Leasing as a source of enterprises financing In Kazakhstan: analysis and problems

The article reflects the importance of leasing in the search for the most attractive sources of innovative and investment development of the economy of Kazakhstan. In conditions of limited own funds, the role of borrowed sources of financing of investment projects for achieving effective goals of enterprises increases. Such sources of financing are bank lending, leasing, factoring, and issuing promissory notes. Leasing is considered as part of a reasonable strategic financial management, the use of which allows you to update the main production assets of the enterprise, as well as provides additional opportunities to improve the effectiveness of the financial management of a commercial enterprise. Deep changes in the economic conditions of management dictate the need to find and implement methods for updating the material base and modifying fixed assets for our economy. The analysis of the main trends of development of the leasing market of Kazakhstan and its innovative development: a large number of leasing companies and the products offered on the market of leasing services allows to choose the funding strategy of the enterprise. In economically developed countries, leasing solves the problem of stimulating economic growth by accelerating the renewal of fixed capital, reducing the duration of the technological cycle.Therefore, the specifics of leasing as an instrument of economic policy aimed at accelerating the development of production potential is as follows: leasing leads to an increase in the high rate of renewal of fixed capital. The expansion of the leasing market largely depended on the active participation of the state in the development of leasing in many sectors of the economy.

A Praxeological Theory of Interest Rates

This paper starts with the observation that the pure time preference theory leads to conflicting views concerning the effect of changes in productivity on the rate of interest. Subsequently, it reviews parts of the interest literature and concludes that the pure time preference theory does not qualify as a praxeological theory. Then, the paper combines Hülsmann’s theory of interest with the subjectivist capital theory of Lachmann and Kirzner and provides a praxeological theory that explains the rate of interest. The key to that theory is that cost reduction through the use of fixed capital must always be understood as relative to the costs of labor which the capital replaces. Since labor is non-specific and the price of labor therefore also constitutes the production costs of fixed-capital goods to a certain extent, the use of fixed capital necessarily entails a business surplus somewhere in the economic system. Since this surplus cannot dis-appear it qualifies as interest income. The size of this income is such that the interest rate corresponds to the marginal rate of substitution between labor and fixed capital as embodied in entrepreneurial actions.

APPRAISAL OF ENERGY CONSUMPTION AND CARBON DIOXIDE EMISSIONS ON FIXED CAPITAL FORMATION IN NIGERIA

There is growing interest for the use of renewable energy and carbon dioxide emission in Nigeria, and the world over.Despite the volume of consumption, and the enabling oil and gas laws to protect the environment and improve the well-being of citizens over the years, the gross fixed capital formation have not received a remarkable growth in Nigeria which motivated for this study. The gross fixed capital formation was the dependent variable against energy consumption, and carbon dioxide emission that represented the explanatory variables were sourced from the World Bank and the Central Bank of Nigeria Statistical Bulletin between 1985-2014. The study adopted the Augmented Dickey-Fuller and the Autoregressive Distributive Lag model for the analysis. The data were integrated at levels and first order differenced. The Johansen cointegration test indicated co-integrating equations in long run. Furthermore, the error correction found energy consumption to be positive, while carbon dioxide emission had a negative but insignificant impact on the Nigerian fixed capital formation. The study recommended the ministry of environment to enforce the existing oil and gas laws, and advocate for the use of modern energy in rural areas of Nigeria.

PENGARUH REMITANSI TERHADAP PERTUMBUHAN EKONOMI LIMA NEGARA BERKEMBANG DI ASEAN (2005-2016)

This study aims to identify the effect of remittances on economic growth. The objects used in this study are five ASEAN countries, namely Indonesia, Cambodia, the Philippines, Vietnam, and Thailand, for the period 2005 to 2016. There are other variables, namely gross fixed capital formation, household consumption expenditure, trade, and population growth which are used as control variable in this model. This study uses a quantitative approach and panel data methods. As a result, there are significant and negative effects on remittances: significant and positive effects on gross fixed capital formation, significant and positive effects on household consumption expenditures, significant and positive effects on trade, and significant and negative effects on population growth on economic growth in five countries. ASEAN.

PENGARUH VARIABEL EKONOMI MAKRO TERHADAP PEMBIAYAAN PERBANKAN SYARIAH PERIODE 2010-2018

This study aims to identify the effect of remittances on economic growth. The objects used in this study are five ASEAN countries, namely Indonesia, Cambodia, the Philippines, Vietnam, and Thailand, for the period 2005 to 2016. There are other variables, namely gross fixed capital formation, household consumption expenditure, trade, and population growth which are used as control variable in this model. This study uses a quantitative approach and panel data methods. As a result, there are significant and negative effects on remittances: significant and positive effects on gross fixed capital formation, significant and positive effects on household consumption expenditures, significant and positive effects on trade, and significant and negative effects on population growth on economic growth in five countries. ASEAN.

Assessing the Determinants of Electricity Generation Infrastructure in Nigeria

The supply and demand for electricity have outpaced available infrastructure in Nigeria despite the abundant energy resources. The paper investigates the determinants of electricity generating infrastructure in Nigeria for the period 1980 to 2016. Using an Autoregressive Distributed Lag model, electricity generation capacity was used as an indicator for electricity infrastructure development. Its expansion was based on the behaviour of inflation rate, total government expenditure, interest rate, private sector financial credit, exchange rate, real GDP per capita, real gross fixed capital formation, and the rate of urbanisation. Financial credit to private sector, total public expenditure, real per capita income, real gross fixed capital formation, urbanization, and exchange rate adversely affect the development of electricity generation capacity. Investment in generating assets is capital intensive, which should be matched with adequate private sector financing. If the power sector subsidy will remain and achieve its objective, strategies that will lead to sustaining exchange rate stability should be promoted. Based on estimate, every one million population require 1000MW of electricity to function in modern-day society implying that Nigeria needs 180,000MW of electricity capacity. The realisation of this is hinged on large scale electricity infrastructure investment enabled, partly, by the favourable macroeconomic environment.JEL Classification: E16, O1, O2

Analysis of conditions for consolidation of investments in Russian fixed assets

Subject. The article investigates the consolidation of investments in Russian fixed assets. Objectives. The purpose of the study is to identify conditions for the consolidation of investments in Russian fixed capital. Methods. The study draws on the systems approach, using the methods of statistical, neural network, and cluster analysis. Results. I reveal conditions for consolidation of investments in Russian fixed capital, i.e. private and foreign property, burdened with funds from the issue of corporate bonds and shares. The paper identifies a significant part of the Russian economy (mining activities) and unveils the high-tech imports domination. It highlights conditions for consolidation of investments in Russian fixed capital in the form of private and foreign property, which determine the parameters of international cooperation in US dollars and in the national currency, avoiding an excessive increase in gross government debt in the national currency. Conclusions. The described conditions for consolidation of investments in Russian fixed assets enable to direct the activities of the Russian government to effective combination of external and internal factors that ensure economic growth.