Tbilisi is hoping to progress toward European integration while resisting genuine reform. In deliberating Georgia's possible EU membership, Brussels faces an uncomfortable choice between geopolitical calculus and adherence to its own democratization criteria.
The paper presents an ARMA-DCC-GARCH model used for a quantitative analysis of dynamic linkages between 26 stock markets in three regions (Americas, Europe and Asia) over the period from 1995 to 2012. Dynamic conditional correlations between the international equity markets were tested to reveal contagion effects and its origins. It was found that the US market spreads shocks to the majority of international stock markets during the Dotcom crisis of 2000-2002 and the Financial Crisis of 2007-2009. The German, French and British markets are also proved to be contagion originators during the Financial Crisis of 2007-2009 and Eurozone Crisis of 2010-2012. The authors provide evidence that, the German and French markets transmitted a positive effect from euro currency adoption in 2002 through Europe. Concerning the linkages in Eastern and Northern European region Russia is found to be a source of contagion for the neighboring countries in time of Russian stock market index (RTSI) fall in 2008 and Banking Crisis in 2004, whereas Poland with the second biggest equity market capitalization affected much fewer countries in the area during the Financial Crisis of 2007-2009. Poland's entry into European Union in May 2004 had no impact on interrelationships between Polish and the other stock markets.
The study focuses on the identification of stable relations between the stock markets of three geographic regions, including pre- and post-crisis periods. The paper demonstrates the applicability of the ARMA-DCC-GARCH model, allowing to provide a detailed examination of the dynamic correlation between 26 stock markets in the three regions (America, Europe and Asia) over the period of 1995-2012. We examine the volatility spillover effects and conditional correlations among the international equity markets. The country stock index is considered as an indicator of market dynamics. The results show that the US market (S&P500 index) is the main volatility transmitter worldwide, whereas the UK, German and French markets are the sources of volatility for the European developed and emerging European equity markets. However, the German DAX index, contrary to some studies, cannot be considered as a dominant one in the European region, in spite of the leadership of the German economy. The study shows that the role of "exporting volatility" or volatility transmitter belongs to the UK stock market. We also found that the US, the UK, Germany and France have a greater influence on emerging markets rather than on developed ones. Between the two markets in the North and East European region (Russia and Poland) the dominant transmitter role belongs to Russia.
Collective monograph contains research papers by leading scientists of Ukraine and Eastern Europe on marketing, communications, innovation development, public-private partnership, tourism and corporate social responsibility. Research publication will be useful for researchers, practitioners and students, and anyone interested in scientific problems of marketing and communications and their role in the modern world.
In the article world experience of standard fixing of ideals of local self-government isgeneralized, the conceptual development of the main regulatory documents fixing ideals omodern Russian and European systems of local self-government under world global systemcrisis affecting conceptual and ideological bases of all spheres of a modern world order isconsidered. The author analyzes a condition of local self-government systems in the CzechRepublic, Germany, France, Great Britain, the USA, Australia, Poland. Key problems in implementation of local self-government in the specified countries are defined. Comparativeresearch of ideal forms on which achievement the European Charter of local government andthe Constitution of the Russian Federation are oriented is conducted. On the basis of researchthe author comes to a conclusion that at present in the legal system of the Russian Federationthe movement to the universal self-administrative ideals assuming embedding of system olocal self-government in the uniform mechanism of the public power assuming existence othe real legal mechanisms providing as responsibility of system of the government for realization of all public and imperious questions in the territory of the state, and effective mechanisms of ensuring realization of the tasks assigned. ; В статье обобщен мировой опыт нормативного закрепления идеалов местногосамоуправления, рассматривается концептуальная проработанность основных норма-тивных документов, закрепляющих идеалы современной российской и европейскойсистем местного самоуправления в условиях мирового глобального системного кри-зиса, затрагивающего концептуальные и идеологические основы всех сфер совре-менного мироустройства. Автором проанализировано состояние систем местногосамоуправления в Чехии, ФРГ, Франции, Великобритании, США, Австралии, Поль-ше. Определены ключевые проблемы в осуществлении местного самоуправления вуказанных странах. Проведено сравнительное исследование идеальных форм, на дос-тижение которых сориентированы Европейская Хартия местного самоуправления иКонституция Российской Федерации. На основе исследования автор приходит к вы-воду о том, что сегодня в правовой системе Российской Федерации явственно ощу-щается движение к общемировым самоуправленческим идеалам, предполагающимвстраивание системы местного самоуправления в единый механизм публичной вла-сти, предполагающий наличие реальных правовых механизмов, обеспечивающих какответственность системы государственной власти за реализацию всех публично-властных вопросов на территории государства, так и действенные механизмы обес-печения реализации возложенных на нее задач.
Educational manual contains the basis of the lecture course by discipline "Local government and social work" for students of specialty "Social work", control questions and bibliography to each topic.
Russian scientists attach great importance to one of the fundamental principles of private international law – the principle of the closest connection. The concept of the closest connection was developed in England on the basis of case law, the rules of which were created by judges in court decisions on specific cases. The legislator has included the principle of closest connection to the civil code, however, in light of the changes it made in the reforms of 2013, the closest connection principle was assigned a secondary role in relation to the principle of characteristic performance. The main purpose of the principle of the closest connection is to find the law and order that can most effectively regulate cross-border relations. The court will have to determine the will of the parties to the contractual relationship, aimed at choosing the right. Therefore, a close relationship is established based on the court's assumption of what right the parties would have chosen if they had considered this issue. The principle of the closest connection, in connection with this approach, often loses its independent significance. Article 1187 of the civil code of the Russian Federation does not specify the conditions of its application, as well as the scope of its action. For this reason, the category of the closest relationship is universal and applies regardless of the nature of the cross-border civil relationship. Russian legislation does not have clear criteria for determining the closest relationship, which may lead to a subjective decision by the court. In this regard, the study of problems related to the application of the principle of the closest connection in judicial practice is undoubtedly relevant.
The development of society in the context of globalization determines the need to search for the possibility of combining the universalization and localization of geoculture. These processes of globalization have an impact on the content and forms of transformation of the Eurasian geocultural space. The problem field of research is connected with the objective need to analyze the evolution of geoculture, to understand geoculture as a system characterizing the relations of general civilization universals and local specifics. The application of the civilizational approach makes it possible to identify trends in the socio-cultural development of local communities in the geocultural space, to solve the problems of coherence of locality and globality. Local communities are in a transitional stage of their development due to industrial, economic, institutional and socio-cultural processes, changes and the introduction of unusual patterns of life attitudes. It is shown that local communities in the process of transformation unite into a specific socio-territorial location. On the one hand, in their development, local communities are subject to the general laws of transformation in the context of global and regional restructuring. On the other hand, models of socio-cultural behavior are formed depending on the resources and technologies available to the community, expressed in an attempt to preserve the traditional way of life.
Assimilation of local cultures is accompanied by polarization of geocultural space, which contributes to the development of isolation and diversification of sociocultures. Geocultural processes influence the transformation of value-normative attitudes, contribute to the growth of social stratification, and increase social inequality. The socio-cultural tradition on which the life of local communities is built legitimizes the primacy of the community over the individual. Closed society, resists modernization processes. In geoculture, consensus about the foundations of life and the goals of the community is disappearing. The development of a multicultural world exacerbates the problem of understanding and preserving the socio-cultural identity of local communities. The study of the emerging geocultural models of the development of local communities determines the possibilities of theoretical substantiation of alternative scenarios for modeling the transformation of socio-cultural identity.
This article discusses global natural issues related to the noticeable impact of man on nature, the inverse effect of nature on man and the economy as well as terrorist, nationalist, religious, political, traditional bombing), telephone, nuclear, chemical, biological, cyber terrorism, aspects affecting ecology of the world. An attempt was made to classify these aspects in order to improve the perception of students.
This article discusses global natural issues related to the noticeable impact of man on nature, the inverse effect of nature on man and the economy as well as terrorist, nationalist, religious, political, traditional bombing), telephone, nuclear, chemical, biological, cyber terrorism, aspects affecting ecology of the world. An attempt was made to classify these aspects in order to improve the perception of students.