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Decentralized applications (dApp) have proliferated in recent years, but their long-term viability is a topic of debate. However, for dApps to be sustainable, and suitable for integration into a larger service networks, they need to attract users and promise reliable availability. Therefore, assessing their longevity is crucial. Analyzing the utilization trajectory of a service is, however, challenging due to several factors, such as demand spikes, noise, autocorrelation, and non-stationarity. In this study, we employ robust statistical techniques to identify trends in currently popular dApps. Our findings demonstrate that a significant proportion of dApps, across a range of categories, exhibit statistically significant positive overall trends, indicating that success in decentralized computing can be sustainable and transcends specific fields. However, there is also a substantial number of dApps showing negative trends, with a disproportionately high number from the decentralized finance (DeFi) category. Furthermore, a more detailed inspection of time series segments shows a clearly diminishing proportion of positive trends from mid-2021 to the present. In summary, we conclude that the dApp economy might have lost some momentum, and that there is a strong element of uncertainty regarding its future significance.
Financing trade and development sustainably will be crucial for Africa. Enhanced collaboration between multilateral development banks, development finance institutions and ECAs could greatly enhance intra-regional trade. Furthermore, setting up a ‘level playing field’ on the continent will allow governments to make strategic interventions for successful export credits and trade finance solutions, fostering growth through trade. African trade is already showing signs of rebounding from the coronavirus- induced recession. Through concerted, co-operative and continent-wide efforts, drawing on the knowledge and resources of all types of institutions and policy experts, Africa will continue to grow confidently and quickly into its increasingly important role as an engine of economic growth and global trade.
The utilisation of artificial intelligence (AI) is progressively emerging as a significant mechanism for innovation in human resource management (HRM). The capacity to facilitate the transformation of employee performance across numerous responsibilities. AI development, there remains a dearth of comprehensive exploration into the potential opportunities it presents for enhancing workplace performance among employees. To bridge this gap in knowledge, the present work carried out a survey with 300 participants, utilises a fuzzy set-theoretic method that is grounded on the conceptualisation of AI, KS, and HRM. The findings of our study indicate that the exclusive adoption of AI technologies does not adequately enhance HRM engagements. In contrast, the integration of AI and KS offers a more viable HRM approach for achieving optimal performance in a dynamic digital society. This approach has the potential to enhance employees’ proficiency in executing their responsibilities and cultivate a culture of creativity inside the firm.
To successfully support private sector development in Africa by the use of trade and export promotion instruments, a comprehensive policy framework is crucial. Different institutional setups for development support show different levels of resilience and effectiveness in coping with the economic conditions they are exposed to. However, there is strong evidence that managing the interplay of three fundamental building blocks – public policy, focus areas, strategic objectives and critical success factors as well as institutions, is the key to crafting sustainable and responsive economies. Export plays a significant role in the national economy, and innovative and integrated government financing instruments have to successfully support the competitiveness of national companies in the global economy. Financing and supporting foreign trade with private businesses in Africa occupies a pivotal role, impacting from new product development and job creation in developed countries through economic growth and human development in African countries.
The research paper provides important findings about the development, difficulties and perception of the support measures for exporters introduced by the Austrian government in times of COVID-19 crisis. Based on a literature review using secondary data, eight qualitative interviews were conducted with experts from the Austrian economy and government, among them the Austrian ECA ‘Oesterreichische Kontrollbank AG’. To balance the effects of the COVID-19 pandemic on the Austrian economy, a broad coverage with financing instruments for a wide range of target groups was established. Although the support measures have been well received by companies, insolvencies cannot completely be prevented. Nevertheless, the actual effects are not yet predictable and need to be assessed in further research at a later point in time.
This seminar paper examines government measures to support export-oriented companies in Belgium. After a short overview of the Belgian economy and the impact of the Covid-19 crisis, the paper introduces the available government measures for exporters. In particular, the role of Credendo as a Belgian export-credit insurance company will be discussed, and its measures will be examined in more detail. In addition, federal measures of the Belgian government will be identified, and a summary of the most important regional measures will be provided. The entirety of government measures available to export-oriented companies will be reviewed and options for the future activities of export-oriented companies will be pointed out.
Disruptive innovations can solve major global challenges. However, the system in Germany does not sufficiently favor the development of such innovations. The disruptive output of leading nations like the United States puts increasing pressure on Germany’s innovation leadership. The German innovation agency SPRIND was founded in 2019 and is a suitable instrument to promote disruptive innovations. The SPRIND itself cites the American innovation agency DARPA, which has been promoting disruptive innovations since 1958, a role model. Therefore, the aim of this paper is to conduct a comparative analysis of DARPA and SPRIND. To answer the research question, secondary sources were used. In addition, two expert interviews were conducted with employees of SPRIND. The result of this paper is a systematic comparison that identifies the key differences and similarities between the two agencies. SPRIND is based on DARPA in key success factors, such as the person-centered approach, funding instruments or risk management. However, compared to DARPA, SPRIND has a major disadvantage; namely several administrative hurdles which inhibit agile action.
British Government long-term Measures for Exporters in the Manufacturing Sector in Times of COVID-19
(2020)
The authors of this paper have addressed the question of what measures have been taken by the British government to support exporters in the manufacturing sector in the era of COVID-19. A classification of the manufacturing export industry in the British economy as a whole and the impending economic impact of COVID-19 were also examined. It should be noted that the United Kingdom is facing major structural changes as a result of the Corona pandemic and its withdrawal from the European Union, which are examined more in detail in this paper. The UKEF, in cooperation with other institutions, provides a number of finance facilities for exporters already before Corona crisis. The access to get this support has been facilitated for the COVID-19 affected exporters, but no additional measures were made available.
This paper gives an overview of the impact that the corona pandemic has on the export industry in Canada and analyzes the different Canadian government measures for exporters. In addition, the measures are subsequently evaluated in order to identify if the support measures can help Canadian exporters to overcome the crisis. The basis of this paper are semi-structured expert interviews with experts from the financial sector, scientific literature and studies. The results have shown that the COVID-19 pandemic has a major impact on Canada’s export economy and it’s GDP. Trade is only possible to a limited extent, as many borders are closed. The Canadian government reacted with an economic response plan to support Canadian individuals and businesses. This paper depicts and assesses the most eligible measures for export companies.
The aim of this essay is to give a systematic review of the literature. Climate change is omnipresent and manifests itself in a steady increase in global warming. This trend was triggered as a reaction to increasing emissions in the course of industrialization. Climate finance is generally understood to be the provision of public, private, and alternative sources of finance that represent measures to mitigate and adapt to climate change. Significant commitments to support developing countries by developed countries have been manifested in the UNFCC climate framework and the Paris Climate Agreement. Funding from public and private sources increased to a total of $540 billion in 2019. Whether multilateral or bilateral, the largest share is provided in the form of loans to the target countries.
Export sichert Millionen von Arbeitsplätzen in Deutschland. Auch in anderen Ländern profitieren Menschen von positiven Effekten durch internationale Aktivitäten von Unternehmen. Finanzierung und Risikoabsicherung durch staatliche Exportkreditagenturen spielen dabei eine wesentliche Rolle, wenn der Markt versagt. Dies gilt gerade in Krisenzeiten wie der Covid-19-Pandemie. Regierungen haben mit Coronahilfen für die Exportwirtschaft Außenhandel ermöglicht und dadurch zahlreiche Arbeitsplätze gesichert. Mit einer Vielzahl von Aktivitäten haben unter anderem Dänemark, Deutschland, Polen und Österreich im Jahr 2020 schnell und effizient agiert. Teilweise deutlich erhöhte Finanzmittel, neue Garantieprodukte, verbesserte Finanzierungs- und Versicherungsbedingungen sowie vereinfachte Antragsverfahren waren zentrale Maßnahmen europäischer Regierungen. Gezeigt hat sich, dass auch in der Zukunft eine übergeordnete strategische Ausrichtung, ein gemeinsamer Förderansatz sowie eine wirkungsorientierte Gestaltung von Förderinstitutionen wichtig sind.
In this work, the authors have dealt with the question of what measures have been taken by the Danish government to support exporters during the time of COVID-19. The analysis first looks at Denmark's general economic situation. In the following, Denmark's governmental and financial measures to support exporters are briefly explained. In addition to the economic and financial effects, the issue of green energy has also become a major focus of political attention in times of crisis. Denmark is a pioneer in the wind energy sector and accounts for a large share of exports. For this reason, the impact and possible future developments for the wind sector in connection with the pandemic are also being investigated.
In der genossenschaftlichen FinanzGruppe werden neben Verbundunternehmen wie zum Beispiel der DZ Bank rund 45 bis 50 Genossenschaftsbanken von der künftigen Berichtspflicht nach der sogenannten CSR-Richtlinie betroffen sein. Dieser Artikel gibt Hinweise zu Auswirkungen der neuen Gesetzeslage, aber auch zu Chancen und Potenzialen. Diskutiert wird insbesondere, was das neue Gesetz bzw. der Regierungsentwurf von 2016 besagt, und was die Vorgaben konkret für Genossenschaftsbanken bedeuten. Der Beitrag diskutiert zudem Synergien, Chancen und Potenziale: Das Thema Nachhaltigkeit kann wertvolle Impulse für eine zielgerichtete Weiterentwicklung des eigenen Geschäftsmodells bieten, beispielsweise wie neue Kundengruppen und/oder neue Ertragspotenziale mit Hilfe von neuen Produkten beziehungsweise Geschäftsfeldern erschlossen werden können.
Entwicklung und globale Diffusion von zukunftsorientierten Technologien sind zentrale Faktoren für den ökonomischen Erfolg von Volkswirtschaften. Die Digitalisierung der Unternehmen spielt inzwischen eine entscheidende Rolle für das Wirtschaftswachstum eines Landes. Wissensintensive Wirtschaftsbereiche wachsen rasant, und internationale Arbeitsteilung über globale Wertschöpfungsketten sowie ausländische Direktinvestitionen prägen den Alltag vieler Firmen.
In an extensive research project, we have assessed the application of different service models by export credit agencies (ECAs) and export-import banks (EXIMs). We conducted interviews with 35 representatives of ECAs and EXIMs from 27 countries. The question guiding this study is: How do ECAs and EXIMs adopt public service models for supporting exporters? We conducted a holistic multiple case study, investigating if and how these organisations apply public service models developed by Schedler and Guenduez, and which roles of the state are relevant. We find that there is a variety of different service models used by ECAs and EXIMs, and that the service model approaches have great potential to learn from each other and innovate existing services.
Purpose
Although start-ups have gained increasing scholarly attention, we lack sufficient understanding of their entrepreneurial strategic posture (ESP) in emerging economies. The purpose of this study is to examine the processes of ESP of new technology venture start-ups (NTVs) in an emerging market context.
Design/methodology/approach
In line with grounded theory guidelines and the inductive research traditions, the authors adopted a qualitative approach involving 42 in-depth semi-structured interviews with Ghanaian NTV entrepreneurs to gain a comprehensive analysis at the micro-level on the entrepreneurs' strategic posturing. A systematic procedure for data analysis was adopted.
Findings
From the authors' analysis of Ghanaian NTVs, the authors derived a three-stage model to elucidate the nature and process of ESP Phase 1 spotting and exploiting market opportunities, Phase II identifying initial advantages and Phase III ascertaining and responding to change.
Originality/value
The study contributes to advancing research on ESP by explicating the process through which informal ties and networks are utilised by NTVs and NTVs' founders to overcome extreme resource constraints and information vacuums in contexts of institutional voids. The authors depart from past studies in demonstrating how such ties can be harnessed in spotting and exploiting market opportunities by NTVs. On this basis, the paper makes original contributions to ESP theory and practice.
This essay is about Estonia’s measures to help its exporters responding to COVID-19. The purpose is to analyse the companies’ need for help measures and the governmental objectives behind the measures and finally to analyse the possible effects. We used the two latest surveys dealing with the entrepreneurship situation and conducted two inter-views with governmental representatives exposing their objectives. The outcomes show that more than half of Estonian companies are asking for governmental help mainly as a consequence of a drop of demand. Limiting the increase of unemployment and bankrupt-cies as well as strengthening the economic recovery were identified as the main govern-mental objectives while restraining fiscal costs is a subordinated objective but becomes more important the more money will be spent. The help measures offered by KredEx are in line with these objectives. After the crisis the implications of the established measures should be analysed so that others can learn from the Estonian Government’s approach.
The global pathway to net zero emissions by 2050 requires governments to implement and strengthen climate policies as global emissions are reaching record level. Climate finance plays a crucial role in the net zero transition. It refers to local, national or transnational financing seeking to support mitigation and adaptation actions that address climate change. Public export-import banks (EXIMs) and government export credit agencies (ECAs) are highly influential actors for climate action. Although there is no consensus among EXIMs and ECAs on how to define climate finance, 20 institutions assessed in this report give evidence that they significantly support climate action related transactions: EXIM and ECA financing and insurance amounted to EUR 6.7-8.4 billion in 2020, much more than estimated by the Climate Policy Initiative (CPI). However, the results also show that EXIM and ECA lending and insurance activities must rise substantially in order to contribute to the climate finance volumes required by 2030 as estimated by CPI. To retain their current proportion relative to other climate finance flows, assessed institutions would need to increase their climate financing 6.8 times to between EUR 45.3 billion and EUR 57.4 billion by 2030.
The aim of the essay is to identify current trends in infrastructure financing in times of net zero, crucial challenges, and solutions to overcome these issues. To gain information, a fundamental literal research, and interviews with infrastructure financing specialists of development banks were conducted. The growing importance of climate aspects for financing decisions, the changing sources of infrastructure funding and the increased role of Multilateral Development Banks (MDBs) can be listed as the most important trends. The main challenges are the financing gap for infrastructure, the high investment risks and a lack of standards, and policies regarding climate neutrality. To overcome these challenges, innovative financing solutions and the merging of public and private funding have been identified as potential solutions.
If the current situation could be described in one word, it would be ‘uncertainty’. In times of global crisis, it is important to support the economy to keep businesses alive. Therefore, this paper shows the Finnish government measures and how exporters can benefit from them. Looking in particular at the maritime sector, the research pointed out that there were not that many specific measures for exporters and shipbuilders. This essay detected that the provided measures are suitable for the needs of the affected companies and are an effective instrument by the government to stabilise the industry. This is proved by the number of companies taking advantage of these loans, grants and guarantees. Due to the already mentioned uncertainty, it remains unclear how measures have to be adjusted in the future.
Economic growth is usually driven by improvements in productivity, economic efficiency, trade and innovation. Increasing efficiency means to produce larger output using the same amount of factors for production such as raw materials, labour, and capital. However, regardless of the driver, growth is often investment-hungry and it is not rare to find an economy with potential for growth but lacking locally available investment. In this scenario, Foreign Direct Investment (FDI) can fill the gap between investment needed to promote economic growth and locally available investments.
The COVID-19 pandemic has been spreading rapidly across the globe and has seriously affected global trade. In order to reduce the pandemic’s impact on their economy, the French government released a support plan referring to the COVID-19 crisis. Since mid-tier companies play a leading role in France’s export, this paper deals with the measures taken by the French government to support especially French mid-tier export companies. Based on empirical literature and recent publications, the research question is analyzed by conducting interviews with experts, such as market participants, governmental institutions and an expert for trade and innovation. As a result of the research, the emergency measures taken by the French government, such as the CAP Francexport reinsurance scheme, the extension of cover for export guarantees, additional information and assistance, and the deferral of tax and social security contributions have mitigated the effects at first instance.
The COVID-19 pandemic has the global economy under control. This paper deals with the economic consequences in Germany and shows the measures taken by the German government to support especially small and medium-sized export companies. The structure of the German economy and foreign trade promotion are explained as a basis. After considering the government's support measures, an evaluation of country comparisons shows that there is still potential for further measures, especially in direct lending and debt moratorium. The analysis is based on quantitative data from surveys and qualitative results from interviews with relevant ministries and market participants as well as recent publications.
This paper examines and evaluates the challenges and opportunities of export credit agencies (ECA) in the Middle East and North Africa (MENA) region. Political risks, unrest and instability made exports in the MENA region arduous. Further challenges are demonetization, the lack of reliable information and the acquisition of skilled employees. Access to financial resources can be quite challenging and several ECAs in the MENA region struggle from having no economies of scale. The global trend of globalisation and digitalisation has proved to be both a challenge and an opportunity. Nevertheless, the ECAs are becoming progressively important and needed in the MENA region. ECAs can benefit from this by working closely with financial institutions, banks and stakeholders. Other opportunities are infrastructure, renewable energies, international events and the diversification of the product portfolio. Through research on the ECAs EGE, ECI, Credit Oman and ICIEC, differences of multilateral and national export credit agencies have been analysed as well.
The aim of this essay is to point out the challenges and opportunities of government export credits and insurance in Europe. The Covid-19 pandemic confronted the entire world with new challenges. This also applied to the export financing and insurance market. Furthermore, there are also challenges that play a major role for ECAs regardless of the pandemic. However, the risks are also offset by opportunities that may enable European export credit agencies to prevail against international competition.
The focus of this essay is on the export credit agencies from Finland (Finnvera), Sweden (EKN) and Portugal (COSEC). As part of the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) the three ECAs share many fundamental similarities but in some points they may also distinguish from each other.
The aim of this essay is to give an overview about recent developments of the government innovation funds of Sweden and Finland. In order to discover recent developments basic knowledge regarding innovation funds, funding structures and information about the two big funding agencies Vinnova Sweden and Business Finland is presented. Building on this information, the developments of the two funding agencies are compared and examined for similarities and differences. Both countries have a very similar structure in terms of the R&D sector and are striving with the same issues. Just as sustainability is a leading issue, the collaboration between the different shareholders is another main challenge. Both topics were negatively affected by the COVID-19 pandemic. Both Sweden and Finland had to really push forward innovation with financial support and political, strategic goals. Even though there are strong recent developments, the countries are facing the same challenges, do have similar funding structures and therefore have no big comparative strengths or weaknesses to each other.
This paper aims to draw attention to an urgent need for reform of the regulatory framework of the broader export credit system to ensure a new and comprehensive "safe haven" for officially supported export credits. The purpose is to analyse the complex debate on disciplines of the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD), creating a point of reference for future analysis of and debates around the "carve-out clause" of the Agreement on Subsidies and Countervailing Measures (ASCM) and a "safe haven" in a broader sense.
International trade requires sufficient, reliable, and affordable sources of financing. Export credit agencies (ECAs) fill trade finance gaps by offering financing, insurance and guarantees to provide liquidity or mitigate risks. They help to create or secure jobs in the domestic economy. However, comprehensive government support is required to create significant impact. This includes ‘full faith and credit’ of the state. In the context of public foreign trade promotion, full faith and credit is defined as an explicit, direct or indirect, irrevocable, legal commitment to accept all liabilities of an ECA as unconditional obligations of the respective government. Our policy recommendations for countries with relatively young ECAs, for example in Ukraine, Armenia, and Malawi, are to establish a full guarantee in addition to an efficient legal set-up, sufficient capital, and sound risk management of the respective agency. Without full faith and credit, policy goals of fostering economic growth through foreign trade fall short.
Innovation Policies and Government Instruments – An illustration of Israel’s innovation system
(2021)
The aim of this paper is to introduce innovation policy measures, government instruments and conceptual approaches to promote innovation growth. Since Israel is increasingly establishing itself as a pioneer for innovation, this paper mainly refers to their innovation policy. This paper will explain why Israel's innovation policy is successful and which actors play a particularly important role in it. Using semi-structured interviews, government experts like the Israel Innovation Authority as well as companies like Bosch were asked about Israel’s national innovation system and its success which allowed diverse perspectives on the topic.
Führungskräfte deutscher Unternehmen sehen sich gegenwärtig zwei branchenübergreifenden Anforderungen gegenüber: Innovationen und Digitalisierung. Handelt es sich bei Innovationen um ein wissenschaftlich gut durchdrungenes Thema, zeichnen sich die neuen Möglichkeiten der Digitalisierung erst in Umrissen ab. Einig ist man sich darin, dass die Digitalisierung nicht nur einen bestimmten Unternehmensteil betrifft, sondern das ganze Unternehmen übergreift. So eröffnet sie nicht nur neue Möglichkeiten für einzelne Teilfunktionen, sondern auch Verbesserungen bei funktionsübergreifenden Aufgaben. Wie diese genutzt werden können, zeigen die Autoren und Autorinnen dieses Sammelbandes. Sie präsentieren neue Denkansätze und konkrete Entscheidungshilfen für Unternehmen, die in einer digitalen Wirtschaft innovativ bleiben wollen.
Innovative financing schemes in public management comprise provisions of funds for public expenditure by taxation, user charges, borrowing or other fundraising in a novel way. Scholarly research regarding public finance already appeared in the 16th century, but the role of public funding schemes became much more important in the last decades. Theoretical frameworks are related to political, economic, legal and administrative aspects. Although innovation and public management might be seen as antithetical, there is an emerging practice of innovative financing tools both in highly-industrialised economies and developing countries. Examples for novel mechanisms raising money are green bonds, onshore local currency financing, public private partnerships (PPPs) and resource-financed infrastructure. Public policy tools include innovation financing for digital infrastructure or export credits for trade-driven innovation, often focusing on the United Nations Sustainable Development Goals (SDGs) including climate action.
The aim of this essay is to analyse and evaluate the Italian government measures for exporters in response to COVID-19. The unexpected, rapid and hardly predictable consequences of the pandemic paralyzed the entire globe. For a long time, Italy was the epicentre of the virus, which caused severe damage in the Italian export economy dropping temporarily more than 40%. The Italian government reacted exemplary fast and took multiple countermeasures of high extent especially through the Italian export credit agency SACE. On the one hand, the internationally compared broad structure of SACE was a huge advantage, which allowed to release quickly numerous measures. On the other hand, there is room for improvement regarding the accessibility of measure-related information, which has been partially only available in Italian. Furthermore, there is a remarkable risk resulting from the combination of the high monetary effort to enable the numerous measures, the difficult financial situation of the Italian government and the unpredictability of the COVID-19 consequences.
Staatliche Exportkreditagenturen und Export-Import-Banken finanzieren, versichern und garantieren jährlich fast 1 Bio. US-Dollar – mehr als 3 % der globalen Güterexporte. Ihre Interventionen sind an internationale Rahmenbedingungen gebunden, insbesondere an das WTO-Subventionsübereinkommen (ASCM) und den OECD-Konsensus. Das komplexe Zusammenspiel beider Rechtsrahmen sorgt seit langem für Herausforderungen, vor allem hinsichtlich des Anwendungsbereichs des “safe haven” des ASCM und des “Matching”-Mechanismus der OECD. In den vergangenen Jahren hinzugekommen ist die Problematik neuer Instrumente der Exportvor- sowie der Klimafinanzierung. Der folgende Beitrag erörtert Herausforderungen und Lösungsansätze. Er zeigt auf, dass der neue OECD-Konsensus trotz zahlreicher Verbesserungen zentrale rechtliche Probleme nicht behebt.
Germany was considered the world's export champion for a long time, until it was overtaken by China in 2009. Both nations provide officially supported export credits to national exporting organizations, but the two systems operate differently. German export credit guarantees serve as a substitute when the private market is unable to assume the risks of exporting companies. The German Export Credit Agency Euler Hermes is responsible for processing applications on behalf of the Federal Government. China belongs to the largest providers of export finance with the institutions China EXIM and Sinosure. While Germany is bound by the OECD consensus, which defines the level playing field, Chinese export credit agencies have greater flexibility not being bound by international rules or agreements.
This report examines exporters’ challenges and possible solutions for public intervention to promote foreign trade. Based on fieldwork conducted in Georgia, we explore which policy approaches can help to stimulate Georgian exports further. Our outcomes show that exporters face substantial barriers such as navigating complex trade regulations, lack of knowledge about target markets, trade finance gaps, as well as new export promotion programs (EPPs) in competitor countries. Other upper-middle-income countries can learn from our results that exporters can significantly benefit from a comprehensive export promotion strategy combined with an ecosystem-based “team” approach. EPPs related to awareness and capacity building in Georgia should be part of this strategy, focusing on challenges such as a lack of knowledge about trade practices and international business skills. Other EPPs must help to mitigate related market failures, as information gathering is costly, and firms have no incentive to share this information with competitors. Furthermore, targeted marketing support and customer matchmaking can answer Georgian exporters’ challenges, such as lack of market access and low sector visibility. Our results also show that public intervention through financial support and risk mitigation is essential for firms with an international orientation. The high-quality, rich outcomes provide significant value for other upper-middle-income countries by exploring the example of Georgia’s contemporary circumstances in an in-depth manner based on extensive interviews and document analysis. Limitations include that our work primarily relies on qualitative data and further research could involve a quantitative study with a diverse range of sectors.
Prediction of Claims in Export Credit Finance: A Comparison of Four Machine Learning Techniques
(2020)
This study evaluates four machine learning (ML) techniques (Decision Trees (DT), Random Forests (RF), Neural Networks (NN) and Probabilistic Neural Networks (PNN)) on their ability to accurately predict export credit insurance claims. Additionally, we compare the performance of the ML techniques against a simple benchmark (BM) heuristic. The analysis is based on the utilisation of a dataset provided by the Berne Union, which is the most comprehensive collection of export credit insurance data and has been used in only two scientific studies so far. All ML techniques performed relatively well in predicting whether or not claims would be incurred, and, with limitations, in predicting the order of magnitude of the claims. No satisfactory results were achieved predicting actual claim ratios. RF performed significantly better than DT, NN and PNN against all prediction tasks, and most reliably carried their validation performance forward to test performance.
Risk aversion, financing and real servicThe Global CEO Survey was launched in 2015 by researchers from Offenburg University, the University of Westminster and the London School of Economics and Political Science (LSE) to better understand and discover what factors influence exporters’ demand for credit insurance. Although some scholars discussed aspects of corporate insurance demand with regard to exporters, there is limited research concerning the demand for export credit insurance associated with firm-specific factors. Only few empirical studies support existing theories on corporate insurance demand and export credits. This project investigates and fills the relevant gap of official export credit insurance demand.es
The COVID-19 pandemic has led to an economic downturn in the Slovak Republic. To bridge corporate liquidity problems the Slovakian Government has introduced several support measures. The investigation discusses the effectiveness of the measures imposed. Based on theoretical foundations, the research question is empirically examined by using a qualitative expert survey. As the automotive industry plays a leading role in Slovakia, the research conducted is oriented towards the financing phases, a typical automotive exporter is undergoing. As a result of the research, bridging loans and government grants were identified as the most important measures. Additionally, tendencies towards political recommendations for action were identified. The research explored, that the Slovakian Government should focus on meeting the short-term liquidity needs, boosting exports and promoting innovation as well as considering a support package for the automotive industry.
This essay deals with the Spanish economy and especially with the Spanish governmental measures for SME exporters in times of COVID-19. The focus was set on SMEs, as they are an essential part of trade for the government and are particularly affected by the pandemic. Since the financial crisis, the Spanish economy has become highly diversified, with a greater focus on exports. Competitiveness, productivity and efficiency have increased significantly. The Spanish government measures largely affect the areas liquidity and financing, taxes and protection of the employment. One of the most important measures is the 100-billion-euro credit line and the policies on unemployment. The Spanish government is dependent on further aid packages and is criticized for the measures.
Excellent organisations require targeted strategies to implement their vision and mission, deploying a stakeholder-focused approach. As part of evidence-based policy making, it is a common approach to measure government financing vehicles’ results. A state-of-the-art method in quantitative benchmarking to overcome the challenge of considering multiple inputs and outputs is Data Envelopment Analysis (DEA). Descriptive statistics and explorative-qualitative approaches are also applied in a modern ECA benchmarking model to substantiate DEA results and put them into perspective. This enabler-result model provides a holistic view and allows to identify top performing ECAs and Exim-Banks, providing the opportunity for inefficient institutions to learn from their most productive peers. This best practice approach for strategic benchmarking enables the senior management to develop and implement a cutting-edge strategy, and increase value for key stakeholders.
Purpose
Although recent literature has examined diverse measures adopted by SMEs to navigate the COVID-19 turbulence, there is a shortage of evidence on how crisis-time strategy creation behaviour and digitalization activities increase (1) sales and (2) cash flow. Thus, predicated on a novel strategy creation perspective, this inquiry aims to investigate the crisis behaviour, sales and cash flow performance of 528 SMEs in Morocco.
Design/methodology/approach
Novel links between (1) aggregate wage cuts, (2) variable operating hours, (3) deferred payment to suppliers, (4) deferred payment to tax authorities and (5) sales performance are developed and tested. A further link between sales performance and cash flow is also examined and the analysis is conducted using a non-linear structural equation modelling technique.
Findings
While there is a significant association between strategy creation behaviours and sales performance, only variable operating hours have a positive effect. Also, sales performance increases cash flow and this relationship is substantially strengthened by e-commerce digitalization and innovation.
Originality/value
Theoretically, to the best of the authors’ knowledge, this is one of the first inquiries to espouse the strategy creation view to explain SMEs' crisis-time behaviour and digitalization. For practical purposes, to supplement Moroccan SMEs' propensity to seek tax deferrals, it is argued that debt and equity support measures are also needed to boost sales performance and cash flow.
Open markets, international trade and foreign direct investments are a source of prosperity in challenging times. This Special Section looks at developed economies and emerging markets, also taking into account the role of trade for impactful capacity-building in least developed countries (LDCs). Specific emphasis is placed on financing economic development and trade, analysing what roles trade and development finance should play in the quest for an efficient mobilisation of private capital for growth, trade and development.
Supporting the COVID-19 response in Asia and the Pacific—The role of the Asian Development Bank.
(2020)
The COVID-19 pandemic has affected all countries of the Asia Pacific region over the last few months with far reaching economic, health and social consequences. To counter the impact, governments have accelerated their health spending and announced large macroeconomic stabilization and stimulus policy packages. As with past disasters and crises in the region, the Asian Development Bank has reacted with a number of targeted support interventions since the very early stages of the outbreak. In mid- April 2020, the Bank then put forward a comprehensive COVID-19 Response Package totalling $20 billion to support its member countries which rests on four pillars.
The last few months have proven that multilateral development banks like the Asian Development Bank have the ability to respond quickly and to mobilize significant resources for a global emergency like COVID-19. Whilst this financial supported is urgently needed at this point, attention will need to be paid on how debt sustainability for low- and middle-income countries can be ensured in the coming years. Given the unprecedented scale of and uncertainty around the COVID-19 pandemic, it may offer a window of opportunity to redesign the way developmental finance is coordinated and the way it is delivered. This also includes a chance to “build back better” and to focus on a sustainable, resilient and green recovery.