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THE MODEL OF GOVERNMENTAL GUARANTEES AND BANK CREDIT POLICY IN FINANCING RISKY PROJECTS
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THE MODEL OF GOVERNMENTAL GUARANTEES AND BANK CREDIT POLICY IN FINANCING RISKY PROJECTS
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
Authors
Vadim Arkin  Alexander Slastnikov
Edition
Volume 50 Issue 3
Pages
105-118
Abstract

The paper considers the model of interaction between investor, bank and government in fi nancing the risky projects. This model allows to study a mechanism of the governmental loan guarantees. We propose the optimization approach for the determination of both maximal sum of guarantees and credit policy of a bank. We analyze the optimal decisions of the government and the bank in fi nancing the risky projects and discuss some economic consequences.

Keywords
investment project, loan, risk, governmental guarantees, optimal part of loan reimbursement
Date of publication
01.07.2014
Number of purchasers
1
Views
868
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0.0 (0 votes)
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Arkin V.I., Slastnikov A.D. (2007). Investitsionnye ozhidaniya, stimulirovanie investitsij i nalogovye reformy // Ehkonomika i matematicheskie metody. T. 43. Vyp. 2. S. 76–100.


Arkin V.I., Slastnikov A.D. (2012). Porogovye pravila ostanovki diffuzionnykh protsessov i zadacha Stefana // Doklady Akademii nauk. T. 446. № 3. S. 247–250.


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Slastnikov A.D. (2010). Optimizatsiya uchastiya gosudarstva v sofinansirovanii proektov v usloviyakh gosudarstvenno-chastnogo partnerstva // Ehkonomika i matematicheskie metody. T. 46. Vyp. 4. S. 69–81.


Slastnikov A.D. (2014). Investirovanie riskovannykh proektov v usloviyakh gosudarstvennykh garantij po kreditam // Zhurnal Novoj ehkonomicheskoj assotsiatsii (v pechati).


Shpynova A.I. (2009). Kreditovanie malykh i srednikh predpriyatij: zarubezhnyj i rossijskij opyt. M.: POLPRED Spravochniki.


Arkin V.I., Slastnikov A.D. (2006). Optimal Time to Invest under Tax Exemptions. In: From Stochastic Calculus to Mathematical Finance. The Shiryaev Festschrift. P. 17–32. Berlin Heidelberg N.Y.: Springer.


Arkin V.I., Slastnikov A.D. (2007). The Effect of Depreciation Allowances on the Timing of Investment and Government Tax Revenue // Annals of Operations Research. Vol. 151. No. 1. P. 301–323.


Dixit A.K., Pindyck R.S. (1994). Investment under Uncertainty. Princeton: Princeton University Press.


Hu Y., Oksendal B. (1998). Optimal Time to Invest When the Price Processes Are Geometric Brownian Motions // Finance and Stochastics. Vol. 2. No. 3. P. 295–310.

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