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"DEPRECIATION"
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American default : the untold story of FDR, the Supreme Court, and the battle over gold
The untold story of how FDR did the unthinkable to save the American economy.
BOOK
Studying the impact of the depreciation policy on the development of innovation potential of industrial enterprises
The problem of creating a competent depreciation policy is of particular relevance due to the condition of the modern Russian economy, which is in urgent need of the innovation potential development, as well as in the conditions when the dynamics and efficiency of investments in the country and the investment activity of enterprises largely depend on the expansion of internal savings and potential. The current state of the facilities and equipment in the country (basic production assets) is analyzed in this article, along with the dynamics of investments in fixed assets in the GDP reproduction and the structure of sources of their financing. The specifics and advantages of depreciation charges as a source of investments in fixed capital for its modernization are disclosed. This enabled the authors to identify the investment potential of depreciation and to develop a forecast in order to identify the extent of the impact of the depreciation growth on investments in fixed capital in the medium term. The proposals aimed at restoring the reproductive function of depreciation are developed. The theoretical and practical significance of the article lies with justification of the need to restore the reproductive function of depreciation, increase the role of depreciation in investments in fixed capital, and competent implementation and arrangement of the state control over the accrual and use of depreciation in order to develop the innovative potential of industrial enterprises and the economy as a whole.
Journal Article
Green finance for sustainable green economic growth in India
Green finance is a core part of the low carbon green growth, because it connects the financial industry, environmental improvement and economic growth. The objective of this paper is to study the green finance and to validate the concept as feasible in the Indian industries for balancing the ecological depreciation due to the assimilation of carbon gases in atmosphere. Green Finance is a market-based investing or lending program that factors environmental impact into risk assessment, or utilizing environmental incentives to drive business decisions. Therefore, the paper also discusses the recent trends and the future opportunities and challenges in green finance in the emerging India. Green investing recognizes the value of the environment and its natural capital and also seeks to improve the human well-being and social equity while reducing environmental risks and improving the ecological integrity.
Journal Article
Foreign Safe Asset Demand and the Dollar Exchange Rate
We develop a theory that links the U.S. dollar's valuation in FX markets to the convenience yield that foreign investors derive from holding U.S. safe assets. We show that this convenience yield can be inferred from the Treasury basis, the yield gap between U.S. government and currency-hedged foreign government bonds. Consistent with the theory, a widening of the basis coincides with an immediate appreciation and a subsequent depreciation of the dollar. Our results lend empirical support to models that impute a special role to the United States as the world's provider of safe assets and the dollar as the world's reserve currency.
Journal Article
Total cost of ownership of electric and gasoline used vehicles
We assess the total cost of ownership (TCO) of internal combustion engine (ICEV), hybrid (HEV), plug-in hybrid (PHEV), and battery electric vehicles (BEVs) in the United States. As previous studies have shown, we find that current new BEVs, with some exceptions for smaller or shorter-range vehicles, have a higher TCO than conventional alternatives. However, we also present the first comparative analysis of the TCO of used vehicles, which make up 70% of all vehicle purchases in the U.S. We find that for used vehicles, BEVs have the lowest TCO among all powertrains. As vehicle TCO varies spatially and with use patterns, we test 5 different vehicle classes, 17 different U.S. cities, and 5 different charging strategies. The finding that BEVs have the lowest total cost for used vehicles is robust across these variables and is largely driven by vehicle depreciation patterns. We conduct a regression analysis based on 260 000 publicly available used vehicle listings, collected from January to December of 2024. We find that BEVs depreciate more rapidly than other powertrains in the first several years of vehicle life but follow similar depreciation patterns afterwards. With a 7 year ownership period, buying a used (3 year-old) midsize SUV vs a new midsize SUV has a TCO savings of approximately $3000 for an ICEV, $1000 for an HEV or PHEV, and $13 000 for a BEV. These results highlight an opportunity for savings via BEV adoption among used vehicle purchasers.
Journal Article
Selling or Leasing? Pricing Information Goods with Depreciation of Consumer Valuation
Should a monopolistic vendor adopt the selling model or the leasing model for information goods or services? We study this question in the context of consumer valuation depreciation. Using a two-period game-theoretic model, we consider two types of consumer valuation depreciation for information goods or services: vintage depreciation and individual depreciation. Vintage depreciation assumes that a good or service loses some of its appeal to consumers as it becomes dated, and this effect persists independent of usage. Individual depreciation instead assumes that valuation depreciation happens only for consumers who have consumed or experienced the good or service. We identify conditions under which each pricing model is preferred. For vintage depreciation information goods, the leasing model dominates the selling model in vendor profit. For individual depreciation information goods, the selling model dominates the leasing model as long as the magnitude of individual depreciation exceeds a certain threshold; otherwise, leasing dominates selling. We consider several model extensions such as when network effects are present. Furthermore, we show a negative interaction effect between vintage depreciation and network effects in vendor profit. By contrast, the interaction effect between individual depreciation and network effects can be either negative or positive, depending on the magnitude of individual depreciation. Managerial implications are also discussed.
Journal Article
Aligning financial and technical procedures for the determination of urban drainage assets’ current and replacement values
The paper presents a method for aligning the relevant financial and technical procedures for determining drainage assets’ current and replacement values. This alignment is especially pertinent when actual construction costs are unavailable and records in different utility departments (technical and accounting) do not correspond. The current asset value is grounded in estimated construction costs, considering accounting and technical useful lives. Asset portfolio considers the assets providing adequate service quality, regardless of their age. The methodology relies on the update of the assets’ registry (updating the assets’ value), the increase of the accounting useful life in line with technical practice (reducing annual depreciation), and the accumulated depreciation reversion (increasing net current value). In the case study, the need to update information exchange and align technical and financial procedures in Lisbon Municipality was triggered by internal policy requirements concerning the simultaneous development of the urban drainage asset management plan and the requirement to standardize the accounting system. The application of the methodology led to an increase of approximately five times the assets’ current value. The results, their implications, and replicability opportunities are discussed.
Journal Article
Educational Expansion, Skills Diffusion, and the Economic Value of Credentials and Skills
Examining the economic value of education has been a central research agenda of social scientists for decades. However, prior research inadequately accounts for the discrepancy between educational credentials and skills at both the individual and societal levels. In this article, I investigate the link between credentials, skills, and labor market outcomes against a background of societal-level educational expansion and skills diffusion. Using internationally comparable OECD data for approximately 30,000 individuals in 26 countries, I find that both credentials and skills generally contribute to occupational and monetary rewards. In particular, the premium for credentials far outweighs that for skills. This is in contrast to recent arguments that skills are the key to economic success. Nevertheless, returns to credentials decline in tandem with educational expansion, whereas skills retain their premium even as they diffuse in a given society. Furthermore, skills diffusion also leads to the diminishing monetary return to high credentials. These findings suggest that skills diffusion promotes more meritocratic reward allocation via devaluing high credentials without explicit depreciation of high skills.
Journal Article
Fixed Assets – Movement and Efficiency of Use Over Time
In this work will show the essence of fixed assets through the indicators characterizing the movement and efficiency of use over time. In the paper we will expose the essence of each indicator specific to fixed assets. Will be showing the determination of indicators by example. To explain the indicators, will propose a real work situation, but with conventional values.
Journal Article
Tax Policy and Heterogeneous Investment Behavior
We estimate the effect of temporary tax incentives on equipment investment using shifts in accelerated depreciation. Analyzing data for over 120,000 firms, we present three findings. First, bonus depreciation raised investment in eligible capital relative to ineligible capital by 10.4 percent between 2001 and 2004 and 16.9 percent between 2008 and 2010. Second, small firms respond 95 percent more than big firms. Third, firms respond strongly when the policy generates immediate cash flows, but not when cash flows only come in the future. This heterogeneity materially affects investment-weighted estimates and supports models in which financial frictions or fixed costs amplify investment responses.
Journal Article