Suchergebnisse

This thesis consists of two parts. The first part examines the micro and macro capital structure determinants of oil and gas companies in Russia, and the second part investigates the importance of energy sector to the Russian economic growth. In the first part, we examine the financing decisions of companies by taking into account the effects of two subsequent major tax reforms in 2001 and 2002. Within the framework of dynamic trade-off theory of capital structure, we find a low speed of adjustment indicating that attaining the target debt ratio is not the primary concern of Russian oil and gas companies. Our estimation results also support the importance of bankruptcy and agency costs as determinants of capital structure. We find that during the pre-tax reform period (1992-2000), the taxation settings encourage the use of debt financing. Our estimation results support the positive effect of the taxation settings (i.e., effective company tax rate and effective Miller tax rate) on the level of debt financing at company level. During the post-tax reform period (2002-2016), the tax incentives for debt financing decreased significantly due to the drastic decrease in company tax rate and the adaptation of flat tax system at the personal level. Our estimation results show that there is a negative effect on the level of debt financing at company level. However, the average debt ratios of Russian companies increased consistently during the post-tax reform period even though there is a lower tax advantage of debt financing during this period. Our estimations show that the macro financial setting of greater access to debt (i.e., volume of domestic credit provided by banks to private sector) is found to be the driving force behind this increase during this period. In the second part, we investigate the causal relationship between fossil energy sources, the production cost of oil and financial development on economic growth in Russia. The results show that Russian companies" oil production cost and oil prices cause economic growth and the one-way causality is negative. We also find that there is one-way positive causality from natural gas price, financial development, and education investments to economic growth. The negative oil price effect supports the resource curse hypothesis, whereas the positive natural gas price effect does not. Russian policies should focus on lowering companies" production cost of oil, improving financial development and investing in education. ; ÖZ: Bu tez iki bölümden oluşmaktadır. Birinci bölümde Rusya'da petrol ve gaz şirketlerinin mikro ve makro sermaye yapısı belirleyicileri incelenmekte, ikinci bölümde ise enerji sektörünün Rus ekonomik büyümesi açısından önemi araştırılmaktadır. İlk bölümde, 2001 ve 2002 yıllarında gerçekleşen iki ana vergi reformunun etkilerini dikkate alarak şirketlerin finansman kararları incelenmektedir. Sermaye yapısı dengeleme teorisi çatısı altında, sonuçlar düşük hız ayarlaması bulmakta ve hedeflenen borç oranının Rus petrol ve gaz şirketleri için birincil hedef olmadığı ortaya koymaktadır. Sonuçlar, iflas ve vekalet maliyetlerinin sermaye yapısının belirleyicileri olarak önemini de desteklemektedir. Birinci reform döneminde (1992-2000), vergi düzenlemelerinin borç finansmanı teşvik ettiğini görüyoruz. Sonuçlarımız, şirket vergi oranın (etkin şirket vergi oranı ve etkin Miller vergi oranı) borç finansmanı seviyesini pozitif yönde etkilediğini göstermektedir. İkinci reform döneminde (2002-2016), kurumlar vergisi oranındaki ciddi düşüş ve sabit oranlı vergi sisteminin uyarlanması nedeniyle, borç finansmanına yönelik vergi teşvikleri önemli ölçüde azalmıştır. Tahmin sonuçlarımız, vergi değişikliklerinin şirket borç finansman oranı üzerinde negatif bir etkisi olduğunu göstermektedir. Borç finansman avantajı ikinci reform dönemde azalmış olsa da bu dönemde Rus şirketlerinin istikrarlı bir biçimde ortalama borç oranlarını artırdıklarını gözlemliyoruz. Tahmin sonuçlarımız, borçlanmaya erişimin daha fazla mümkün olduğu bir ortamın (bankaların özel sektöre sağladığı yurtiçi kredilerin hacim büyümesi gibi), bu dönemde görülen artışın ardındaki itici güç olduğunu göstermektedir. İkinci bölümde, fosil enerji kaynakları, petrolün üretim maliyeti ve Rusya'daki ekonomik büyüme ve finansal gelişim arasındaki nedense ilişkiyi araştırdık. Sonuçlar, Rus şirketlerinin petrol üretim maliyeti ve petrol fiyatı ekonomik büyümeye neden olduğunu ve negatif tek yönlü nedenselliğin olduğunu göstermektedir. Ayrıca doğal gaz fiyatı, finansal gelişme ve eğitime yönelik yatırımlar ekonomik büyümeyi tek yönlü olarak pozitif etkilemektedir. Negatif petrol fiyatı etkisi, kaynak laneti hipotezini desteklerken, pozitif doğal gaz fiyat etkisi bu hipotezi desteklememektedir. Rus politikaları, şirketlerin petrol üretim maliyetlerini düşürmeye, finansal gelişmeyi iyileştirmeye ve eğitime yatırım yapmaya odaklanmalıdır. ; Doctor of Philosophy in Finance. Thesis (Ph.D.)--Eastern Mediterranean University, Faculty of Business and Economics, Dept. of Banking and Finance, 2018. Supervisor: Prof. Dr. Cahit Adaoğlu.

Building on the empirical studies and financial crises theories, a general framework describing the mechanisms of crisis formation and transmission is developed. Factors of crisis formation include external and internal imbalances, shocks, deficiencies of economic policies and changes in the economic agents behavior (in particular, as concerns price bubbles formation and burst). Channels of crisis transmission include direct links between financial organizations; "negative loss spirals" arising from massive asset sales; increase in uncertainty. The framework is employed to the analysis of several crisis episodes in 1990s and 2000s (Mexican, Asian, Russian and Argentine crises). The channels of crisis transmission to the real economy are also considered. The approaches to measuring both short- and long-term impact of crises on fiscal stability and economic growth are discussed.

The paper examines effects of financial liberalization, observed over the last decades. Contrary to the widespread view, it results in capital flows from developing economies and emerging markets to advanced countries. Positive effects of liberalization are related primarily to the improvement of institutional environment. They are revealed rather in higher total factor productivity than in increased investment. The important conclusion is that financial liberalization should be implemented when the country is prepared for it, as positive consequences overweigh risks only if institutional quality exceeds a certain threshold.

In the present article, the experience of market economy construction and macroeconomic management problem solving at different stages of Azerbaijan's development is considered. To assess effectiveness of the economic policy pursued, a comparative approach is used. Key economy characteristics are compared with typical or average criteria applied to groups of countries with economies resembling Azerbaijan in a certain way.

The article considers strategic issues of modernization of the transition economy. The analysis is based on the methodology of the World Economic Forum where special attention is paid to the sequence of the transformation stages. The main conclusion is that modernization should combine implementation of the governance mechanisms with the beneficial use of comparative advantages of the national culture. In fact, modernization of the transition economy should be evolutionary. It is precisely this course of development that is relevant for Azerbaijan which has successfully upgraded its economy in the recent years.

У статті розглядаються питання безпеки державних інформаційних ресурсів у разі виникнення різних кризисних ситуацій. Відомо, що з точки зору безпеки електронного керівництва кризисні ситуації є основним фактором ризику. Також розглядаються міжнародні стандарти у цій сфері, вивчений досвід розвинених країн, і результати, отримані провідними науковими центрами. Мета – привернути увагу органів державної влади на важливість даного питання. ; В данной статье рассматриваются вопросы безопасности государственных информационных ресурсов в случае возникновения различных кризисных ситуаций. Известно, что с точки зрения безопасности электронного правительства кризисные ситуации являются основным фактором риска. Также рассматриваются международные стандарты в этой сфере, изучен опыт развитых стран, и результаты, полученные ведущими научными центрами. Цель – привлечение внимания органов государственной власти на важность данного вопроса. ; The security problems of the state information resources in various crisis situations have been discussed in this article. It is known, that from the e-government's information security point of view, the crisis situation is one of the major risk factors. In this paper, international standards in this field, experiences of developed countries, and the results obtained by leading research centers has been reviewed. The goal of this article is to attract the attention of government agencies to the importance of this issue.

The security problems of the state information resources in various crisis situations have been discussed in this article. It is known, that from the e-government's information security point of view, the crisis situation is one of the major risk factors. In this paper, international standards in this field, experiences of developed countries, and the results obtained by leading research centers has been reviewed. The goal of this article is to attract the attention of government agencies to the importance of this issue. ; В данной статье рассматриваются вопросы безопасности государственных информационных ресурсов в случае возникновения различных кризисных ситуаций. Известно, что с точки зрения безопасности электронного правительства кризисные ситуации являются основным фактором риска. Также рассматриваются международные стандарты в этой сфере, изучен опыт развитых стран, и результаты, полученные ведущими научными центрами. Цель – привлечение внимания органов государственной власти на важность данного вопроса. ; У статті розглядаються питання безпеки державних інформаційних ресурсів у разі виникнення різних кризисних ситуацій. Відомо, що з точки зору безпеки електронного керівництва кризисні ситуації є основним фактором ризику. Також розглядаються міжнародні стандарти у цій сфері, вивчений досвід розвинених країн, і результати, отримані провідними науковими центрами. Мета – привернути увагу органів державної влади на важливість даного питання.

У статті розглядаються питання безпеки державних інформаційних ресурсів у разі виникнення різних кризисних ситуацій. Відомо, що з точки зору безпеки електронного керівництва кризисні ситуації є основним фактором ризику. Також розглядаються міжнародні стандарти у цій сфері, вивчений досвід розвинених країн, і результати, отримані провідними науковими центрами. Мета – привернути увагу органів державної влади на важливість даного питання. ; В данной статье рассматриваются вопросы безопасности государственных информационных ресурсов в случае возникновения различных кризисных ситуаций. Известно, что с точки зрения безопасности электронного правительства кризисные ситуации являются основным фактором риска. Также рассматриваются международные стандарты в этой сфере, изучен опыт развитых стран, и результаты, полученные ведущими научными центрами. Цель – привлечение внимания органов государственной власти на важность данного вопроса. ; The security problems of the state information resources in various crisis situations have been discussed in this article. It is known, that from the e-government's information security point of view, the crisis situation is one of the major risk factors. In this paper, international standards in this field, experiences of developed countries, and the results obtained by leading research centers has been reviewed. The goal of this article is to attract the attention of government agencies to the importance of this issue.

Our research investigates the effects of residential energy efficiency audit programs on subsequent household electricity consumption. Here there is a one-time interaction between households, which participate voluntarily, and the surveyors. Our research objective is to determine whether and to what extent the surveys lead to behavioral changes. We then examine how persistent the intervention is over time and whether the effects decay or intensify. The main evaluation problem here is survey participants' self-selection, which we address econometrically via several non-parametric estimators involving kernel-based propensity-score matching. In the first method we use difference-in-differences (DID) estimation. Our second estimator is quantile DID, which produces estimates on distributions. The comparison group consists of households who were not yet participating in the survey but participated later. Our evidence is that the customers who participated in the survey reduced their electricity consumption by about 7%, on average compared to customers who had not yet participated in the survey. Considering the total number of high-usage households participating in the survey in 2009, we estimate that electricity consumption was reduced by an aggregate of 2 million kWh per year, which is approximately equal to the monthly consumption of 3500 typical households in California with an estimated 1527 metric tons less of carbon dioxide emissions. Because the energy audit program is inexpensive ($10–$20 per household) a key issue is that while the program is cost-effective, is it regressive? We find that as the quantiles of the outcome distribution increase, high-use households save proportionally less electricity than do low-use customers. Overall, our results imply that program designers can better target low-use and low-income households, because they are more likely to benefit from the programs through energy savings.