Теория международных отношений в XXI веке
The article defines the limits of qualification of terrorist crimes. The author distinguishes them from common criminal offences, sabotage, military crimes and analyzes the notion of “State Terrorism”, stating limits of terrorism from the point of subject of crime.
Carry trades consistently generate high excess returns with high Sharp ratios, but are subject to crash risk. I take a closer look at the link between the carry trade returns and the stock market to understand the risks involved and to determine when and why currency crashes happen. Every period, I sort currencies of developed and emerging economies by their interest rates and form portfolios to diversify the idiosyncratic risk. First, I find a strong negative relationship between portfolio returns and skewness of exchange rate changes. In fact, skewness and coskewness with the stock market have a much greater explanatory power in the cross-section of excess returns than consumption and stock market betas. But separating the market beta into upside and downside betas improves the validity of the CAPM significantly. Downside beta has a much greater explanatory power than upside beta, and it correlates with coskewness almost perfectly. This means that carry trades crash exactly in the worst states of the world, when the stock market goes down. After controlling for country risk, the downside beta premium in the currency market is comparable to that in the stock market and equals 2-4 percentage points p.a. I also find that country risk proxies well for the downside beta and skewness. This suggests that there is unwinding of carry trades and a “flight to quality” when the stock market plunges, and that lower interest rate currencies serve as a “safe haven”. Finally, I estimate even higher downside betas of the top portfolios and I find an even greater explanatory power of the downside beta in the early 2000s. The growing volume of carry activities might have contributed to the closer link between the currency and the stock markets.
In the article author considers the role of Egypt in establishing the League of Arab States. Analyzed the most probable realization of projects of Arab unity of the first half of XX century. Particular attention is paid to the figure of the Egyptian Prime Minister Nahhas Pasha. His role and contribution in carrying out bilateral talks with representatives of the six Arab states, as well as his presidency at the Preparatory Committee took place in Cairo in the summer of 1944.
This article is devoted to the Digest of the Laws of the Russian Empire – an embodiment of the operative legal system in late imperial Russia. Even though the Digest contained the law in force, and thus should be studied as a crucial source on Russian (legal) history, its meaning has been often overlooked. The reason for that is a remarkable difference between the original texts of laws adopted by the legislator, and their published form in the Digest. This difference came from the necessary editing procedures when every new piece of legislation was included in the existing system of the Digest. This strange feature of legal procedure when two different versions of a particular law – the original one and the one codified in the Digest – both remained in force should be considered as a part of official autocratic legality in late imperial Russia. Even though it may seem inefficient and irrational, the practice of obligatory codification of laws in the Digest existed for a rather long time – from 1835 until 1917. My research aims to find possible explanations for the Digest’s prolonged existence in the context of political and legal culture of late imperial Russia. What did Russian ‘official legality’ actually mean on the levels of theory and action?
The article examines the main trends in the study of the Stalinist period and the phenomenon of Stalinism in connection with the mass opening of the archives.