The Study of Dependence Structure between Small Business Development and Microfinance Security of Russian Regions

 
PIIS042473880004680-7-1
DOI10.31857/S042473880004680-7
Publication type Article
Status Published
Authors
Occupation: Associate Professor
Affiliation: Samara State University of Economics
Address: Samara, Russian Federation
Occupation: Associate Professor
Affiliation: Samara State University of Economics
Address: Russian Federation
Occupation: Professor to the Department of financial management
Affiliation: Financial University under the Government of the Russian Federation
Address: Russian Federation
Journal nameEkonomika i matematicheskie metody
EditionVolume 55 Issue 2
Pages41-57
Abstract

The hypothesis about the change of dependence structure between the level of the small business (SB) development and security of the regional microfinance institutions (MFIs) in connection with the state regulation of MFI activities in 2013—2016 is advanced. The level of small business development and microfinance security of Russian regions are described by the number of small business enterprises and the number of registered MFIs per 1,000 people population of the region. The dependence structure is modeled using the copula-function method. The selection of a suitable copula is based on minimizing the AIC information criterion. The goodness of fit of the copula is сhecked by means a test based on Cramer-von Mises statistics. The probabilistic structure of the dependency between the MFIs security and the SB level in the period 2012—2016 has transformed from independence copula in 2012—2013 to Frank’s copula in 2014—2015 and Clayton’s copula in 2016. It is concluded that the transformations of the probabilistic structure of the studied dependence in 2012—2016 are explained to the long-time effect because of the state regulation measures of the MFI sphere in 2013—2016. The novelty of the work lies in assessing the impact of state regulation measures in the field of MFIs on the level of small business development in the regions based on the copula-function method.

Keywordsmicrofinance organizations, small business, copula-function method, independent copula, Archimedean copulas, maximal likelihood method, tail dependencies, AIC information criterion, Cramer-von Mises statistics.
Received25.05.2019
Publication date25.05.2019
Number of characters42493
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27. S�k�l�a�r� �A�.� �(�1�9�5�9�)�.� �F�o�n�c�t�i�o�n�s� �d�e� �r�é�p�a�r�t�i�t�i�o�n� �à� �n� �d�i�m�e�n�s�i�o�n�s� �e�t� �l�e�u�r�s� �m�a�r�g�e�s�.� �P�u�b�l�i�c�a�t�i�o�n�s� �d�e� �l�'�I�n�s�t�i�t�u�t� �d�e� �S�t�a�t�i�s�t�i�q�u�e� �d�e� �L�'�U�n�i�v�e�r�s�i�t�é� �d�e� �P�a�r�i�s�,� �8�,� �2�2�9� 2�3�1�.

28. T�u�c�k�e�r� �M�.�,� �M�i�l�e�s� �G�.� �(�2�0�0�4�)�.� �F�i�n�a�n�c�i�a�l� �P�e�r�f�o�r�m�a�n�c�e� �o�f� �M�i�c�r�o�f�i�n�a�n�c�e� �I�n�s�t�i�t�u�t�i�o�n�s�:� �A� �C�o�m�p�a�r�i�s�o�n� �t�o� �P�e�r�f�o�r�m�a�n�c�e� �o�f� �R�e�g�i�o�n�a�l� �C�o�m�m�e�r�c�i�a�l� �B�a�n�k�s� �b�y� �G�e�o�g�r�a�p�h�i�c� �R�e�g�i�o�n�s�.� �J�o�u�r�n�a�l� �o�f� �M�i�c�r�o�f�i�n�a�n�c�e�/� �E�S�R� �R�e�v�i�e�w�,� �6� �(�1�)�,� �4�1� 5�4�.

29. W�o�o�l�c�o�c�k� �M�.� �(�1�9�9�9�)�.� �L�e�a�r�n�i�n�g� �f�r�o�m� �F�a�i�l�u�r�e�s� �i�n� �M�i�c�r�o�f�i�n�a�n�c�e�:� �W�h�a�t� �U�n�s�u�c�c�e�s�s�f�u�l� �C�a�s�e�s� �T�e�l�l� �U�s� �H�o�w� �G�r�o�u�p� �B�a�s�e�d� �P�r�o�g�r�a�m�s� �W�o�r�k�.� �A�m�e�r�i�c�a�n� �J�o�u�r�n�a�l� �o�f� �E�c�o�n�o�m�i�c�s� �a�n�d� �S�o�c�i�o�l�o�g�y�,� �5�8� �(�1�)�,� �1�7� 4�2�.

Система Orphus

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