Journal articles on the topic 'Foreign currency loans'
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Horobinska, Iryna, Valentina Hoshovska, Viktoria Masalitina, and Svetlana Nakonechna. "FEATURES OF RECEIVING, ACCOUNTING AND AUDIT OF LOANS IN FOREIGN CURRENCY AT THE ENTERPRISE." AUTOMOBILE ROADS AND ROAD CONSTRUCTION, no. 111 (June 30, 2022): 391–98. http://dx.doi.org/10.33744/0365-8171-2022-111-391-398.
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The article is devoted to the features of receiving, accounting and auditing of a loan in foreign currency at the enterprise. The topicality of the topic is explained by the fact that ensuring the sustainable development of enterprises requires adequate financing at the expense of various components of equity capital, borrowed capital and loan capital, including lending in foreign currency. the share of balances for loans granted in foreign currency was 29% of the loan portfolio of commercial banks in 2021. This indicates the presence of lending in foreign currency and the need for research and scientific substantiation of the mechanism for obtaining, clearing and auditing loans in foreign currency. The object of the study is crediting, accounting and auditing in foreign currency at the enterprise. The purpose of the study is to substantiate the peculiarities of obtaining, accounting and auditing foreign currency loans at the enterprise to ensure complete and reliable information about the financial obligations of the enterprise. The methods of the study are analysis and synthesis, system analysis, statistical analysis to study the dynamics and structure of loans granted to enterprises by commercial banks in foreign currency, the dynamics of average annual interest rates on loans granted to enterprises. Conditional periods based on indicators of balances of funds for loans granted in foreign currency and the share of loans in foreign currency in the credit portfolio of commercial banks are determined. The first conditional period of development of lending in foreign currency lasted until 2008. It is characterized by a high and constantly growing demand for loans in foreign currency; the share of balances on loans granted in foreign currency was 59% in 2008, a decrease in the exchange rate and low interest rates for using loans in foreign currency against the national currency. The second conditional period of development of foreign currency lending began during the financial crisis of 2008. It is characterized by a 5 times decrease in the balances of loans granted in foreign currency due to the introduced institutional restrictions. Features of lending in foreign currency are determined. The sequence of audit stages of crediting in foreign currency at the enterprise has been developed. Conclusions – despite the institutional restrictions on lending in foreign currency introduced after the financial crisis of 2008, business entities form demand for loans in foreign currency from residents and non-residents. Accounting for loans in foreign currency has certain features and complexity compared to accounting for loans in national currency. Correspondence of accounting accounts for loans received in foreign currency according to typical operations: receiving a loan in foreign currency, accrual and payment of interest for using the loan, repayment or extension of the loan in foreign currency, revaluation of the loan in foreign currency and display of exchange rate differences.
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Sriram, Mahadevan, and Srilakshminarayana Gali. "Corporate hedging theories and usage of foreign currency loans: a logit model approach." Investment Management and Financial Innovations 17, no. 4 (December 18, 2020): 367–77. http://dx.doi.org/10.21511/imfi.17(4).2020.31.
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The present study has attempted to discuss the association between corporate hedging theories and the usage of foreign currency loans by companies listed in India. A total of 349 non-financial companies were selected, and the data for the financial year ending 31st March, 2018 were considered for the analysis. The descriptive statistics indicate that 55% of the sample companies had borrowed funds in foreign currency. The companies were highly levered and maintained adequate short-term assets to honor short-term obligations. A logit model was employed for analyzing the cross-sectional data. The dependent variable being binary (‘0’ for non-user of foreign currency loans and ‘1’ for foreign currency loan user), the study found the variable ‘industry type’ to have a significant association with usage of foreign currency loans. Companies from the manufacturing sector were likely to use foreign currency loans than companies from the services sector. Debt to net worth, export to sales, revenue (log of revenue) were the variables that significantly influenced the likelihood of companies raising foreign currency loans. Interest coverage ratio had a negative influence on the likelihood of companies opting for foreign currency loans. Hosmer and Lemeshow test showed that the model is a good fit indicating 73% accuracy in predicting the users of foreign currency loans as ‘foreign currency loan users’. Theories such as financial distress, size, and extent of international operations explain why companies raise foreign currency loans.
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Radzikowski, Marek. "Kontrowersje w postrzeganiu kredytów w walutach obcych w Polsce i ich weryfikacja w ujęciu ekonomiczno-finansowym." Ekonomia 24, no. 1 (August 1, 2018): 101–15. http://dx.doi.org/10.19195/2084-4093.24.1.6.
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Controversies in the perception of foreign currency loans in Poland as well as their verification from the economic and financial perspectiveThis article is devoted to the verification of the following seven popular opinions on the foreign currency loans in Poland: I banks create money out of nothing; II the banks that were granting foreign currency loans did not actually possess the foreign currencies; III the banks possessed foreign currencies, but only for the loans denominated in foreign currencies, and not for the ones indexed in them; IV the banks that were granting foreign currency loans made a profit on the appreciation of these currencies; V a conversion of foreign currency loans at the exchange rate from the day of granting the loan would not entail high costs for the banking sector; VI it was unjustified to use the foreign exchange spreads by the banks that were granting the foreign currency loans; VII the foreign exchange spreads used by the banks were excessive, which means that the banks obtained an undue profit on them. The author critically evaluates these opinions and on the basis of current economic and financial knowledge, concludes that they are wrong.
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KINGSTON, GEOFFREY. "THE FOREIGN CURRENCY LOANS AFFAIR: REJOINDER." Australian Economic Papers 36, no. 69 (December 1997): 369–71. http://dx.doi.org/10.1111/j.1467-8454.1997.tb00856.x.
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Koźmiński, Krzysztof. "Bank loans denominated and indexed to foreign currency ‒ a Polish, Ukrainian or Europe-Wide problem?" Studia Iuridica 71 (November 20, 2017): 117–0. http://dx.doi.org/10.5604/01.3001.0010.5817.
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The institution of a bank mortgage denominated/indexed to foreign currency (referred to generally and not very precisely as “foreign currency loan” or “loan adjusted to foreign currency”) is an instrument commonly used by a broad group of citizens of European states for acquiring capital with a view to purchasing a housing unit. Until recently, such loans were popular not only in Poland and other countries belonging to the so-called “New Union” (those whose accession took place within the last decade or so: Czech Republic, Slovakia, Romania, Hungary and Croatia), Austria, Spain, Italy, Portugal, but also outside of the borders of the Union: in Russia, Serbia and Ukraine (however, one difference was the currency in which obligations were evaluated – whilst loans in EU countries were dominated by the Swiss Franc, Ukrainian lendees more frequently relied upon loans “adjusted” to the U.S. dollar). Regardless of differences persisting in legislative regimes, peculiarities of national legal systems and local economic and social conditions, in all those countries doubts have arisen whether a drastic change in currency rate (which results in an obligation to pay off a loan on conditions much less attractive than beforehand) constitutes a legally relevant circumstance that could permit one to release oneself from having to perform one’s contractual duties or, at least, facilitate granting some relief in fulfilling increasingly more onerous obligations towards banks. To discuss the permissibility and legal aspects of foreign currency loan contracts is complicated not only from the juridical point of view, but is also of interest to society, politics and economics. Still, the problem attracts strong emotions, particularly among lendees who took out a foreign currency loan and now feel deceived due to a change of the currency rate. The lendees and their organizations often expect involvement, particularly from EU bodies, where, in their estimation, domestic authorities have failed or “succumbed to the banking lobby”. Unfortunately, having observed the course of events over the last several years, one may surmise that the low number of judgments in cases concerning denominated bank loans, and especially the sceptical approach of the Court of Justice, have generated a lot of disappointment.
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VALENTINE, TOM. "THE FOREIGN CURRENCY LOANS AFFAIR: SOME COMMENTS." Australian Economic Papers 36, no. 69 (December 1997): 362–68. http://dx.doi.org/10.1111/j.1467-8454.1997.tb00855.x.
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Do, Viet, and Tram Vu. "The additional cost of hedging in foreign currency loans." Australian Journal of Management 43, no. 2 (October 26, 2017): 305–27. http://dx.doi.org/10.1177/0312896217726836.
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Foreign currency denominated loans ( FCDLs) are an important part of corporate funding as well as an operational risk management tool. We show that domestic borrowers use FCDLs to hedge their foreign exchange risk exposure. FCDLs are found to carry an interest rate premium over domestic currency loans after controlling for borrower characteristics, loan characteristics, and macroeconomic conditions. We argue that borrowers are willing to pay this premium since the marginal benefit of FCDLs as a natural hedge outweighs the marginal cost. From a lender’s perspective, this premium reflects a compensation for additional foreign exchange risk exposure and intensified monitoring efforts. These results are robust to endogeneity-corrected estimations. JEL Classification: G21, G32
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Bozovic, Milos, Branko Urosevic, and Bosko Zivkovic. "On the spillover of exchange rate risk into default risk." Ekonomski anali 54, no. 183 (2009): 32–55. http://dx.doi.org/10.2298/eka0983032b.
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In order to reduce the exchange-rate risk, banks in emerging markets are typically denominating their loans in foreign currencies. However, in the event of a substantial depreciation of the local currency, the payment ability of a foreign-currency borrower may be reduced significantly, exposing the lender to additional default risk. This paper analyses how the exchange-rate risk of foreign currency loans spills over into default risk. We show that in an economy where foreign currency loans are a dominant source of financing economic activity, depreciation of the local currency establishes a negative feedback mechanism that leads to higher default probabilities, reduced credit supply, and reduced growth. This finding has some important implications that may be of special interest for regulators and market participants in emerging economies.
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Sieńko-Kowalska, Beata. "Skutki przewalutowania kredytów denominowanych we franku szwajcarskim na Węgrzech." Ekonomia 24, no. 1 (August 1, 2018): 137–49. http://dx.doi.org/10.19195/2084-4093.24.1.8.
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The effects of currency conversion in Swiss francs in HungarySubsequent legislative actions were taken in Hungary in 2010–2015 in order to successively eliminate denominated in foreign currency loans from the market and thus gradually contribute to a reduction in the indebtedness of Hungarians resulting from the mortgage loans in Swiss francs and other currencies drawn in masses during the recent years. The Hungarian legislators gradually, through prohibiting the banks to employ practices unfavorable for the customers currency spreads, unilateral increase in interest rates on loans arrived at the automatic conversion of denominated foreign currency loans to the domestic currency, i.e. the forint. The mechanism implemented in Hungary, consisting in automatic loan conversion at the current rate, was a compromise, as it encumbered not only the banks, but also the borrowers. The latter were held responsible for the increase in the exchange rate of the currency the Swiss franc, but they received compensation in the form of reimbursement of the amounts overpaid due to the unfavorable practices employed by the banks. Thus, the solution implemented in Hungary was to preserve the symmetry between the customers and the banks, since the mechanism of automatic conversion at the current rate as such resulted in the customers have been owning more forints after the conversion than on the date of entering into the loan agreement with the bank. As a result, the first effects of the conversion were fairly neutralized, however the subject has certainly not been exhausted.
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KINGSTON, GEOFFREY. "THE FOREIGN CURRENCY LOANS AFFAIR: AN ECONOMIST'S PERSPECTIVE*." Australian Economic Papers 34, no. 64 (June 1995): 31–49. http://dx.doi.org/10.1111/j.1467-8454.1995.tb00015.x.
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Brzoza-Brzezina, Michał, Marcin Kolasa, and Krzysztof Makarski. "Monetary and macroprudential policy with foreign currency loans." Journal of Macroeconomics 54 (December 2017): 352–72. http://dx.doi.org/10.1016/j.jmacro.2017.07.004.
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Versal, Nataliia, and Andriy Stavytskyy. "Financial dollarization: Trojan horse for Ukraine?" Ekonomika 94, no. 3 (January 1, 2015): 21–45. http://dx.doi.org/10.15388/ekon.2015.3.8786.
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The paper revisits the causes and consequences of financial dollarization in Ukraine during the past decade (monthly data). Dollarization in emerging markets plays a dual role: positive and negative. This study of financial dollarization is in the context of resident household holdings of foreign currency-denominated bank deposits and loans. If exchange rates are stable, deposit dollarization allows the withdrawal of money from the shadow economy, and loan dollarization allows the lending of long-term money, which is not possible with domestic currency due to inflation expectations. At the same time, the instability and lack of supply of foreign currencies in the market result in the collapse of household and bank finances, leading to currency risk, credit risk, and liquidity risk. Therefore, the study uses estimate indicators, the deposit dollarization index (DDI), household foreign currency deposits and loans, loan to deposit ratio (LTD), and inflation to find out the tendencies in the context of a changing domestic currency exchange rate. We present three models to reveal the influence of financial dollarization on banking stability. The first one explains the real value of domestic currency deposits through indicators such as M2 (positive), exchange rate (negative), domestic currency deposits (positive), and panic effects (negative). The second one describes the influence of the exchange rate (negative) and panic effects (negative) on foreign currency deposits. The third one explains the DDI through such the exchange rate, M2, and interest rates. The combined models provide an insight about the time necessary to stabilize the Ukrainian banking system.
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Stepanenko, Serhiy, and Kateryna Ampilohova. "Modern methods of risk management in banks’ lending to individuals." Socio-Economic Problems of the Modern Period of Ukraine, no. 4(144) (2020): 33–41. http://dx.doi.org/10.36818/2071-4653-2020-4-5.
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The article is devoted to the substantiation of risk management methods of banks’ lending to individuals. Existing approaches to understanding the nature of consumer loan are considered. The classification of loans to individuals is provided. The paper proves that consumer lending should be considered in the context of the entities, object, currency, and principles. Consumer lending by its nature as a financial phenomenon refers to the provision of funds by the lender to individuals to obtain goods, works, or services, the acquisition of which meets the specific needs of consumers by redistributing cash flows in the present and future on the principles of maturity and payment. Consumer lending is a subtype of lending to individuals along with mortgage lending. The process of formation of consumer lending in Ukraine is considered: the main periods are identified and the key events and patterns that determine the current state of affairs in the consumer lending by banks are identified. The dynamics of lending to individuals is presented along with the total amount of loans granted. The nature of lending risk and its components are given. The loans are classified into 5 groups depending on the level of credit risk. The volumes of loan debt and loan risk are calculated for all groups: the largest volumes of loans issued to individuals account for the 1st and 5th groups. The amounts of loan debts and loan risk are calculated for all groups: the bulk of the debt is concentrated in the first group - that is, these are the most reliable loans, and the amount of loan risk is the largest in the fifth group. The analysis of the structure of foreign currency loans suggests that the 1st group is formed by new loans in the domestic currency issued to entities with a strong financial condition, and the 5th - old loans, most of which are issued in foreign currency, where debtors are characterized as unreliable with critical financial condition. The lending, operational, and country risks are the main risks of lending to individuals. The classification of risk management in lending to individuals is proposed. Methods of minimizing operational risk in the course of lending to individuals are considered.
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Tsyganov, A. A., and A. D. Yazykov. "Features of restructuring mortgage loans nominated in foreign currency." Studies on Russian Economic Development 28, no. 6 (November 2017): 658–62. http://dx.doi.org/10.1134/s1075700717060132.
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Király, Péter Bálint. "The Invalidity of Foreign Currency Loans in the Hungarian Judicial Practice." Public Governance, Administration and Finances Law Review 2, no. 2 (December 31, 2017): 60–66. http://dx.doi.org/10.53116/pgaflr.2017.2.4.
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After the economic crisis, a large part of the Hungarian population could not repay the suddenly increased instalments of their foreign currency loans. In lawsuits concerning the invalidity of these foreign currency loans, the different courts interpreted the provisions of the law differently, so the Curia (the highest judicial authority of Hungary) – fulfilling its constitutional duty – considered it necessary to unify the judicial practice. For this purpose, several Uniformity Decision were adopted. In this study I will briefly summarize the content of three Uniformity Decisions, namely, Decision No. 6/2013 PJE, No. 2/2014 PJE and No. 1/2016 PJE.
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Niepmann, Friederike, and Tim Schmidt-Eisenlohr. "Foreign currency loans and credit risk: Evidence from U.S. banks." Journal of International Economics 135 (March 2022): 103558. http://dx.doi.org/10.1016/j.jinteco.2021.103558.
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Buszko, Michal, and Dorota Krupa. "Foreign Currency Loans in Poland and Hungary – A Comparative Analysis." Procedia Economics and Finance 30 (2015): 124–36. http://dx.doi.org/10.1016/s2212-5671(15)01261-7.
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Zahynailo, Yuliia, and Oleksandr Doroshenko. "Role of Credit in the Development of Ukraines Economy." Modern Economics 22, no. 1 (August 27, 2020): 18–23. http://dx.doi.org/10.31521/modecon.v22(2020)-03.
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Introduction. It is known that credit is a significant achievement of mankind. The emergence and development of credit took place on the basis of the money function as a means of circulation. The development of commodity production and the need for increased working capital are the economic reasons for the credit need. Purpose .The aim of the article is to determine the role of bank credit in the economy of Ukraine and analysis of key indicators of credit activity. Results. The dynamics of loans to residents by sectors of the economy and the types of currencies and maturities for loans were studied. Loans issued by types of economic activity were analyzed. The current enterprise lending programs in 2020, initiated by the Government of Ukraine was considered. The main directions for improving bank lending were identified. Conclusions. Following conclusions are based on the analysis of the current state of bank lending in Ukraine: – the maximum value of loans in 2018 amounting to 1,073,131 million, and the lowest in 2012 – 815,142 million; – according to the sectors of the economy, the largest share of lending is lending to non-financial corporations (70-80% depending on the year); – over the period of lending in local currency dominated loans in foreign exception is 2015; – the structure of loans according to maturity prevails in local currency short-term loans and foreign currency structure of loans according to maturity – homogeneous; – The Cabinet of the Ministry of Ukraine introduced two programs to support small and medium-sized businesses in the country: «Available loans 5-7-9%» and the program «New Money»; For the development of bank lending and the establishment of financial stability in Ukraine should: conduct active banks to attract customers to the government lending programs, in turn, a borrower for the loan according to the program, to properly open the financial statements and maintain business activity at a high level for real bank assessment of the borrower’s creditworthiness.
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Olszewska, Grażyna A. "Foreign Currency Loans and Stability of the Banking System in Poland." Central European Review of Economics & Finance 25, no. 3 (June 30, 2018): 67–82. http://dx.doi.org/10.24136/ceref.2018.016.
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The aim of the study was to answer the question whether and to what extent foreign currency loans may pose a threat to the stability of the banking system in Poland. The reason for exploring this problem is the situation in which Swiss franc mortgage loan parties found themselves. The problem concerned not only Poland, but also appeared in Hungary, Spain and Ukraine. The aforementioned countries have adopted various strategies in order to solve this issue. Currently, there is a discussion in Poland over the form of solution to the situation in which the Swiss franc debtors have found themselves. This article presents the following hypotheses: (1) The credit policy of banks, which includes mortgage lending in Swiss francs, was a typical action in terms of risk management which in this case was two-way in nature. In addition, banks did not have the opportunity to significantly impose its policies on customers, as evidenced by the degree of market development and market competition. (2) Conversion of mortgage loans according to the CHF historic exchange rate can affect the stability of the banking system. The article presents the main types and sources of bank risks with particular emphasis on credit risk and foreign exchange risk. In addition, the paper shows the importance of this kind of risk in the context of the systemic stability of the banking sector in a situation of exchange rate stability disturbances. Verification of the research hypothesis was based on literature studies and analysis of statistical data.
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Ganczar, Małgorzta. "Kredyty walutowe a limitowanie odsetek — skuteczność regulacji." Ekonomia 24, no. 1 (August 1, 2018): 79–99. http://dx.doi.org/10.19195/2084-4093.24.1.5.
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Foreign currency loans and limitation of interest — efficiency of regulationThe main aim of this article is to analyze the efficiency of limitation interest regulation with particular reference to foreign currency loans. The article contains considering on consumer rights in this area. The paper is comparing models of limiting interest appearing in other European countries and in the world, as well as characterize of the phenomenon of limiting the usury were described. The article is aimed at an evaluation whether accepted regulations in the sufficing way are protecting the consumer, showing possible problems and other solutions which will enhance the position of the consumer on the market of financial services.
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Białek, Tadeusz, and Joanna Niska. "Prawne aspekty udzielania kredytów denominowanych oraz indeksowanych do waluty obcej." Ekonomia 24, no. 1 (August 1, 2018): 15–38. http://dx.doi.org/10.19195/2084-4093.24.1.2.
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Legal aspects of granting loans denominated and indexed in a foreign currencyThis study addresses the issue of the legality of the denominated and indexed loans in a foreign currency under the current applicable law, with reference to the existing position of doctrine and case law in this area. The starting point for this considerations is the arbitrarily accepted thesis in the public discourse that the credit agreements denominated and indexed in a foreign currency were defective due to their lack of compliance with the applicable law or because their included the provisions that were unfair market practices. This study is an attempt to dispel doubts to the compliance of the loan granting mechanism with the commonly applicable laws in Poland, in particular with the provision of Article 69 of the Banking Law, setting forth the rules of concluding by the bank the credit agreement with the borrowers or a provision of Article 358 § 2 of the Civil Code providing for the possibility of using so-called valorization clauses. This study also delivers opinion of the National Bank of Poland or the Financial Supervision Commission, which very often are deliberately omitted or distorted in the public discourse.
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Hladkykh, D. M. "The Main Problems of Mortgage Lending and Directions of Its Activation in Ukraine." Business Inform 1, no. 528 (2022): 339–44. http://dx.doi.org/10.32983/2222-4459-2022-1-339-344.
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Stagnation of the loan market of Ukraine actualizes issues related to the need to intensify mortgage lending. The key problems that stand in the way of actualization of mortgage lending in Ukraine are identified as follows: preservation of low level of welfare of the population; numerous and high-profile bankruptcies of participants in the primary housing market; poor quality of the previously formed loan portfolio of individuals; actual prohibition for banks to provide loans to individuals in foreign currency; formation in Ukraine of a kind of «resistance movement» against the return of mortgage loans; presence of a moratorium on the recovery of property on foreign currency loans; a complex of problems related to the legal aspects of the provision and repayment of mortgage loans; low level of institutional development of the mortgage market; presence of a number of objective difficulties and subjective factors in the implementation of the government program «Affordable Mortgage 7%». An analysis of the results of the government program «Affordable Mortgage 7%» for 2021 suggests that its key task is fulfilled only by 23%. To intensify mortgage lending in Ukraine, it is necessary: an increase in the availability of lending to individuals for the purchase of housing within the framework of the government program «Affordable Mortgage 7%»; development of additional government mortgage lending programs focused on the purchase of housing in the primary market; ensuring legislative support for judicial reform; further reduction of the share of problem loans in the loan portfolio; providing legislative support for the creation of a second level of the mortgage market, which should include the issuance and circulation of mortgage bonds, which can also be used as a tool for investing pension savings
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Ivakhnenkov, Sergiy, Svitlana Hlushchenko, and Kamilla Sverenko. "Macroeconomic factors that influence the bank loans rate in international and Ukrainian practice." Economics of Development 19, no. 4 (March 31, 2021): 35–47. http://dx.doi.org/10.21511/ed.19(4).2020.04.
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The goal of the paper is to disclose the links between the dynamics of macroeconomic indicators and the level of bank loan rates based on international and Ukrainian practice. On the basis of the previous analysis, the paper also aims to identify the key trends in the formation of loan prices in the long run and identify problematic issues related to bank loan rates. The main characteristics of bank lending rates in Ukraine are: a) their high rates; b) sharp changes in the weighted average bank loan rates from year to year; c) higher loan rates for households compared to the cost of bank loans for businesses; d) higher bank loan rates for short- and medium-term loans versus long-term ones; e) lower rates on loans in foreign currency compared to the loans in hryvnia; and f) high share of non-performing loans to households and businesses in bank portfolios. In the context of world and Ukrainian practice, the paper demonstrates the reverse effect between macroeconomic indicators such as GDP per capita, the ratio of loans to GDP, the ease of doing business index and bank loan rates. The article also demonstrates a direct relationship between the dynamics of inflation rate in the country, the dynamics of non-performing bank loans and their rates.
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Góral, Lesław. "Ochrona kredytobiorców konsumentów kredytów walutowych we Francji." Ekonomia 24, no. 1 (August 1, 2018): 117–35. http://dx.doi.org/10.19195/2084-4093.24.1.7.
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Protection of borrowers consumers of foreign currency loans in FranceThe problem of the repayment of housing loans in Swiss francs concerns not only Polish borrowers. It has also occurred on the French mortgage market. The article contains an analysis of the solutions adopted in France and may turn out to be inspirational for the Polish legislator in solving a similar problem that is occurring in Poland. The author presents the origin of problems related to Swiss franc housing loans and court as well as out-of-court attempts to solve them. Then he analyzes French legal solutions which introduce the protection of the Swiss franc housing loan borrowers and formulates de lege ferenda postulates addressed to the Polish legislator.
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BRESSER-PEREIRA, LUIZ CARLOS, and CINTHIA BECHELAINE. "Multilateral development banks, new developmentalism and local currency financing." Brazilian Journal of Political Economy 39, no. 4 (December 2019): 755–67. http://dx.doi.org/10.1590/0101-31572019-2980.
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ABSTRACT Multilateral Development Banks (MDBs) are designed to finance investments that promote global economic and social development. The objective of this paper is to discuss a key component in meeting the demand for investment in developing countries, namely the ability of MDBs to provide loans in local rather than foreign currency. To explain how these institutions fulfill this purpose, we distinguish “traditional” from “new” MDBs, discuss the problems generated from foreign currency indebtedness, and explore a way out, or an alternative explanation, based on New Developmentalism theory and the challenge of local currency financing.
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Shchurevych, O., and O. Kotsemira. "Financial dollarization in the economy of Ukraine." Galic'kij ekonomičnij visnik 66, no. 5 (2020): 131–38. http://dx.doi.org/10.33108/galicianvisnyk_tntu2020.05.131.
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The essence of dollarization phenomenon is considered in this paper. It is noted that dollarization occurs when the national currency does not completely perform the functions of money. In this case, the national currency is replaced in some transactions by foreign ones. Basically, it is the currency of highly developed countries with sustainable economic development. The defined main causes of dollarization in Ukraine are as follows: depositors attempt to keep their savings from devaluation result in financial crises accompanied by significant devaluation and inflation; distrust in regulator and government actions. The disadvantages of dollarization phenomenon for the national economy development are systematized and the following key ones are identified: decrease in the efficiency of NBU monetary policy, decrease in confidence in the national currency and banking system, decrease in demand for the national currency, growth of shadow economy and as the result tax revenues reduction. It is emphasized that one of dollarization types is financial dollarization, for which level assessment a number of indicators are selected: dollarization of loan and deposit portfolios, dollarization of MQ monetary aggregate. The structure of the deposit portfolio of individuals and legal entities in terms of currencies is considered and it is found that in periods of intensification of the crisis the level of dollarization increased, and in periods of relative stability – decreased. It is generalized that about 40% of the deposit portfolio is denominated in foreign currency. It means that consumers of financial services trust and save more in foreign currency. The structure of the deposit portfolio of individuals and legal entities in terms of currencies is considered and it is found that during the periods of crisis phenomena intensification the dollarization level increases, and during the periods of relative stability – decreases. It is summarized that about 40% of the deposit portfolio is denominated in foreign currency, i.e. the consumers of financial services trust and save more in foreign currency. The structure of the loan portfolio is analyzed and it is determined that the level of dollarization of the loan portfolio of legal entities is more than 40%, and consumer loans in foreign currency are prohibited, so the dollarization of the loan portfolio of individuals decreases annually up to 18%. The ratio of foreign currency deposits to money supply (MQ) is calculated, which, like other calculated indicators, proves that Ukraine has high dollarization level. Based on the carried out analysis, the conclusions concerning the need to coordinate the efforts of the central bank, government, parliament in order to reduce the dollarization level up to the natural level for the elimination of threatening consequences for the national economy are substantiated.
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Capasso, Salvatore, and Kyriakos C. Neanidis. "Domestic or foreign currency? Remittances and the composition of deposits and loans." Journal of Economic Behavior & Organization 160 (April 2019): 168–83. http://dx.doi.org/10.1016/j.jebo.2019.01.023.
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Rajchemba, Zygmunt. "Umowy dotyczące hipotecznych kredytów „walutowych” tak zwanych frankowych w „istotnych poglądach w sprawie” wydawanych przez Prezesa UOKiK." Ekonomia 24, no. 1 (August 1, 2018): 57–77. http://dx.doi.org/10.19195/2084-4093.24.1.4.
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Agreements regarding mortgage loans CHF loans in “significant views in the matter” issued by the President of UOKiK the Office of Competition and Consumer ProtectionThe article discusses the institution of the “significant view in the matter” issued by the President of the Office of Competition and Consumer Protection in cases pending before common courts in the field of competition and consumer protection introduced in April 2016 to the Act on Competition and Consumer Protection Article 31d of the Act. The first part of the article describes the nature of issued views and the premises enabling their issuance by the President of UOKiK. The second part of the article focuses on the views expressed by the President of UOKiK on cases pending before common courts regarding foreign currency loans CHF loans together with the main elements of justification and conclusions, proposals of adjudicating the case by the court. The study refers to important views on the issue of currency loans CHF issued by the President of UOKiK, published on the website of the office: www.uokik.gov.pl.
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Tanasković, Svetozar, and Maja Jandrić. "Macroeconomic and Institutional Determinants of Non-performing Loans." Journal of Central Banking Theory and Practice 4, no. 1 (January 1, 2015): 47–62. http://dx.doi.org/10.1515/jcbtp-2015-0004.
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Abstract This paper aims to analyse macroeconomic and institutional empirical determinants of growth of NPL ratios. Research is focused on selected CEEC and SEE countries in the period 2006- 2013. For our analysis we use static panel model approach with the logarithm of share of NPLs to total loans as a dependent variable. As independent variables we used a combination of country-specific macroeconomic and financial indicators which are commonly used in reference literature, as well as relevant institutional variables. Our results show that there is a negative relationship between increases in GDP and rise of the NPL ratio. Along with GDP, foreign currency loans ratio and level of exchange rate are positively related with the increase of NPL ratio. This confirms the expectation that countries where domestic currency is not the main medium of credit placements will have larger problems with the level of NPLs, which is even more pronounced in periods of domestic currency depreciation. In the presented models, the inflation rate is reported as statistically insignificant for sample countries. In the group of institutional variables, only financial market level of development is reported as statistically significant in relation to the level of NPL - with a more developed financial market the level of NPLs should be lower.
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Vonnák, Dzsamila. "Why do firms default on their foreign currency loans? The case of Hungary." Journal of International Money and Finance 86 (September 2018): 207–22. http://dx.doi.org/10.1016/j.jimonfin.2018.05.001.
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Crespo Cuaresma, Jesús, Jarko Fidrmuc, and Mariya Hake. "Demand and supply drivers of foreign currency loans in CEECs: A meta-analysis." Economic Systems 38, no. 1 (March 2014): 26–42. http://dx.doi.org/10.1016/j.ecosys.2013.09.001.
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Kliber, Agata, and Piotr Płuciennik. "Euro, dollar or Swiss franc: which currency had the greatest impact on the Hungarian, Polish and Czech economies during the global financial crisis?" Przegląd Statystyczny 67, no. 4 (May 31, 2021): 247–73. http://dx.doi.org/10.5604/01.3001.0014.8493.
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The article presents an analysis of the impact of foreign currency dynamics on the fundamentals (basic indices of the economic performance) of the Czech Republic, Hungary and Poland during the financial crisis of 2007/2008 and its aftermath until 2017. The subject of the analysis are three currencies: the US dollar, the euro and the Swiss franc. The assessment of their impact on the fundamentals of the three above-mentioned economies is based on the joint volatilities of bond spreads and currencies. A series of copula-GARCH models was estimated. The research demonstrates that the impact of foreign currencies was the strongest in the case of Poland and Hungary, as these two countries were more dependent on loans in foreign currencies than the Czech Republic. Another finding shows that the impact decreased significantly in Hungary after its government introduced loan conversion.
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Pazos, Ricardo. "Loans concluded in a foreign currency – their main subject matter and the transparency requirement." Zeitschrift für das Privatrecht der Europäischen Union 15, no. 3 (July 1, 2018): 106–15. http://dx.doi.org/10.9785/gpr-2018-150303.
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Teleki, Bálint. "From the Sanhedrin to Foreign Currency Loans in Hungary : Cases of Groupthink from History." Polgári szemle 15, Special Issue (2019): 463–72. http://dx.doi.org/10.24307/psz.2020.0231.
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Csizmady, Adrienne, József Hegedüs, and Diána Vonnák. "A housing regime unchanged: The rise and fall of foreign-currency loans in Hungary." Corvinus Journal of Sociology and Social Policy 10, no. 2 (December 20, 2019): 3–33. http://dx.doi.org/10.14267/cjssp.2019.2.1.
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Shneiderman, I. M., and A. V. Yarasheva. "Population Borrowing Behavior: Trends and Risks." Voprosy statistiki 26, no. 3 (March 30, 2019): 15–22. http://dx.doi.org/10.34023/2313-6383-2019-26-3-15-22.
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The article deals with current issues related to modern processes of lending to the population in Russia. The article aims to identify possible risks and consequences of over-lending to individuals based on the analysis of statistical data. Research objectives include analysing data dynamics of volume of the issued housing loans for the past 13 years, including mortgage loans; tracing the dynamics of household debt (total and for this type of lending) in rubles and foreign currency in macro-regions (Federal districts) of the Russian Federation; and describing the features and trends of car loans in our country. Results of the study revealed an uneven increase in the amount of debt on loans of the population living in different macro-regions of Russia. The authors concluded that the share of personal debt to credit institutions on mortgages «inside» of housing loan debt from 2006 to 2018 has more than tripled. In general, reasons for changes in the credit behaviour of Russians lie in lowered interest rates and the fear of their future growth, chances of refinancing previously taken loans, concerns about rising inflation, pent-up demand for housing and durable goods. A further increase in the growth of consumer loans and the volume of public debt on them may lead to the overheating of the credit market.
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S.R., Vishwanath, Jaskiran Arora, Durga Prasad, and Kulbir Singh. "Wockhardt Limited: will it rise from the ashes?" CASE Journal 14, no. 5 (September 10, 2018): 567–92. http://dx.doi.org/10.1108/tcj-05-2017-0041.
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Synopsis The case provides an introduction to how currency mismatches create exposures, why and how companies hedge (or do not hedge) those exposures, alternate valuation models and the use of foreign currency convertibles in funding a global expansion program. The case highlights the ambitious growth strategy of Wockhardt, a global biopharmaceutical company. In a bid to dominate the biopharmaceutical market, Wockhardt grew aggressively by acquiring companies all over the world. This expansion was funded by a mix of secured loans (bank borrowings) and unsecured loans including foreign currency (US dollar denominated) convertible bonds (FCCBs). Due to deteriorating business and economic conditions, the company experienced a sharp decline in profitability and stock price resulting in a debt overhang. The company had to restructure its capital structure in March 2009 to escape bankruptcy. Since FCCB holders did not agree to restructure the terms of the instrument, the company had to turn to senior lenders to restructure debt. The company’s management is faced with several options to deal with financial distress. The case asks students to evaluate those options. The case can be used to teach hedging foreign currency exposures, design of capital structure in rapidly evolving industries and dangers of financing R&D intensive ventures with convertible debt denominated in foreign currencies. Research methodology The case is based on secondary data sources. Information statements filed with the Securities Exchange Board of India, the company’s website, press releases and security analyst reports formed the basis for this case. Supplementary information was gathered from the CAPITALINE database, and websites of the Bombay Stock Exchange and the National Stock Exchange of India. Sources of information are documented appropriately in the case and teaching note. No names in the case have been disguised. The authors have no personal relationship with the company. Relevant courses and levels The case is suitable for courses in corporate finance, mergers and acquisitions, international financial management, corporate restructuring and valuation at the graduate level. It can also be used in executive education programs. Theoretical bases The case provides an introduction to how currency mismatches create exposures, why and how companies hedge (or do not hedge) those exposures, alternate valuation models, the use of foreign currency convertibles in funding a global expansion program and the alternatives in corporate restructuring. Suitable references are provided in the teaching note.
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Fellner, Zita, and Anna Marosi. "Does the Past Haunt Us No More? How Proximity to Foreign Currency Lending Experience Affects Trust in the Banking System and Financial Literacy." Financial and Economic Review 21, no. 2 (2022): 37–65. http://dx.doi.org/10.33893/fer.21.2.37.
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While FX lending is often the focus of analyses on non-performing loans and postcrisis debt relief measures, its effect on debtors’ subsequent behaviour and attitudes has been addressed to a far lesser extent in the research in recent years. In our study, we seek to fill this gap by examining the effect of proximity to foreign currency lending experience on an individual’s trust in the banking system, and financial literacy. For our study, we relied on data from a CATI survey conducted on behalf of the MNB, the central bank of Hungary, in September 2021. The sample of 1,001 respondents represents the Hungarian adult population in terms of gender, age, type of municipality, region and educational level. In addition to the proximity to foreign currency lending experience, modelling controls included sociodemographic variables on the one hand, and variables related to borrowing on the other. The effect of proximity to foreign currency lending experience was examined in terms of both trust in the banking system and components of financial literacy. The effect was quantified using a linear regression model based on OLS estimation. According to our estimate, the role of proximity to foreign currency lending experience is less important than expected. Closer proximity to foreign currency lending experience has no apparent effect on a borrower’s overall trust in banks operating in Hungary. At the same time, proximity to foreign currency lending experience increases the likelihood of the respondent’s belief that a bank acts in bad faith (exploiting legal loopholes). Among the components of financial literacy, it plays a significant role only in financial knowledge, i.e. controlled for other factors, closer proximity on average increases financial knowledge. Conversely, it fails to influence, in any manner, the adoption of more conscious attitude, behaviour and practices.
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KOVTUNENKO, Kseniia, Kateryna LYKHASHCHENKO, and Oleksandr BIELOBROV. "Foreign currency services of advanced banks of Ukraine for seamen." Economics. Finances. Law, no. 12/1 (December 29, 2020): 14–18. http://dx.doi.org/10.37634/efp.2020.12(1).3.
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The paper is devoted to the analysis of currency services of the leading banks of Ukraine for seafarers. The authors analyzed currency transfers of various banks in Ukraine, banks that provide services to seafarers, banks that cooperate with crewing companies. Terms of currency transfers from and to Ukraine and abroad, conditions of receiving foreign currency funds in accordance with the legislation of Ukraine. Conditions for opening dollar and euro accounts in Ukrainian banks, opening card accounts, restrictions on withdrawing currency from Ukrainian accounts. Bank power of attorney is free of charge. Ability to withdraw cash abroad without commission. Convenient currency exchange, online payments in the Internet banking. Savings account with higher interest rates. They showed statistics on the volume of money transfers, the benefits of tariff packages for seafarers, the possible consequences for the client in the case of using payment cards. New banking accounts management philosophy that is developed for different needs of different clients: account with increased interest rate for the funds’ remaining balance, pension account for people receiving pension or social allowances, account for sailors as well as current and salary accounts. Features of lending to seafarers in Ukraine. Possible consequences for the client in the case of using consumer loans. Each seafarer prepares a package of documents before departure and provides it through the crewing of his employer. One of the most important, first of all, for the sailor is a scan of bank account details. How and in which bank to open a dollar or euro account for a Ukrainian sailor, so that there is less commission and account conditions. We took four banks, the services of which are most often used by sailors.
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Kostiuk, V., O. Faychuk, and Y. Bobyrets. "The tendencies of bank crediting development to the Ukrainian economy." Socio-Economic Problems and the State 25, no. 2 (2021): 29–40. http://dx.doi.org/10.33108/sepd2022.02.029.
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The article considers the views of representatives of various theoretical trends and clarifies the essence of the economic category "credit". The current situation and problems of the credit market functioning in Ukraine are studied. The actual level of lending to the domestic economy has been established. The tendency and regional structure of the provided bank credits in Ukraine are analysed. The dynamics of lending to businesses in national and foreign currency is substantiated. A comparative analysis of the dynamics of loans granted by banking institutions to residents, businesses and individuals is made. The place of consumer loans in the bank lending system has been established. The role of short-term loans in the economic development of Ukraine is determined. The structure of loans granted to residents by maturity, non-financial corporations by type of economic activity and households by maturity was studied. The presence of negative dynamics in the growth of the share of overdue debt on loans in the economy of Ukraine has been established. Peculiarities of borrowing bank capital from enterprises of different types of economic activity by terms of loan repayments and currency are revealed. In particular, it was found that among the enterprises of the processing industry, the largest borrowers of bank funds are economic entities operating in the food industry. An analysis of lending by non-resident banking institutions was also performed. It is established that one of the most important tasks of credit management is the formation and analysis of the loan portfolio of commercial banks. The impact of the COVID-19 pandemic on lending to the economy was analysed and it was found that the negative trends in lending by the banking sector of the Ukrainian economy prevail. The main factors of stagnation of bank crediting in our country are determined. Measures for certain areas of functioning of the domestic credit market to intensify it are proposed.
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Maggiori, Matteo, Brent Neiman, and Jesse Schreger. "The Rise of the Dollar and Fall of the Euro as International Currencies." AEA Papers and Proceedings 109 (May 1, 2019): 521–26. http://dx.doi.org/10.1257/pandp.20191007.
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International currencies play important roles as foreign exchange reserves but are also most frequently used to denominate corporate and government bonds, bank loans, and import and export invoices. These currencies offer unrivaled liquidity, constituting large shares of the volume on global foreign exchange markets, and are commonly chosen as the anchors targeted by countries with pegged or managed exchange rate regimes. We provide evidence suggesting a recent rise in the use of the dollar, and fall of the use of the euro, with similar patterns manifesting across all these aspects of international currency use.
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YIE, MYUNG-SOO, and BYOUNG HARK YOO. "THE ROLE OF FOREIGN DEBT AND FINANCIAL FRICTIONS IN A SMALL OPEN ECONOMY DSGE MODEL." Singapore Economic Review 61, no. 05 (December 2016): 1550077. http://dx.doi.org/10.1142/s0217590815500770.
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We examine the role of foreign debt and financial frictions in the Korean business cycle using a small open economy DSGE (dynamic stochastic general equilibrium) model where domestic banks borrow external funds, denominated in foreign currencies, for a risk premium and make loans to domestic producers. We find that the Korean economy is ‘financially vulnerable’, which means that the risk premium increases when the domestic currency depreciates. As a result, depreciation could cause recession, rather than expansion, when there exist substantial amount of foreign debt or financial frictions. A simulation shows that the Korean business cycle would suffer less volatility with a lower steady-state level of foreign debt or no financial frictions.
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Karasek-Wojciechowicz, Iwona. "Die Sanktionierung missbräuchlicher Vertragsklauseln sowie die Vertragsrückabwicklung am Beispiel Polens." osteuropa recht 66, no. 1 (2020): 129–62. http://dx.doi.org/10.5771/0030-6444-2020-1-129.
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In recent years, the European Court of Justice has often dealt with disputes revolving around the interpretation of Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts. This article focuses on controversial questions in the domains of legal doctrine and jurisdiction, in particular in the context of disputes over foreign-currency denominated or foreign-currency indexed loans. It discusses questions revolving around legal bases for reverse transactions following the invalidity of a contract, the lack of legal bases for performing a contract, jurisdiction on the invalidity of a contract in the case of unfair terms, without which the contract cannot be concluded, the extent of reverse transactions, ECJ jurisdiction, the Council Directive’s deterrent effect, the admissibility of substitute types of fulfilling the contract, and consumer claims against financial institutions.
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YAZLYUK, Borys, Olena DOMBROVSKA, and Andriy BUTOV. "ANALYSIS OF FACTORS AFFECTING THE DEVELOPMENT OF MORTGAGE RELATIONS IN UKRAINE." Ukrainian Journal of Applied Economics 5, no. 4 (December 2, 2020): 70–79. http://dx.doi.org/10.36887/2415-8453-2020-4-7.
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This article covers the essence of such concepts as "mortgage" and "mortgage lending" in accordance with the current legislation of Ukraine. The main method of creating a national system of mortgage lending is the formation of effective market mechanisms for obtaining long-term financial resources in the financial and credit sphere. On this basis the market of long-term mortgage lending will function with the use of existing market infrastructure and financial instruments that will allow to gradually reduce the cost of mortgage loans to the population and the subjects of economic activity and increase the terms of lending. Mortgage lending in Ukraine has been growing dynamically in recent years, but the share of mortgage loans in the general portfolio of commercial banks is low. It was found that the main factors that influence the development of mortgage relations in our state include: Inadequate legal regulation of mortgage relations, lack of public confidence in commercial banks, low income level of the population, high interest rates, Inflationary processes, exchange rate instability, moratorium on foreclosure on foreign currency mortgages, weak financial condition of small agricultural enterprises, coronocrisis. In dynamics the structure and rates of credits growth granted by banks of Ukraine to households by purpose conjugation, repayment terms and currency breakdown were investigated. Investigation of the factors that influence the development of the mortgage relations system in Ukraine under market conditions allowed us to make scientific and theoretical and practical conclusions: for financial stability in the state it is necessary a well-organized work of all participants of the mortgage market; creation of state guarantees of economic security of citizens will contribute to renewal of trust of population to the bank sector of Ukraine; To make the primary real estate market more transparent and strengthen the protection of investors' rights; to lift the moratorium on the foreclosure of property with foreign currency mortgage loans; to create conditions for the sale of agricultural land and bank loans against land pledges. Key words: bank, mortgage credit lending, financial instruments, National Bank of Ukraine, investment resources.
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M., Praveen Bhagawan, and Jijo Lukose P.J. "The determinants of currency derivatives usage among Indian non-financial firms." Studies in Economics and Finance 34, no. 3 (August 7, 2017): 363–82. http://dx.doi.org/10.1108/sef-09-2014-0172.
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Purpose Theoretical studies suggest that hedging helps firms to reduce their financial distress costs and underinvestment problem especially if the markets are imperfect. Hence hedging, through the use of currency derivatives, is one of the important financial policies for firms. The purpose of this paper is to empirically examine the determinants of derivatives usage by Indian firms using financial disclosures on currency derivatives by non-financial constituents of S&P CNX 500 for 2009. Design/methodology/approach We manually collect the data on foreign currency derivatives from firms’ annual reports for 2009 and then follow Haushalter’s (2000) approach to examine the determinants of firms’ decision to hedge. A firm can make its hedging decision at once, deciding whether to hedge and how much to hedge. Given the nature of dependent variable that is censored, it is appropriate to use Tobit regression. A firm can also decide its hedging decision in two steps by deciding first on whether to hedge and later how much to hedge. The former is modelled by probit regression and later by conditional regression. Findings Our empirical evidence suggests that forwards are the main instruments for managing currency risk followed by options and swaps. The objectives, in the order of priority, are reduction in exposure associated with foreign currency receivables, foreign currency long-term loans and foreign currency payables. Firm’s decision to hedge is positively related to size, foreign exchange exposure and leverage, while negatively related to liquidity and investment opportunities. We find evidence of higher derivative usage by firms with both higher currency risk and higher financial distress costs. Practical implications The findings of this paper will help corporates, researchers and regulators to understand firms’ motives behind hedging. Originality/value This is the first empirical study that examines the determinants of firm’s decision to hedge and the extent of hedging in the context of emerging economies like India.
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Bochko, Оlena, Nataliia Kosar, Nataliia Kuzo, Iryna Bilyk, and Olena Zarichna. "Determinants of Housing Construction in Ukraine." Real Estate Management and Valuation 30, no. 3 (September 1, 2022): 1–11. http://dx.doi.org/10.2478/remav-2022-0017.
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Abstract The work presents an analysis of the housing construction market in Ukraine. An economic and mathematic model was built to determine that the growth of the volume of housing construction in Ukraine had a positive impact on its GDP, due of a close relation between the two values. It is important to identify factors influencing the volume of housing construction. The obtained results prove that the greatest impact is made by consumer income, deposit rates in foreign currency, and the amount of consumer loans for buying, building and reconstruction of real estate assets; the numbers of marriages, investments in housing construction and interest rates for mortgage credits in UAH also have a significant impact. The elasticity coefficients reveal a positive impact of such factors as an increase of consumer income, growth of investments in housing construction, reduction of interest rates for mortgage credits and deposit rates in foreign currency, reduction of the amount of consumer loans for buying, building and reconstruction of real estate assets, and reduction of the number of marriages. Further development of the housing construction market requires appropriate conditions for the development of the banking sector in Ukraine and the growth of investments in the studied industry.
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Tsindeliani, Imeda. "Cryptocurrency: problematic aspects of legal regulation." Annual Center Review, no. 12-13 (2020): 15–21. http://dx.doi.org/10.15290/acr.2019-2020.12-13.03.
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The article is devoted to the analysis of the legal nature of the cryptocurrency as an object of financial and legal regulation from the point of view of Russian legislation. It includes the analysis of the qualification of the cryptocurrency described as money, electronic money, foreign currency, other property, as well as the possibility of assigning crypto-loans to obligations rights. The conclusion is made about the possibility of treating cryptocurrency as private money on a par with national currencies.
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Gősi, János. "A II. Orbán-kormány gazdaságpolitikájának néhány jellemzője 2010 nyara és 2012 tavasza között." Jelenkori Társadalmi és Gazdasági Folyamatok 8, no. 1-2 (January 1, 2013): 20–25. http://dx.doi.org/10.14232/jtgf.2013.1-2.20-25.
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The economic policy of the II. Orbán-governmcnt in the net of politics. Taxes crisis: banking, commerce, etc. The flat-rate personal income tax Compulsory membership of private pension funds nationalization of assets The fixed rate of repayment of foreign currency loans recorded a large loss for the banks. The aim of Fidesz-KDNP: economic policy without restriction for the 2014 election to win. Independence against the requirements of the EU and the IMF. II. Orbán government's economic policy for international confidence decreased.
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Mroczkowski, Rafał. "Legal Effects of Unenforceability or Invalidity of an Agreement for a Denominated in or Indexed to a Foreign Currency Mortgage Loan in The Light of Judicial Decisions." Financial Law Review, no. 24 (4) (October 28, 2021): 1–23. http://dx.doi.org/10.4467/22996834flr.21.029.14654.
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An introduction of mortgage currency loans to the banks offers, particularly the indexed to a foreign currency and denominated in a foreign currency loans, based on agreements containing abusive clauses which lead, in the consumer/borrower's individual relations, to the violation of his legal and economic interest and on the financial system level to the creation the risk of its instability (systemic risk). In many European countries, in Hungary for instance, the problem was solved ex post on the statutory level by the legislator’s interference. In others, for example in Romania, such statutory solutions were contested by the constitutional courts. In the remaining ones, such as Poland, Spain or Austria, the problem was left to be solved within the individual cases by the civil or arbitration courts. The latter solution requires however the development of lines of jurisprudence solving the contentious legal issues resulting from the complicated legal relations that occurred between the banks and the consumers/borrowers. Given the above, the author undertook to analyse the judicial decisions of the European Court of Justice, Polish common courts and the Supreme Court in order to indicate these nodal issues which often evoke the discrepancies in jurisprudence, as well as to present the possible solutions. The importance of the issue is crucial not only to the economic condition of the households and financial results of particular banks, but also to the stability of the whole financial sector. The implementation of the research goal adopted in this article requires the application of legal research methods, such as in particular the general theoretical method and the formal-dogmatic method.
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Roshylo, Violetta I., and Samuel Long. "Analysis of the Dynamics of Foreign Currency Exchange Rates in Ukraine Including Seasonality Factors and Demand for Domestic Government Loans Bonds (Over 5-10 Years)." Scientific Bulletin of Mukachevo State University. Series «Economics» 8, no. 4 (January 24, 2022): 88–99. http://dx.doi.org/10.52566/msu-econ.8(4).2021.88-99.
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The relevance of the scientific article lies in the need to substantiate the importance of the role of currency exchange rates for the robust functioning of the country’s economy. The purpose of the article is to analyse the dynamics of foreign currency exchange rates, mainly the dollar, and the euro, in Ukraine, taking into account factors of seasonality and demand for government bonds. The main methods used in the paper are statistical empirical research methods, in particular modelling. It was determined that the export of raw materials, mainly steel, and various agricultural crops such as wheat, corn, sunflower oil, soybeans, etc., plays a particularly important role in Ukraine. It was found out that the mentioned fluctuations in export are one of the reasons for the currency seasonality, but not the only one or the main reason, as the exchange rate is strongly influenced by oil, gas, and other energy resources prices, which the country needs constantly, especially during the heating season. The exchange rate of the hryvnia over the last five years within the context of the National Bank of Ukraine has also been analysed. It was found that the demand for government loans bonds is one of the most important factors in considering the foreign currencies exchange rates in Ukraine. To make models more plausible and to reduce the influence of other factors in determining seasonality of the currency with certain currency pairs with the dollar, euro, yen, zloty, and ruble, the data for the last several years has been used, which are less likely to be distorted by the influence of external factors. It has been confirmed that a successful trade policy is a key source of currency stabilisation in Ukraine. The article is useful for studying the functioning of currencies in general; for studying the economy of Ukraine, especially the country’s currency issues; for students of various economic disciplines