Search results for " credit"

Bank Lending in Project Finance: The New Regulatory Capital Framework

2012

The paper aims to examine the new regulatory framework of project finance in the economics of banking firms. In particular, the paper investigates the uniqueness of the project finance, the significant importance of the project finance in bank activity, and the role of the new bank capital requirements to promote the innovative financial scheme. In the project finance business loans terms and characteristics are primarily based on the assets and quality of the project to be financed. It means that the usual bank rating models for lending business might not been implemented in the project finance lending. Quantitative estimates of credit risk could not be always possible in project finance l…

Project finance in the energy industry: new debt-based financing models

2012

The paper aims to examine the development of new financing models for project finance to attract private investors to finance large European energy infrastructure projects. In particular, the paper investigates the uniqueness of the project finance as a rapidly growing field in finance, the financial characteristics of the project bond market as one of the vehicles for funding energy projects, and the role of the credit support provided by the European Investment Bank and the European Union to promote the bond-based financing schemes. The paper is organized as follows. Section 1 provides a general description of project finance. Section 2 identifies the economic reasons for using project fi…

Valsts budžeta procesa analīze un pilnveidošana

2012

Promocijas darba „Valsts budžeta procesa analīze un pilnveidošana” anotācija Promocijas darba mērķis ir, izpētot valsts budžeta procesa teorētiskās koncepcijas un veicot Latvijā un citās valstīs īstenoto budžeta procesa salīdzinošu analīzi, atklāt galvenās problēmas un izstrādāt priekšlikumus valsts budžeta procesa pilnveidošanai. Promocijas darba pirmajā nodaļā ir izpētīti valsts budžeta procesa teorētiskie aspekti, apkopojot finanšu teorijā pastāvošās atziņas par valsts budžeta procesu un izvēršot diskusiju par tā saturisko izpratni. Formulējot valsts budžeta procesa galveno mērķi un nosakot tā sasniegšanas uzdevumus, ir uzsvērta budžeta procesa nozīme valsts sociāli ekonomiskajā attīstīb…

Naudas plūsmas izmantošana uzņēmuma finanšu analīzē

2007

Promocijas darba mērķis ir uz naudas plūsmas un to ietekmējošo faktoru, koeficientu un naudas plūsmas noteikšanas normatīvo aktu analīzes pamata izstrādāt priekšlikumus naudas plūsmas pārskata pilnveidošanai, naudas plūsmas analīzes un pārvaldības uzlabošanai, kā arī nākotnes naudas plūsmas noteikšanai. Pirmajā nodaļā tiek analizēts naudas plūsmas jēdziens ekonomiskajā teorijā un loma uzņēmuma finanšu analīzē. Otrajā nodaļā, pamatojoties uz iepriekšējā nodaļā izpētīto teoriju un metodiku, tiek pētīta naudas plūsmas rādītāju izmantošana uzņēmuma finansiālā stāvokļa novērtēšanā. Pamatojoties uz teorētisko aspektu pētījumu un naudas plūsmas rādītāju praktisko analīzi, trešajā nodaļā tiek izstr…

Perspectives of tax reforms in Croatia: expert opinion survey

2014

In order to shape tax reform it is necessary objectively to assess the current stateof-the- art of and of the outlook for the tax system. After having reviewed all previous reforms in the light of the consumption-based (interest- adjusted) concept of direct taxation, which was almost systematically implemented in Croatia in 1994, we present the results of a broad expert opinion survey about the Croatian tax system. The most interesting results suggest the maintenance/(re)introduction of different tax incentives and reduced VAT rates, rejection of a flat tax as well as decrease of tax brackets, an increase in alcohol and tobacco duties, the introduction of a financial activities tax, a furth…

Holes in the Dike: the global savings glut, U.S. house prices and the long shadow of banking deregulation

2015

We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2010. To obtain an ex ante measure of financial liberalization, we focus on the history of interstate-banking deregulation during the 1980s, i.e. prior to the large net capital inflows into the US from China and other emerging economies. Our results suggest a long shadow of deregulation: in states that opened their banking markets to out-of-state banks earlier, house prices were more sensitive to capital inflows. We provide evidence that global imbalances were a major positive funding sh…

IL IUS IURANDUM IN IURE DELATUM NEL PROCESSO FORMULARE ROMANO

2014

Does persistence in using R&D tax credits help to achieve product innovations?

2021

Despite the generosity of its tax system, Spain is far from EU countries in terms of R&D spending and innovation outcomes. A policy instrument commonly used to foster firms’ R&D investment are tax incentives. The use of this instrument is not generalized in firms spending on R&D, and only a fraction of firms are regular claimants. This paper investigates whether persistence in using tax credits is positively related to product innovations, beyond R&D investments. We consider that firms investing in qualified R&D and using tax credits regularly are likely to be firms aiming at innovating. By contrast, occasional tax credit users may be firms investing in R&D for different reasons, such as ex…

Gli obblighi di comportamento degli operatori finanziari nei contratti di credito ai consumatori relativi a beni immobili residenziali

The Cyclicality of Bank Credit Losses and Capital Ratios under Expected Loss Model

2023

We model the evolution of stylised bank loan portfolios to assess the impact of IFRS 9 and US GAAP expected loss model (ECL) on the cyclicality of loan loss provisions (LLPs), realised losses and capital ratios of banks, relative to the incurred loss model of IAS 39. We focus on the interaction between the changes in LLPs charges (the flow channel) and stocks (the stock channel) under ECL. Our results show that, when GDP growth doesn’t demonstrate high volatility, ECL model smooths the impact of credit losses on profits and capital resources, reducing the pro-cyclicality of capital and leverage ratios, especially under US GAAP. However, when GDP growth is highly volatile, the large differen…