stability. Political short run need will surpass long run stability as a priority for monetary decision makers.

scholarly journals Dynamic Integrated Model for Assessing Fisheries: Discard Bans as an Implicit Value-Added Tax

2021 ◽  
Author(s):  
Jose Maria Da Rocha ◽  
Javier García-Cutrín ◽  
Maria-Jose Gutiérrez ◽  
Raul Prellezo ◽  
Eduardo Sanchez
Keyword(s):  
Value Added ◽  
Point Of View ◽  
Value Added Tax ◽  
Biological Variables ◽  
A Value ◽  
Long Run ◽  
The Social ◽  
Negative Effect ◽  
Short Run ◽  
The Impact

AbstractIntegrated economic models have become popular for assessing climate change. In this paper we show how these methods can be used to assess the impact of a discard ban in a fishery. We state that a discard ban can be understood as a confiscatory tax equivalent to a value-added tax. Under this framework, we show that a discard ban improves the sustainability of the fishery in the short run and increases economic welfare in the long run. In particular, we show that consumption, capital and wages show an initial decrease just after the implementation of the discard ban then recover after some periods to reach their steady-sate values, which are 16–20% higher than the initial values, depending on the valuation of the landed discards. The discard ban also improves biological variables, increasing landings by 14% and reducing discards by 29% on the initial figures. These patterns highlight the two channels through which discard bans affect a fishery: the tax channel, which shows that the confiscation of landed discards reduces the incentive to invest in the fishery; and the productivity channel, which increases the abundance of the stock. Thus, during the first few years after the implementation of a discard ban, the negative effect from the tax channel dominates the positive effect from the productivity channel, because the stock needs time to recover. Once stock abundance improves, the productivity channel dominates the tax channel and the economic variables rise above their initial levels. Our results also show that a landed discards valorisation policy is optimal from the social welfare point of view provided that incentives to increase discards are not created.

La grande crisi globale: una sfida per la politica industriale e per le imprese

2009 ◽  
pp. 9-19
Author(s):  
Riccardo Varaldo ◽  
Lucio Lamberti
Keyword(s):  
Financial Stability ◽  
Business Models ◽  
Jel Classification ◽  
Credit Crunch ◽  
Corporate Structure ◽  
Research And Innovation ◽  
Leading Role ◽  
Long Run ◽  
Rapid Action ◽  
Political Approach

- The years to come are going to be very complex for global economies, a true challenge for industrial policy and corporate decisions. The first priority has been to ensure financial stability and to mitigate the credit crunch effects on economies, but a new strategic issue has to be put rapidly in place: the public rescue policy for economies and corporates. All measures must be taken to avoid the disruption of societies and economies, and this effort needs to be coordinated at the European and international level. In the short term, Italian industries will be less affected due to a higher flexibility and a less procyclical banking effect, but they will be very vulnerable in the long run because of the fragility of the corporate structure. More than other countries, Italy needs rapid action and a strategic political approach. Research and innovation are a must, and universities have to play a leading role in this phase. Keywords: recession, credit crunch, supply chain, business models, R&D policies, industrial Policies Parole chiave: recessione, restrizione del credito, filiera, modelli di business, politiche di R&S, politiche industriali JEL Classification: L25

TECHNOLOGY ADOPTION AND ADAPTATION TO CLIMATE CHANGE — A CASE-BASED APPROACH

2012 ◽  
Vol 03 (02) ◽  
pp. 1250007 ◽  
Author(s):  
JÜRGEN EICHBERGER ◽  
ANI GUERDJIKOVA
Keyword(s):  
New Technologies ◽  
New Technology ◽  
Relevant Information ◽  
Adaptation To Climate Change ◽  
Climate Conditions ◽  
Technology Learning ◽  
The Public ◽  
Additional Information ◽  
Technological Adaptation ◽  
Long Run

We present a model of technological adaptation in response to a change in climate conditions. The main feature of the model is that new technologies are not just risky, but also ambiguous. Pessimistic agents are thus averse to adopting a new technology. Learning is induced by optimists, who are willing to try out technologies about which there is little evidence available. We show that both optimists and pessimists are crucial for a successful adaptation. While optimists provide the public good of information which gives pessimists an incentive to innovate, pessimists choose the new technology persistently in the long-run which increases the average returns for the society. Hence, the optimal share of optimists in the society is strictly positive. When the share of optimists in the society is too low, innovation is slow and the obtained steady-state is inefficient. We discuss two policies which can potentially alleviate this inefficiency: Subsidies and provision of additional information. We show that if precise and relevant information is available, pessimists would be willing to pay for it and consequently adopt the new technology. Hence, providing information might be a more efficient policy, which is both self-financing and results in better social outcomes.

scholarly journals The Causality between Education and GDP Growth in Asian Countries

2015 ◽  
Vol 50 ◽  
pp. 28-35 ◽  
Author(s):  
Mohsen Mehrara ◽  
Maysam Musai
Keyword(s):  
Economic Growth ◽  
Formal Education ◽  
Panel Cointegration ◽  
Capital Formation ◽  
Cointegration Analysis ◽  
Point Of View ◽  
Asian Countries ◽  
Variable Model ◽  
Long Run ◽  
Educational Investments

This paper investigates the causal relationship between education and GDP in 40 Asian countries by using panel unit root tests and panel cointegration analysis for the period 1970-2010. A three-variable model is formulated with capital formation as the third variable. The results show a strong causality from investment and economic growth to education in these countries. Yet, education does not have any significant effects on GDP and investment in short- and long-run. It means that it is the capital formation and GDP that drives education in mentioned countries, not vice versa. So the findings of this paper support the point of view that it is higher economic growth that leads to higher education proxy. It seems that as the number of enrollments raise, the quality of the education declines. Moreover, the formal education systems are not market oriented in these countries. This may be the reason why huge educational investments in these developing countries fail to generate higher growth. By promoting practice-oriented training for students particularly in technical disciplines and matching education system to the needs of the labor market, it will help create long-term jobs and improve the country’s future prospects.

scholarly journals Valuing the Future, Discounting in Random Environments: A Review

2021 ◽  
Author(s):  
Jaume Masoliver ◽  
Miquel Montero ◽  
Josep Perelló ◽  
J. Doyne Farmer ◽  
John Geanakoplos
Keyword(s):  
Empirical Studies ◽  
Market Price ◽  
Point Of View ◽  
Random Environments ◽  
Long Run ◽  
Price Of Risk ◽  
Future Discounting ◽  
Pricing Theory ◽  
Risk Neutral Measures ◽  
Far Future

We address the process of discounting in random environments which allows to value the far future in economic terms. We review several approaches to the problem regarding different well-established stochastic market dynamics in the continuous-time context and include the Feynman-Kac approach. We also review the relation between bond pricing theory and discount and introduce the market price of risk and the risk neutral measures from an intuitive point of view devoid of excessive formalism. We provide the discount for each economic model and discuss their key results. We finally present a summary of our previous empirical studies on several countries of the long-run discount problem.

scholarly journals The President and Local Government in Russia: The Theory and Practice of Interaction

2020 ◽  
Vol 15 (12) ◽  
pp. 41-47
Author(s):  
A. M. Budaev
Keyword(s):  
Legal Framework ◽  
Point Of View ◽  
Theory And Practice ◽  
Equal Opportunities ◽  
Economic Relations ◽  
Democratic State ◽  
Head Of State ◽  
The Russian Federation ◽  
Basic Characteristics ◽  
Russian Model

Since the adoption of the current Constitution of Russia that established the constitutional foundations of the implementation of state power and local self-government in the Russian Federation, more than 25 have passed. This period was saturated from the point of view of the formation of the legal framework of socio-political and socio-economic relations in our country. The analysis shows that local self-government is one of the basic characteristics of the Russian model of democracy. On the other hand, in recent years it is impossible not to mention the tendency to increase the efforts of federal authorities, and first of all the head of state, to maximize the involvement of local authorities of self-government in a unified political and legal field of the State. This is largely justified by the need to provide every resident of the country with equal opportunities for a comfortable and safe life. The paper formulates the author’s view concerning the changes that are taking place; and at the same time, it is proposed to continue scientific discussions regarding the development of local self-government—an institution of a modern civilized democratic state that is necessary for us all.

scholarly journals Features of the formation and management of the capital structure of state-owned enterprises

2020 ◽  
pp. 40-50
Author(s):  
С.Г. Макарова ◽  
Е.И. Андрианова
Keyword(s):  
Capital Structure ◽  
Financial Stability ◽  
Stock Exchange ◽  
Negative Influence ◽  
State Ownership ◽  
State Participation ◽  
Retained Earnings ◽  
The Capital Structure

Окончание. Начало в №5 за 2020 г. Вопрос о влиянии собственности государства в крупных российских компаниях на их структуру капитала остается открытым и пока не получил окончательного разрешения в литературе. Результаты работ, проведенных для российского рынка, свидетельствуют о значительной роли государственного участия в российских компаниях [5], а также о том, что российские компании с государственным участием имеют значительно более высокие значения долга в структуре капитала, чем частные [34]. В данной публикации для оценки роли государственного участия на структуру капитала российских компаний был проведен эмпирический анализ 139 публичных компаний за 2014-2018 гг. (выборка представлена государственными и частными компаниями), котирующихся на Московской бирже. В рамках проведенного исследования было выявлено, что отечественные публичные государственные компании при прочих равных условиях имеют более высокое значение долга в структуре капитала, чем частные. Кроме этого, компании с государственным участием имеют также более высокие значения коэффициента долгосрочных обязательств в сравнении с частными. Это подтверждает гипотезу о том, что деятельность государственных компаний связана с большими финансовыми рисками, чем частных, особенно в долгосрочной перспективе. В данной ситуации целесообразно ввести политику, направленную на повышение финансовой устойчивости государственных компаний, а именно, осуществлять деятельность по расширению производственных процессов за счет собственных средств и нераспределенной прибыли, а не за счет заемных средств. Также было получено положительное значимое влияние на структуру капитала компаний с государственным участием таких факторов, как размер компании, рентабельность продаж, рентабельность собственного капитала, было выявлено отрицательное влияние таких детерминант, как величина чистых активов, коэффициент оборачиваемости активов, отношение операционных расходов к EBITDA, рентабельность активов. The question of the influence of state ownership in Russian companies on their capital structure remains open for further discussion and the conclusion has not been drawn yet. The results of the work carried out for the Russian market indicate a significant role of state participation in Russian companies [4], as well as the fact that Russian companies with state participation have significantly higher values of debt in the capital structure than private ones [33]. In this publication, to assess the role of state participation in the capital structure of Russian companies, an empirical analysis of 139 public companies for 2014-2018 was carried out. (sample presented by state and private companies) listed on the Moscow Stock Exchange. n this study, it was revealed that domestic public state-owned companies, other things being equal, have a higher value of debt in the capital structure than private ones. In addition, companies with state participation also have higher values of the ratio of long-term liabilities in comparison with private ones. This confirms the hypothesis that the activities of state-owned companies are associated with greater financial risks than private ones, especially in the long term. In this situation, it is reasonable to introduce a policy aimed at increasing the financial stability of state-owned companies, namely, to carry out activities to expand production processes at the expense of their own funds and retained earnings, and not at the expense of borrowed funds. We also obtained a positive significant influence on the capital structure of companies with state participation of such factors as the size of the company, profitability of sales, return on equity, negative influence of such determinants as the value of net assets, the asset turnover ratio, the ratio of operating expenses to EBITDA, return on assets.

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