Demand For Financial Resources Research Articles

Dynamic and structure of GDP and investments

Internal epidemiological restrictions and external shocks have had a significant impact on economic growth in Russia. Unfavorable changes in the global market environment increased the impact of external factors on economic dynamic: starting from 2019, the scale of exports in terms of value and physical volume decreased; the decline in the contribution of net exports to GDP dynamics was partially offset by an increase in domestic demand on the back of the outstripping growth of manufacturing industry and the segment of paid services to the population. From the outset of the spread of coronavirus infection, there was a simultaneous reduction in demand and supply in the domestic market. The situation was complicated by a drop in demand and prices on the world market of hydrocarbons, which came amid a decline in the ruble exchange rate and an increase in the level of inflation. The negative effects of the uncertainty and potential risks of the pandemic affected the nature of business structures, consumer behavior, and led to changes in the structure of government spending, the corporate sector, households, and the demand for financial resources

Finansiranje kulturne baštine

Financial policy is very important for the development of cultural heritage. Without an efficient funding system, there is no successful preservation of cultural heritage. Effective financing depends not only on the legislative policy, but also on all participants in this field, starting from the social understanding of heritage to its knowledge by potential investors. In recent years, there has been an increase in the need to preserve cultural heritage, and thus an increase in the demand for financial resources for its preservation. The reasons are, obviously, in a larger number of facilities that require renovation, expansion of works and procedures aimed at their conservation and preservation, and the decreasing volume of public finances allocated for these purposes. Cultural heritage is a public good and that is why its preservation is difficult to imagine without investing public funds. Public funding of cultural heritage has multiple positive effects for the state. The immediate effect is, of course, the preserved and restored cultural heritage, and the indirect ones are wider. These are new jobs, support for traditional crafts, development of tourism and the local economy, improvement of infrastructure and living environment. Public financing of cultural heritage must not be seen as a burden, but as an investment that will return many times over. Of course, it is necessary to focus on donors, project financing, funds from various European programs and organizations, in order to provide as much diverse financing of cultural heritage as possible in the future. The paper gives an overview of the ways of financing cultural heritage in three European countries: Germany and the Netherlands.

Empirical Research on the Resilience of the National Financial System to Vulnerabilities and Risks

Abstract In the market economy, the financial system includes a set of specialized markets, where the demand of financial resources is faced with the supply, through specific mechanisms and within a framework regulated by the financial authorities. At the macroeconomic level, the major importance of the financial system lies in the fact that it ensures, through the markets that it consists of, the mobilization of the existing financial resources available in the economy at a given time and their transfer to various investment projects. In fact, the mission of the financial system is to finance the real economy. In a versatile economic environment, the financial system is often subjected to pressure factors, shocks that can affect its “well-being”. In this context, the authors, using specific scientific research methods, aimed to investigate and highlight certain main aspects of the methodological and pragmatic framework concerning the resilience of the national financial system to different pressure factors.

ESTADO DE BIENESTAR, FELICIDAD Y PRODUCCIÓN EN LA UE.

El Estado de Bienestar se concibe como un modelo político cuyo objeto principal es facilitar la igualdad de oportunidades y garantizar las necesidades básicas de los que tienen rentas menores por medio de políticas sociales. Existen posturas opuestas sobre su utilidad, necesidad, eficacia y eficiencia económica porque requiere de un volumen considerable de recursos financieros, principalmente aportados por los trabajadores y las empresas mediante impuestos en función de sus rentas. Por un lado, se encuentran aquellos que sostienen que la intervención del Estado se ha de reducir al mínimo para no perjudicar a la actividad económica y a la creación de empleo. Por otro lado, se hallan los que apoyan la existencia del Estado de Bienestar porque aumenta la productividad de la economía mediante las mejoras del capital humano y del capital social. Este trabajo analiza mediante técnicas estadísticas y econométricas las políticas sociales, la felicidad y la productividad para valorar el retorno del gasto público a los ciudadanos por dos vías, la individual (bienestar subjetivo) y la económica (producción per cápita) de los países de la UE en el año 2014.ABSTRACTThe welfare state is envisaged as a political model whose main objective is to ensure equality of opportunity and to guarantee basic needs of those on low incomes through social policies.There are opposing positions about the economic utility, necessity, effectiveness and efficiency because this model would require a considerable demand of financial resources, mainly contributed by workers and companies through the different taxes paid according to their income. On the one hand, those who argue that it should be reduce government intervention until minimum as not to harm the economic activity and creating jobs. On the other hand, there are those who support the existence of the welfare state because it increases the productivity of the economy with the best human capital and social capital. This paper analyses social policies, happiness and productivity to assess the return of public spending to citizens in two ways: individual (subjective well-being) and economic (per capita production) of the countries of the EU in the year 2014.

The influence of the financial slack on the economical performance of Brazilian and Chilean companies

Although financial slack is a resource used to generate opportunities, a high level of this may lead to a more relaxed or complacent management. Taking into account this divergence, the present study examines the influence of financial slack on economic performance. The study involved 190 companies in Brazil and 104 in Chile. The results indicate that in Brazil and Chile, the gross profit showed better explanatory power to the financial slack resources. However, the high discretionary financial slack showed negative magnitude and a positive link with the financial resources demand, suggesting that companies become proactive in new investments and in strategic choices when there is a demand for financial resources.

Estimate of the demand for financial resources for the economic growth recovery

The paper considers the quantitative scope of the monetary policy that provides the demand of the economy for working capital during the return to economic growth. Directions of monetary and fiscal policies in times of crisis have been substantiated.

Economic Openness and Industrial Development in Nigeria

Over the years, governments have been confronted with the implementation of a growth-oriented economic policy. The policy challenge has often been a decision between protectionist and liberalized policies. Nigeria adopted the former up to 1986. Inability of the protectionist policy to drive sustainable growth led to a policy change, in July 1986, to economic openness or liberalization. Following the adoption of policy in 1986 under the structural adjustment programme, there have been conflicting opinions on whether or not it has supported the growth of the Nigerian economy. Against this background, this study seeks to examine the effect of the economic liberalization policy on the performance of the industrial sector in Nigeria. Specifically, the study examines the extent to which changes in some key economic indicators like exchange rate, financial deepening, trade openness and lending rate account for the trend in output performance of Nigeria’s industrial sector in the post reform period. Choice of the exogenous variables was based on developments in commercial and financial sectors following the adoption of the policy. Dataover the period 1986-2014 were analyzed using econometric technique based on the Vector Error Correction Model. The study shows that rate of change in exchange rate, trade openness and lending rate exert significant negative impact on industrial output. There is also evidence of significant positive impact of financial deepening on industrial output. The Granger causality estimate shows weak causal impact of financial deepening on industrial output as well as bi-directional causation between trade openness and industrial output. There is also evidence of causal impact of industrial output on lending rate, an indication that industrial development generates demand for financial resources. The study recommends that government seeks to achieve an investment-friendly climate as well as monitor real sector operators to ensure that foreign exchange allocations are not diverted.

Knowledge is Prudence: Why Business Training Reduces Entrepreneurs' Borrowing

Entrepreneurs' resource constraints have received considerable attention. This paper demonstrates that business knowledge increases return to capital, lowering an entrepreneur's demand for financial resources. Conceptually, learning business knowledge may motivate entrepreneurs to expand their businesses due to enhanced ability to generate revenue, but it may also decrease business scale while improving performance because it reduces costs and investments that cause losses once undertaken. Using data from a U.S. entrepreneurship training program, I find that receiving training improved entrepreneurs' earnings, with effects concentrated on loss reduction; training reduced entrepreneurs' likelihood of incurring losses, but had little influence on the right tail of earnings distributions. Training also decreased the scale of the businesses, as measured by total capital and employment. Results have implications for new ventures' strategies and public policies that address entrepreneurs' capital constraints.

The Impact and Functional Forms of the Major Determinants of Performance of Informal Venture Capitalistss Investments

This paper aims at providing evidence on the activity of business angels, using a unique dataset gathered during the five-year time period 2007-2011 with the support of IBAN (Italian Business Angels Network). In particular, the paper studies how characteristics of the investor and of the invested firm are correlated with returns, thus extending to the informal venture capital market research areas and methodologies widely applied in theoretical contributions dealing with the formal venture capital market. While, our descriptive analysis confirms the growing relevance of the relatively unknown and minimally regulated segment of the capital markets represented by the informal venture capital, given business angels’ capability to fill the equity funding gap between demand for financial resources by start-up companies and supply of early stage equity capital, the aim of the econometric analysis is to investigate the returns on business angels’ investments and their major determinants, making reference to an original set of independent variables (industry, exit strategy, experience, holding period, rejection rate, year of divestiture). Furthermore, while previous empirical studies hypothesized linear relationships between the explanatory variables and the performance of informal venture capitalists’ investments, this work tests different functional forms, both linear and non-linear.The major results achieved through the empirical analysis are the following: 1) differently from previous literature, the relationship between experience and IRR is non-linear and significant; 2) the widely accepted expectation that investments with a short holding period (below three years) earn a lower IRR is confirmed, for the first time, by quantitative data; 3) a new variable, rejection rate, is put into the model and its logarithmic impact on business angels’ performance is positive and significant. Finally, the outcomes of the empirical analysis performed in this study allow the identification of new and concrete insights into possible policy interventions aimed at stimulating the informal venture capital industry and, therefore, entrepreneurship inside the economic system.

Wie behandelt man den Morbus Crohn? – Individuelle Therapieentscheidung je nach Schweregrad

Treatment of Crohn's disease is still an interdisciplinary challenge in visceral medicine. Glucocorticoids, whether applied topically or systemically, remain the most potent drugs in terms of clinical remission induction. On the other hand, aminosalicylates seem to be of minor efficacy if at all. Still ongoing is the debate on the role and adequate timing of established TNF blockers. In any case, consideration of risks and benefits is warranted, including the demand for financial resources. Beyond conservative treatment, the practitioner must be familiar with the benefits of and indications for surgery.

Dynamic System Simulation for Prediction of the Number of Patients with Malignant Tumors in Various Clinical Groups and Assessment of the Demand for Financial Resources

Dynamic System Simulation for Prediction of the Number of Patients with Malignant Tumors in Various Clinical Groups and Assessment of the Demand for Financial Resources