scholarly journals Pakistan

2019 ◽  
Vol 19 (212) ◽  
pp. 1
Author(s):  
Keyword(s):  
Public Debt ◽  
Informal Economy ◽  
Financial Stability ◽  
Business Environment ◽  
Economic Policies ◽  
Short Term ◽  
Policy Action ◽  
Fiscal Deficits ◽  
Growth Prospects ◽  
Growing Population

Pakistan’s economy is at a critical juncture. Misaligned economic policies, including large fiscal deficits, loose monetary policy, and defense of an overvalued exchange rate, fueled consumption and short-term growth in recent years, but steadily eroded macroeconomic buffers, increased external and public debt, and depleted international reserves. Structural weaknesses remained largely unaddressed, including a chronically weak tax administration, a difficult business environment, inefficient and loss making SOEs, and low labor productivity amid a large informal economy. Without urgent policy action, economic and financial stability could be at risk, and growth prospects will be insufficient to meet the needs of a rapidly growing population.

New measures will provide temporary relief for Greece

2021 ◽  
Keyword(s):  
Public Debt ◽  
Labour Force ◽  
Structural Reforms ◽  
Medium Term ◽  
Short Term ◽  
Content Type ◽  
Temporary Relief ◽  
Growth Prospects ◽  
Better Than ◽  
Public Opposition

Significance The new forecast is based on strong results in the second quarter, better-than-expected tourism revenues over the summer months and the approval of the Greek Recovery and Resilience Plan by the European Commission in July. Mitsotakis also announced several new measures, including tax cuts to stimulate spending. Impacts High unemployment (14.2% of the labour force) and structural labour market weaknesses will constrain growth. Structural reforms lost momentum during the pandemic, dampening medium-term economic growth prospects. Public opposition to vaccination might necessitate new movement restrictions by year-end, inhibiting growth. Availability of a EUR30bn liquidity buffer will support sovereign ratings and investor interest in the short term. Short- and medium-term public debt refinancing risks remain low as 75% of debt stock is held by the official sector.

scholarly journals Greece

2019 ◽  
Vol 19 (340) ◽  
Author(s):  
Keyword(s):  
Public Debt ◽  
Financial Stability ◽  
Structural Policy ◽  
Balance Sheets ◽  
Program Monitoring ◽  
European Institutions ◽  
Vested Interests ◽  
Growth Prospects ◽  
Bank Balance Sheets

Greece’s economic recovery continues, but it has fallen far short of expectations. The new government elected in July has pledged to follow pro-growth policies while honoring fiscal and structural policy commitments to Euro Area (EA) member states, but its ability to overcome vested interests has yet to be tested. Public debt is projected to trend down over the next decade, though long-term sustainability is not assured under realistic macro-fiscal assumptions. Still-weak bank balance sheets act as a drag on growth prospects and pose significant fiscal and financial stability risks. These and other factors leave Greece vulnerable to a range of external and domestic shocks. Greece owes the Fund SDR 6.7 billion and is under Post-Program Monitoring (PPM). The authorities have asked the European Institutions (EIs) for approval to prepay the portion (SDR 2.2 billion) that is subject to surcharges.

Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”)

2020 ◽  
pp. 121-134
Author(s):  
S. A. Andryushin
Keyword(s):  
Public Debt ◽  
Scientific Community ◽  
Full Employment ◽  
Term Effect ◽  
Scientific Concept ◽  
Monetary Theory ◽  
Left Wing ◽  
Medium Term ◽  
Short Term ◽  
Stimulation Of

In 2019, a textbook “Macroeconomics” was published in London, on the pages of which the authors presented a new monetary doctrine — Modern Monetary Theory, MMT, — an unorthodox concept based on the postulates of Post-Keynesianism, New Institutionalism, and the theory of Marxism. The attitude to this scientific concept in the scientific community is ambiguous. A smaller part of scientists actively support this doctrine, which is directly related to state monetary and fiscal stimulation of full employment, public debt servicing and economic growth. Others, the majority of economists, on the contrary, strongly criticize MMT, arguing that the new theory hides simple left-wing populism, designed for a temporary and short-term effect. This article considers the origins and the main provisions of MMT, its discussions with the mainstream, criticism of the basic tenets of MMT, and also assesses possible prospects for the development of MMT in the medium term.

FINANCIAL CONTROLLING IN THE SYSTEM OF FINANCIAL MANAGEMENT

2018 ◽  
Vol 28 (1) ◽  
pp. 137-141
Author(s):  
Petya Yordanova – Dinova
Keyword(s):  
Comparative Analysis ◽  
Financial Management ◽  
Financial Stability ◽  
Business Environment ◽  
Innovative Approach ◽  
Financial Sustainability ◽  
The Common ◽  
The Difference ◽  
Effective Use ◽  
And Control

This paper explores the comparative analysis of the financial controlling, who is a result from the common controlling concept and the financial management. In the specialized literature, financial controlling is seen as an innovative approach to financial management. It is often presented as the most promising instrument of financial diagnostics. Generally speaking, financial controlling is seen as a process of managing the company`s assets which are valued in monetary measures. The difference between the financial management and the financial controlling is that the second covers all functions of management, analysis and control of finances, aiming at maximizing their effective use and increasing the value of the enterprise. Financial controlling is often seen as a function of the common practice of financial management. Its objective is to preserve the financial stability and financial sustainability of enterprises operating in a highly aggressive business environment.

Financial Performance of ECIL, Hyderabad – An Analysis

2013 ◽  
Vol 3 (2) ◽  
Author(s):  
N. Jyothi ◽  
Dr. T. Satyanarayana Chary
Keyword(s):  
Public Sector ◽  
Performance Analysis ◽  
Private Sector ◽  
Financial Performance ◽  
Business Environment ◽  
Present Position ◽  
Short Term ◽  
Comprehensive Manner

Financial performance of individual organizations differ very significantly, however, the performance is distinguishable between public sector companies and private sector companies as their nature and size of investment and business environment is different . The ECIL is a very vast growing company which requires additional funds on a regular basis, whether internal or external. Particularly, the company needs both long term and short-term finances in view of its present position and enormous scope for improvement in the services provided. The present paper is a modest attempt to discuss the financial performance analysis of ECIL, Hyderabad in terms operating profits, capital employed ratios and turnover in a comprehensive manner over a period of 10 years.

scholarly journals The New SWOT for a Sustainable World

2021 ◽  
Vol 7 (1) ◽  
pp. 18
Author(s):  
Leandro Pereira ◽  
Miguel Pinto ◽  
Renato Lopes da Costa ◽  
Álvaro Dias ◽  
Rui Gonçalves
Keyword(s):  
Open Innovation ◽  
Swot Analysis ◽  
Business Environment ◽  
Short Term ◽  
The Core ◽  
Essential Tool ◽  
Management Positions ◽  
Forward Looking

In today’s complex and changing business environment the concern with sustainability has gained more notoriety. However, companies still do not have a sustainable perspective, but a short-term one, where their values are constantly forgotten and this concept is no longer welcomed. This research demonstrates the need for companies to adapt and to start acting in this direction. Following a set of interviews conducted with professionals with management positions of high responsibility, findings reveal that although sustainability is on the management mind, strategies and tools need to be adapted to be at the core of the organization’s strategic formulation. To support this process, a new SWOT analysis to fit a forward-looking sustainable world is proposed. Furthermore, due to the aggregative nature of the model, it represents an essential tool for an open innovation. “SWOT i” integrates the concern with sustainability as one of its pillars, placing the values and impacts that each decision can have at the center of the strategic formulation, allowing their performance to leverage.

Money Multiplier Bias Due to Informal Sector: An Extension of the Existing Money Multiplier

2021 ◽  
pp. 227797872097988
Author(s):  
Khurrum S. Mughal ◽  
Friedrich G. Schneider ◽  
Faheem Aslam ◽  
Alishba Tahir
Keyword(s):  
Money Supply ◽  
Informal Sector ◽  
Informal Economy ◽  
Economic Policies ◽  
Official Statistics ◽  
Jel Codes ◽  
Money Multiplier ◽  
Multiplier Effect ◽  
The Impact

To demonstrate the impact of informal economy on the official money multiplier in currency supply, we present an extension of the basic money multiplier model. The influence of economic policies may differ if they are based only on official statistics without considering the informal sector. Since most of the activities in informal sector are hidden from authorities, it is widely assumed that these activities are based on cash transactions, a part of total currency that cannot be attracted towards deposits due to the holder’s fear of prosecution and taxation, etc. Therefore, it is expected that such currency holdings can give biased results by playing a role in the money multiplier, a phenomenon that is usually ignored while attempting to alter money supply. The article also indicates that because of informal sector, the currency deposit ratio in the money multiplier is smaller than expected (depending on size of the informal sector), leading to a larger multiplier effect. JEL Codes: E26, E51, O17

Country Brief on the Fiscal and Public Debt Situation in Brazil

2021 ◽  
Author(s):  
José Luiz Rossi Júnior
Keyword(s):  
Public Debt ◽  
Growth Prospects

This document describes the fiscal and public debt situation in Brazil. Particular attention is paid to the impacts of the outbreak of COVID-19 that began in the early months of 2020, and to the measures adopted by governments to address the pandemic and their effects on production, consumption, and public accounts. The document also discusses Brazil's growth prospects and recommends specific policies.

Development of Composite Indicators of Cyclical Response in Business Surveys

2021 ◽  
Vol 28 (2) ◽  
pp. 24-41
Author(s):  
L. A. Kitrar ◽  
T. M. Lipkind
Keyword(s):  
Large Scale ◽  
Integrated Approach ◽  
Early Response ◽  
Business Environment ◽  
Economic Behavior ◽  
Retail Trade ◽  
Composite Indicators ◽  
Business Activity ◽  
Short Term ◽  
Current Output

The article proposes a new set of composite indicators-predictors in business tendency surveys, which allow identifying early information signals of a cyclical nature in the economic behavior of business agents. The main criterion for the efficiency of such indicators is their sensitivity to a cyclical pattern and changes in the dynamics of statistical referents. Property such as a statistically significant lead in time series or earlier publication allows them to be combined into indicators of early response. The composite Business Activity Indicator (BAI) in the basic sectors of the Russian economy is calculated by the authors for the first time based on the results of regular (monthly and quarterly) business surveys of Rosstat for 1998–2020 with a large-scale coverage of sampling units. In 2020, the number of survey respondents averaged about 20,000 organizations of all sizes. The index reflects the «common» profile in the dynamics of short-term fluctuations of the key parameters of the economic environment, which consists of the «balances of opinions» of respondents to the questions unified for all sectoral surveys and connected with the reference quantitative statistics with cross-correlation coefficients that are statistically significantly different from zero, with a lead at least one quarter. This is its main difference from the well-known indices of economic sentiment and entrepreneurial confidence. The main components of the BAI are the new composite indices of real demand, current output, real employment, total profits and economic situation. They aggregate the relevant «order» statistics for the basic sectors of the national economy, including the main kinds of industrial activities, retail trade, construction, and services.The article provides a methodological substantiation and an extended procedure for identifying the BAI components; their composition is formed for the entire set of retrospective results of business tendency monitoring in Russia. A new Aggregate Economic Vulnerability Indicator with a counterdirectional profile and varying degrees of symmetry of its dynamics relative to the short-term movement of the BAI is being introduced as the main limitation of business activity. Proactive monitoring of emerging vulnerabilities in the business environment is necessary to warn their large-scale accumulation, prevent the risks of economic downturns and ensure the highest possible macroeconomic stability. This integrated approach makes it possible to determine the novelty of the proposed measurements of short-term cyclical fluctuations in economic development.

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