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Investments in the CIS

Author(s): Vyacheslav Komarov / Language(s): English Issue: 3/2002

Investment in fixed capital determines the prospects of expanded reproduction and innovative development of the economy of any country. This is why interstate investment activity is one of the key factors in passing to a new stage: a period of economic growth and fundamental restructuring of the CIS economies, effective interaction for the purpose of pulling them out of crisis and the stabilisation and recovery of national economies. These matters are of strategic importance and are common to all the CIS countries, although each of them has its own specific features requiring different tactical approaches and adjustment to real national conditions. Investment activity in each country depends largely on the possibilities and behaviour of national investors, but interstate cooperation plays an important role as well. The substantial decline in production and investment activity calls for a special approach, namely one considering that investment support for pilot sectors and projects in the real economy could become the main line of the efforts in the CIS states aimed at general stabilisation and the revival of production.

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TAX CLAUSES IN SINDICATED LOAN AGREEMENT

Author(s): Krzysztof Szulc,Jan Głuchowski / Language(s): English Issue: 1/2019

Syndicated loan agreement allows for lenders often from different jurisdictions to finance the borrower and its project for which the loan is granted. The syndicated loan agreement comprises of tax clauses designed to regulate situations in which any funds transfer under the loan agreement may be taxed and generate additional costs. With the special role of syndicate agent, the loan agreement sets out rules for tax deduction and payment mechanisms. The purpose of this article is to introduce the reader to tax clauses of syndicated loan agreement with a focus of a role of a syndicate agent. Analysis of each tax clause will focus on determining the purpose of each tax clause and the purpose of tax clauses in syndicate of a loan agreement in general.

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ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION, BUDGET DEFICIT AND MONEY SUPPLY IN TURKEY BY ARDL APPROACH: 1980-2017

Author(s): Begüm Erdil Şahin / Language(s): English Issue: 3/2019

Inflation is considered as a monetary phenomenon and its increase is linked with money supply according to the Monetarist view. In other words, the increase in budget deficits leads to an increase in money supply and as a result, inflation rates rise. Inflation is based on fiscal policies rather than monetary policies according to Price Level Fiscal Theory. Accordingly, increasing budget deficits leads to increases in loans, thus causes interest rates to rise and consequently inflation rises as money supply increases. In this study, the relationship between inflation, budget deficit and money supply in Turkey is analyzed using the ARDL bounds testing approach for the 1980-2017 period. According to the empirical results, there was a positive and significant relationship between inflation and budget deficit both in the long and short term.

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The Causal Relationships between WIG20 and PLN

Author(s): Paweł Sekuła / Language(s): English Issue: 4/2018

The article examines the interaction between share prices and exchange rates on the Polish financial market. A two-dimensional model of vector autoregression was used and daily data on the stock exchange index and exchange rate index for the period from April 2000 to December 2017 were used. The empirical results indicated a one-way causality from exchange rates to share prices.

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The Financialization of Companies Listed on the Warsaw Stock Exchange – the Sector Analysis

Author(s): Błażej Socha,Dariusz Urban / Language(s): English Issue: 4/2018

This paper deals with the issue of the financialization of companies. The main goal of this article was to answer the question about differences in the levels of financialization between groups of companies from different sectors. The research sample consisted of Polish companies listed on the Warsaw Stock Exchange and covered the period 2011–2017. The authors used synthetic indicators of company financialization reflcting their fiancial and investment performance. The results prove the existence of sectoral differences in the level of finances of the surveyed companies and the relatively small role of fiancial activity of non-financial enterprises in relationship to the operating activity.

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Impact of International Liquidity on Foreign Exchange Rate in Nigeria: A Comparative Crosscheck

Author(s): Abdurrauf Babalola / Language(s): English Issue: 3/2019

This paper investigated the impact of international liquidity on exchange rates in Nigeria. Monthly data was sourced from the CBN statistical bulletin of 2017 series from 1981M1 to 2017M12. Exchange rate was made the regressand and then international liquidity, price level, export and import, the explanatory variables. ARDL and ECM were employed to analyse our data. Findings showed that, in both the short and long run, international reserves and export revealed a positive impact on exchange rate, while price level as well as import revealed a negative impact. However, only price level was not significant. Furthermore, the scaled result indicated that export has the most comparative impact on exchange rate. This was followed by import and then international reserves. The study suggests that, international reserves has a major impact and use of stabilizing the exchange rate and so there is need for the reserves to be either maintained or improved if the economy wants to maintain a managed floating exchange rate system. The government could reduce inflation rate in other to improve exchange rate and then increase export. Import substitute goods could be environmentally improved to reduce the quest for imported goods.

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Küresel Keynesçilik Yaklaşımı Bağlamında Küresel Maliye Politikaları

Author(s): Mustafa Alpin Gülşen,Ali Gökhan Gölçek / Language(s): Turkish Issue: 3/2019

This study is written to reveal the global Keynesian economic approach, which is a revision of the classical Keynesian approach to that of today. Accordingly, the global Keynesian approach consists of policy proposals such as global income, global money, and global income distribution, which will make the most inefficiency in global demand less. These policy instruments are a solution to the inadequacy of demand for global economic activity through a mechanism created by the public sector.

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La traduction des textes financiers – approches pragmatiques

Author(s): Bianca Tomoni / Language(s): French Issue: 02/2009

El lenguaje económico es un campo muy estudiado. Millares de artículos ytrabajos han sido concebidos sobre este tema. Asimismo, la oferta y la demanda decursos de correspondencia comercial y de lenguas extranjeras aplicadas a los negociosva creciendo. Nuestro artículo sigue esta dirección y trata de un tema bastante demoda, sobre todo en este perìodo de ”crisis”: los textos financieros y su traducción. Sin embargo, nuestra perspectiva ha sido distinta. No hemos analizado el texto financiero desde el punto de vista del léxico y de la sintaxis, sino desde punto de vista pragmático. Hemos pasado revista a dos teorías pragmáticas: la teoría de los actos de habla de Austin y Searle y las máximas conversacionales de Grice y hemos tratadode destacar su importancia para el proceso de la traducción. Aunque parezcan serexactos, objetivos y con metas puramente informativas, los textos financieros contienen muchos rasgos de textos literarios (figuras de estilo, perífrasis, inferencias, etc.) que requieren mucha atención y enfoques cada vez más especializados.

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Model of Institutional Protection Scheme in Polish Cooperatives Banks

Author(s): Pawel Dec,Piotr Masiukiewicz / Language(s): English Issue: 6/2018

This paper concerns the current issue of the threat of bankruptcy of cooperative banks in Poland and the model of the Institutional Protection Scheme (IPS) in Polish cooperative banks developed in this context. Such systems have been established in two associations of national cooperative banks as cooperatives managing the IPS. It was also inflenced by European regulations, including the EU directive, through the introduction of appropriate provisions under the CRD IV/CRR package. The authors attempted to confim that the IPS system signifiantly improves the security of associations of cooperative banks and individual banks. Since it is necessary to cover all cooperative banking with this system, the specifiity of functioning of such a system is therefore analysed and its benefis and barriers were presented. The authors conducted their own case study based on the Cooperative – BPS Association Protection System.

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Cash or Non-Cash?

Author(s): Judyta Przyłuska-Schmitt / Language(s): English Issue: 6/2018

The purpose of this article was to present the benefits and risks of cash-out for cashless trading. The article analyses data on non-cash trade in Poland against selected European countries. In the following part, the Swedish model of non-cash payments is described. The summary provides scenarios for possible solutions. The analysis shows that the real reasons for limiting cash turnover can be completely different than the fiht against corruption, the grey zone and fiancial crimes. Nevertheless, there is an important element that can outweigh the benefis of non-cash transactions, namely the convenience in making non-cash transactions.

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RISK DISCLOSURES IN FINANCIAL STATEMENTS OF BANKS IN BOSNIA AND HERZEGOVINA

Author(s): Amira R. Pobrić / Language(s): English Issue: 18/2019

This study examines the practice of disclosing risk information in the financial statements of banks in Bosnia and Herzegovina. The research is carried out using the content analysis. The aim of the research is to determine the volume and characteristics of risk disclosures. The results of research show that banks in Bosnia and Herzegovina disclose less risk information than banks in developed countries, such as Canada and the UK. Most information is disclosed about credit risk. More quantitative than qualitative data is disclosed. The banks are focused on providing mandatory risk disclosures but they do not provide all mandatory disclosures. They primarily disclose past and time-neutral risk information. They are more likely to disclose positive and neutral news about risk exposure and risk management rather than negative news.

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PRIVATIZACIJA U STAMBENOJ SFERI

Author(s): Srna Mandić / Language(s): Serbian Issue: 1-4/1990

Analysis of practice in several west European countries showed that privatization in housing caused redistribution of properties in favour of higher society classes, because these classes benefit most from tax deductions on real estates. Also, especially in Great Britain, tenants living in better flats, in better areas, tend to buy these flats, while tenants of not so good community flats, in worse areas showed greater interest to support housing fund.

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Possible Impact of Facebook’s Libra on Volatility of Bitcoin: Evidence from Initial Coin Offer Funding Data

Author(s): Chamil W. Senarathne / Language(s): English Issue: 81/2019

This paper examines the impact of Libra on volatility of Bitcoin using the classical framework of C. G. Lamoureux and W. D. Lastrapes (1990). ARCH and GARCH effects disappear when lagged ICO funding size is included in the variance equation. A negative association between volatility and funding size and the disappearance of volatility persistence (long-term volatility effect) suggest that Libra, as a dominant new currency, is likely to stabilize the cryptocurrency market and enhance potential for currency diversification. Furthermore, it is revealed that the stability cannot be ensured merely by backing decentralized blockchain instruments, such as Bitcoin, with bank deposits, government securities or exchange rate.

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Review of "Financial Citizenship. Experts, Publics & the Politics of Central Banking", by Annelise Riles

Author(s): Raluca Iacob (Bâra) / Language(s): English Issue: 1/2019

In 2018, the anthropological literature on economics was enriched by the publication of a book that argues for building communication bridges between financial experts and the public. It identifies the main blind spots on both sides, discusses the need to substantiate a new narrative legitimacy for central banks, and gives experts in these prominent institutions a rigorous call to action for a more effective communication. Annelis Riles’s Financial Citizenship is the outcome of more than 20 years of research on central banking culture and the social ties between financial regulators and the other financial market participants. The book complements analysis with thorough fieldwork, and one of its strengths is access to sources in the relevant institutions.

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Introduction of the Single Currency and Inflation – the Case of Central and Eastern European Countries

Author(s): Janusz Heller,Rafał Warżała,Kamil Kotliński / Language(s): English Issue: 2/2019

The study of price increases in five countries (Slovenia, Slovakia, Estonia, Latvia and Lithuania) aimed to assess the introduction of the single currency (euro) on the rate of HICP inflation in two short-term perspectives: after the first month and after the first year of the introduction of the euro in these countries. The following hypothesis was put forward: prices after the introduction of the euro are contained in the inflation target, that is, there can be no substantial increase, and contrasting views on the issue are only an effect of illusion, that is, the difference between actual and perceived inflation level. The research was carried out using the comparative method. They show that the inflation effect in the euro-adopting countries was clearly convergent with the level of price growth recorded at the same time in other European Union countries, including those already with a single currency. The result is that the reasons for excessive price growth in the short-term perspective should not be sought in connection with the introduction of the euro, but rather explained by e.g. the convergence of business cycles with these euro area countries in which HICP inflation target exceedance was recorded at the same time. There can be also any other conditions that affect price growth in all European countries, regardless of whether they belong to euro area or have its national currencies.

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Matching NBP Interest Rates to Different Versions of the Taylor Rule

Author(s): Tomasz Grabia / Language(s): English Issue: 2/2019

The interest rate is the basic instrument of monetary policy, directly or indirectly affecting basic macroeconomic variables, such as inflation, unemployment and economic growth. The aim of the article is to compare the NBP reference rate with hypothetical rates calculated on the basis of different variants of the Taylor rule and to indicate which of those variants is best suited to the situation in Poland. The study period of 2000-2017 was adopted for the analysis. On its basis, it was found that in most cases the real interest rate of the central bank in Poland strongly coincided with rates that would have been set if one of the varieties of the Taylor rule had been in force. The best match coincided with the modified version of this rule, which was created after the economic crisis. That means that the NBP took into account both the deviations of inflation from the target and the GDP gap when making decisions regarding interest rates.

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TÜRKİYE’DE TAHVİL PİYASASI VE TAHVİL YATIRIM GETİRİLERİNİN ALTERNATİF YATIRIM ARAÇLARI İLE KARŞILAŞTIRILMASI

Author(s): Simge Hadimoğullari,Yusuf Kaderli / Language(s): Turkish Issue: 43/2019

Bonds, one of the most important instruments of the capital market, are an effective means of providing long-term funding and a good financial investment instrument, which is very popular especially in developed countries. However, due to the instability of interest rates in developing countries and the poor functioning of the capital markets, this instrument cannot be use deffectively and the economies of such countries couldnt reach the level that they deserve. The aim of this study is to reveal the state of the bond market in Turkey and the rate of return on bonds for the last seven years, with rates of return on alternative investments the study aims to perform a comparative analysis. According to the results of assesment, statistical analysis and the results has revealed the need to develop many aspects of the bond market in Turkey. In addition, in the last seven years, it has not achieved satisfactory return rates, either nominally or in real terms over alternative investment instruments.

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The Assessment of Economic Value Added in Construction Companies in the Years 2010-2017

Author(s): Sylwia Kruk / Language(s): English Issue: 106/2018

The work assumes that the main goal of finance management in an enterprise is the maximisation of its value, which leads to the maximisation of profits for its owners. The profits are reflected in dividends and in a long-term increase in the value of shares. Nowadays, it is assumed that the measure which objectively enables to assess the financial standing of an enterprise and the value creation aspect is economic value added. The aim of the research was to show the effects in the area of value creation in companies grouped in WIG-construction index in the years 2010-2017.

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Business Continuity Risk of Polish Construction Enterprises in 2010-2012

Author(s): Andrzej Jaki / Language(s): English Issue: 106/2018

Risk accompanies the functioning of all market entities, influencing the progression of economic, social and political processes. The microeconomic approach to risk shows it as an inherent factor accompanying the functioning of every enterprise, exerting an impact on the capability and degree of the accomplishment of its goals. This article undertakes the problem of risk of the continuation of enterprise activities. The aim of the article is, on the one hand, to present the conditionings of the occurrence of business continuity risk and managing it, and on the other hand, to identify, exemplify and assess key risk drivers of the business continuity of Polish construction enterprises in the years 2010-2012, that is in the period of the preparations to UEFA Euro 2012 organized in Poland, and relative accumulation of building investments. The article is a scientific reflection presented from the perspective of a few years which have passed from the analysed period, which enabled to formulate conclusions considering also the time horizon of the occurrence of consequences of the influence of the analysed risk.

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Municipal Investment Management – a Comparative Analysis of Decision-making in Gdańsk and Edinburgh

Author(s): Anna Wojewnik-Filipkowska / Language(s): English Issue: 106/2018

Municipalities are the owners of diverse, valuable and capital–intensive assets which require strategic and operational management. The management requires decision–making relating to the use, maintenance but also the development of the multifunctional assets. The aim of the research is to identify and compare the investment related decision–making in two local governments – Edinburgh in Scotland and Gdańsk in Poland. The aim is addressed by taking an in-depth look at the two selected cities around four specific “key themes” relating to strategy, organisation, portfolio and financing to find out about the practice of municipal investment decision–making processes. The work is novel in terms of providing insights into municipal investment management in the specific key themes. Similarities and differences in the key themes have been identified for the municipalities which confirm the diversity of municipalities and municipal investment management. In a narrow sense, the differences depend on the purpose, durability and functions of investment; in a broad sense – on public management organisational fluctuations, tradition, achievements and historical aspect. The confrontation of two different approaches of municipal investment management is useful for public managers looking for the best practice, effectiveness and efficiency improvement. However, additional analysis of other cases should be performed to confirm the findings on improving investment decision–making by local governments.

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