Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies最新文献_第9页

Determining the Size of Discount Rate for the Purposes of Investment Design and Evaluation of Business: on the Difference in Approaches to Calculation and Application 企业投资设计与评估中贴现率大小的确定:计算方法与应用方法的差异

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Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies Pub Date : 2019-01-01 DOI: 10.21638/spbu05.2019.104

引用次数: 1

Kyrgyz Republic and Structural Reforms: Twenty Years of WTO Membership 吉尔吉斯共和国与结构改革:加入WTO二十年

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Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies Pub Date : 2019-01-01 DOI: 10.21638/spbu05.2019.402

M. Smeets, Partnership Technical Assistance Coordination, Muktar Djumaliev

{"title":"Kyrgyz Republic and Structural Reforms: Twenty Years of WTO Membership","authors":"M. Smeets, Partnership Technical Assistance Coordination, Muktar Djumaliev","doi":"10.21638/spbu05.2019.402","DOIUrl":"https://doi.org/10.21638/spbu05.2019.402","url":null,"abstract":"The Kyrgyz Republic joined the WTO twenty years ago with the expectation that structural reforms required for obtaining membership and the application of trade rules would facilitate its transformation from a centrally planned to a market economy and ease its integration into the WTO multilateral trading system. It completed its accession process in record time, liberalized its economy considerably, reduced tariffs significantly, and made substantial commitments in a broad range of services sectors. It adopted legislation in all areas required for WTO membership and created competitive market access conditions for goods and services. Looking back at two decades of WTO membership, there is evidenced that the reform process is paying off. Trade has expanded significantly and new markets have been tapped for imports and exports, thus decreasing its dependency on traditional trading partners. As a result, the economy has grown rapidly. At the same time, many challenges remain to further diversify the economy, take better advantage of opportunities offered in the services trade, attract foreign direct investment, and fully implement all WTO related laws, rules, and regulations. The reform process continues to be essential to Kyrgyzstan’s economic policies to deepen and solidify its integration into the world trading system.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67780925","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}

引用次数: 1

Keynes vs. Hayek Debates: Rethinking in the Light of Contemporary Macroeconomics 凯恩斯与哈耶克之争:当代宏观经济学视角下的反思

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Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies Pub Date : 2019-01-01 DOI: 10.21638/spbu05.2019.206

A. Kavaliou

引用次数: 0

Macro-drivers and Over-investment of Russian Companies 宏观驱动因素与俄罗斯企业过度投资

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Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies Pub Date : 2019-01-01 DOI: 10.21638/spbu05.2019.408

V. Cherkasova, Yana Piankova, UniCredit Bank

{"title":"Macro-drivers and Over-investment of Russian Companies","authors":"V. Cherkasova, Yana Piankova, UniCredit Bank","doi":"10.21638/spbu05.2019.408","DOIUrl":"https://doi.org/10.21638/spbu05.2019.408","url":null,"abstract":"A consideration of investment activity in relation to macroeconomic factors suggests that companies have an optimal investment policy. In the majority of studies that analyze companies’ investment activities, attention has been focused mainly on the influence of internal factors as they are manageable, and less has been paid to external factors. In the Russian real-ity, since this may result in bankruptcy, over-investment occurs less frequently than under-investment. Therefore, the main question is: What has a bigger impact on over-investment, macroeconomic factors or internal factors? The goal of our study is to establish macro-drivers as having the strongest impact on the likelihood of over-investment in Russian companies. To measure the influence of macro-drivers, a binary choice regression model is estimated on the basis of panel data. The results reveal that the biggest impact on the probability of over-invest-ment was oil price volatility, decreasing it by 38 %. Exchange rate volatility was second place (–29 %), and GDP growth rate and inflation have an inconsequential influence (7 % and less than –1 % respectively). The analysis of the speed of adjustment to target levels of investment shows that, in the macroeconomic environment Russia experienced in 2012–2017, companies would have target levels of investment, adjustment to which would occur gradually, over a period of around 2 to 5 years, depending on the industry.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67781180","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}

引用次数: 0

Estimation of Cost Efficiency in Non-parametric Frontier Models 非参数前沿模型的成本效率估计

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Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies Pub Date : 2017-12-01 DOI: 10.21638/SPBU05.2019.101

G. Besstremyannaya, J. Simm, S. Golovan

引用次数: 1