FOREIGN CAPITAL INFLOW STRUCTURE: THEORETICAL EXPLANATION AND CONNECTION WITH MACROECONOMIC INDICATORS IN THE YEARS 2008 AND 2009

The paper analyses a not yet well-examined topic of foreign capital inflow structure. It develops a simple theoretical background for the concept and verifies its importance for five main macroeconomic indicators in the years 2008 and 2009 on the data provided by the World Bank for 213 countries and territories with the help of correlation analysis. The results show that both on the theoretical and empirical levels foreign capital inflow structure is important for countries and should be reflected in their economic policies

THE INTERNAL BALANCE OF THE EU NEW MEMBER STATES DURING THE FINANCIAL AND ECONOMIC CRISIS: A CASE STUDY OF THE IMPORTANCE OF FOREIGN CAPITAL INFLOW STRUCTURE

This paper describes and analyses the two transmission channels, foreign trade and capital inflows, by which the global crisis influenced the internal balance of the new member states of the European Union, taking into account the specifics of their economies and with emphasis on the importance of their foreign capital inflow structure, i.e. the share of long-term and short-term and credit capital in the total capital inflows. It shows, based on macroeconomic data, that the financial channel seemed indeed to have greater negative influence on the countries internal balance. The paper is based on analysis of data from official sources: Eurostat, the European Central Bank and the World Bank

THE INFLUENCING FACTORS IN THE BUSINESS ENVIRONMENT OF THE VISEGRAD GROUP IN THE LAST TEN YEARS AND THEIR COMPARISON TO RUSSIA'S EXPERIENCE

Objective: examination of development of the business environment in the Central and Eastern European Visegrad Group /Czech Republic, Slovak Republic, Poland and Hungary/ in the last ten years, 2004-2014, by determining its influencing factors, and comparison of the results with the experience of the Russian Federation. Methods: approximation of the business environment with the help of five business-entity oriented indicators and analysis of relationship between them and their influencing factors, i.e. areas of competitiveness in the definition of the Heritage Foundation, based on correlation analysis, time series co-integration model and a specific panel co-integration model. Research results: the characteristic feature of the business environment in the Visegrad Group was adapting to integration into regional and global value chains. The main influencing factors of these changes were fiscal, trade and investment freedoms, to a lesser extent - freedom from corruption, as well as membership in the European Union. The development in the Russian Federation was focused on concentration of business activities improving all indicators of the business environment and being caused by third factors. Scientific novelty: first major complex study on the business environment in the Visegrad Group and in Russia, published in the Russian Federation. Practical value: better insight in the development of the business environment in the Central and Eastern European economies and in Russia, which can be used in macroeconomic policies of the Russian Federatio

Cyclops states in repulsive Kuramoto networks: the role of higher-order coupling

Repulsive oscillator networks can exhibit multiple cooperative rhythms, including chimera and cluster splay states. Yet, understanding which rhythm prevails remains challenging. Here, we address this fundamental question in the context of Kuramoto-Sakaguchi networks of identical rotators with higher-order coupling. Through analysis and numerics, we show that three-cluster splay states with two distinct coherent clusters and a solitary oscillator are the prevalent rhythms in networks with an odd number of units. We denote such tripod patterns cyclops states with the solitary oscillator reminiscent of the Cyclops's eye. As their mythological counterparts, the cyclops states are giants that dominate the system's phase space in weakly repulsive networks with first-order coupling. Astonishingly, the addition of the second or third harmonics to the Kuramoto coupling function makes the cyclops states global attractors practically across the full range of coupling's repulsion. At a more general level, our results suggest clues for finding dominant rhythms in repulsive physical and biological networks