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The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during the bust. In the US, the interaction among the Fed's monetary stance, global real interest rates, distorted incentives in credit markets, and financial innovation created the mix of conditions which first drove growth, but then made the US the epicenter of the global financial crisis. Exchange rate and other economic policies followed by emerging markets such as China and the oil-exporting countries contributed to the US ability to borrow cheaply abroad and thereby finance its unsustainable housing bubble during the upswing. But we find that the key drivers of asset prices are global liquidity conditions. Central banks flooded the markets with ample liquidity. Mopping up this excess liquidity will be one major task for central banks worldwide, which needs to be done in a coordinated fashion. Moreover, our analysis has shown that liquidity will first show up in asset price inflation and only later in consumer goods inflation. This renders it difficult for central bank to exit from their current very expansive monetary policy stance if they continue to focus only on price stability.

This article examines the prospects for further international control of atmospheric pollution. Air pollution has become a global policy problem, control of which requires the collaboration of many states. Despite the need for co-operation, however, the protection of the global environment is problematical in the anarchic state system. Co-operation is constrained by the fact that states are not equally affected by pollution and have dissimilar interests in environmental protection. Nevertheless, even though the prospects for environmental co-operation did not seem promising in the 1970s, five multilateral agreements were signed to reduce emissions of air pollutants. Three changes in particular contributed to the emergence of atmospheric pollution controls: the imperatives of ecological interdependence, technological developments, and growing public pressure on policy-makers.

The article presents a comparative analysis of the official presence on the Internet, including social networking sites, of the state diplomatic agencies of France, Italy, Russia, and others. A new form of "digital diplomacy" on the one hand provides new opportunities for the implementation of the state international politics, and on the other, imposes special requirements on its members. There is the feedback loop between the diplomatic and public agencies (a new phenomenon of the modern information society). Social media play an important role in shaping public opinion, which puts forward specific requirements for how information on the official pages of diplomatic offices in social networks. The new format of close cooperation between the public and diplomatic agencies makes the modern diplomacy more public and less restrained. In these circumstances, it is very important information without losing the initiative and applying new and modern means of communication with their particular style of communication, they can not fall the level of political culture, as happened with the diplomatic authorities of the USA and some other countries. Thus, the ongoing technological revolution complicates the interaction between the participants of international relations. The usage of digital technologies in the diplomatic activity opens up new possibilities for conducting a policy of «soft power» aimed to develop concerted action to overcome the political, social and economic crises, as well as develop the measures to prevent them.

Arguing that atmospheric pollution is a worldwide problem & that its solution requires global policy decisions, areas of potential international collaboration on this issue are explored. Barriers to cooperation are identified, most predominantly the anarchic state system. Different countries have dissimilar problems with & solutions to environmental issues. The environmental revolutionism of the 1970s is assessed, along with the effect of five multilateral emission reduction agreements signed during the era. It is concluded that there were three major developments that contributed toward the birth of atmospheric pollution controls: ecological interdependence, technological developments, & increased public influence on governmental policymakers. 30 References. Adapted from the source document.