Debt Overhang and Barter in Russia

In this paper we study, both theoretically and empirically, the relationship between barter and the indebtedness of Russian firms. We build a model in which a firm uses barter to protect its working capital against outside creditors even when barter involves high transaction costs. The main innovation of our work is to allow renegotiation between the firm and its creditors. If the creditors are rational, they often agree to postpone debt payments in order to avoid destroying the firm's working capital. It turns out, however, that even if the firm cannot ensure it will not divert cash ex post, the outcome of renegotiation still provides ex ante incentives to use barter. We show that the greater the debt overhang, the more likely the use of barter, and although the possibility of debt restructuring reduces barter, it does not eliminate it altogether. We also discuss the role of the government bond market and weak bankruptcy legislation. The firm-level evidence is consistent with the model's predictions.barter, demonetisation, debt overhang, renegotiations

Regional integration among developing countries : opportunities, obstacles and options.

Wirtschaftsunion; Entwicklungsländer;

Theories of Accounting: Evolution & Developments, Income-Determination and Diversities in Use

Accounting frameworks follow stipulations of existing Accounting Theories. This exploratory research sets out to trace the evolution of accounting theories of Charge and Discharge Syndrome and the Corollary of Double Entry. Furthermore, it dives into the theories of Income Determination, garnishing it with areas of diversities in the use of Accounting Information while review of theories of recent growths and developments in Accounting are not left out. The method of research adopted is exploratory review of existing accounting literature. It is observed that the emergence of these theories exist to minimize fraud, errors, misappropriations and pilfering of Corporate assets. It is recommended that implementation prescriptions of these theories by International Financial Reporting Standard Committee and Practicing Accountants should be adhered to and simplified so as to avoid confusing and scandalous reporting of financial statements. Keywords: Review of Accounting Theories, Financial Reporting, Corporate Reports, Financial Statements, Developments in Accounting.

Al Ghazali's thoughts of economic growth theory, a contribution with system thinking

This article tried to view ideas and economic thought of Al Ghazali, which had these thoughts tend to separate, in the sense that these thoughts as not to form an understanding of the aggregate economy. this is why the paper tries to explore and analyze further the thoughts and ideas of Al-Ghazali in the framework of the system, especially in terms of building a theory of economic growth.Modeling with Systems Thinking is used to facilitate the analysis and establish a model of economic growth of Al Ghazali, which is expected to be produced more comprehensive understanding of the thoughts and ideas of the Al Ghazali

Al Ghazali‟s Thoughts of Economic Growth Theory, A Contribution with System Thinking

This article tried to view ideas and economic thought of Al Ghazali, which had these thoughts tend to separate, in the sense that these thoughts as not to form an understanding of the aggregate economy. this is why the paper tries to explore and analyze further the thoughts and ideas of...

Networks in the Russian Market Economy

If Russia has become a market economy, how does it function on a grassroots level? In addition to market mechanisms, what kinds of social and moral principles are at work in the new Russian economy? Is the 'Soviet legacy' still present in post-Soviet business practices? This book searches for answers to these questions, by investigating the networking practices of the Russian software industry. It examines what kinds of resources are transmitted through the personal networks of Russian IT directors and managers, and which mechanisms govern this transmission. The volume opens a rarely available grassroots-level view into the business practices of the new Russian knowledge-based economy. This book is essential reading for all interested in Russian society, culture and economy