ВЕСТНИК МОСКОВСКОГО УНИВЕРСИТЕТА. СЕРИЯ 6: ЭКОНОМИКА

0130-0105

  • Publisher Федеральное государственное бюджетное образовательное учреждение высшего образования "Московский государственный университет им. М.В. Ломоносова"
  • Country Россия
  • Web https://www.elibrary.ru/title_about_new.asp?id=8511

Content

Credit Derivatives as a Factor of Systemic Risk

Rubtsov N.N.

The article analyzes the functioning of credit derivatives (first of all credit default swaps, or CDS) as a factor of systemic risk. The article examines the impact of credit default swaps on the functioning of the entire modern financial system, states that one of the myths about credit derivatives lies in the fact that they supposedly reduce the risk. In fact, they only transfer risk from one person to another, willing to take the risk. The end result of this risks transformation is a close interdependence between all participants of credit markets and the huge concentration of risks in the hands of individual players, who in case of unforeseen situations face the inability to pay on their obligations. The result is a domino effect that leads to a crisis of the financial system. The 2008 events is a vivid example of such a situation.

Foundations of Swedish Economy Model

Rybalkin V.V.

The article surveys the theories of national economy regulation introduced by eminent economists of the Stockholm School in the late XIX - early XX centuries and the social situation in Sweden during this period. The article also analyzes the transformation of Swedish economy during XX century from a relatively pure market economy to a modern “Scandinavian socialism”, focuses on the role of government agencies and the influence of the political system on this process. In addition, the paper highlights those features which, according to the author, contributed to Sweden's shift from the raw materials supplier of the leading industrial powers in the late XIX century to a current world leader in technological development.

Innovative Development of Russian Economy: Interdisciplinary Interaction (Overview of the VII Annual International Scientific Conference Outcome)

Gerasimenko V.V.

The article addresses the results of the VII Annual International Scientific Conference “Innovative development of Russian economy: interdisciplinary interaction”. The aim of the conference was to discuss the opportunities of interdisciplinary interaction in relation to the innovative development of the Russian economy.

Pedagogical Education for University Teachers in Finland

Mahlamäki-Kultanen S.

The world of work and occupations are changing rapidly as globalisation and digitalisation make headway. Today the occupation and its necessary competence requirements stopped being acquired once and forever. Modern professions become dynamic, should constantly reinvent themselves and be maintained by upgrading the competence. Consequently, the pedagogical competence of HEI teachers must also meet the new requirements, and the teachers should continuously widen the scope of their interests. Professional teacher training in Finland is internationally acknowledged thanks to high professionalism of instructors and due to the fact that training is based on research. The article analyses the scientific foundation of professional teacher training in Finland, its implementation and relationship with the changing world of work drawing on the example of the curriculum of HAMK University of Applied Sciences. The analysis of the curriculum shows that pedagogical studies for in-work learners meet the requirement of dynamism. They require involvement and active participation of the learners in the teaching process and its implementation receives positive student feedback.. The curriculum focuses on developing the teacher’s work and provides an idealistic view on what it is to work as a teacher. A strive for continuous professional growth stems from pedagogical competence.

The Concept of Ubiquitous Society and Government Programs of the Information and Post-Information Society Building in Japan

Belova L.G.

The article presents the results of the study, the subject matter of which are the public programs of building Information and Post-information society in Japan. The purpose of the study is to identify the real vector of social development of one of the most developed countries of the world - Japan, in order to formulate a possible development landmark for the foreseeable future for Russia. The study reveals the influence of improving information and building post-information society on the process of Japan’s transition to the paradigm of sustainable development; examines the specificity of building the information and post-information society in Japan; analyses the most important factors and strategies of joint efforts of the government and business aimed at the country’s sustainable development. The author cames to the conclusion that the informational society as a society based on information and communication technologies (ICT) and knowledge, represents a real vector of social development for the foreseeable future and presupposes a corresponding state policy.

The Role of Clusters in the Modern Economy: Evidence from Abroad

Rassadina A.K.

The existing interest of researchers in clusters is based on the interdependence between clusters development on the one hand and the acceleration of innovation activity and growing competitiveness on the other. As systems of regional economic activity and innovations, clusters are developing due to the advantage of proximity, shared markets of specialized labor force, knowledge creation and transfer, network of supportive services together with a complex framework of social interaction, producing as a result a profound synergetic effect. The article examines the peculiarities of emergence and development of innovative clusters in advanced economies as well as specific features underlying their competitiveness. Such analysis seems to be of great importance taking into consideration the development of Russian clusters’ innovative component.

Volatility Spillover and Contagion Effects on Stock Markets: Global and Local Leaders Determination (part 1)

Asaturov K.G., Teplova T.V.

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.

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