Pub Date : 2019-01-01DOI: 10.21638/spbu05.2019.104
{"title":"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","authors":"","doi":"10.21638/spbu05.2019.104","DOIUrl":"https://doi.org/10.21638/spbu05.2019.104","url":null,"abstract":"","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":"67780745","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}
Pub Date : 2019-01-01DOI: 10.21638/spbu05.2019.402
M. Smeets, Partnership Technical Assistance Coordination, Muktar Djumaliev
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.
{"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}
Pub Date : 2019-01-01DOI: 10.21638/spbu05.2019.206
A. Kavaliou
{"title":"Keynes vs. Hayek Debates: Rethinking in the Light of Contemporary Macroeconomics","authors":"A. Kavaliou","doi":"10.21638/spbu05.2019.206","DOIUrl":"https://doi.org/10.21638/spbu05.2019.206","url":null,"abstract":"","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"10 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67780779","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}
Pub Date : 2019-01-01DOI: 10.21638/spbu05.2019.408
V. Cherkasova, Yana Piankova, UniCredit Bank
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.
{"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}
Pub Date : 2017-12-01DOI: 10.21638/SPBU05.2019.101
G. Besstremyannaya, J. Simm, S. Golovan
The paper proposes a bootstrap methodology for robust estimation of cost efficiency in data envelopment analysis. Our algorithm re-samples "naive" input-oriented efficiency scores, rescales original inputs to bring them to the frontier, and then re-estimates cost efficiency scores for the rescaled inputs. We consider the cases with absence and presence of environmental variables. Simulation analyses with multi-input multi-output production function demonstrate consistency of the new algorithm in terms of the coverage of the confidence intervals for true cost efficiency. Finally, we offer real data estimates for Japanese banking industry. Using the nationwide sample of Japanese banks in 2009, we show that the bias of cost efficiency scores may be linked to the bank charter and the presence of the environmental variables in the model. A package `rDEA', developed in the R language, is available from the GitHub and CRAN repository.
{"title":"Estimation of Cost Efficiency in Non-parametric Frontier Models","authors":"G. Besstremyannaya, J. Simm, S. Golovan","doi":"10.21638/SPBU05.2019.101","DOIUrl":"https://doi.org/10.21638/SPBU05.2019.101","url":null,"abstract":"The paper proposes a bootstrap methodology for robust estimation of cost efficiency in data envelopment analysis. Our algorithm re-samples \"naive\" input-oriented efficiency scores, rescales original inputs to bring them to the frontier, and then re-estimates cost efficiency scores for the rescaled inputs. We consider the cases with absence and presence of environmental variables. Simulation analyses with multi-input multi-output production function demonstrate consistency of the new algorithm in terms of the coverage of the confidence intervals for true cost efficiency. Finally, we offer real data estimates for Japanese banking industry. Using the nationwide sample of Japanese banks in 2009, we show that the bias of cost efficiency scores may be linked to the bank charter and the presence of the environmental variables in the model. A package `rDEA', developed in the R language, is available from the GitHub and CRAN repository.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48175623","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}
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