ЭКОНОМИЧЕСКИЙ РОСТ И РАЗВИТИЕ ФИНАНСОВЫХ РЫНКОВ НА СОВРЕМЕННОМ ЭТАПЕ (2003-2014 ГГ.)

The article deals with some special aspects of the financial markets’ development in the leading economies in Europe, America, Asia, BRICS and Persian Gulf countries. The author made the cross- country comparisons of the compound annual growth rates (CAGR) of real GDP and local stock market capitalization in 2003-2014; he also analyzed spreads between CAGR of the amount of lending and debt of the private non-financial sector. The high risk concentration in the banking sector of India, South Africa and Japan was defined as barrier for the diversification of funding sources for the local businesses as opposed to China and Korea, where the corporate bond market has been emerged.В статье рассматриваются особенности развития финансовых рынков ведущих экономик Европы, Америки, Азии, а также стран БРИКС и Персидского залива. Проведены межстрановые сопоставления среднегодовых темпов прироста реального ВВП и капитализации локальных рынков акций за период с 2003 по 2014 гг., а также анализ спредов между среднегодовыми темпами прироста объемов кредитования и размера задолженности частного нефинансового сектора. Установлено, что высокая концентрация рисков в банковском секторе Индии, ЮАР и Японии препятствует диверсификации источников финансирования для национальных компаний в отличие от КНР и Республики Корея, где стремительное развитие получил рынок корпоративных облигаций

A MODEST review

We present an account of the state of the art in the fields explored by the research community invested in 'Modeling and Observing DEnse STellar systems'. For this purpose, we take as a basis the activities of the MODEST-17 conference, which was held at Charles University, Prague, in September 2017. Reviewed topics include recent advances in fundamental stellar dynamics, numerical methods for the solution of the gravitational N-body problem, formation and evolution of young and old star clusters and galactic nuclei, their elusive stellar populations, planetary systems, and exotic compact objects, with timely attention to black holes of different classes of mass and their role as sources of gravitational waves. Such a breadth of topics reflects the growing role played by collisional stellar dynamics in numerous areas of modern astrophysics. Indeed, in the next decade, many revolutionary instruments will enable the derivation of positions and velocities of individual stars in the Milky Way and its satellites and will detect signals from a range of astrophysical sources in different portions of the electromagnetic and gravitational spectrum, with an unprecedented sensitivity. On the one hand, this wealth of data will allow us to address a number of long-standing open questions in star cluster studies; on the other hand, many unexpected properties of these systems will come to light, stimulating further progress of our understanding of their formation and evolution.Comment: 42 pages; accepted for publication in 'Computational Astrophysics and Cosmology'. We are much grateful to the organisers of the MODEST-17 conference (Charles University, Prague, September 2017). We acknowledge the input provided by all MODEST-17 participants, and, more generally, by the members of the MODEST communit

The Comparison of the Financial Markets and the Financial Centres in the International Rankings

This work is a continuation of the themes developed by the authors (Bystryakov and Rasskazov 2014), (Ponomarenko and Rasskazov 2017). The objective of this paper is to compare the development of international financial centers (IFCs) and financial systems of the IFCs’ home-based countries. The study identified the main trends in competition between financial centers over the period from 2010 to 2016: 1. New York, London, Hong Kong, Singapore and Tokyo had been holding the leading positions in IFCs’ rating more than 5 years, the TOP 5 was stable. 2. A trend to the dominance of North American centres in the global financial market. 3. The greatest progress had been achieved by the financial centres of the United Arab Emirates (Dubai and Abu Dhabi). 4. The largest IFCs in continental Europe was under pressure from competing North American and Asian centres. 5. There are different trends Among the BRICS: The centres in mainland China failed to gain a foothold in the TOP 10, while Mumbai (India) has shown the greatest progress over the 5 years in the overall ranking among BRICS; Sao Paulo (Brazil) and Moscow (Russia) positions remained stable. The authors have also reviewed the theoretical question of the relationship between the economic growth and the development of financial markets. © Springer Nature Switzerland AG 2020