Surplus Funds Research Articles

Conventional Money Market Practices and Prices in Conventional Money Market

The money market has an important role in the economy. For those who have a surplus of funds, the money market is an important means of investment. Meanwhile, for those who need funds, the money market is an important solution to overcome the problems they face. In today's modern era, transactions that occur in the money market are generally carried out directly through the telephone electronic data link media. These transactions are called Over the Counter (OTC) transactions. The actors can carry out transactions on the domestic (domestic) or foreign market that do not require a real market form. Transactions on the money market can be carried out 24 hours a day around the world, allowing fund owners to put their capital in markets that provide high interest rates. Meanwhile, borrowers can look for loans in the market that offers the lowest interest rates. Prices in the Conventional Money Market are usually expressed as a percentage that represents the income (return) associated with the use of money for a certain period of time

<p>Investigate the Effect Oil Price Volatility for The Period (2010 -2020) on the Economic Situation Based ARDL Approach</p>

In this study , governments in oil-producing countries rely heavily on oil income to fund their budgets and exert political influence. Increases in government expenditure are a direct result of a surplus of funds, as would be expected from standard economic theory. This is precisely why Extremely high oil prices in 2010and 2020 caused tremendous budgets in the Iraqi economy. Investment, which would have been the primary beneficiary of the government expenditure process, was ignored. They missed a chance to diversify their economies and industries by concentrating solely on leisure and consumption. The progress of the Iraqi economy is unimpeded by a shortage of resources or money. Oil earnings and governmental spending are the primary factors studied due to their close relationship. The sample size was organized , and the data collected was quarterly, which is more timely than annual data. Keeping an eye on it all the way from 2010 till 2020. A quiet test was performed on the series to see if those two factors were present, and the results showed that they were not. As soon as they take the first difference and the graph examination, they find their footing and are able to continue on with the rest of the exams with ease. The right model was chosen, and an autoregressive distributed-lag (ARDL) technique was used..

СОЦИАЛЬНЫЕ ФИНАНСОВЫЕ ТЕХНОЛОГИИ РАЗВИТИЯ ЗДРАВООХРАНЕНИЯ НА ОСНОВЕ МЕДИЦИНСКИХ НАКОПИТЕЛЬНЫХ СЧЕТОВ

The article details the transition, starting in 2023, from the existing financing system to medical savings accounts (MSA). It is shown that already in 2023, for all categories of citizens (employed, low-wage, non-working) income from the Ministry of Taxation exceeds standard (within the framework of compulsory health insurance) expenses. The surplus of funds for the Ministry of Taxes in the first year (2023) implementation amounted to 241,6 billion rubles, in the fifth year 4,9 trillion rubles, and in the twentieth 105,3 trillion rubles. These funds, placed by banks (Sberbank and VTB) in the form of loans, will provide the Russian economy with huge, long-term and cheap financial resources. It is shown that in about twenty years, citizens’ MSA will accumulate a non-reducible balance sufficient for 20 years of survival after retirement, and employers, instead of 5,1% of workers’ wages, will be able to deduct only 1% for co-financing of low-paid and unemployed citizens, which will significantly reduce production costs at all Russian enterprises. Since funds for the MSA can only be spent on medical care, the surplus of funds will provide the opportunity for Russian citizens to receive additional medical services, including high-tech ones, as well as receive medicines, and medical organizations will receive a huge additional source of funding.

Issues concerning Social Security, Medicare and the national debt

It happens quite usually that national politicians can regularly speak of limiting Social Security and Medicare in some ways. However, when confronted with enough public scrutiny in general, those politicians who advocate such reductions become less strident in their own comments. Taxes from the Federal Insurance Contributions Act (FICA) provides revenue for the Social Security and Medicare programs. The amount of gathered tax revenue is partially dependent on the payroll FICA tax cap. This article explains how the cap works. Social Security started in 1935, as part of the New Deal. In 1956, insurance to aid disabled people was started. In this article, different aspects of that cap are also examined. In 1965, the Medicare program came into effect. Any temporary surplus of federal funds must be used to hold US Treasury Securities. Starting in Fiscal Year 1969, the United States of America have operated under the law of the Unified Budget Act. This act stipulates that all receipts and outlays of all federal spending be consolidated into a unified budget. Much of these funds will be needed as future retirees receive benefits from the Social Security and Medicare. As that happens, there may be comparatively less US Treasury securities held by the Social Security and Medicare Trust funds. This article shows some of the concerns that the President and Congress face in budget negotiations. In 2017, the rating for long-term US Treasury Securities stayed at AA+ by Standard and Poor’s, a credit rating firm. Both Congress and the US President needed to work together to slow the growth of annual deficits, which adds to the federal debt. Interestingly, two other bond rating firms, Moody’s Investors and Fitch, maintained the bond rating of AAA. It has to be remembered that none of these ratings are permanent. As time goes on, firms that give bonds ratings will keep on analysing those who issues securities, including the US government. Furthermore, not all credit rating agencies agreed with any fall of the credit rating. As to a more recent credit rating, US Treasuries were rated at AAA. The reader should always be cognizant of the fact that ratings can change over time. Such times as occurred in May 2023 (debt ceilings, tax revenues and spending disagreements between the legislative and executive branches) may or may not be contemplated regarding the credit rating of US Treasuries.

Monetary policy and gender discrimination in the credit market

The studies on monetary policy highlight that a contractionary policy reduces a firm's access to external funds. However, it is unknown whether it affects men and women equally. In this scenario, the aim of this paper is twofold. First, to investigate the differential effect of monetary policy on female- and male-run firms. We find that a contractionary monetary policy widens credit market discrimination, i.e., female-owned and -managed firms receive less funds during a tight monetary policy period. This effect reverses during the expansionary period, i.e., female-run firms are more likely to receive funds than male-run firms. This result implies that during a tight policy period, financial institutions resort to credit rationing and women are the victims of this practice, whereas during an expansionary period, banks are flushed with money and they channelize these excess funds to female-owned firms. Our results also indicate that the adverse effects of the policy fall heavily on small and medium enterprises. Second, to study the impact of gender equality on monetary policy-led credit market discrimination. We find that credit market discrimination during the contractionary period is relatively lower (higher) in a country where gender equality (gap) is higher. This is another evidence that women receive less external funds not based on their lack of repayment ability but rather on society's predetermined notions about their incapability.

Strategi Pendistribusian Zakat Melalui Program Tanah Datar Sehat di BAZNAS Kabupaten Tanah Datar

BAZNAS Tanah Datar District has five programs, one of the most important programs is Tanah Datar Sehat. There are several problems that trigger this research, namely the distribution of zakat for the Tanah Datar Sehat program which exceeds and is less than RKAT funds and the number of mustahik for the Tanah Datar Sehat program always increases every year. Therefore the authors wish to conduct research on the zakat distribution strategy carried out by BAZNAS Tanah Datar Regency for the health program. The type of research that the authors use is (field research) field research with qualitative descriptive methods. Data collection techniques that the authors do are interviews and documentation. The results of the research that the authors found regarding the strategy carried out by BAZNAS for Tanah Datar Regency, namely regarding the zakat distribution program BAZNAS for Tanah Datar Regency has five programs: Tanah Datar Smart, Tanah Datar Prosperous, Tanah Datar Cares, Tanah Datar Madani and Tanah Datar Sehat. Especially about the Healthy Flat Land program. The strategy carried out by BAZNAS of Tanah Datar Regency in distributing zakat is by determining goals and targets, formulating strategies, determining the resources needed. Regarding the obstacles faced by BAZNAS of Tanah Datar Regency in distributing zakat in the Tanah Datar Sehat program, namely due to weather factors, lack of completeness of mustahiq administration, delays in reporting survey results by amil. When the funds distributed exceed or fall short of the Annual Budget Work Plan (RKAT), BAZNAS carries out a cross system, namely the excess funds are transferred to the following year. While the funds were lacking that year, the funds were taken from other program funds that were not realized.

Analysis of the Difference in Stock Prices and Stock Returns Before and After Stock Split

This study aims to determine the difference between stock prices and stock returns before and after the stock split. The capital market provides investment facilities for investors who have excess funds to be able to invest their money in the hope of getting a return. The stock split is carried out on the basis of two theories, namely trading range theory and signaling theory. Research data is daily data for a five-year period (2015-2020). The sampling method used was purposive sampling, 31 companies that met the criteria were selected as samples. The analytical method used in this research is descriptive statistical test and normality test and paired sample t-test. The results of this study indicate that there is a significant difference in stock prices and there is a significant difference in stock returns before and after the stock split.

Poverty Elimination through Potential Zakat Collection in OIC-Member Countries: Revisited.

This paper is the extended and updated version of Shirazi (2006), which covers 38 OIC-member countries. The paper estimates the resource required and potential zakat collection for poverty elimination. The paper employed the poverty gap index based on US $ 1.25 a day and US$ 2.0 a day estimated by the World Bank (2009). Zakat potential has been estimated by employing Kahf (1989) method of estimation with some modifications. The paper finds that half of the sample countries not only meet their resource shortfall by potential zakat collection but also generate surplus funds which are sufficient for the resource deficit countries. The paper suggests pooling of zakat funds from the zakat surplus countries and providing for the resource deficit countries to eliminate the poverty. Keywords: Poverty Alleviation, Resource Shortfall, Zakat Collection. OICMember Countries

A Study on Financing Pattern of Working Capital in IT Sector Companies in India

Working capital in business is akin to that of heart in human body. Efficient working capital management requires well-balanced funds without which either scarcity of funds will cause obstruction in the smooth functioning of an organization or excess funds will prevent an organization from conducting its operation dexterously. Hence, a great deal of attention must be given to the management of current assets investment in an organization. Management can exercise different sources astutely in financing working capital. In this paper, an attempt has been made to unearth the size of short-term financing pattern used to finance current assets along with the contribution of various sources in the context of the selected five IT sector companies. This paper epitomizes an empirical study of the selected companies in India from diverse perspectives through statistical techniques, tables, secondary data collection strategy accessed through Internet and academic databases viz. literature reviews, website, books, journals, annual reports, etc. from 2012-2013 to 2021-2022. The results of the study show that short-term financing does not meet the full financial requirements of current assets and proportion of various short-term sources in financing working capital requirements has also mixed pattern over the years in the selected units under study.

Hannah Claire Haines, 1891–1974: Not the Average “Militant Female”

Hannah Claire Haines, 1891–1974: Not the Average “Militant Female”

ПРАВОВІ АСПЕКТИ ОПОДАТКУВАННЯ ГОСПОДАРСЬКОЇ ДІЯЛЬНОСТІ СУБ’ЄКТІВ ГОСПОДАРЮВАННЯ В УКРАЇНІ В УМОВАХ ВОЄННОГО СТАНУ

This scientific article covers the issue of taxation of economic activity of economic entities in Ukraine under martial law. Theoretical and practical interest in the study of the problems of legal support of taxation of economic activity of economic entities in Ukraine under martial law is primarily related to social, economic and geopolitical metamorphoses occurring in the world in recent years. In the current realities of Ukraine, it faces a number of issues, the solution of which is directly related to the identification and analysis of sources of real and potential threats to business entities under martial law. A significant number of global threats require the creation of special administrative and legal mechanisms for regulating public relations that arise in emergencies of military, social, man-made and natural nature. The purpose of this article is to study certain forms of taxation of economic activity of economic entities in Ukraine under martial law. The authors conclude that the business has continued to pay taxes to the state budget and even pays them in advance. In February 2022, the general fund of the state budget received UAH 104.6 billion (overfulfillment of the monthly schedule by 29.3%, or UAH 23.7 billion). With the planned deficit of UAH 66.2 billion in the first two months of 2022, the general fund surplus amounted to UAH 13.1 billion, and the state budget of Ukraine as a whole - UAH 24 billion; The NBU promptly transferred part of the profits for distribution in the amount of almost UAH 19 billion to the state budget of Ukraine to finance the functioning of the state under martial law; Thus, the continuous deregulation of business and the introduction of tax benefits is the only way for the effective functioning of the economy, the normal conduct of economic activity by economic entities in a state of war. In addition, a number of adopted changes are already demonstrating their effectiveness.

Revisit Bonds Market and Aggregate Output Nexus: The Malaysian Case

The capability of the bonds market to channel savings to investors plays a significant role in promoting aggregate output. However, some recent studies argue that the connection between bond market development and economic activities is uncertain. The purpose of this study is to examine how the bonds market in Malaysia may affect its aggregate output based on the period between 1990 to 2020. The autoregressive distributed lag (ARDL) bounds test is applied to study the nexus of the bonds market and the aggregate output of Malaysia. The results suggest a positive effect of private and public bonds on the economy of Malaysia. The findings imply a long-term effect running from the bonds market to aggregate output, supporting the notion that the bonds market has a direct and positive effect on channelling a surplus of funds to finance economic activities in Malaysia.

INVESTASI YANG BERESIKO DALAM PASAR MODAL

The capital market is a place where companies seek funds to finance their business activities. In addition, the capital market is also an effort to raise public funds directly by investing funds into healthy and well-managed companies. The main function of the capital market is as a means of capital formation and accumulation of funds for financing a company/issuer. The presence of capital market institutions in Indonesia adds a row of alternatives for people who have excess funds and are interested in investing to invest their funds. capital. Keywords ; Risk, Investment and Capital Market Abstract The capital market is a place where companies seek funds to finance their business activities. In addition, the capital market is also an effort to raise public funds directly by investing funds into healthy and well-managed companies. The main function of the capital market is as a means of capital formation and accumulation of funds for financing a company/issuer. The presence of capital market institutions in Indonesia adds a row of alternatives for people who have excess funds and are interested in investing to invest their funds.

Cross-Country Variations in Sovereign Wealth Funds’ Characteristics

In this exploratory study, we analyze the drivers of the variation in sovereign wealth funds’ characteristics across countries. Sovereign wealth funds have emerged as an important instrument for governments to invest and manage excess funds, which despite serving similar needs, vary significantly across countries. We integrate agency theory with the varieties of capitalism framework to propose that the country’s governance characteristics affect sovereign wealth funds’ multi-level agency problem, i.e., politicians acting as intermediaries between the citizens who are the nominal owners and the funds’ managers, and drive the cross-country variations in the characteristics of sovereign wealth funds. More specifically, we argue that the home country’s type and quality of government and the origin of the wealth drive cross-country variations in the transparency and growth of the sovereign wealth funds, leading to a classification of countries by type of SWF. We provide public policy suggestions for addressing these agency problems and improving sovereign wealth fund behavior.

Faktor Penentu Surplus Underwriting Dana Tabarru’ Asuransi Jiwa Syariah di Indonesia Periode 2015-2020

The occurrence of a high underwriting surplus will greatly benefit the company and have an impact on the level of public confidence in the services and products offered by sharia insurance so that people will choose the company as a place to do insurance. This requires the underwriter to carry out underwriting management properly so that there is an underwriting surplus. This study was conducted to determine the effect of premiums, claims and investment returns on the underwriting surplus of tabarru' funds for full sharia life insurance in Indonesia in 2015-2020. This research method is done through panel data regression. Research data in the form of secondary data with purposive sampling as a technique used in the research sample. Partially, the results show that premiums have a significant positive effect on the underwriting surplus, claims have a significant negative effect on the underwriting surplus, and investment returns have an insignificant negative effect on the underwriting surplus. Simultaneous testing shows that premiums, claims and investment returns have a significant effect on the underwriting surplus.

THE EFFECT OF FIXED ASSETS VALUE, REGIONAL ORIGINAL INCOME AND CAPITAL EXPENDITURES ON MAINTENANCE EXPENDITURES IN THE DISTRICT/CITY OF SOUTH SUMATRA PROVINCE

The government gives freedom to each region to regulate its own government affairs, including the distribution of development funds with the aim of maintaining the continuity of government and improving the quality of public services. The allocation of capital expenditures related to adequate maintenance expenditures is very important to maintain the state of government assets so that they can function properly. Every year, various government work units have budgeted the allocation. However, the allocated budget is sometimes too large, resulting in excess funds and cannot be maximized for other priority expenditures. The purpose of this study is to determine the effect of Fixed Assets partially on Maintenance Expenditure. The research method is basically a scientific way to obtain data with certain purposes and uses.” The type of research used in this research is quantitative method. Quantitative research methods can be defined as research methods based on the philosophy of positivism, used to examine certain populations or samples, data collection using research instruments, statistical quantitative data analysis, with the aim of testing hypotheses that have been determined. In accordance with the provisions of the Decree of the Minister of Finance of the Republic of Indonesia Number 01/KM.12/2001 concerning Guidelines for Capitalization of State Owned Assets in the Government Accounting System as regulated again through Minister of Finance Regulation Number 181/PMK.06/2016 concerning Administration of State Owned Goods, the condition of fixed assets is grouped into good, lightly damaged and heavily damaged. Conclusion: Partially Fixed Asset Value (X1) has no effect and is not significant on Maintenance Expenditure (Y) in the Regency/City of South Sumatra Province. Regional Original Income (X2) has no effect and is not significant on Maintenance Expenditures in the Regency/City of South Sumatra Province.

Robust equilibrium strategies in a defined benefit pension plan game

This paper investigates the robust non-zero-sum games in an aggregated overfunded defined benefit pension plan. The sponsoring firm is concerned with the investment performance of the fund surplus, while the participants act like a union to claim a share of the fund surplus. The financial market consists of one risk-free asset and n risky assets. The firm and the union are ambiguous about the financial market and care about the robust strategies under the worst-case scenario. The union's objective is to maximize the expected discounted utility of the additional benefits. The firm's two objectives are to maximize the expected discounted utility of the fund surplus and the probability of the fund surplus reaching an upper level before hitting a lower level in the worst-case scenario. We present a general robust non-zero-sum game with stopping times, which contains the two objectives as special cases. Hamilton-Jacobi-Bellman-Isaacs equations and verification theorem are presented for the robust optimization problem. We obtain explicit solutions in the related two robust non-zero-sum games for the firm and the union. Numerical results are illustrated to depict the economic behaviors of the robust equilibrium strategies in these two different games.

Analisis Penerapan Tata Kelola Perusahaan dan Audit Internal Terhadap Kinerja Keuangan Perbankan Syariah Indonesia

The world of banking is one of the important aspects in moving activities in the economic field. It is important for banks to maintain stable and increasing profitability to fulfill obligations to shareholders, attract investors to invest, and increase public confidence in storing excess funds held by banks. This study aims to analyze the effect of Corporate Governance by measuring the sharia supervisory board, board of directors, and audit committee on the financial performance of Islamic banking as measured by profitability using Return On Assets (ROA) in Islamic banking companies registered with the Financial Services Authority (OJK) for the periode 2017-2021. This research method uses secondary data with documentation techniques. With a population of 14 Islamic Comercial Banks, the sample for this study was 5 Islamic comercial bank companies that match the criteria for selecting each company that attaches financial statements and good corporate governance reports by including the number of sharia supervisory boards, boards of directors, and audit committees. The sampling method used in this research is using purposive sampling technique. The data analysis technique uses multiple regression analysis using the SPSS 25 program. The result of this study explain that the sharia supervisory board has a partial negative effect on profitability, while the board of directors and audit committee have no effect on profitability.

PERANAN PERBANKAN SYARIAH TERHADAP EKONOMI MELALUI PEMBIAYAAN MODAL KERJA UMKM PADA BANK SYARIAH INDONESIA

This study was conducted to determine the role of Islamic banking in Indonesia through MSME working capital financing. Islamic banking whose main function is as an intermediary is to collect excess funds from surplus parties and transfer them to parties who lack funds in the form of working capital financing, including MSMEs. MSMEs are seen as the driving force of the economy that makes a major contribution to Indonesia's economic development. MSMEs persisted despite the economic crisis. The role of Islamic banks must contribute to the development of MSMEs and continue to improve their management so that they can develop the economy in the future, especially the Islamic economy in Indonesia. This research uses descriptive qualitative research. Primary data sources were obtained by means of interviews or observations through Bank Syariah Indonesia (BSI) customers Krian Sidoarjo and secondary data sources obtained from research using data on the financial statements of Indonesian Islamic Commercial Banks for 2017-2019. The results of this study are that Bank Syariah Indonesia is very helpful for customers, especially Micro, Small and Medium Enterprises (MSMEs) in developing their businesses so that the economy in Indonesia is maintained and increasingly advanced

ANALISIS RASIO CAR, NPL, DAN LDR TERHADAP ROA

ABSTRACT
 Banks are intermediary institutions for those who have excess funds and those who lack funds. The purpose of this study is as follows to test and analyze the ratio of CAR, NPL, and LDR simultaneously affect ROA, the ratio of CAR, NPL and LDR partially affect ROA and between CAR, NPL, and LDR which variable has a dominant influence on ROA. This analysis was carried out with a descriptive qualitative approach, in which the researcher systematically compiled the data obtained based on the results of interviews and group discussions. The conclusion of this study explains that the CAR variable shows a positive and significant effect on ROA. The NPL and LDR variables show a negative and insignificant effect on Return On Asstes (ROA). And the variable with the most dominant influence on ROA is CAR.