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  • Влияние волатильности денежных потоков на устойчивость экономического развития на примере деятельности страховых компаний

Article

Влияние волатильности денежных потоков на устойчивость экономического развития на примере деятельности страховых компаний

Страховое дело. 2020. № 12.

Subject. The subject of the study is the mechanism of influence of volatility of cash flows on the stability of economic development. The volatility of cash flow is an indicator of the variability of cash flow. A volatility is a standard characteristic in the economy. However, the volatility of cash flows may increase, having a significant negative impact on the sustainability of individual economic entities. It seems reasonable to determine the mechanism of the effect of cash flow volatility on the stability of the economy, and also define the volatility of cash flows that have the greatest impact on sustainability. Goal. The research is aimed at identifying the main types of cash flows that are formed under the influence of individual decisions of economic entities. Methodology. The study identifies three main types of cash flow: laminar type, transient type, and turbulent type. The proposed approach allows us to statistically determine the type of cash flow volatility. An approach is proposed to determine the critical level of volatility influence on the stability of economic entities, which is applicable for regulating volatility. Results. Changes in the types of cash flows occur under the influence of uncertainty, which does not allow economic entities to form their expectations taking into account the real situation in the economy. It is the volatility of cash flow affecting the decisions of economic actors who have not yet had time to assess the economic situation, so they make hasty actions. It is established that the process of changing the types of cash flows is influenced by institutional characteristics, such as the level of development of the payment infrastructure, the amount of available funds, administrative requirements, etc. Conclusions. Monitoring changes in cash flow regimes should be considered as a tool for assessing crisis phenomena in the economy. The results of the study are applicable to the activities of the Bank of Russia which should predict the turbulence of cash flows. Further research in this area should be aimed at empirically identifying the factors affecting the change of types of cash flows.