Finance: Theory and Practice最新文献

{"title":"Formation of a System for Evaluating the Effectiveness of State Financial Control and Budget Monitoring in Russian Federation","authors":"A. I. Lukashov","doi":"10.26794/2587-5671-2024-28-1-52-63","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-52-63","url":null,"abstract":"State (municipal) financial control (SFC) and budget monitoring are mechanisms to minimize various types of violations and, as a result, improve the efficiency of the use of budget funds. In this regard, it is extremely important to have an objective assessment of the effectiveness of these mechanisms themselves. The subject of the research is the activity of SFC bodies in the Russian Federation. The purpose is to form a system for evaluating the efficiency of SFC and budgetary monitoring in the Russian Federation. Methods of synthesis, analysis and classification were used in the paper. The analysis of both theoretical and practical methods for evaluating the effectiveness of SFC is conducted. The Federal Treasury’s response measures are systematized with the aim of informing stakeholders about potential risks associated with various violations. The definitional content of “effectiveness and efficiency” in budgetary monitoring is revealed. The author’s interpretation of the definition of “efficiency” in SFC is proposed. The subsystems, elements and structure of the system for evaluating the efficiency of SFC and budgetary monitoring have been determined. The novelty of the study consists in the identification of three subsystems of the system for evaluating the efficiency of the SFC: the subsystem of expert assessments; a formalized subsystem of indicators based on the consideration of the efficiency of each stage of the activity of the SFC body; and the subsystem of the efficiency of an employee of the SFC body. The system for evaluating the efficiency of budgetary monitoring includes a one-factor component based on the ratio of the number of pieces of information sent to customers and contractors about the response measures taken and the decisions received from them. In terms of developing new theoretical and methodological approaches for evaluating the efficiency of SFC and budget monitoring, the study performed improved the theory and practice of public finances.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"100 16","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140086357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Market Reaction to COVID-19 and Policy Response Across Different Sectors: An Event Study on ASEAN Stock Market","authors":"D. Lesmana, R. Yudaruddin","doi":"10.26794/2587-5671-2024-28-1-30-42","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-30-42","url":null,"abstract":"The purpose of the study is to investigate the market reaction to COVID-19 and the policy response in the ASEAN stock market. The subjects of this study are companies located in ASEAN countries (Indonesia, Malaysia, Thailand, the Philippines, and Vietnam) as many as 2349 companies. The basic methodology of this research uses the event study method using CAR (Cumulative Abnormal Return) as a measure of market reaction. We also regressed the effect of firm characteristics (SIZE, ROA, LEV, CASH, AGE) on market reaction. According to the paper’s results, the ASEAN stock market reacted negatively to the announcement of COVID-19 cases and deaths. In this condition, the markets in Malaysia, the Philippines, and Vietnam had the worst reactions to the pandemic outbreak. Moreover, the market negatively reacted to the policy response emphasizing the spread of this disease. We also find that several sectors also provided a negative reaction to COVID-19 and the policy response in the ASEAN stock market. In addition, the company’s characteristics significantly influenced the encouragement of market reactions to the pandemic and regulations. Practical implications were provided for policymakers regarding the need to consider market conditions in interventions in the spread of the health crisis. Investors should also consider the characteristics involved in handling the COVID-19 pandemic.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"40 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140279996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Forecast of the Volume of Expenses for the Payment of Old-Age Insurance Pensions in the Russian Federation until 2035","authors":"V. F. Sharov, I. Balynin, M. Sedova","doi":"10.26794/2587-5671-2024-28-1-122-132","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-122-132","url":null,"abstract":"The article is devoted to the assessment of the impact of demographic processes on the volume of expenses for the payment of old-age insurance pensions in the Russian Federation. The purpose of the study is to make a forecast of the volume of expenses of the Russian Social Fund budget for the payment of insurance old-age pensions for the period up to 2035, taking into account population fluctuations in 3 scenarios: optimistic, probable and pessimistic. The relevance of study is due is due to the influence of demographic processes on the pension system of the Russian Federation. The results obtained are new, they can be used in the practical activities of the state authorities of the Russian Federation, in the conduct of scientific research and in the educational process, etc. The authors used a multifactorial dynamic model in the form of a system of stochastic differential equations with parameters, and numerical calculations were carried out on a discrete approximation of this model. The authors revealed that with a pessimistic version of the population forecast, the volume of budget expenses of the Pension and Social Insurance Fund of the Russian Federation for the payment of insurance pensions (excluding early appointment) for 2023–2035 will increase by 56.67% (which in monetary terms is 4.22 trillion rub.); with a probable one — by 60.39% (which in monetary terms is 4.50 trillion rub.); with a pessimistic one — by 66.02% (which in monetary terms is 4.93 trillion rub.). It is important to note that any of the forecast, due to the population decline in the forecast period, assumes an increase in the volume of expenses for the payment of insurance pensions at rates below inflation (the latter, according to the minimum estimates of the authors of the article, will amount to 74.76%).","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"41 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140276096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial Constraints and the Use of Trade Credit: Evidence from Pakistan","authors":"M. Younis, M. J. Khan, M. Y. Khan","doi":"10.26794/2587-5671-2024-28-1-166-176","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-166-176","url":null,"abstract":"The purpose of this study is to identify whether financially constrained firms use trade credit (payables and receivables) as a channel to finance their operations. The previous literature mainly investigated the role of trade credit in various aspects of a firm’s performance. We argue that, since firms with limited financial capabilities usually have limited or no access to the long-term debt market, they can better be expected to rely on short-term financing, such as trade credit. We use Kaplan and Zingales index (KZ Index 1997) to measure the level of firms’ financial constraints. The fixed-effects panel regression methodology was applied to a sample of non-financial firms listed on Pakistan Stock Exchange over eleven years from 2009 to 2019. The results of this article show that financially constrained firms use trade credit as a financing channel for their operations. We further found that firms with higher profit margins use more trade credit while those that have higher assets turnover use fewer loans.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"99 49","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140086669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Trend of Public Spending and its Impact on Some Macroeconomic Variables in Iraq","authors":"K. I. Azeez, A. G. Kolaib, I. A. Jasim","doi":"10.26794/2587-5671-2024-28-1-98-108","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-98-108","url":null,"abstract":"The research investigates the trend of containing the impact of external economic shocks on some of the financial variables in countries exporting primary commodities, especially oil — and Iraq is selected as the sample in this research. The purpose of this research is to predict the role of fiscal policy in the context of the impact of external economic shocks on macroeconomic variables. The research adopts the standard methodology of the Vector Error Correction Model test to find the co-integration of the public spending model. The results of the study reveal that a shock in public spending leads to an increase in money supply, inflation and aggregate consumption. The conclusion indicates that there is an equilibrium relationship between the variables of the model (money supply, inflation rate, total consumption, the dummy variable, and government spending). The research’s main recommendation include the diversification of the base of the Iraqi economy and create an economy characterized by a gradual increase in the contribution to other economic sectors. This contributes to the formation of the gross domestic product and the diversification of the structure of public revenues. It also prepares for the change of the Iraqi economy from the rentier economy into the market economy. The aim of the research is to reach findings that prevent the Iraqi economy and the public budget from sudden fluctuations in oil revenues.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":" 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140091672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inflation Targeting: Eliminating Economic Growth and Structural Deformation in Russia","authors":"О. S. Sukharev, E. Voronchikhina","doi":"10.26794/2587-5671-2024-28-1-6-19","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-6-19","url":null,"abstract":"The paper examines the impact of the inflation targeting policy as a basic component of the government’s general anti-inflationary measures on economic growth and the structure of the Russian economy. The purpose of the study is to identify the impact of targeting policy in Russia on the rate of economic growth and the structure of the economy, represented by aggregated sectors — manufacturing and transactional raw materials. The research methodology consists of empirical-statistical structural, index methods of analysis, econometric modeling, reduced to the construction of factor models by type of production functions. Taking into account these methods, an algorithm has been developed to assess the impact of price dynamics and its targeting on macroeconomic dynamics and structure of the economy. Following this algorithm allowed, on the one hand, to give measurable estimates of the impact of consumer and industrial prices on general inflation in the country, and of inflation itself on GDP dynamics, on the other hand, to determine the degree of deformation of the structure of the Russian economy under the influence of inflation targeting policy. The main result of the study is that the large role of the transactional raw material sector in generating inflation and the fact that the introduction of targeting as a method of inflation suppression policy fixes the structure of the economy, slowing down development, which also affects growth towards its slowdown, is confirmed. Thus, a moderately restrictive monetary policy slows down growth and deforms the economic structure. The prospect of applying the results is that a change in inflation targeting policy, as well as an approach that assesses the impact of price dynamics on economic growth and its structure, which should lead to the justification of flexible ranges of inflation targets and the targeting of nominal GDP as a policy goal, taking into account the necessary change in the sectoral economic structure. In theoretical terms, future research on the adsorption of the money supply by the economic structure and determining the impact of such absorption on price dynamics is important.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":" 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140091612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial and Economic Behavior of Consumers and its Impact on the Achievement of Sustainable Development Goals in Russia","authors":"S. Karpova, Т. V. Pogodina","doi":"10.26794/2587-5671-2024-28-1-109-121","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-109-121","url":null,"abstract":"Sustainable development of the national economy based on the transformation of the financial and economic behavior of consumers is one of the priorities of the socio-economic policy of the Russian Federation. In this regard, the formation of responsible financial and economic consumer behavior is a leading factor in achieving the sustainable development goals. This paper focuses on the update of the problem and the assessment of the impact of consumer financial and economic behavior factors on the achievement of sustainable development goals. The purpose of the study is to systematize consumer behavior factors and identify promising directions for achieving sustainable development goals based on the formation of responsible financial and economic behavior of consumers. The subject of the study is the transformation of consumer behavior and its impact on achieving sustainable development in Russia. Research methods include analysis and synthesis, analogy and generalization, compare and contrast, induction and deduction, correlation coefficients, rating assessment. As the main results of the study, it is necessary to highlight the substantiation of the relationship between the sustainable development goals and the financial and economic consumer behavior; grouping of consumers depending on age and attitude to purchases (generation X, Y, Z) to determine the reasons and motives of the transition to responsible behavior; assessment of the achievement of sustainable development goals based on an integral indicator; ranking of the impact factors of consumer behavior on the per capita GDP index based on the correlation coefficient; identification of priority directions for the formation of responsible consumer behavior. An important conclusion is made about the transformation of the financial and economic consumer behavior in the direction of increasing the impact of waste disposal of production and consumption; digitalization of households, investments in environmental protection, income differentiation and dynamics of real wages of the population on the per capita GDP index.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"66 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140282350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Foreign Exchange Reserves and Economic Growth of Brazil: A Nonlinear Approach","authors":"M. Kashif, N. Singhal, S. Goyal, S. K. Singh","doi":"10.26794/2587-5671-2024-28-1-145-154","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-145-154","url":null,"abstract":"The research aims to look at the linear and nonlinear causal relationships between Brazil’s accumulated international reserves and economic growth from 1989 Q1 through 2021 Q4. For empirical investigation, this study employed econometric procedures such as the Augmented Dickey Fuller and Zivot-Andrews unit root tests, the linear Granger causality test, Johansen’s cointegration test, the BDS test, and the nonlinear Granger causality test proposed by Hiemstra and Jones. The study concluded that there is a bidirectional linear and non-linear causality between foreign exchange reserve and economic growth. This study fills the gap in the literature by exploring the nonlinear relationship between international reserves and economic growth, while earlier studies primarily explored linear relationships. Foreign trade policymakers can utilize the model developed here to formulate applicable policies about foreign exchange reserves. Based on the findings, the study proposes that Brazil can accrue foreign reserves if surplus assets are invested in alternate sources such as economic infrastructure projects and regional infrastructure development.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"113 49","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140089599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tax System and Equity Investment in a Growing Economy","authors":"C. O. Omodero","doi":"10.26794/2587-5671-2024-28-1-75-84","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-75-84","url":null,"abstract":"The purpose of the study is to identify the impact of the tax system on investment in equity capital by analyzing the six types of taxes that affect the activities of firms. The data for the independent variables (tax classes in Nigeria) are obtained from the Federal Internal Revenue Service, while the data for the dependent variable (equity investment) are obtained from the Statistical  Bulletin  of  the  Central  Bank of  Nigeria. The  necessary statistical  methodologies are used to examine the impact of various tax classes on equity investment from 2011 to 2020. According to the research, capital gains tax and  gas  income  tax have  little  effect  on  equity investment. The  petroleum  profit  tax and corporate income tax have a considerable detrimental impact on equity investment. On  the  plus  side, value added tax and education tax have a significant favorable impact on equity investment. These results are one-of-akind and precisely depict the genuine nature of the country’s tax system and its impact on investment. As a result, the research proposes a tax shift to lessen the tax burden on enterprises in order to stimulate equity investment, which will increase firms’ capital base for the purpose of business expansion and growth of the nation’s economic structure.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":" 628","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140092453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessment of the Volatility of the Main Cryptocurrencies, the Euro and the Direct Exchange Rate of the Ruble","authors":"V. Byvshev, M. A. Yashchenko","doi":"10.26794/2587-5671-2024-28-1-133-144","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-1-133-144","url":null,"abstract":"The development of financial technologies in modern conditions has contributed to the active use of digital financial instruments — cryptocurrencies — in international settlements. The availability of up-to-date information on digital currency volatility will help crypto market participants predict the consequences of their transactions. The purpose of this work is to construct a new measure of the volatility of financial assets, in particular, cryptocurrencies, the euro and the direct exchange rate of the ruble. In order to obtain this measure, an analysis of known volatility measures was carried out, requirements for the measure of volatility of a financial asset were formulated, and, as a result, the volatility of the main cryptocurrencies, the euro and the direct exchange rate of the ruble, was assessed by the levels of the time series of monthly quotations of these assets in the time interval from 1.01.2022 to 1.04.2023. The scientific novelty in the paper is a reasonable new measure of absolute volatility. The main conclusions of the study are: 1) the measure of absolute volatility constructed in this paper has the dimension of the asset value and measures the part of the asset value that is generated by uncertainty in the values of its profitability; 2) Bitcoin Cash is the most volatile cryptocurrency, Bitcoin has the least volatility among cryptocurrencies; 3) the volatility of the direct exchange rate of the ruble (the price of the US dollar in rubles) is about half the volatility of Bitcoin; 4) out of competition in terms of volatility is the euro quote (the euro price in dollars) — 10% in a year and a half.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"63 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140272361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}