China and Japan in the process of financial integration in Asia

The article discusses the main areas and features of China and Japan participation in the process of financial integration. A comparative analysis of the possibilities of interaction with Asian countries in the credit and securities markets has been carried out. A special place is given to China and Japan activities in regional financial organizations and associations. It is argued that sphere of regional financial integration is one of the areas of economic cooperation between the two countries where along with the trends towards cooperation there is also a process of increasing competition. Improving the quality of bilateral economic ties between China and Japan and the establishment of multilateral cooperation is not accompanied by a general restructuring of competitive relations in the region. A number of areas of economic activity remain in the sphere of competition which continues to increase both at the state and corporations and banks levels. China uses innovative aid technologies to create the Asian Infrastructure Investment Bank, eliminate existing bottlenecks, and acquire strategic assets in the region. Japan, despite strained relations with a number of Asian countries, continues to integrate into the regional economy through a network of production and logistics chains and is still a major source of capital for many Asian countries. All this suggests that, despite China's undoubted economic and financial success, it needs time to secure its leadership in the region. At the same time, the further deterioration of trade and economic relations between China and the United States, the consequences of the coronavirus crisis push China to more cooperation with Japan in stock, banking and currency areas, through regional economic organizations, and further expansion of the use of local currencies, primarily yen and renminbi, instead of dollars for investment and expansion of multilateral settlement and payment transactions in the region

EAST ASIA - REGIONAL OR GLOBAL FINANCIAL INTEGRATION?

The article considers the main directions of further financial integration of East Asian countries, developing deep and stable connections within the framework of global and regional economy. Currently, among the investment flows that lay ground for financial integration with other regions, the leading place is taken by funds from and to the countries of North America and Western Europe. At the same time, the growth in intraregional investment, especially in terms of assets, significantly exceeds growth from the group of developed countries, the share of participation of the latter in interregional relations is gradually decreasing. Through the development of regional integration at various levels of economic interaction, Asian countries are seeking ways to reduce vulnerability and "contagion" from the processes of financial globalization. While the trends in regional financial integration have certain advantages, they also involve some risks. On the one hand, the Asian region can benefit from greater financial diversification and reduce the concentration and dependence from western economies. On the other hand, this process can bring imported volatility from other countries of the region and reduce the regulatory counteraction from various types of shocks that arise in the economies of these countries and beyond. The intensity of further convergence of the financial markets and institutional arrangements of Asian countries will be largely determined by the scenarios of development of the world economy, as its slowdown and, consequently, decrease of activity in the global capital market clearly leads to strengthening of regional integration processes. The expansion of intraregional cross-border financial transactions requires a significant expansion of the regulatory framework for cooperation, the conclusion of two-and multilateral banking and investment agreements, as they directly determine the process of capital flows liberalization. As regional financial cooperation in Asia has not yet developed as in Western Europe and North America, it is important to pay attention to such essential elements as economic and financial supervision, normative harmonization of banking and securities market, strengthening of regional financial security system and maintenance of development of various segment of financial market, first of all bonds in local currency. In the process of work the basic methods of economic analysis were applied, namely basic system and statistical methods. The use of the system approach allowed to consider the movement of capital flows from an to Asia over a long period of time, the evolution of financial integration models. Calculations and comparisons, the construction of tables was carried out on the basis of statistical methods, which are applied for the study of currency and credit relations. The information base of the studies was based on reports and statistics of the World Bank (IBRD), the International Monetary Fund (IMF), the Asian Development Bank, as well as analytical materials of the Institute of World Economy and International Relations of RAS

Etude acoustique de cristaux liquides nématiqups sous champ magnétique pour différentes températures et pressions

The results of acoustic investigations of nematic phases in two compounds (methoxybenzilidenebutylaniline and butoxybenzilidene-butylaniline) placed in the rotating magnetic field of induction 0.295 T under varying P, T — parameters are presented. It is shown that the results of hydrodynamic and swarm theory can be used to describe the variation of the sound attenuation with time. Thermal and pressure dependence of the ratio of the twist viscosity coefficient to the diamagnetic susceptibility anisotropy is established. The analysis of this dependence is carried out within the framework of existing microscopic theory.On présente les résultats de l'étude acoustique du comportement en phase nématique de deux composés (methoxybenzilidène-butylaniline et butoxybenzilidène-butylaniline) placés sous champ magnétique tournant (0,295 T) et à pression et température variables. On montre que les résultats de la théorie hydrodynamique et de la théorie des essaims peuvent être utilisés pour la description des variations temporelles de l'atténuation sonore. On détermine la dépendance en pression et température du rapport du coefficient de viscosité de torsion à l'anisotropie de susceptibilité diamagnétique. L'analyse de cette dépendance est conduite dans le cadre de la théorie microscopique existante