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GLOBAL ECONOMIC INFLUENCES IN THE USA
Khalilov Bahromjon Bahodirovich
Asia International University, Bukhara,
Lecturer of department of Economics
Annotation:
Businesses obtain long-term external financial capital either by borrowing or by
obtaining equity funds. This article describes global economic influences in bond market for
businesses in the USA. Also in this article, we’ll discuss domestic economic influences in bonds
used to identify them.
Key words:
global economic influences, domestic global economic influences, stock risk, stock
price, firms’ profitability
Two main overseas influences will affect firms. The first is the condition of overseas economies.
Growth in foreign economies will increase the demand for U.S. exports. Similarly, sluggish
foreign demand will harm overseas sales and hurt the financial position of firms doing business
overseas. The rate of economic growth overseas can affect the conditions faced by domestic
firms, too, as growing demand globally may make it easier to raise prices and sluggish demand
overseas may lead to intense competition in the U.S. market. The second influence is the
behavior of exchange rates, the price of a currency in terms of another currency. A change in
exchange rates over time has two effects on the firm. Changing exchange rates lead to higher or
lower U.S. dollar cash flows from overseas sales, more competitively priced import goods, or
changing input costs. Thus, changing exchange rates affect profitability by influencing sales,
price competition, and expenses. Changing exchange rates also affect the level of domestic
interest rates. Expectations of a weaker U.S. dollar can lead to higher U.S. interest rates; to
attract capital, U.S. rates will have to rise to compensate foreign investors for expected currency
losses because of the weaker dollar. Conversely, a stronger dollar can result in lower U.S.
interest rates.
Individuals can spend only what they have (income and savings) or what their future
earning capacity will allow them to borrow. Consumption spending (spending by individuals for
items such as food, cars, clothes, computers, and so forth) comprises about two-thirds of gross
domestic product (GDP) in the United States. Generally, higher disposable incomes (that is,
income after taxes) lead to higher levels of consumption spending. Higher levels of spending
mean inventories are reduced and companies need to produce more and hire additional workers
to meet sales demand. Corporations will spend to obtain supplies and workers based upon
expectations of future demand. Similarly, they will invest in additional plant and equipment
based upon expected future sales and income. Economic growth results in higher levels of
consumer spending and corporate investment, which in turn stimulates job growth and additional
demand. Slow or negative growth can lead to layoff s, pessimistic expectations, and reduced
consumer and corporate spending. These effects will directly influence company profits and cash
flows. Economic conditions affect required returns, too. Investors will be more optimistic in
good economic times and more willing to accept lower-risk premiums on bond and stock
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investments. In poor economic times, credit spreads will rise as investors want to place their
funds in safer investments. Governments shape the domestic economy by fiscal policy
(government spending and taxation decisions) and monetary policy. These decisions may affect
consumer disposable income (fiscal policy) and the level of interest rates as well as inflation
expectations, (monetary policy) and, therefore, affect the valuation of the bond and stock
markets. Some industry sectors are sensitive to changes in consumer spending. Sales by auto
manufacturers, computer firms, and other manufacturers of high-priced items will rise and fall by
greater amounts over the business cycle than will food or pharmaceutical firms. Changes in
interest rates affect some industries more than others, too; banks and the housing industry (and
sellers of large household appliances) are sensitive to changes in interest rates more than, say,
book and music publishers or restaurants.
A firm’s profits are determined by its sales revenues, expenses, and taxes. We have
mentioned taxes and some influences on sales and expenses in our discussion of global and
domestic economies, but industry competition and the fi rm’s position within the industry will
have a large impact on its ability to generate profits over time. Tight competition means it will be
difficult to raise prices to increase sales revenue or profitability. Nonprice forms of competition,
such as customer service, product innovation, and the use of technology to the fullest extent in
the manufacturing and sales processes may hurt profits by increasing expenses if the features do
not generate sufficient sales. Competition may not come only from similar firms; for example, a
variety of “entertainment” firms, from music to theater to movies to sports teams, vie for
consumers’ dollars. Trucking firms and railroads compete for freight transportation. Cable and
satellite firms compete in the home television markets (and for Internet service, along with
telephone service providers). Changes in the cost and availability of raw materials, labor, and
energy can adversely affect a firm’s competitive place in the market. The influences of
competition and supply ultimately affect a firm’s profitability and investors’ perceptions of the
firm’s risk. This, in turn, will affect its bond and stock prices. The most attractive firms for
investing in will be those with a competitive advantage over their rivals. They may off er a high-
quality product, be the low-cost producer, be innovators in the use of technology, or off er the
best customer support. Whatever the source of the firm’s advantage is, if it can build and
maintain this advantage over time it will reap above-normal profits and be an attractive
investment.
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COLLABORATION OF HIGHER EDUCATION AND VOCATIONAL COLLEGES IN
ECONOMIC MODERNIZATION. Интернаука, (7-1), 66-69.
