Suchergebnisse

SUMMARY Stirring international military activity has become one of the most important tasks of Lithuanian foreign policy implementation. Intensive international military collaboration and participation in peace keeping process are the main means to implement that task. The main aim of the paper is to detect geographical peculiarities of Lithuanian international military activity. It is defined that Lithuanian international military activity is reasoned not only politically, but also has a geographical validity. Bilateral and multilateral military collaboration of Lithuania clearly reveals it's priorities given to the most of the Baltic Sea region countries. Especially active cooperation in military range Lithuania holds with other Eastern Baltic countries – Latvia and Estonia. The main geographical factors of such collaboration peculiarity are: the Baltic Sea and the need of geopolitical balance. Moreover, according to Lithuania's increased activity in international peace making operations, it's very important to have a good military staff preparation system for such aims. Perhaps a combatant preparation is in a high level, but geographical preparation is insufficient. It becomes especially important when the country sends peacemakers to the geographically distant regions. Membership in NATO and other international organizations obligate Lithuania to be an active associate in peace keeping process. Lithuania was taking part in military operations that were prosecuted in four regions of Europe and Asia: The Balkans, Persian Gulf region, Caucasus and South and Central Asian region. The priority is given to the geographically closest region – The Balkans, where Lithuania have sent the biggest part of it's international peacemakers, that served in five countries of the region. Furthermore, consideration of Lithuanian activity in peace keeping process shows that the country gives priority to NATO, European Union and USA, which is the most important strategic partner of Lithuania, supervising military missions. Finally, Lithuania is participating in peace keeping operations not because of it's own national interests in the "hot" regions. It is more determined to the obligations to NATO and other international organisations and regarding to the position of strategic partners. Military and political benefit also remains as a very important factor of participating in the chosen peace keeping operations.

This final project explained relevant theories of Economic Security in order to construct a definition State Economic Security consistent with modern academic literature and understandings. For this project State Economic Security is defined the protection of a given national economy from sudden intentional non-military disruptions to its economy caused by a foreign state or nonstate actor for the purposes of influencing the target state's policy'. Lithuania's State Economic Security is primarily shaped by state-to-state tensions between the Lithuanian government and the Russian Federation, and to a lesser extent Belarus and China. Threats to Lithuanian State Economic Security include proportional and scare resource and proportionally asymmetrical trading relationships, foreign ownership of key infrastructure and financial sectors. The article then compared Lithuanian State Economic Security with 23 other Similarly Situated States. Similarly Situated States are democratic states with a population greater than one million which have a tense political relationship with at least one close treading partner. The comparison found that three distinct groups of Similarly Situated States exist, the first group is most similar to Lithuania and consists of post-Soviet democracies which have political tensions with Russia. The second group is comprised of states which have tensions with China due to sovereignty or human rights issues. States in this group are found exclusively in Asia and Oceania. A third final group consists of States which have proprietary political tensions with various states and Latin American stats which Tense Trading relationships stemming from Pan-American regional political disputes. Lithuania has the highest per capita GDP in the Post-Soviet Democracies group and is near the ranks near the median of all tree groups on most other socio-economic indicators. The paper finally compared Lithuania with the other countries using quantitative composite State Economic Security resilience indicators in addition to the country specific State Economic Security situation in three of the states. The quantitative review found that Lithuania scores near the median of State Economic Security resilience indicators and is has the second highest level of latent state economic resilience in the first group, scoring slightly behind Estonia. The country specific review compared the circumstances in Lithuania to those in South Korea, Taiwan and Georgia. Section revealed that individual and regional circumstances enhance Lithuanian State Economic Security in comparison to the other 22 countries. The review also showed that Lithuanian State has economic conflicts more significant trading partners than any of the other countries reviewed.

This final project explained relevant theories of Economic Security in order to construct a definition State Economic Security consistent with modern academic literature and understandings. For this project State Economic Security is defined the protection of a given national economy from sudden intentional non-military disruptions to its economy caused by a foreign state or nonstate actor for the purposes of influencing the target state's policy'. Lithuania's State Economic Security is primarily shaped by state-to-state tensions between the Lithuanian government and the Russian Federation, and to a lesser extent Belarus and China. Threats to Lithuanian State Economic Security include proportional and scare resource and proportionally asymmetrical trading relationships, foreign ownership of key infrastructure and financial sectors. The article then compared Lithuanian State Economic Security with 23 other Similarly Situated States. Similarly Situated States are democratic states with a population greater than one million which have a tense political relationship with at least one close treading partner. The comparison found that three distinct groups of Similarly Situated States exist, the first group is most similar to Lithuania and consists of post-Soviet democracies which have political tensions with Russia. The second group is comprised of states which have tensions with China due to sovereignty or human rights issues. States in this group are found exclusively in Asia and Oceania. A third final group consists of States which have proprietary political tensions with various states and Latin American stats which Tense Trading relationships stemming from Pan-American regional political disputes. Lithuania has the highest per capita GDP in the Post-Soviet Democracies group and is near the ranks near the median of all tree groups on most other socio-economic indicators. The paper finally compared Lithuania with the other countries using quantitative composite State Economic Security resilience indicators in addition to the country specific State Economic Security situation in three of the states. The quantitative review found that Lithuania scores near the median of State Economic Security resilience indicators and is has the second highest level of latent state economic resilience in the first group, scoring slightly behind Estonia. The country specific review compared the circumstances in Lithuania to those in South Korea, Taiwan and Georgia. Section revealed that individual and regional circumstances enhance Lithuanian State Economic Security in comparison to the other 22 countries. The review also showed that Lithuanian State has economic conflicts more significant trading partners than any of the other countries reviewed.

This final project explained relevant theories of Economic Security in order to construct a definition State Economic Security consistent with modern academic literature and understandings. For this project State Economic Security is defined the protection of a given national economy from sudden intentional non-military disruptions to its economy caused by a foreign state or nonstate actor for the purposes of influencing the target state's policy'. Lithuania's State Economic Security is primarily shaped by state-to-state tensions between the Lithuanian government and the Russian Federation, and to a lesser extent Belarus and China. Threats to Lithuanian State Economic Security include proportional and scare resource and proportionally asymmetrical trading relationships, foreign ownership of key infrastructure and financial sectors. The article then compared Lithuanian State Economic Security with 23 other Similarly Situated States. Similarly Situated States are democratic states with a population greater than one million which have a tense political relationship with at least one close treading partner. The comparison found that three distinct groups of Similarly Situated States exist, the first group is most similar to Lithuania and consists of post-Soviet democracies which have political tensions with Russia. The second group is comprised of states which have tensions with China due to sovereignty or human rights issues. States in this group are found exclusively in Asia and Oceania. A third final group consists of States which have proprietary political tensions with various states and Latin American stats which Tense Trading relationships stemming from Pan-American regional political disputes. Lithuania has the highest per capita GDP in the Post-Soviet Democracies group and is near the ranks near the median of all tree groups on most other socio-economic indicators. The paper finally compared Lithuania with the other countries using quantitative composite State Economic Security resilience indicators in addition to the country specific State Economic Security situation in three of the states. The quantitative review found that Lithuania scores near the median of State Economic Security resilience indicators and is has the second highest level of latent state economic resilience in the first group, scoring slightly behind Estonia. The country specific review compared the circumstances in Lithuania to those in South Korea, Taiwan and Georgia. Section revealed that individual and regional circumstances enhance Lithuanian State Economic Security in comparison to the other 22 countries. The review also showed that Lithuanian State has economic conflicts more significant trading partners than any of the other countries reviewed.

This final project explained relevant theories of Economic Security in order to construct a definition State Economic Security consistent with modern academic literature and understandings. For this project State Economic Security is defined the protection of a given national economy from sudden intentional non-military disruptions to its economy caused by a foreign state or nonstate actor for the purposes of influencing the target state's policy'. Lithuania's State Economic Security is primarily shaped by state-to-state tensions between the Lithuanian government and the Russian Federation, and to a lesser extent Belarus and China. Threats to Lithuanian State Economic Security include proportional and scare resource and proportionally asymmetrical trading relationships, foreign ownership of key infrastructure and financial sectors. The article then compared Lithuanian State Economic Security with 23 other Similarly Situated States. Similarly Situated States are democratic states with a population greater than one million which have a tense political relationship with at least one close treading partner. The comparison found that three distinct groups of Similarly Situated States exist, the first group is most similar to Lithuania and consists of post-Soviet democracies which have political tensions with Russia. The second group is comprised of states which have tensions with China due to sovereignty or human rights issues. States in this group are found exclusively in Asia and Oceania. A third final group consists of States which have proprietary political tensions with various states and Latin American stats which Tense Trading relationships stemming from Pan-American regional political disputes. Lithuania has the highest per capita GDP in the Post-Soviet Democracies group and is near the ranks near the median of all tree groups on most other socio-economic indicators. The paper finally compared Lithuania with the other countries using quantitative composite State Economic Security resilience indicators in addition to the country specific State Economic Security situation in three of the states. The quantitative review found that Lithuania scores near the median of State Economic Security resilience indicators and is has the second highest level of latent state economic resilience in the first group, scoring slightly behind Estonia. The country specific review compared the circumstances in Lithuania to those in South Korea, Taiwan and Georgia. Section revealed that individual and regional circumstances enhance Lithuanian State Economic Security in comparison to the other 22 countries. The review also showed that Lithuanian State has economic conflicts more significant trading partners than any of the other countries reviewed.

The master's thesis "The Impact of Domestic Factors on Foreign Policy: US Policy Towards China 2011-2018" aims at explaining what has caused the differences in US policy towards China during the 2010s. It uses neoclassical realism model to analyse domestic factors that may have affected US policy response towards the international stimuli coming from China. The thesis first identifies the stimuli, then distinguishes between different policy responses during the period, and finally, analyses the role of domestic factors in the whole process. International system had developed stimuli towards US in regards to growing China's potential to take over the US status and position in the system, to which US responded by redirecting its foreign policy towards Asia in 2011. This step was considered as a turning point in US-China relations and was perceived as US adopting balancing strategy towards China. However, some of the strategy's major features during the period in question were neglected by decision makers and policy implementors. What is more, in particular episodes the policy kept being implemented differently. In order to explain these discrepancies, the analysis of domestic variables had to be taken into account, and neoclassical realism model seemed as the most accurate choice for the task. Using the model four major domestic factors were analysed: leader images, strategic culture, state-society relations and domestic institutions. The analysis was kept in line with the processes of foreign policy, namely, perception, decision making and policy implementation. After a comprehensive research, it was revealed that leader images and strategic culture had indeed affected the perception of the stimuli, particularly in the areas of applying diplomatic pressure, forming alliances and decreasing interdependence from China. This perception then had led to making particular decisions, as well as implementing them. During the latter two stages, however, additional variables also intervened. Society-state relations had supported some of the decisions during the Obama administration whereas domestic institutions had an effect on Trump's politics towards China in 2017. All things considered, the research has shown that major discrepancies in US politics towards China in 2011-2018 could be explained by domestic variables, which played the major role in determining the perception of potential China's threat. Based on that perception decision making and policy implementation stages then were affected along with additional domestic variables intervening. The founding of the research enabled to confirm the hypothesis that differences in US policy towards China in 2011-2018 were influenced by domestic factors. It also proved that neoclassical realism theory and model were the best choice for the research.

The master's thesis "The Impact of Domestic Factors on Foreign Policy: US Policy Towards China 2011-2018" aims at explaining what has caused the differences in US policy towards China during the 2010s. It uses neoclassical realism model to analyse domestic factors that may have affected US policy response towards the international stimuli coming from China. The thesis first identifies the stimuli, then distinguishes between different policy responses during the period, and finally, analyses the role of domestic factors in the whole process. International system had developed stimuli towards US in regards to growing China's potential to take over the US status and position in the system, to which US responded by redirecting its foreign policy towards Asia in 2011. This step was considered as a turning point in US-China relations and was perceived as US adopting balancing strategy towards China. However, some of the strategy's major features during the period in question were neglected by decision makers and policy implementors. What is more, in particular episodes the policy kept being implemented differently. In order to explain these discrepancies, the analysis of domestic variables had to be taken into account, and neoclassical realism model seemed as the most accurate choice for the task. Using the model four major domestic factors were analysed: leader images, strategic culture, state-society relations and domestic institutions. The analysis was kept in line with the processes of foreign policy, namely, perception, decision making and policy implementation. After a comprehensive research, it was revealed that leader images and strategic culture had indeed affected the perception of the stimuli, particularly in the areas of applying diplomatic pressure, forming alliances and decreasing interdependence from China. This perception then had led to making particular decisions, as well as implementing them. During the latter two stages, however, additional variables also intervened. Society-state relations had supported some of the decisions during the Obama administration whereas domestic institutions had an effect on Trump's politics towards China in 2017. All things considered, the research has shown that major discrepancies in US politics towards China in 2011-2018 could be explained by domestic variables, which played the major role in determining the perception of potential China's threat. Based on that perception decision making and policy implementation stages then were affected along with additional domestic variables intervening. The founding of the research enabled to confirm the hypothesis that differences in US policy towards China in 2011-2018 were influenced by domestic factors. It also proved that neoclassical realism theory and model were the best choice for the research.

The master's thesis "The Impact of Domestic Factors on Foreign Policy: US Policy Towards China 2011-2018" aims at explaining what has caused the differences in US policy towards China during the 2010s. It uses neoclassical realism model to analyse domestic factors that may have affected US policy response towards the international stimuli coming from China. The thesis first identifies the stimuli, then distinguishes between different policy responses during the period, and finally, analyses the role of domestic factors in the whole process. International system had developed stimuli towards US in regards to growing China's potential to take over the US status and position in the system, to which US responded by redirecting its foreign policy towards Asia in 2011. This step was considered as a turning point in US-China relations and was perceived as US adopting balancing strategy towards China. However, some of the strategy's major features during the period in question were neglected by decision makers and policy implementors. What is more, in particular episodes the policy kept being implemented differently. In order to explain these discrepancies, the analysis of domestic variables had to be taken into account, and neoclassical realism model seemed as the most accurate choice for the task. Using the model four major domestic factors were analysed: leader images, strategic culture, state-society relations and domestic institutions. The analysis was kept in line with the processes of foreign policy, namely, perception, decision making and policy implementation. After a comprehensive research, it was revealed that leader images and strategic culture had indeed affected the perception of the stimuli, particularly in the areas of applying diplomatic pressure, forming alliances and decreasing interdependence from China. This perception then had led to making particular decisions, as well as implementing them. During the latter two stages, however, additional variables also intervened. Society-state relations had supported some of the decisions during the Obama administration whereas domestic institutions had an effect on Trump's politics towards China in 2017. All things considered, the research has shown that major discrepancies in US politics towards China in 2011-2018 could be explained by domestic variables, which played the major role in determining the perception of potential China's threat. Based on that perception decision making and policy implementation stages then were affected along with additional domestic variables intervening. The founding of the research enabled to confirm the hypothesis that differences in US policy towards China in 2011-2018 were influenced by domestic factors. It also proved that neoclassical realism theory and model were the best choice for the research.

The master's thesis "The Impact of Domestic Factors on Foreign Policy: US Policy Towards China 2011-2018" aims at explaining what has caused the differences in US policy towards China during the 2010s. It uses neoclassical realism model to analyse domestic factors that may have affected US policy response towards the international stimuli coming from China. The thesis first identifies the stimuli, then distinguishes between different policy responses during the period, and finally, analyses the role of domestic factors in the whole process. International system had developed stimuli towards US in regards to growing China's potential to take over the US status and position in the system, to which US responded by redirecting its foreign policy towards Asia in 2011. This step was considered as a turning point in US-China relations and was perceived as US adopting balancing strategy towards China. However, some of the strategy's major features during the period in question were neglected by decision makers and policy implementors. What is more, in particular episodes the policy kept being implemented differently. In order to explain these discrepancies, the analysis of domestic variables had to be taken into account, and neoclassical realism model seemed as the most accurate choice for the task. Using the model four major domestic factors were analysed: leader images, strategic culture, state-society relations and domestic institutions. The analysis was kept in line with the processes of foreign policy, namely, perception, decision making and policy implementation. After a comprehensive research, it was revealed that leader images and strategic culture had indeed affected the perception of the stimuli, particularly in the areas of applying diplomatic pressure, forming alliances and decreasing interdependence from China. This perception then had led to making particular decisions, as well as implementing them. During the latter two stages, however, additional variables also intervened. Society-state relations had supported some of the decisions during the Obama administration whereas domestic institutions had an effect on Trump's politics towards China in 2017. All things considered, the research has shown that major discrepancies in US politics towards China in 2011-2018 could be explained by domestic variables, which played the major role in determining the perception of potential China's threat. Based on that perception decision making and policy implementation stages then were affected along with additional domestic variables intervening. The founding of the research enabled to confirm the hypothesis that differences in US policy towards China in 2011-2018 were influenced by domestic factors. It also proved that neoclassical realism theory and model were the best choice for the research.

The thesis focus is 'Pakistani foreign policy' in regard to the 'global war on terror'. Pakistan being a frontline state in war on terror always remained in focus of international community. Pakistan with its actions in war on terror failed to fulfill expectations of international community. This led to international allegations on Pakistan regarding its role in war on terror. The allegations were e.g. "Pakistan have double standards in war on terror". The thesis aims are to explore the reasons of dual-face foreign policy of Pakistan, outcomes of such policies and current directions of Pakistani foreign policy in war on terror. In the effort of researching the topic, the research tasks are composed of 'presenting the theory of Realism as being suitable theoretical ground for the study; presentation of the historical context of Pakistani foreign policy pre 9/11; analysis of Pakistani foreign policy combating terrorism after 9/11; analyzing the Pakistan's role creating terrorism in respect of international allegations; and evaluation of Pakistan's current role in global war on terror'. The study is based on the analysis of the scientific literature. The qualitative research methods such as content analysis, comparison method, historical method, descriptive method and media monitoring are mainly used in the thesis. Considering the Pakistan's geographic position, its geo-political problems with neighbors, power balance, regional arm race, security dilemma problem considering these factors the case study was conducted using Realism theoretical perspective. The next chapters were efforts to establish a point where the current position and future directions of Pakistani foreign policy in respect of its war on terror could be explored. Finally, the last part of the thesis constitutes the major conclusions of the research study. The thesis proved that Pakistan remained an active member of international community in war on terror but due to its geographic position was forced to establish dual-face policies in war. The different approach was due to the difference of interests. It was the matter of survival for the Pakistan. December 16, 2014 Peshawar school attacks, changed Pakistani approach towards terrorism. Pakistan current foreign policy is very clear to eliminate the terrorism without exceptions. The use of non-state actors by states became an international norm. The South Asia region might continue to see such events in future but groups like Al-Qaeda, ISIS, and Taliban do not have any soft place in current Pakistani foreign policy. Current Pakistani foreign policy categorizes global war on terror, a war for its own survival.

The thesis focus is 'Pakistani foreign policy' in regard to the 'global war on terror'. Pakistan being a frontline state in war on terror always remained in focus of international community. Pakistan with its actions in war on terror failed to fulfill expectations of international community. This led to international allegations on Pakistan regarding its role in war on terror. The allegations were e.g. "Pakistan have double standards in war on terror". The thesis aims are to explore the reasons of dual-face foreign policy of Pakistan, outcomes of such policies and current directions of Pakistani foreign policy in war on terror. In the effort of researching the topic, the research tasks are composed of 'presenting the theory of Realism as being suitable theoretical ground for the study; presentation of the historical context of Pakistani foreign policy pre 9/11; analysis of Pakistani foreign policy combating terrorism after 9/11; analyzing the Pakistan's role creating terrorism in respect of international allegations; and evaluation of Pakistan's current role in global war on terror'. The study is based on the analysis of the scientific literature. The qualitative research methods such as content analysis, comparison method, historical method, descriptive method and media monitoring are mainly used in the thesis. Considering the Pakistan's geographic position, its geo-political problems with neighbors, power balance, regional arm race, security dilemma problem considering these factors the case study was conducted using Realism theoretical perspective. The next chapters were efforts to establish a point where the current position and future directions of Pakistani foreign policy in respect of its war on terror could be explored. Finally, the last part of the thesis constitutes the major conclusions of the research study. The thesis proved that Pakistan remained an active member of international community in war on terror but due to its geographic position was forced to establish dual-face policies in war. The different approach was due to the difference of interests. It was the matter of survival for the Pakistan. December 16, 2014 Peshawar school attacks, changed Pakistani approach towards terrorism. Pakistan current foreign policy is very clear to eliminate the terrorism without exceptions. The use of non-state actors by states became an international norm. The South Asia region might continue to see such events in future but groups like Al-Qaeda, ISIS, and Taliban do not have any soft place in current Pakistani foreign policy. Current Pakistani foreign policy categorizes global war on terror, a war for its own survival.

The thesis focus is 'Pakistani foreign policy' in regard to the 'global war on terror'. Pakistan being a frontline state in war on terror always remained in focus of international community. Pakistan with its actions in war on terror failed to fulfill expectations of international community. This led to international allegations on Pakistan regarding its role in war on terror. The allegations were e.g. "Pakistan have double standards in war on terror". The thesis aims are to explore the reasons of dual-face foreign policy of Pakistan, outcomes of such policies and current directions of Pakistani foreign policy in war on terror. In the effort of researching the topic, the research tasks are composed of 'presenting the theory of Realism as being suitable theoretical ground for the study; presentation of the historical context of Pakistani foreign policy pre 9/11; analysis of Pakistani foreign policy combating terrorism after 9/11; analyzing the Pakistan's role creating terrorism in respect of international allegations; and evaluation of Pakistan's current role in global war on terror'. The study is based on the analysis of the scientific literature. The qualitative research methods such as content analysis, comparison method, historical method, descriptive method and media monitoring are mainly used in the thesis. Considering the Pakistan's geographic position, its geo-political problems with neighbors, power balance, regional arm race, security dilemma problem considering these factors the case study was conducted using Realism theoretical perspective. The next chapters were efforts to establish a point where the current position and future directions of Pakistani foreign policy in respect of its war on terror could be explored. Finally, the last part of the thesis constitutes the major conclusions of the research study. The thesis proved that Pakistan remained an active member of international community in war on terror but due to its geographic position was forced to establish dual-face policies in war. The different approach was due to the difference of interests. It was the matter of survival for the Pakistan. December 16, 2014 Peshawar school attacks, changed Pakistani approach towards terrorism. Pakistan current foreign policy is very clear to eliminate the terrorism without exceptions. The use of non-state actors by states became an international norm. The South Asia region might continue to see such events in future but groups like Al-Qaeda, ISIS, and Taliban do not have any soft place in current Pakistani foreign policy. Current Pakistani foreign policy categorizes global war on terror, a war for its own survival.

Cyclical economical growth is natural and unavoidable phenomenon, at the same time the less amplitudes of economical cycles fluctuations are, the more attractive economy of a country is. Countries sustain ultimate difficulties when financial crises happen in a certain country. Latterly such crises mostly come into play as the prices bubble burst. The current financial crisis started from the crisis of secondary dwelling credits in the USA. After prices bubble burst it has spread worldwide and unavoidably claimed following victims: crashed two most famous underwriting banks of the world Lehman Brothers and Merrill Lynch, two biggest mortgage banks of the USA Fannie Mae and Freddie Mac, substantially fell down all stock indexes. It is evident that the world realizes the extent of this problem and probable results because similar crises had place during XX century. They impacted on economical and political regional course of that time rather strongly. But modern economies of various countries are involved in more noticeable degree, so forthcoming consequences of this crisis will be rather heavier. It is interesting how in such circumstances banks and other financial institutions manage their assets in financial markets. Also the question is whether an object of the better property diversification wouldn't become the ground for a financial markets fall. Research object – stock market during financial crisis period. Purpose of this study is to explore and summarize theoretical nonfiction and design an investment portfolio hedged from cyclic economic fluctuations. Exposition of financial bubble theories, their significance for economics, mean reason, different interpretation of bubbles analysis, stable market sector identification, and portfolio formation helps to gain the purpose. In the first part nonfiction is analyzed seeking to find leading financial bubble theories. In reference to these theories, mean reason and consequence is outline here. This part also identifies basic government tools, which can help to reduce outcomes and prevent from financial crisis in future. In the second part investment criteria is brought to light, which is necessary for portfolio formation. Techniques for portfolio formation are analyzed. In the third part market sectors is analyzed with an aim to identify those who suffers least from cyclical economical fluctuations. Analysis has shown, that least impact from financial crisis was in sectors based on daily consumtion needs: consumer staples, health care and utilities stock market sectors. From these identified sectors portfolio has been constructed, which risk and return estimation compared with primary stock market indices of America, Eupope an Asia was much better. Otherwise gold as an alternative investment was better.

Cyclical economical growth is natural and unavoidable phenomenon, at the same time the less amplitudes of economical cycles fluctuations are, the more attractive economy of a country is. Countries sustain ultimate difficulties when financial crises happen in a certain country. Latterly such crises mostly come into play as the prices bubble burst. The current financial crisis started from the crisis of secondary dwelling credits in the USA. After prices bubble burst it has spread worldwide and unavoidably claimed following victims: crashed two most famous underwriting banks of the world Lehman Brothers and Merrill Lynch, two biggest mortgage banks of the USA Fannie Mae and Freddie Mac, substantially fell down all stock indexes. It is evident that the world realizes the extent of this problem and probable results because similar crises had place during XX century. They impacted on economical and political regional course of that time rather strongly. But modern economies of various countries are involved in more noticeable degree, so forthcoming consequences of this crisis will be rather heavier. It is interesting how in such circumstances banks and other financial institutions manage their assets in financial markets. Also the question is whether an object of the better property diversification wouldn't become the ground for a financial markets fall. Research object – stock market during financial crisis period. Purpose of this study is to explore and summarize theoretical nonfiction and design an investment portfolio hedged from cyclic economic fluctuations. Exposition of financial bubble theories, their significance for economics, mean reason, different interpretation of bubbles analysis, stable market sector identification, and portfolio formation helps to gain the purpose. In the first part nonfiction is analyzed seeking to find leading financial bubble theories. In reference to these theories, mean reason and consequence is outline here. This part also identifies basic government tools, which can help to reduce outcomes and prevent from financial crisis in future. In the second part investment criteria is brought to light, which is necessary for portfolio formation. Techniques for portfolio formation are analyzed. In the third part market sectors is analyzed with an aim to identify those who suffers least from cyclical economical fluctuations. Analysis has shown, that least impact from financial crisis was in sectors based on daily consumtion needs: consumer staples, health care and utilities stock market sectors. From these identified sectors portfolio has been constructed, which risk and return estimation compared with primary stock market indices of America, Eupope an Asia was much better. Otherwise gold as an alternative investment was better.

Horses were of the greatest importance through out the Medieval Ages in Europe and Asia. Ever since their domestication by Indo-European tribes in approximately 4 thousand years BC, until the 19th c. technical achievements, the whole communication and thus – administration of countries, warfare, large scale constructions, agriculture and other activities were heavily dependent and based on the horse power. Especially technical achievements of Middle Ages, increased the importance of the cavalry. It became the basis of the knight culture, the only possible way for noblemen to participate in wars. Thus in order to be able to judge about every country's economical, military and technical state and potentials, the knowledge of its horse economy becomes inevitable. The Baltic Rim has old traditions of horse farming. The area where the Baltic tribes used to live is all covered by various ingravements with horses. They show, that here, like elsewhere, horse breeding was mostly encouraged by military needs. Riders played the central role in early military fellowship of the 9-12 c. although horses were used not for fighting, but for communication and transportation. Only formation of a state and better tax system enabled a real cavalry to appear. It aquired new horse breeds and special training of both - horses and riders. Other social field where horses played a vital role was communication system. Its maintenance and administration also aquired special services and duties of the subjects of the Grand Duke. There was a special group of road servants, who played a role of road guards, postmen and couriers. Finally, the horses also needed to be administrated and thus a whole range of special servants (grooms, horse feeders etc.) and craftmen were involved. At the top of them there were also special state officers. The goal of my work was to show the functioning of this multi-stage, miscellaneous system of maintenance and administration of the sovereign's horses and stables, to examine how far the horse farming in the 14-16 c. Grand Duchy of Lithuania was developed and what significance it had. The research demonstrated, that horse farming did not lose its' importance and value after the formation of the state. It expierienced different impacts both from the West (the German knight Order, later the kingdom of Poland) and from the East (the Golden Horde, tartars, Turkey and Arab tribes), but also continued to develope local breed of small steppe type horses - one of the oldest in the world.