Financial Markets, Institutions and Risks (FMIR)
Permanent URI for this collectionhttps://devessuir.sumdu.edu.ua/handle/123456789/61500
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Item The Impact of the 2008-2009 Global Crisis on Loan Applications and Access to Finance(Sumy State University, 2023) Kaya, H.D.У цьому дослідженні ми вивчаємо нові заявки на кредити, подані виробничими компаніями зі Східної Європи та Центральної Азії. Ми порівнюємо заявки на кредити до та після світової кризи. Ми виявили, що менше виробників подали заявки на новий кредит після кризи (45,89% проти 29,91%). Коли ми порівнюємо основні причини, через які виробники не звертаються за новою позикою до та після кризи, ми виявимо, що після кризи більше компаній заявили, що в позиці не було потреби. Крім того, більше компаній заявили, що процедури подання заявок були складними, відсоткові ставки несприятливими, і вони не вірили, що це буде схвалено. З іншого боку, менше виробників стверджували, що після кризи вимоги до застави були надто високими, розмір кредиту та термін погашення недостатніми, і необхідно було здійснювати неофіційні платежі (тобто корупція). Загалом наші висновки свідчать про те, що хоча деякі аспекти фінансування для виробників покращилися після кризи, інші погіршилися. Ми також виявили, що відбулося статистично значуще зниження відсотка виробників, фінансові звіти яких перевірив/сертифікував зовнішній аудитор. Нарешті, після кризи виробники вважали «доступ до фінансування» меншою перешкодою. Ми робимо висновок, що причиною того, що менше виробників зверталися за новою позикою після кризи, були не всі заходи «доступу до фінансування»; це була скоріше відсутність потреби в новому кредиті та певні аспекти «Доступу до фінансування».Item The Impact of the 2008-2009 Global Crisis on Manufacturing Firms’ Fixed Asset Purchases: The Case of Eastern Europe and Central Asia(Sumy State University, 2022) Kaya, H.D.; Engkuchik, E.NWe examine the impact of the 2008-2009 Crisis on two dimensions of manufacturing firms in Eastern Europe and Central Asia, i.e., receivables collection (whether the customers pay after the delivery rather than before or on the date of delivery) and financing of manufacturing firms’ fixed asset purchases (what type of financing they used before and after the 2008-2009 Crisis). We use the Business Environment and Enterprise Performance Survey (BEEPS), i.e., BEEPS IV and BEEPS V data to represent the pre-Crisis and post-Crisis periods respectively. Our analysis indicates that the percentage of purchases paid by the customers of the manufacturing firms significantly decline from the pre-Crisis to the post-Crisis period. This finding suggests that manufacturing firms tighten their payment policies and are not as lenient with their customers post-Crisis. In addition, we find that the percentage of manufacturing firms’ fixed asset purchases paid for by internal financing significantly increases, whereas the percentage of fixed asset purchases paid for by owner’s contribution and supplier credit significantly decline post-Crisis. These findings suggest that as a result of the 2008-2009 Crisis, manufacturing firms in these countries seem to rely more on internal funding which may be due to tighter availability of external sources or drainage of shareholders funds (not enough cash) post-Crisis.Item The Impact of the 2008 Global Crisis on the Banking System(Sumy State University, 2021) Kaya, H.D.This paper examines the impact of the 2008-2009 Global Crisis on the banking systems of the countries around the world. Nine variables are examined which include bank concentration, bank deposits, 5-bank asset concentration, liquid liabilities, net loans from non-resident banks, outstanding loans from non-resident banks, offshore bank deposits, remittances, and consolidated foreign claims.Item The Stability of The Financial System: a Comparison of Developed and Less Developed Countries(Sumy State University, 2021) Kaya, H.D.In this study, we examine the relationship between the development level of a country and stability of its financial system. We look at seven measures of stability. These are Bank z-score, Bank non-performing loans to gross loans, Bank capital to total assets, Bank credit to bank deposits, Regulatory capital to risk-weighted assets, Liquid assets to deposits and short term funding, and Provisions to non-performing loans. First, we compare developed and less developed countries’ stability measures. Do developed countries have more stable financial systems than less developed countries or is the opposite true?Item How do the Banking Systems of High Income Countries differ from others?(Sumy State University, 2021) Kaya, H.D.In this study, first we look at the relation between countries’ income levels and their banking systems. What are the differences between richer countries and other countries in terms of their banking systems? Then, we look at how OECD membership affects the banking system of a country. When we compare High-Income countries to Middle- and Low-Income countries, we find that workers’ remittances are much higher in Low- and Middle-income countries.Item The Depth of the Financial System: A Comparison of Developed and Less Developed Countries(Sumy State University, 2020) Kaya, H.D.This paper summarizes the arguments and counterarguments within the scientific discussion on the issue of how countries’ income levels are related to the depth of their financial system. The main purpose of the research is to determine whether high-income countries have deeper financial systems when compared to other countries. We also examine whether high-income OECD member countries have a deeper financial system when compared to high-income non-OECD member countries. Our contribution is threefold: First, our study has a wider scope than most of the previous studies (i.e. 203 countries in total). Second, we examine both the impact of OECD membership and the actual income level on “depth”. depthdepthItem Business Friendliness, Firm Performance and Owner’s Optimism(Sumy State University, 2020) Kaya, H.D.In this study, we attempt to find the factors that influence small business owners’ optimism as well as their company’s success. For this purpose, we use a survey done by Kauffman foundation. This survey asks business owners about their state’s performance in areas like “ease of starting a business”, “ease of hiring”, “regulations”, and “training and networking programs”. It also asks business owners questions about their firm’s performance and their optimism for the future.Item The Efficiency of the Financial System: A Comparison of Developed and Less Developed Countries(Sumy State University, 2020) Kaya, H.D.In this study, our objective is to find whether high-income countries have a more efficient financial system when compared to middle- and low-income countries. We expect high-income countries to have a better, more efficient financial system when compared to other countries. Our second objective is to find whether high-income OECD countries have a more efficient financial system when compared to high-income non-OECD countries.