scholarly journals Economic and financial relations of Serbia with foreign countries in the period 2000-2003

2004 ◽  
Vol 44 (160) ◽  
pp. 75-89 ◽  
Author(s):  
Mladjen Kovacevic
Keyword(s):  
Foreign Currency ◽  
Debt Crisis ◽  
Foreign Debt ◽  
Trade Deficit ◽  
Goods And Services ◽  
Long Run ◽  
Foreign Countries ◽  
Floating Exchange Rate ◽  
Foreign Indebtedness ◽  
High Level

The dissolution of the federation, war in the immediate environment, the UN sanctions, scarce investment as well as the NATO air-attacks had disastrous consequences for trade and financial relations of Serbia with foreign countries. Simultaneously, its foreign debt rose sharply due to the accrued interests, being at the end of 2000 substantially higher than Serbian gross domestic product. Thanks to the write-off of 51% of debt towards the Paris club, a windfall of donations and obtaining new favorable medium-term and long-term credits, the condition of Serbia's international financial relations considerably improved in the period 2001-2003, thus enabling it to run a foreign-exchange surplus during this period. Due to the policy of de facto floating exchange rate, sudden and drastic liberalization of imports and the lack of non-tariff protection, exports of goods and services in the last three years, contrary to plans, have increased much more slowly than imports, resulting in a large increase in growth and an enormously high level of trade deficit unsustainable in the long run. Due to new credits euro-denominated and other foreign-currency denominated debts being converted into the increasingly weaker dollar and the accrual of interests Serbian foreign debt increased sharply reaching an all-time high at the end of last year and being twice as high as was officially predicted three years before. The level of foreign debt is very high. Trade deficit and foreign indebtedness have become the most serious problems of Serbian economy and unless appropriate measures are taken, it will soon face a serious debt crisis.

scholarly journals Commercialization of innovative products: international and national experience

2020 ◽  
pp. 20-24
Author(s):  
Nataliia MYROSHCHENKO ◽  
Anastasiia SYMAK ◽  
Oksana ZARYTSKA
Keyword(s):  
Asian American ◽  
High Tech ◽  
Progressive Development ◽  
Goods And Services ◽  
Industrial Enterprises ◽  
Foreign Countries ◽  
Innovative Products ◽  
The Usa ◽  
Local Properties ◽  
High Level

Introduction. In modern highly competitive, dynamic and unstable conditions enterprises are able to function successfully in the marketplace and occupy leadership positions in large part due to developing, implementation and realisation of innovations. A high level of an innovative activity of enterprises creates preconditions for forming new competitive benefits, an increase of investment attractiveness, broadens possibilities of passage to new marketplaces, is an impulse for providing a progressive development. As practice shows, only a small part of innovations transforms in goods and services and is successfully commercialized due to its promotion in interested groups of consumers. That's why the problem of commercialization of innovative goods and services should be in field of view of society, government, private business, scientists because decision of this problem improves a competitive ability of goods and finely a level of population's life. The purpose of paper is an exploration of commercialization properties of innovative goods and services in foreign countries, detection of reasons of low level of commercialization of innovative goods and services by domestic enterprises. Results. It is considered a domestic and a worldwide experience of commercialization of high-tech goods and services of industrial enterprises in the context of Asian, American and European models of innovative development. It is particularly set that there in the USA, Europe and Asia the key role in development and implementation of high-tech goods and services play multinational companies, which quite often create venture companies in their structures. Besides, it is set that a venture capital is often concentrated in science parks, technopoles, business incubators and other innovative structures. It is proved that in the process of commercialization of high-tech goods and services is a governmental support of state, first of all, from positions of longevity of preferences, which are offered to subjects of innovative structures. It's also set that such kind of commercialization is successful when local properties of demand for new goods and services are taken into account. Regarding a domestic experience of commercialization of innovative goods and services, they should state that it has a quite low development. Conclusion. In this way, generalisation of domestic and foreign experience of commercialization of innovative goods and services shows that directions and ways of such commercialization are different and can have a different shape that is defined by local historical circumstances, traditions and national innovative politics in general.

scholarly journals Public Debt and External Reserve: The Nigerian Experience (1981–2013)

2016 ◽  
Vol 2016 ◽  
pp. 1-7 ◽  
Author(s):  
Victoria Senibi ◽  
Emmanuel Oduntan ◽  
Obinna Uzoma ◽  
Esther Senibi ◽  
Akinde Oluwaseun
Keyword(s):  
Public Debt ◽  
Debt Crisis ◽  
Foreign Debt ◽  
Secondary Data ◽  
Economic Policies ◽  
Interest Payment ◽  
Endogenous Factors ◽  
Long Run ◽  
Domestic Savings ◽  
The Impact

Nigeria is confronted with the issue of limited capital and has to resort to foreign debt in order to augment domestic savings, balance of payment deficits, and shortfall in revenue which induce continuous raise in the debt stock at an alarming rate. In the light of this, this study assesses the impact of public debt on external reserve in Nigeria. The objectives of this study include the assessment of the trends and relationship between public debt and external reserve in Nigeria, using the Johansen cointegration and FMOLS technique on the secondary data from 1981 to 2013. The result revealed that public debt has a positive and significant effect on external reserve stock in the long run suggesting that the nation’s debt crisis can be attributed to both exogenous and endogenous factors such as the nature of the economy, economic policies, high dependence on oil, and swindling foreign exchange receipt. This study recommends that the federal government should employ more superior method to negotiate for fixed interest payment and varying amortization schemes, as well as seek multiyear rescheduling rather than year by year basis.

Effects of exchange rate and income on the US bilateral trade with China under Chinese managed floating exchange rate system

2018 ◽  
Vol 11 (3) ◽  
pp. 236-246 ◽  
Author(s):  
Yongqing Wang
Keyword(s):  
Exchange Rate ◽  
Bilateral Trade ◽  
Trade Deficit ◽  
Rate System ◽  
Content Type ◽  
Long Run ◽  
The Us ◽  
Floating Exchange Rate ◽  
Exchange Rate System ◽  
Us Dollar

Purpose China’s exchange rate system remains a public concern. This paper aims to investigate the effects of the appreciation of the US dollar (or depreciation of Chinese Yuan) under China’s “managed floating exchange rate system” on the US bilateral trade deficit with China, the US exports to China and the US imports from China. Design/methodology/approach The author uses quarterly data from 2005Q3 to 2017Q3 and applies autoregressive distributed lags model to carry out the empirical analysis. Findings The results suggest that both the US and Chinese income are important determinants of the US bilateral trade deficit with China, the US exports to China and the US imports from China. Further, the appreciation of the US dollar with respect to Chinese currency may discourage the US exports to China, but will not considerably promote the US imports from China in the long run. Finally, the appreciation of the US dollar does not contribute significantly to the US trade deficit with China in the long run. Originality/value Policymakers may want to pay attention to the results of currency depreciation on bilateral trade flows and trade balance in both the short and the long run. The results are different. Policymakers may also want to keep the following in mind: both the US and Chinese income are vital factors of bilateral trade balance, exports and imports.

scholarly journals Sustainability of the Current Account Deficit in Kyrgyzstan

2017 ◽  
Author(s):  
Damira Baigonushova ◽  
Junus Ganiev ◽  
Nevin Aydın ◽  
Mairam Baigonusheva
Keyword(s):  
Current Account ◽  
Current Account Deficit ◽  
Foreign Debt ◽  
Trade Deficit ◽  
Foreign Direct Investments ◽  
Current Account Deficits ◽  
Long Run ◽  
Johansen Cointegration ◽  
Johansen Cointegration Test ◽  
The Current Account

Like most developing countries, current account deficit in Kyrgyzstan is one of the ongoing problems. The external dependency on both consumption and production goods and the lack of diversification of export goods, in other words, the formation of export from the unprocessed goods such as gold and some agricultural products further increase the risks in this area. So, in this study, it is aimed to investigate the sustainability of current account deficit in Kyrgyzstan and also its causes for 2000:1-2016:4 time periods. Time series causality, VAR-analysis approach and the Johansen cointegration methods have been used. When the relations between the current account deficits and the important sub-items of this account are examined, it is found out that the current account deficits are mostly affected by net exports and foreign debt interest payments. From a wider perspective, it has been found that the changes in current account deficit are mostly influenced by foreign direct investments. According to the Johansen cointegration test, there is no cointegration between export and import series, which is why Kyrgyzstan's foreign trade deficit is not sustainable. In the short term, the current account deficits, which are being carried out without any very important problems with the help of foreign workers' income, foreign debts and foreign direct investments, may become an important problem in the long run. To prevent this, there is a need for more active and more effective policies in the country to support real sectors that can compete with the rest of the world.

Policy and Political Implications of Foreign Indebtedness In Mexico

1987 ◽  
Vol 29 (4) ◽  
pp. 147-156
Author(s):  
Rogelio Ramírez de la O
Keyword(s):  
World Economy ◽  
Debt Crisis ◽  
Foreign Debt ◽  
Political Democracy ◽  
Industrialized Countries ◽  
Urban Sector ◽  
Political Implications ◽  
Domestic Debt ◽  
The World ◽  
Foreign Indebtedness

This Article Will Discuss some of the implications of Mexico's indebtedness, particularly those which derive from the connection between the foreign debt and the rapidly growing domestic debt. The debt of developing countries is one of the great barriers to the recovery of the world economy: it cancels markets which would otherwise be open to the exports of industrialized countries, and it relegates a very large portion of the world to a situation of low growth or stagnation. Without doubt, Latin America is the region worst hit by the world debt, a continent which, only two decades ago, offered one of the most promising areas for expansion: it had a relatively advanced industry and urban sector, with political democracy and a large middle class. All this seemed to fall apart after the debt crisis of the 1980s, but the problems which led to this crisis began back in the late 1960s, when democratic governments began to be supplanted by military ones.

scholarly journals Determinants of Trade Deficit in Nepal: An Econometric Investigation

2020 ◽  
Vol 4 ◽  
pp. 73-86
Author(s):  
Surendra Raj Nepal
Keyword(s):  
Exchange Rate ◽  
Error Correction ◽  
Causal Relationship ◽  
Trade Deficit ◽  
Goods And Services ◽  
Real Gdp ◽  
Long Run ◽  
Short Run ◽  
Bound Test ◽  
Ardl Bound Test

Background: Nepal has been importing some of goods and services from other countries and is also capable of exporting some other goods and services to foreign countries. Because of over dependency on foreign goods, Nepal has been suffering from trade deficit for more than 45 years. Objective: This study aims to investigate the relationship of trade deficit in Nepal with its determinants by using econometric analysis where exchange rate, real gross domestic product and foreign direct investment are taken as determinants of trade deficit. Its main objective is to examine the long-run, short-run and causal relationship among the variables. Materials and Methods: Annual time series data from 1974/75 (from 1988/89 in case of FDI) to 2018/2019 obtained from different sources: Nepal Rastra Bank, Economic Survey of Nepal, The World Bank and Department of Industry, Nepal Government were used in this study. Unit root test was used to check stationary. Autoregressive Distributed Lag (ARDL), ARDL bound test and Error Correction Model (ECM) were applied to find short-run as well as long-run relationship. Finally, pair-wise causal relationship was tested by using Granger causality. Results: All variables were found to be stationary at first difference. The test statistic of ARDL bound test was 8.17 and was greater than upper bound of 6.36 at 1% significance level. Error correction term’s p-value was 0.0052 and the corresponding values for pair-wise Granger causality from trade deficit to FDI and FDI to trade deficit were 0.00009 and 0.00005, respectively. Conclusion: There was positive and significant long-run relationship between exchange rate and trade deficit whereas there was negative and significant long-run relationship between real GDP and trade deficit. Moreover, real GDP positively affected trade deficit in short-run. Furthermore, bidirectional causal relationship has been observed between FDI and trade deficit.

The Risks of Russia's Debt Policy against the Background of the Global Debt Crisis

2012 ◽  
pp. 80-97
Author(s):  
B. Kheifets
Keyword(s):  
Debt Crisis ◽  
Strong Dependence ◽  
Domestic Debt ◽  
Debt Market ◽  
State Paternalism ◽  
High Level ◽  
External Borrowing ◽  
Pension Liabilities ◽  
Policy Problems ◽  
Debt Policy

The paper discusses the debt component of the current global crisis, which becomes stronger in 2011—2012. The Russian economy is analyzed in terms of its debt stability: a thorough analysis shows that it is not quite adequate. This paper presents the main problems that could be exacerbated by the global debt crisis (strong dependence of the budget on the volatility of oil prices, deterioration of conditions for external borrowing and overheat of the domestic debt market, too high public pension liabilities, substantial corporate debt and high level of state paternalism in regard to big business). Some measures to address Russian debt policy problems are proposed.

Multidimensional analysis of the state of Russian studies on the education issues over 1993–2016

2018 ◽  
pp. 50-62
Author(s):  
Дмитрий Рубвальтер ◽  
Dmitry Rubvalter ◽  
Александр Либкинд ◽  
Alexander Libkind ◽  
Валентина Маркусова ◽  
...  
Keyword(s):  
Web Of Science ◽  
The State ◽  
Multidimensional Analysis ◽  
Russian Regions ◽  
Global Flow ◽  
Educational Issues ◽  
Foreign Countries ◽  
High Level ◽  
The Web ◽  
Made In

A multidimensional analysis of the state of Russian studies on the education issues over 1993–2016 was carried out based on the materials of the data contained in the Web of Science (SSCI, A & HCI and SCI-E databases). There were determined the dynamics and trends of a number of relevant indicators, such as the number of Russian publications by year, the share of these publications in the global flow of publications on education issues, the dynamics of the share of publications made in co-authorship with foreign colleagues, etc. A number of distributions of Russian publications on educational issues was compiled and analyzed: by journals, by Russian regions and cities, by organizations and authors of the publications. It was found that most of these distributions were characterized by a high level of non-uniformity. A list of journals (125 titles) in which Russian works on education issues had been published was compiled. Russian organizations (308) and domestic researchers (about two thousand) engaged in studying the issues of education were identified. It was discovered that more than 200 organizations and about 400 academicians from 60 foreign countries had participated in Russian studies on the education issues.

Sanctions and incentives to repudiate external debt

2021 ◽  
pp. 095162982098485
Author(s):  
Carlo de Bassa ◽  
Edoardo Grillo ◽  
Francesco Passarelli
Keyword(s):  
Foreign Debt ◽  
External Debt ◽  
Political Support ◽  
Fiscal Capacity ◽  
Foreign Countries ◽  
Political Turmoil ◽  
Target Country

Often foreign countries levy sanctions in the attempt to foment discontent with a hostile government. But sanctions may provoke costly reactions by the leaders of the target country. This paper presents a model in which sanctions exhaust the target country economically and impair its government’s fiscal capacity. Then, an office-motivated leader may find it convenient to default on foreign debt in order to free resources that she can invest to regain internal political support. The default thus becomes a defensive tool to partially dampen the internal political turmoil sanctions generate.

Sign in / Sign up

Export Citation Format

Share Document