of financial equilibrium could become “methodological bridge” which allows
overcoming the gap in understanding of financial stability at macro- and micro level.
We suggest much wider definition of the term «financial equilibrium of the
economic system». If a company is in the situation when cash flows, synchronization
the amount of money at current account can be equal to zero. Though transaction
demand of a company for money is satisfied, but it is not enough for optimal financial
regime because precautionary demand, demand for compensate balances and demand
for maintenance of the credit rating remain dissatisfied. It is necessary to suggest wider
understanding of financial equilibrium conception for which the cash flows
synchronization will be only the one of some particular cases (some lower limit). For
this aim, it is necessary to introduce some of new concepts.
We will name by the general potential of financial destabilization F(t) of a
company such amount of money which reflects the uncovered financial requirements
of the company at the moment t of time for financing its effective operational,
investment and financial activities in accordance with the determined economic
strategy.
The dynamics of the general potential of financial destabilization during some
period includes considerable information about the trajectory of financial development
of the company, its deviations from an equilibrium and accumulation of instability.
There are three key elements into the structure of the general potential of financial
destabilization:
)
(
)
(
)
(
)
(
t
E
t
Z
t
U
t
F
−
+
=
,
where U (t) - is internal potential of financial destabilization of the company that
reflects accumulation of financial instability in consequences of internal problems of
financial management; Z(t) - is financial losses in exogenous shocks consequence
influencing the firm (for example for Ukraine there are sharp unfavorable changes of
exchange rate, export prices, imported gas prices, etc); E(t) - is financial losses
compensation of firm through external stabilizers actions, in particular, stabilization
activity of monetary and financial macro regulator.
Let us consider the the internal potential of financial destabilization essence in
detail.
We will name the effective demand of a company for money D
E
(t) the minimum
amount of money that is necessary to the company at the moment of time t for most
effective providing of operational, investment and financial activity in the framework
of determined economic strategy and satisfaction:
1) transaction demand for money
)
(t
D
TR
;
2) precautionary demand
)
(t
D
P
;
3) demand for compensation balances
)
(t
D
C
;
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