Factors Determining Trade Credit Dynamics During Crisis: Panel Data Analysis for Macedonian Firms
The study is aimed at determining the factors influencing the trade credits dynamics for twenty three firms registered on the Macedonian Stock Exchange, as well as at checking for crisis effects from 2011 to 2015. The study includes a review of the literature on commercial credit factors; elaborately analyzed descriptive statistics of the collected data and dependent variable variance; tests for unobservable effects and their functional form; evaluation of panel regression and interpretation of the results. The authors have proved that net trade credits for these firms depends mainly on the growth potential of lagging firms and their vulnerability, and the crisis effects are significant only for the latter factor. Moreover, the overall efficiency of firms' assets and their ability to convert income into cash does not have a significant impact in the crisis and post-crisis periods. The growth opportunities and profitability demonstrate a negative impact, meaning that growing and more profitable firms on average tend to expand and receive more trade credits than counterparties. Profitability has a significant impact on trade credit and the effect is seen during the first year after the crisis. Thus, the dynamics of trade credits of registered Macedonian firms is largely determined by the internal factors of a firm, and not by the external macroeconomic situation. Therefore, better financial management is suggested to improve the trade credit policy. One of the directions for further research is the evaluation of the autoregressive component of the trade credit dynamics, as well as including spatial effects in the regression equation.
While much of the world worries about increasing population, this book looks the other way. It highlights the dramatic fall in fertility rates in all regions of the world. Demographers suggest that by 2050 this will lead to population decline. While environmentally this may be welcomed, there may also be negative impacts on our economies: less workers, an increasing number of elderly, and more unwanted childlessness. In this book, key experts untangle the reasons for not having children; international case studies demonstrate that there are similar but also different reasons operating in different areas and psychologists and sociologists explore the possible impact on children, parents and the elderly. Given that fertility trends are not easy to reverse, the book concludes that more needs to be done to maximize the potential of all children; particularly those who have been at the margins of society.
The conference is organized in collaboration with Polish Economic Society Branch in Toruń and Brno University of Technology (Czech Republic), BA School of Business and Finance (Latvia), Daugavpils University (Lithuania), Pereyaslav-Khmelnitsky Hryhoriy Skovoroda State Pedagogical University (Ukraine), University of Angers (France), University of Pablo de Olavide (Spain), University of Latvia (Latvia). The conference is addressed to economist from all European Union countries and Eastern Europe. It aims to bring together economists form Western, Central and Eastern Europe to discuss issues in economics, finance and business management. Main conference tracks include: 1. Macroeconomics; Microeconomics; Econometrics; International Economics 2. Financial markets; Labour markets; Institutions; 3. Business environment; Management and Marketing.
Using data on foreign borrowing, I identify Russian banks that were affected by the sudden stop of external financing caused by the Lehman Brothers’ collapse. Applying the difference-in-difference method, I compare these «affected» banks to «unaffected» ones and find that the Russian Central Bank’s (CBR) anti-crisis financial assistance primarily went to the former group. Tracing the impact of the CBR’s liquidity infusions on banks’ portfolio allocation decisions, I find that banks used CBR funds not only to pay out foreign debt, but also to accumulate cash deposits in non-resident banks. I also find that affected banks increased their holdings of market securities significantly more than unaffected ones, which suggests that the CBR’s bailout policies impacted their risk-taking strategies. While there was no significant difference in corporate lending growth between the two groups after the sudden stop, lending to borrowers with weaker banking relationships (individuals and entrepreneurs) decreased more among affected banks.
In this work the demand for the incoming tourism in the Russian Federation is modeling. The panel data for 16 countries - the basic sources of tourist streams - and the period with 2000 for 2009 are used. Modeling is spent separately for each of 10 tourist zones of Russia. In quality a determinant of demand there are considered a total national product in a country of origin, the exchange rate, transport charges, cost of residing, lag of the demand variable and the fictitious variables reflecting influence of shocks in quality a determinants of demand. The received estimations of dynamic models of demand correspond to expectations, are statistically significant and can be useful in practice of planning of development of entrance tourism in various municipal formations and regions of Russia.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.