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Role and place the investment funds in transactions of asset securitization in Ukraine

Petruk A.M. Doctor of Economics, Professor, Department «Finance», the Zhytomyr State Technological University ( petruk@ztu.edu.ua )

Novak O.S. Associate Professor, Department «Finance», the Zhytomyr State Technological University ( novak_os@ukr.net )

Journal: Finance and Credit, #11, 2013

The rapid spread of financial innovations and their effective use in the activities of international financial institutions is attracting increasing attention of our scientists and practitioners. The asset securitization, which allows financial institutions to attract financial resources and minimize risk, is especially popular in recent years. There are not developed regulatory framework and methodology for conducting such operations in Ukraine. The article describes the features of asset securitization, and justified its holding on the basis of investment funds in Ukraine.


Intertemporal preferences of the Russian house farms: assessment on disaggregated data

Novak A.E. National Research University "Higher School of Economics", Moscow, Russian Federation ( ananova7@gmail.com )

Journal: Financial Analytics: Science and Experience, #18, 2014

The work estimates structural parameters of dynamic model of an optimum choice of consumer. The theoretical model assumes that consumption of house farms is described by Euler's equation. Estimates of elasticity of intertemporal replacement are received with use of panel data of Russian house farms from 2002 to 2011. The author shows that the estimates differ depending on the type of household, whether it is the lender or the borrower.


The empirical analysis of the effects of balance of payments

Shulgin A.G. Senior lecturer of department "Economic Theory and Econometrics", National Research University - Higher School of Economics, Nizhny Novgorod branch ( andrei.shulgin@gmail.com )

Larin A.V. Lecturer of department "Mathematic Economics", National Research University - Higher School of Economics, Nizhny Novgorod branch ( alarin@hse.ru )

Novak A.E. lecturer of department "Financial Management", National Research University - Higher School of Economics, Nizhny Novgorod branch ( aenovak@hse.ru )

Journal: Financial Analytics: Science and Experience, #20, 2012

The work is devoted to empirical check of effects of the balance of payments of the countries at a floating and intermediate mode of an exchange rate. It is shown that distinctions in stabilization behavior of the monetary authorities depending on the currency mode chosen by the country.


Choosing of currency regime by country with emerging economies

Novak A.E. Lecturer of department "Financial Management", the National Research University - the Higher School of Economics in Nizhny Novgorod ( aenovak@hse.ru )

Khvostova I.E. Lecturer of department "Financial Management", the National Research University - the Higher School of Economics in Nizhny Novgorod ( ikhvostova@hse.ru )

Kabaev V.N. Student of Economic faculty, the National Research University - the Higher School of Economics in Nizhny Novgorod ( kabaevslava@mail.ru )

Journal: Financial Analytics: Science and Experience, #47, 2012

The article is devoted to the problem of using fixed exchange rate regime for countries with poorly-developed financial systems. We present and analyze a classification of regimes and problems they cause and solve. The paper investigates peg regimes in five countries with high dependence on foreign market. Using Frankel-Wei methodology and moving average method we show inconsistency between declared currency regimes and the observed ones.


Modeling of the relationship between gross regional product, labor force, and employment: The Lipetsk Oblast case study

Kozlova E.I. Lipetsk State Technical University (LSTU), Lipetsk, Russian Federation ( kozlova.e.i@kzlvs.com )

Novak M.A. Lipetsk State Technical University (LSTU), Lipetsk, Russian Federation ( ferz235@mail.ru )

Karlova M.Yu. Lipetsk State Pedagogical P. Semenov-Tyan-Shansky University (LSPU), Lipetsk, Russian Federation ( m.karlova79@gmail.com )

Journal: Regional Economics: Theory and Practice, #5, 2020

Subject. This article discusses the prospects for growth of Russia and its regions' economies.
Objectives. The article aims to identify causal relationships between gross regional product as the main economic growth indicator of a particular region and labor costs.
Methods. For the study, we used a correlation and regression analysis.
Results. The article presents trend forecast models and linear equations of multiple regression. It finds that all capital factors have a stronger impact on public product of the Lipetsk Oblast than the labor ones. Regarding labor factors, only the average per capita income of the population has a direct impact on the formation of the Lipetsk Oblast's GRP.
Conclusions. The identified relationships between the Lipetsk Oblast's GRP and exogenous variables help define the hierarchy of linear models that provide extensive analytical information on the formation of the Lipetsk Oblast's GRP. In linear models, there is no significant relationship between the changes in the working population of the Oblast and the regional product. To adequately describe the dynamics of the Lipetsk Oblast's GRP, it makes sense to apply a set of linear models of multiple regression.


Specifics of consumption trends in general equilibrium models: the role of consumption habits

Khvostova I.E. National Research University Higher School of Economics, Nizhny Novgorod Branch, Nizhny Novgorod, Russian Federation ( ikhvostova@hse.ru )

Novak A.E. National Research University Higher School of Economics, Nizhny Novgorod Branch, Nizhny Novgorod, Russian Federation ( aenovak@hse.ru )

Journal: Financial Analytics: Science and Experience, #3, 2016

Importance The article examines the role of consumption habits in relation to household consumption trends in macroeconomic models.
     Objectives The research identifies how consumption habits influence trends in the main variables of macroeconomic models of general equilibrium.
     Methods The research formulates an individual’s utility function in two formats, i.e. with and without consumption habits. Based on the Smets–Wouters dynamic stochastic general equilibrium, we analyze trends in the model and two specifications of it under shocks. We compare functions of impulse response for real variables. The article presents a statistical analysis of trends in real ultimate consumption of the Russian households. The research draws upon statistical data on real consumption of non-durable goods within the 2008–2009 global financial crisis and afterwards.
     Results Two specifications of the DSGE model initially respond to shocks in a different way. Additional rigidity of the model allows simulating the postponed response of real variables to economic shocks. The consumption data demonstrate the postponed response of real expenses to changes in fundamental indicators, and the protracted effect of adaptation to a new equilibrium.
     Conclusions and Relevance When habits are included, it allows modeling a postponed and domed response of real expenses to economic shocks, being basically consistent with the data on the Russian economy.


Analysis of the bankruptcy probability of non-banking financial intermediaries

Novak A.E. National Research University - Higher School of Economics in Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( ananova7@gmail.com )

Pimenova E.R. OOO Gazenergostroi-NN, Nizhny Novgorod, Russian Federation ( liz.pimenova@yandex.ru )

Journal: Financial Analytics: Science and Experience, #42, 2014

Importance Under the condition of market economy, organizations' viability assessment by both internal personal and external users assumes an importance. Due to the rapid development of non-bank financial intermediary market, control and supervision of enterprises of this industry become increasingly relevant.
     Objectives The article attempts to construct a binary choice model for companies in the sector of non-banking financial intermediary to identify and predict their financial solvency.
     Methods The possibility of occurrence of a particular bankruptcy probability acts as a model forecast, not the value of the binary variable proper. The model calculates the summary indicator that varies from zero (the maximum risk of bankruptcy) to one (the minimal risk of bankruptcy), without any uncertainty ranges. The developed model is tested on a sample of 34 financial organizations, specialized in financial intermediary. To calculate the analyzed bankruptcy criteria, we used data reporting of the selected companies for 2012 (the year prior to bankruptcy). As the criteria for the assessment of solvency, we have chosen the following indicators: return on assets, return on equity, asset turnover, and asset turnover ratio of an enterprise to the amount of its short-term obligations.
     Results In order to solve the specified class of financial-economic objectives, we recommend our own approach, which ensures the more flexible and detailed assessment of the likelihood of bankruptcy of companies of the sector.
     Conclusions and Relevance The developed model application allows estimating the bankruptcy risk probability for the Russian non-bank financial intermediation companies, which ultimately helps to determine the management measures for its reduction or prevention.


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