Capital Structure and the Changing Role of Off-Balance-Sheet Lease Financing

Az Európai Központi Bank szerepének átalakulása az európai válságkezelés során = The Changing Role of the European Central Bank during the European Crisis in 2008

Köz-gazdaság ◽

10.14267/retp2021.01.08 ◽

2021 ◽

Vol 16 (1) ◽

pp. 69-86

Author(s):

Marcell Zoltán Végh ◽

Anita Pelle

Keyword(s):

Central Bank ◽

Interest Rates ◽

European Central Bank ◽

Balance Sheet ◽

Banking Union ◽

New Era ◽

European Central ◽

European Crisis ◽

Changing Role

Az elhúzódó európai válság során az Európai Központi Bank (EKB) szerepe is átalakult. Egyrészt válság idején, inflációs nyomás helyett deflációs veszéllyel szembesülve, a stabilitás biztosítása mást implikál, mint szokványos időkben. Másrészt tartósan nulla százalék körüli kamat mellett az eszköztárnak kevésbé bevált további elemeit kell bevetni. Az EKB esetében 2010. májusban indult új korszak az első eszközvásárlási programmal, amelyet több hasonló követett. A jegybank mérlege néhány év alatt több mint kétszeresére duzzadt, a legdinamikusabban bővülő tétel eszközoldalon az euróövezetbeli értékpapírok kategóriája lett. Mindeközben az EKB-nak a kiépülő bankunióban is központi szerep jutott. A bankfelügyelet élesítésére 2017 nyarán került sor, az eszközvásárlási programot pedig 2018 végéig vezették ki. Az EKB tehát új és jelentős feladatokat vállalt az európai válságkezelésben, alapvetően sikerrel. In the course of the prolonged European crisis, the role of the European Central Bank (ECB) has also changed. Firstly, in times of crisis, facing risks of deflation instead of inflationary pressure, ensuring stability implies other methods than in usual times. Secondly, with long-lastingly around-zero per cent interest rates, further, less used monetary policy tools are needed. In case of the ECB a new era started in May 2010, with the first asset purchase programme, which was then followed by several similar ones. The central bank’s balance sheet more than doubled in a few years’ time; the most dynamically growing item on the asset side was the category of Eurozone securities. In the meanwhile the ECB was assigned a central role in the newly developed banking union as well. Supervision was put in place in summer 2017 and the asset purchase programme was phased out by the end of 2018. Overall, the ECB undertook new and significant roles in European crisis management – fundamentally with success.

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The Role of the Capital Structure in Supporting the Strength of the Budgets of Iraqi Companies for the Period (2008-2011)

Journal of University of Human Development ◽

10.21928/juhd.v2n1y2016.pp222-244 ◽

2016 ◽

Vol 2 (1) ◽

pp. 222

Author(s):

Basam Ahmad Abdulla Al-Bamarny ◽

Ammar Shihab Ahmed

Keyword(s):

Capital Structure ◽

Balance Sheet ◽

Rate Of Return ◽

Operational Performance ◽

The Right ◽

The Cost ◽

Consequent Increase ◽

The Capital Structure

To play any economic unit to exercise its work to achieve its goals during the financial period, they should work to create the necessary funds for the exercise of various activities, and these funds are provided by the shareholders, but if the capital is not sufficient to meet the needs they resort to other sources, such as access on long-term loans, according to a number of variables such as the size of the company and the nature of its activity practiced, and these funds, whether provided by the shareholders or that have been borrowed called to the capital structure and have a direct impact on the financing of assets and of the right side of the balance sheet, it becomes this Money highly effective if the company was able to invest at a rate of return than the cost of loans. The study concluded that the capital structure that supports the power budgets of companies contribute to Iraq through the financing of assets and support the rights of owners, so it has to be re-invested to achieve a return on these assets and increase property rights, so the study recommends improving the operational performance of the companies of the Iraqi contribution including the consequent increase in the rate of return on investment, without a change in the capital structure of the companies.

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The Changing Role of Accounting Numbers in Public Lending Agreements

Accounting Horizons ◽

10.2308/acch.2004.18.2.81 ◽

2004 ◽

Vol 18 (2) ◽

pp. 81-96 ◽

Cited By ~ 63

Author(s):

Joy Begley ◽

Ruth Freedman

Keyword(s):

Public Debt ◽

Balance Sheet ◽

Debt Contracts ◽

Quarter Century ◽

New Public ◽

Dramatic Decline ◽

Accounting Numbers ◽

Good Proxy ◽

Changing Role

The use of accounting number in loan agreement is an important part of the demand for accounting information. We examine new public debt contrast from three time periods to investigate the changing role of accounting number of public lending agreements, nothing a dramatic decline in the use of accounting numbers over the last quarter century. Accounting-based covenants restricting dividends and additional borrowing appear in less than 10 percent of the most recent sample of debt contracts examined. Moreover, accounting-based covenants included in public debt contracts tend to focus more one cash flow numbers and less on balance sheet measures of leverage than in the past. The evidence presented here suggests that recently executed public covenants provide little incentive for managers to manipulate accounting numbers. We also find a declining correlation between leverage and use of accounting-based debt covenants in public debt This finding suggests that leveragema not be a good proxy for public debt covenant slack in accounting policy choice studies.

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