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Tytuł:
The mean reversion/persistence of financial cycles: Empirical evidence for 24 countries worldwide
Autorzy:
Lv, Shengnan
Xu, Zeshui
Fan, Xuecheng
Qin, Yong
Skare, Marinko
Powiązania:
https://bibliotekanauki.pl/articles/22443105.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial cycles
financial connectedness
financial crisis
systemic risk
Opis:
Research background: The globalization trend has inevitably enhanced the connectivity of global financial markets, making the cyclicality of financial activities and the spread of market imbalances have received widespread attention, especially after the global financial crisis. Purpose of the article: To reduce the negative effects of the contagiousness of the financial cycles, it is necessary to study the persistence of financial cycles and carve out the total connectedness, spillover paths, and sources of risks on a global scale. In addition, understanding the relationship between the financial cycle and economic development is an important way to prevent financial crises. Methods: This paper adopts the nonlinear smoothing transition autoregressive (STAR) model to extract cyclical and phase characteristics of financial cycles based on 24 countries during 1971Q1?2015Q4, covering developed and developing countries, the Americas, Europe, and Asia regions. In addition, the frequency connectedness approach is used to measure the connectedness of financial cycles and the relationship between the global financial cycle and the global economy. Findings & value added: The analysis reveals that aggregate financial cycles persist for 13.3 years for smoothed and 8.7 years for unsmoothed on average. The national financial cycles are asynchronous and exhibit more prolonged expansions and faster contractions. The connectedness of financial cycles is highly correlated with systemic crises and contributes to the persistence and harmfulness of shocks. It is mainly driven by short-term components and exhibits more pronounced interconnectedness within regions than across regions. During the financial crisis, the global financial cycle movements precede and are longer than the business fluctuations. Based on the study, some policy implications are presented. This paper emphasizes the impact of systemic crises on the persistence of financial cycles and their connectedness, which contributes to refining research related to the coping mechanisms of financial crises.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2023, 18, 1; 11-47
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The role of formal and informal remittances as the determinants of formal and informal financial services
Autorzy:
Virak, Khiev
Bilan, Yuriy
Powiązania:
https://bibliotekanauki.pl/articles/22443153.pdf
Data publikacji:
2022
Wydawca:
Instytut Badań Gospodarczych
Tematy:
formal financial services
informal financial services
remittance channels
financial inclusion
Opis:
Research background: The choice of financial services and remittances are important as they influence the livelihood of remittance recipients, who are mostly poor and financially excluded. In literature, extensive evidence suggests a positive impact of the size of remittances on access to financial inclusion and financial development of remittance-recipient countries. However, a concern of such studies is that they might provide a biased outcome as the available data of remittances tend to be formal, whereas informal remittances are difficult to observe. Hence, their evidence might not be applicable in developing countries where remittance transfer via informal channels is very popular. Purpose of the article: The main objective of this study is to examine the effect of the remittance channel (formal and informal) on the choice of formal, informal financial services of credit and savings of remittance recipients. Methods: As our dependent variable is a financial service which is a categorical variable (formal and informal), the paper will employ a multinomial logistic regression model to estimate the impact. The data employed in this analysis is from the Finscope survey conducted in Myanmar in 2013 and 2018. Myanmar is the best context for our study, as it is one of a big migrant-sending countries and a developing country whose financial sector is significantly underdeveloped. Findings & value added: Our findings show that formal remittances promote the use of formal financial services such as credit and savings. However, there is no evidence regarding women recipients` informal channels and formal financial services. Our evidence also suggests there is a need for the government to encourage migrant workers to transform informal remittances into formal ones by removing the barriers of formal remittance channels to promote the use of formal credit and saving among remittance-recipients who are poor and financially excluded.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 3; 727-746
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Modeling of the financial system?s stability on the example of Ukraine
Autorzy:
Shkolnyk, Inna
Kozmenko, Serhiy
Kozmenko, Olga
Orlov, Volodymyr
Shukairi, Fathi
Powiązania:
https://bibliotekanauki.pl/articles/22444336.pdf
Data publikacji:
2021
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial institute
financial market
stock market
financial depth
assets
efficiency
Opis:
Research background: Financial stability is one of the key tasks in the functioning of the country?s financial system. National financial systems have significant differences in the level of their development, structure and approaches to regulation. There are no uniform world standards for methods and indicators of assessing financial stability. International financial institutions, including the International Monetary Fund, only outline certain areas and offer an indicative list of indicators that should be taken into account. Purpose of the article: Taking into account the peculiarities of the subject and object structure of Ukraine?s financial system, this study formed groups of indicators that reflect the state of financial depth, level of access and efficiency of the financial system, systematized by subject (financial institutions) and object financial markets) characteristics. Methods: The basis for the formation of a set of indicators is a matrix of characteristics of the financial system?s stability, which is formed according to the principle of 4x2 proposed by experts of the International Monetary Fund. The list of indicators to calculate the integrated indicator that characterizes the stability of the financial system of Ukraine, covers the period 2007?2019 and includes 29 indicators that take into account the peculiarities of its formation and development. Harrington?s desirability function is used to determine the integrated indicator that characterizes the state of financial stability. Findings & value added: The intermediate calculations obtained by modeling groups of indicators showed that the level of access to the financial system and the state of its depth are balanced during the study period (the range of variation of integrated indicators for these groups is minimal ? from 0.1 to 0.18), is at a satisfactory level and the basis for ensuring the financial system?s stability. Conversely, the efficiency of the financial system is low, and characterized by a high degree of volatility (range of variation ? 0.51). The obtained integrated indicator, which is in the range from 0.41 to 0.54 on the Harrington desirability scale, makes it possible to assess the state of the financial system?s stability in Ukraine as satisfactory, but with a high level of sensitivity to both external and internal shocks.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2021, 16, 2; 377-411
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Financial stability: problems of inter-level and cross-sectoral equilibrium
Autorzy:
Gospodarchuk, Galina
Suchkova, Ekaterina
Powiązania:
https://bibliotekanauki.pl/articles/22446430.pdf
Data publikacji:
2019
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial stability
indicators of financial stability
analysis of financial stability
instruments for regulating financial stability
Opis:
Research background: As part of the creation of an effective mechanism for managing financial stability, the tasks of providing an inter-level and cross-sectoral financial equilibrium remain unresolved. So far, clear and unambiguous criteria for financial stability have not been formulated, with which monetary and prudential policies could be related, as well as measures to minimize systemic and individual risks. The problem of creating a system of indicators comes to the fore, allowing the creation of new effective instruments for regulation of financial flows that contribute to the prevention of financial crises. Purpose of the article: The paper proposes a system of indicators of financial stability, which allows for solving the tasks of inter-level and cross-sectoral equilibrium in the selection of regulatory tools for monetary and prudential policy. Methods: We have used real interest rates as a measure of financial stability at the macro level. The real rates have been calculated from time series with nominal interest rate and inflation in the credit market (divided into loans to financial and non-financial organizations and individuals), and in the bond market (divided into corporate, municipal, and federal bonds). The analysis of the market and institutional financial stability of the USA, Russia, Japan, Switzerland, Australia over the period 1984?2014 was done. Then, comprehensive investigation on the financial stability in the Russian Federation in 2014?2017 was conducted. The results have been compared against financial stability of individual banks, which was measured using profit to risk ratio. The latter has been calculated from bank?s financial reports using our method, which had been developed earlier. Findings & Value added: We have developed criteria for qualitative assessment of financial stability and the risk map, which helps to identify the level of accumulated imbalances in the market and institutional environment, as well as in the levels and sectors of the economy. The criteria for selecting monetary and prudential regulatory instruments have been formulated depending on the amount of accumulated risks. The criteria for forming a portfolio of regulatory instruments with regard to their rigidity are proposed.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2019, 14, 1; 53-79
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
ADAPTATIONS WITHIN THE FINANCIAL MARKET IN CHINA AFTER GLOBAL FINANCIAL CRISIS
Autorzy:
Glinka, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/488945.pdf
Data publikacji:
2016
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial crisis
financial markets
currency internationalisation
Opis:
The purpose of this paper is to present the evolutionary changes occurring in the financial market of China, which were catalysed by the turmoil in the global financial market. These changes were the outcome of anti-crisis measures in macroeconomics policy undertaken at the beginning of the crisis; they were also a response to the quantitative easing policy in the USA and in the Euro Zone (i.e. an increased money supply also reaching the financial market in China). With the currently binding system of currency exchange (managed floating exchange rate), China’s policy towards capital movement, on the one hand, is an attempt to maximise the benefits of the inflow of foreign capital , whilst, on the other – to minimise the risk related to the sudden changes in the direction of the flow of capital. The consequence of such an approach is the strategy of gradual liberalisation of capital account, accompanied by the significant involvement of the state in the financial market. Some specific solutions applied to this matter, that are discussed in the paper, point to the specifics of such a strategy. The liberalisation of the national capital market was preceded by the liberalisation of the offshore market (in Hong Kong). Such a strategy allows China to take up measures directed at the internationalisation of their own currency without any significant opening of the capital account. This paper concentrates on a descriptive analysis of the above phenomenon.
Źródło:
Oeconomia Copernicana; 2016, 7, 4; 565-591
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Financialization as one of the sources of contemporary economic crises
Autorzy:
Tyński, Aleksander
Witkowski, Witold
Wróblewski, Jarosław
Powiązania:
https://bibliotekanauki.pl/articles/16729696.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financialization
financial crisis
financial market
risk
securitization
Opis:
Motivation: Financialization is a multidimensional, complex process, which is currently developing very strongly and which can affect the economy in a positive or negative way. A positive impact usually materializes in the form of an increase in the level of GDP, and a negative one in the form of supremacy of the financial area over the real sphere, an increase in the role of financial activity of non-financial entities, and even the autonomy of the financial sphere in relation to the real sphere.Aim: The purpose of this article is to identify and assess the impact of the financialization process on the modern economy and to look at this process as one of the potential sources of financial crises. This article focuses on the negative effects of financialization and uses the example of the American crisis of 2008.Materials and methods: review and critical review of the literature and reports from the financial sector, with particular emphasis on the negative impact of financialization on the US financial sector in 2008.Results: The first part presents the essence and characteristics of financialization and attempts to systematize this process. In the second part, financialization was looked at through the prism of the risk it brings, the materialization of the effects of which may lead to serious economic turbulence, and even to financial crises. The level of these effects was presented and assessed, as well as the methods of action of the American government, which contributed to minimizing the effects of the 2008 crisis, but which at the same time cannot be considered effective in the fight against financialization.
Źródło:
Catallaxy; 2023, 8, 1; 47-62
2544-090X
Pojawia się w:
Catallaxy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Insurance Market Development in Comparison With Other Financial Markets Segments in Poland in the Prosperity and Recession
Autorzy:
Ostrowska, Dorota
Powiązania:
https://bibliotekanauki.pl/articles/489047.pdf
Data publikacji:
2014
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial market
insurance market
financial market assets
Opis:
The problem undertaken in this article is to reduce the dynamics of the financial market in Poland in the period of crisis. The aim of this paper is to analyze the pace of the market development, taking into account the changes that have taken place in the insurance market. Research period covers the years of prosperity and the recession.
Źródło:
Oeconomia Copernicana; 2014, 5, 3; 153-170
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
A novel approach to estimating the debt capacity of European SMEs
Autorzy:
Karas, Michal
Režňáková, Mária
Powiązania:
https://bibliotekanauki.pl/articles/22401577.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
debt capacity
financial distress
macroeconomic factors
financial constraints
Opis:
Research background: The concept of debt capacity assumes that a maximum value of debt ratio exists that when exceeded triggers unfavourable consequences, such as drop in market value, default or a change in the business' creditworthiness. With the current state of the art there is a priori no theoretical assurance that such a specific value exists, or rather it is represented by an interval of values. Beyond that, our understanding of debt capacity is often limited to a theoretical approximation by firm-specific factors, while the context of macroeconomic factors, especially those critical for SMEs, is neglected. Purpose of the article: The aim of this paper is to present a novel approach to estimating SMEs' debt capacity. Further, the aim is to answer the question of what firm-level and macroeconomy conditions lead to exhausting the SMEs' debt capacity and under what conditions a specific value of maximum debt capacity could be estimated. Methods: To estimate the debt capacity, we suggest a use of an information entropy minimising heuristic and the Minimal Description Length Principle. In this approach, the observed feature space is categorised into several regions. In this case, such a region represents a set of firm- and macroeconomy-specific conditions forming the debt capacity of the SMEs. To the best of our knowledge, such an approach has not yet been used in debt capacity applications. Findings & value added: We found out that the debt ratio itself provides little explanation of exhausted debt capacity, suggesting that high debt levels are compensated for by other factors. By using the suggested approach, a set of more than 100 different regions was analysed. It was found that in case of five regions (sets of conditions) the debt capacity is exhausted, as the high level of debt has significant distress consequences.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2023, 18, 2; 551-581
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The impacts of innovative and competitive abilities of SMEs on their different financial risk concerns: System approach
Autorzy:
Civelek, Mehmet
Krajčík, Vladimír
Fialova, Vendula
Powiązania:
https://bibliotekanauki.pl/articles/19322758.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial risk management
financial performance
bankruptcy
innovativeness
competitiveness
Opis:
Research background: The lack of financial resources of small and medium enterprises (SMEs) make them face high financial risk. Their entrepreneurial abilities that belong to Resource-based View (RBV), such as innovativeness and competitiveness, might reduce SMEs' financial risk because those entrepreneurial abilities increase the financial performance of businesses. Purpose of the article: This paper aims to investigate the effects of the innovativeness and competitiveness of SMEs on their financial concerns based on financial risk, including bankruptcy, financial performance, and financial risk management. Methods: The authors use a method of data analysis and synthesis, including advanced knowledge and digital processing of background studies. This paper examines 1221 SMEs from the Czech Republic, Slovakia, and Hungary. Those firms are chosen by random sampling method from Cribis and the Budapest Chamber of Commerce databases. Then the researchers directed an online questionnaire to collect the research data from the randomly selected firms. The researchers use Ordinal Logistic Regression Test for analysis purposes. Findings & value added: This paper's results indicate that SMEs' competitiveness does not impact SMEs' bankruptcy prediction, financial performance, or financial risk management. On the other hand, while more innovative SMEs are less likely to face bankruptcy issues than less innovative SMEs, less innovative SMEs indicate better financial performance than their more innovative counterparts. Since this paper focuses on the influences of intangible assets of SMEs (such as characteristics based on RBV and Entrepreneurial Orientation) on their tangible assets (financial performance etc.) and puts emphasis on this fact from an International perspective, this paper makes a significant contribution to the literature. Furthermore, analyzing multiple relationships between SMEs' different entrepreneurial characteristics and various financial risk concerns is another important fact that might draw prospective readers' attention.
Źródło:
Oeconomia Copernicana; 2023, 14, 1; 327-354
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Being an outlier: a company non-prosperity sign?
Autorzy:
Svabova, Lucia
Durica, Marek
Powiązania:
https://bibliotekanauki.pl/articles/22446412.pdf
Data publikacji:
2019
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy prediction models
financial ratios
failure prediction
financial distress
Opis:
Research background: The state of financial distress or imminent bankruptcy are very difficult situations that the management of every company wants to avoid. For these reasons, prediction of company bankruptcy or financial distress has been recently in a focus of economists and scientists in many countries over the world. Purpose of the article: Various financial indicators, mostly financial ratios, are usually used to predict the financial distress. In order to create a strong prediction model and a statistically significant prediction of bankruptcy, it is advisable to use a deep statistical analysis of the data. In this paper, we analysed the real financial ratios of Slovak companies from the year 2017. In the phase of data preparation for further analysis, we checked the existence of outliers and found that there are some companies that are multivariate outliers because are significantly different from other companies in the database. Thus, we deeply focused on these outlying companies and analysed whether to be an outlier is a sign of financial distress. Methods: We analysed whether there are much more non-prosperous companies in the set of outlier companies and if their financial indicators are significantly different from those of the prosperous companies. For these analyses, we used testing of the statistical hypotheses, such as the test for equality of means and chi-square test. Findings & Value added: The ratio of non-prosperous companies between the outliers is significantly higher than 50 % and the attributes of non-prosperity and being an outlier are dependent. The means of almost all financial ratios of prosperous and non-prosperous companies among outliers are significantly different.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2019, 14, 2; 359-375
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The role of financial literacy in retirement investment choice
Autorzy:
Nguyen, Thi Anh Nhu
Polách, Jiří
Vozňáková, Iveta
Powiązania:
https://bibliotekanauki.pl/articles/22446398.pdf
Data publikacji:
2019
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial literacy
retirement
investment choice
financial advice
pension knowledge
Opis:
Research background: Preparation for retirement is a major concern for the people in the workforce as they have to encounter considerable difficulties in making the right investment decisions for their retirement. Purpose of the article: This research extends the literature on personal finance by investigating the impact of both financial literacy levels and pension knowledge on employees? investment choice decision for their retirement, while in previous literature the role of these factors has mainly been explored separately.  Methods: To conduct the research, a survey questionnaire was applied to collect data in three main regions of Vietnam comprising Northern, Central and Southern Vietnam. Data collection was made in 2018, in which 427 valid questionnaires were used for data analysis from 700 questionnaires. Two estimation methods are employed for analysis in this study, including a linear probability model (LPM) and two-stage least squares (2SLS) model. The findings of this research remain significant after the Two-Stage Least Squares (2SLS) regression model is used as an estimation technique to eliminate potential bias caused by endogenous problems. Finding & Value added: The results show that basic financial literacy level and pension knowledge are principal factors which significantly increase the probability of exercising retirement investment choice of employees, while advanced financial literacy level factor has a significant effect on choosing growth investing options for their retirement. Further, this research finds that there is no correlation between employees? financial risk tolerance and their retirement investment choice. Furthermore, the study proposes and offers new evidence that pension knowledge is a decisive factor providing employees with encouragement to exercise retirement investment choice and those who consult with financial advisors tend to take part in growth investing option.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2019, 14, 4; 569-589
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Integration in Central European capital markets in the context of the global COVID-19 pandemic
Autorzy:
Pardal, Pedro
Dias, Rui
Šuleř, Petr
Teixeira, Nuno
Krulický, Tomáš
Powiązania:
https://bibliotekanauki.pl/articles/22444400.pdf
Data publikacji:
2020
Wydawca:
Instytut Badań Gospodarczych
Tematy:
COVID-19
capital market
financial integration
portfolio diversification
financial crisis
Opis:
Research background: Covid-19 pandemic had a strong impact on the economy and capital market. In times of crisis, it is important for investors to be able to diversify their investment portfolio in order to mitigate risk. However, the growing trend towards capital market integration may make it ineffective. Research on financial integration, during the Covid-19 period, has started to develop, mainly in major global capital markets. It is, therefore, important to extend this research to other capital markets. The purpose of the article: This contribution aims to analyze financial integration in the stock indexes of the capital markets of Austria (ATX), Slovenia (SBITOP), Hungary (BUDAPEST SE), Lithuania (OMX VILNIUS), Poland (WIG), the Czech Republic (PX PRAGUE), Russia (MOEX) and Serbia (BELEX 15), in the context of the global pandemic (COVID-19). Methods: To measure the unit roots in the time series, we used ADF, PP, and KPSS tests, and Clemente et al. (1998) test to detect structural breaks. To ana-lyse financial integration, we applied the Gregory and Hansen integration test, and to validate the robustness of results, we use the impulse-response function (IRF) methodology, with Monte Carlo simulations, as they provide a dynamic analysis generated from the VAR model estimates. Findings & Value added: The results suggest very significant levels of integration, which decreases the chances of portfolio diversification in the long-term. Evidence shows 47 pairs of integrated stock market indexes (out of 56 possible). The stock indexes ATX, BUDAPESTE SE, BELEX 15 show financial integration with all other indexes. On the contrary, the index of OMX VILNIUS shows only 3 integrations. Results also show that most of the significant structural breaks occurred in March 2020. The analysis of the relationship between markets, in the short term, shows positive/negative co-movements, with statis-tical significance and with a persistence longer than one week.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2020, 15, 4; 627-650
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Diagnostics of systemic risk impact on the enterprise capacity for financial risk neutralization: the case of Ukrainian metallurgical enterprises
Autorzy:
Kolupaieva, Irina
Pustovhar, Svitlana
Suprun, Oleg
Shevchenko, Olena
Powiązania:
https://bibliotekanauki.pl/articles/19090958.pdf
Data publikacji:
2019
Wydawca:
Instytut Badań Gospodarczych
Tematy:
enterprise financial risk
financial risk neutralization
enterprise insolvency
systemic risk
Opis:
Research background: A significant share of Ukrainian enterprises in modern conditions is accompanied by unprofitability of their activity. On the back of Ukrainian enterprises unprofitability, there is a problem of methodical provision of financial risk management, which lies in the fact that a major part of scientistific works in this area focus on the study of internal factors and indicators of financial risk. At the same time, the system risk is levelled out. Purpose of the article: The aim of the study is the improvement of enterprises' financial risk management tools based on the assessment of the company's ability to neutralize financial risk taking into account system risk effects. Methods: The methodological apparatus includes: The "weight center" method; expert appraisal method; multidimensional factor analysis method; neural network apparatus. Findings & Value added: As a result of the study, an approach to assessing the impact of system risk on the ability of an enterprise to neutralize financial risk is developed. The expert evaluation method is based on an integrated model that allows for estimation of the ability of metallurgical enterprises to neutralize financial risks. The system risk factors, namely the factor of commodity markets state, the political and demographic, fiscal, monetary factors as well as the factor of the external balance financial estimates, were determined. By constructing a neural network, elasticity of enterprises' ability to neutralize financial risk in relation to systemic risk factors was calculated. The proposed approach allows for conducting preventive financial risk diagnostics on the basis of assessing the current financial status and the ability to neutralize financial risk in an open economic system - taking into account the system risk impact.
Źródło:
Oeconomia Copernicana; 2019, 10, 3; 471-491
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Credit volatility and productivity growth
Autorzy:
Brzozowski, Michał
Powiązania:
https://bibliotekanauki.pl/articles/22446564.pdf
Data publikacji:
2018
Wydawca:
Instytut Badań Gospodarczych
Tematy:
credit
financial cycle
productivity growth
Opis:
Research background: The issues of finance-growth nexus and financial instability have attracted considerable attention, but have been studied in isolation. This paper aims at filling this gap by providing insights into the implications of financial instability for long term productivity growth. Purpose of the article: This paper sheds light on the relationship between credit-to-GDP ratio volatility and the total factor productivity (TFP) growth rate. The impact of systemic banking crises and financial depth on productivity growth is also studied. Methods: The System GMM estimation of panel data for over 100 countries and spanning the period of 1970-2009 is used. The decomposition of credit-to-GDP ratio into trend and cyclical component is performed using the Hodrick-Prescott filter and a regression analysis with country-specific intercepts and slopes. The data on TFP comes from the Penn World Tables database. Findings & Value added: TFP growth is negatively affected by credit volatility, mainly in less technologically advanced countries, while financial depth exerts a negative influence on TFP growth in economies with superior technology. Systemic banking crises and the concomitant credit crunches have a negative impact on productivity growth, regardless of the level of technological development. Moreover, the level of human capital, patents and globalization fuel productivity growth. Macroeconomic instability, measured by the rate of inflation, hampers TFP growth.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2018, 13, 2; 215-232
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Financial Issues Perceived by Youth: Preliminary Survey for Financial Literacy Evaluation in the Baltics
Autorzy:
Titko, Jelena
Lace, Natalja
Polajeva, Tatjana
Powiązania:
https://bibliotekanauki.pl/articles/488927.pdf
Data publikacji:
2015
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial literacy
survey
Baltic countries
Opis:
Financial literacy as a prerequisite of citizens’ financial well-being and, as a consequence, economic security is a hot topic not only in the academic envi-ronment, but also among the representatives of governmental and non-governmental organizations. One of the most important activities realized by the government in order to enhance citizens’ financial literacy level is the implementation of the National strategy. The first step of this process is an evaluation of a current situation, which, in turn, requires a proper measurement instrument. The current research was aimed at specifying the content and the structure of the instrument, as well as to reveal the differences in perception of financial matters by students from different countries. A set of 12 financial questions was developed to detect perceived importance and complexity of financial literacy components, as well as to get financial literacy self-assessment scores. The questions were disseminated among the Latvian, Lithuanian and Estonian students. The obtained results assisted to specify the content and wording of questions to be included into the financial literacy measurement instrument. Besides, revealed differences between students’ perception of financial questions allowed making conclusions about students’ self-confidence that has a great impact on financial literacy level.
Źródło:
Oeconomia Copernicana; 2015, 6, 1; 75-98
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 82

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