Suchergebnisse

The financial crises of the 90s have underlined the need for a comprehensive re-regulation of international financial markets. Although a number of measures addressing both the erratic developments of exchange rates and the volatility of capital flows could be implemented, it is unlikely that we will witness a substantial change of the current system, which produces instability and enormous opportunities for profits at the same time. The main obstacles for a re-regulation of the international financial markets are not of a technical nature, but are the results of vested interests in the USA, namely of the "Wall Street Treasury Complex" (Jagdish Bhagwati). (Prokla / FUB)

Discusses the possibility of a profound crisis in confidence in the US dollar that would end its dominance in global financial markets. Attention is given to the impact of globalization on capital flows, the prospect of the euro replacing the dollar as the leading international currency, & why the dollar should be sustained. Adapted from the source document.

The sharp decline in emigrant workers' remittances and aid flows from the Gulf states has led the Jordanian government to develop a strategy for economic survival, by which it is trying to turn itself into a regional centre for technology and services. In this context areas of British-Jordanian economic and financial cooperation are discussed. (DÜI-Asd)

During the period of economic and financial instability in Ukraine, the first priority is to plan the activities of business entities in the changing conditions of the country's economic development. In this situation, a special approach to organizing the process of making optimal management decisions and finding tools that can ensure their implementation is necessary. Low profitability and solvency, inefficient monetary policy and tax system, lack of an appropriate legislative framework and effective mechanisms for regulating cash flows are the result of financial instability. To ensure financial stability, it is necessary to build an effective enterprise management scheme that operates in the current conditions. The business plan of the enterprise should reflect all the factors that affect its functioning, and first of all, business planning should provide solutions to issues related to improving the financial condition of the enterprise. In this regard, the article pays great attention to improving the effectiveness of financial management as part of business planning. The article is of a scientific and methodological character. ; В период экономической и финансовой нестабильности в Украине первоочередной задачей является планирование деятельности субъектов хозяйствования в изменчивых условиях экономического развития страны. В сложившейся ситуации необходим особый подход к организации процесса принятия оптимальных управленческих решений и поиск инструментов, способных обеспечить их реализацию. Низкая рентабельность и платежеспособность, малоэффективная денежно-кредитная политика и система налогообложения, отсутствие соответствующей законодательной базы и действенных механизмов регулирования денежных потоков являются результатом финансовой нестабильности. Для обеспечения финансовой устойчивости необходимо построение эффективно действующей в сложившихся условиях схемы управления предприятием. В бизнесплане предприятия должны найти отражение все факторы, которые влияют на его функционирование, и прежде всего, бизнес-планирование должно обеспечивать решение вопросов по улучшению финансового состояния предприятия. В связи с этим в статье большое внимание уделяется вопросам повышения результативности финансового управления в составе бізнес-планирования. Статья имеет научнометодический характер. ; У період економічної та фінансової нестабільності в Україні першочерговим завданням є планування діяльності суб'єктів господарювання в мінливих умовах економічного розвитку країни. У сформованій ситуації необхідний особливий підхід до організації процесу прийняття оптимальних управлінських рішень і пошук інструментів, здатних забезпечити їх реалізацію. Низька рентабельність і платоспроможність, малоефективна грошово-кредитна політика і система оподаткування, відсутність відповідної законодавчої бази і дієвих механізмів регулювання грошових потоків є результатом фінансової нестабільності. Для забезпечення фінансової стійкості необхідна побудова ефективно діючої в умовах, що склалися схеми управління підприємством. У бізнес-плані підприємства повинні знайти відображення всі фактори, які впливають на його функціонування, і перш за все, Бізнес-планування повинно забезпечувати вирішення питань щодо поліпшення фінансового стану підприємства. У зв'язку з цим у статті велика увага приділяється питанням підвищення результативності фінансового управління у складі бізнеспланування. Стаття має науково-методичний характер.

The objective of this paper is to offer a methodology for sizing credit-sensitive Asset Backed Securities (ABS) used in the prime mortgage lending sector in the U.S. and then to evaluate their relative performance. Using a multi-factor Monte Carlo simulation framework, we perform a four-step analysis. First, we estimate scenario-specific credit losses from a given mortgage pool. We then structure the pool into a "6-pack" subordination structure based on statistically-determined stress economic scenarios. Next, we estimate performance indicators of the tranches to compare risk-adjusted returns. Finally, we report our results in terms of tranche-specific risk-adjusted returns. The results indicate that the middle tranches of ABS, e.g., BBB and BB, possess the lowest risk-adjusted returns. We also find and explain a "cliff" phenomenon in the tranche-level principal cash flows.

This study examines whether the CEECs' financial market development can explain the EU FDI in the CEECs during 1994-2012. The higher bank credit flows had a positive effect on the FDI in 2005-2012. This can be attributed to the major banking sector reforms undertaken before the CEECs' EU accession. Second, the stock market size had a positive effect in 1997-2004. This is due to the fact that the EU membership announcement facilitated deeper stock market integration. Third, the higher country income, in interaction with a higher bank credit flow, had only a small positive effect in 2005-2012. The higher income CEECs have pursued much deeper bank liberalization through large-scale privatization of state-owned banks. Finally, the higher country income, in interaction with a larger stock market size, had a negative effect in 2005-2012. A possible reason for this is that the EU countries have started to divert their new FDI to the non-EU countries.

Digitalisation, innovative financial services technologies and new business models hope for borderless markets. Financial technology (Fintech) is looking to be another player in this market. In order to increase the integrity of the EU common market and the size of its capital market, new legislative initiatives have been designed to level the playing field for all participants and to rethink the traditional concepts of capital flows and instruments and the risks associated with opening the capital market up to new participants. Financial services like crowdfunding platforms are transforming the services concept, while the risks associated with the digital operations of financial services place the entire digital finance world on the same level. In this context, this paper examines the EU's efforts to create a seamless legal environment.

Along with its painful economic costs, the financial crisis of 2008 raised concerns over the future of international policy making. As in recessions past, new policy initiatives emerged, approaches that placed greater importance on protecting national interests than promoting international economic cooperation. Whether in fiscal or monetary policies, the control of currencies and capital flows, the regulation of finance, or the implementation of protectionist policies and barriers to trade, there has been an almost worldwide trend toward the prioritizing of national economic security. But ...

THE PROPOSAL FOR REFORMING THE IMF THAT IS MADE IN THIS ARTICLE SEEKS TO RESTORE INTERNATIONAL LENDING WHILE AVOIDING THE EXCESSIVE RISK-TAKING THAT LEADS TO FINANCIAL BAILOUTS AND SEVERE DEPRESSIONS. THE NEW IMF WOULD AVOID BOTH THE PROBLEM OF EXCESSIVE RISK-TAKING, FOLLOWED BY COLLAPSE, AND THE RISK OF A PROTRACTED REDUCTION IN CAPITAL FLOWS TO DEVELOPING COUNTRIES. THE CHALLENGE IS TO REDUCE THE COSTS OF THE PRESENT SYSTEM WHILE RETAINING THE BENEFITS FOR ECONOMIC DEVELOPMENT OF INTERNATIONAL LENDING AND CAPITAL MOVEMENTS.

China's rising investment and aid flows into Africa have raised concerns over its increasing influence, triggering worries about a new scramble for Africa. This paper sorts out the motivations behind the various forms of Chinese aid, arguing that China uses different types of aid strategically to divert the recipient countries' economic and institutional orientation towards its own interests. Exploiting the AidData set, we show that China's official development aid (ODA) is positively related to an export bias in favour of China, suggesting that it serves to secure privileged access for Chinese firms to African resources. ODA tends to flow to less democratic regimes, because less accountable governments have more power to offer long-run privileges to their financial supporters. In contrast, we show that other official flows (OOF) are used to increase China's import share and is positively related to institutional quality, since this has a positive influence on market growth. This suggests that OOF is mainly used to facilitate Chinese access to promising African consumer markets. We conclude that while China employs different aid flows for different economic purposes, it uses all aid flows strategically to advance its interests and create an economic sphere of influence in Africa.

"With the advent of multinational corporations, the traditional urban service function has 'gone global.' In order to provide services to globalizing corporate clients, the offices of major financial and business service firms across the world have generated networks of work. It is the myriad of flows between office towers in different metropolitan centres that has produced a world city network. Taylor and Derudder's unique and illuminating book provides both an update and a substantial revision of the first edition that was published in 2004. It provides a comprehensive and systematic description and analysis of the world city network as the 'skeleton' upon which contemporary globalization has been built. Through an analysis of the intra-company flows of 175 leading global service firms across 526 cities in 2012, this book assesses cities in terms of their overall network connectivity, the regional configurations they form, and their changing position in the period 2000-12. Results are used to reflect on cities and city/state relations in the context of the global ecological and economic crisis. Written by two of the foremost authorities on the subject, this book provides a much-needed mapping of the connecting relationships between world cities, and will be an invaluable resource for students of urban studies, geography, sociology and planning"--

This paper analyzes the impact of uncertainty on the spread of stock market crises, both theoretically and empirically. The effect of uncertainty about the fundamentals on investment decisions is an important cause of financial crises propagating across countries. Firstly, a coordination game on investment illustrates the increasing effect of a surprise crisis in one country on the probability of a crisis in a second country through higher uncertainty there. An anticipated initial crisis generates the opposite effect. Secondly, these theoretical predictions are tested empirically. Fixed effects panel estimations validate the impact of the initial crisis on uncertainty in potentially-affected countries. Subsequently, probit estimations confirm the positive impact of uncertainty on the crisis probability in the affected economy. The results are robust across various specifications.

ABSTRACT Purpose: To analyze the impact of extreme earnings and cash flows on the persistence, value relevance, and accruals quality of Brazilian public firms. Originality/gap/relevance/implications: The present study contributes to the literature by analyzing extreme earnings and cash flows. Because they change the results of the period in which they occur in an unusual manner, this study suggests that studying their behaviors and impacts on the quality of the information disclosed by companies tends to contribute to optimal decision making in the capital market. Key methodological aspects: The analyzed sample comprised non-financial public companies traded on the BM&FBovespa stock exchange from 2005 to 2014, with estimates made using quantile regression. Summary of key results: The main results indicate that cash flows are more persistent than earnings because the accruals component of the latter makes them less persistent. Extreme values of both earnings and cash flows affect the persistence of these variables, with a strong and negative effect on cash flows. Finally, extreme values of accruals negatively affect accruals quality because, compared to moderate quantiles, they significantly alter the standard deviation of extreme quantiles. Key considerations/conclusions: The presence of extreme values in this study's focus variables negatively influenced market information quality, reducing its predictive power and, consequently, its relevance. Furthermore, controlling for extreme values, it was possible to observe the incremental information content of these two metrics.

The article proposes that cost and fair value be replaced by explicit estimates of future cash flows. The ways to achieve the financial reporting transparency by the governmental regulation have been presented. ; У статті пропонується поміняти місцями витрати та справедливу вартість певними оцінками майбутніх грошових потоків. Наведено шляхи досягнення прозорості фінансової звітності підприємства шляхом державного регулювання.

The effect of the world financial crisis on the Russian economy in 2008-2009 is analyzed in the article. The external shock led to changes in the mechanism of monetary supply in the model of economic development based on exports of raw materials. The dynamics and parameters of production, gross fixed investment, internal consumer demand and external flows are considered.