Since 2008, the world economy has been facing consequences of the global financial crisis. One of them is rapid growth in public debt in most advanced economies, which resulted from an overoptimistic estimate of fiscal situation before the crisis, declining government revenue and increasing social expenditure during the crisis, costs of the banking system restructuring, countercyclical fiscal policies, etc.
For this reason, many governments are trying to determine a ‘safe’ level of fiscal deficit and public debt. However, this is not an easy task. There is no single standard of fiscal safety for all economies. Besides, a globalized economy and irregular business cycle make it difficult to find out in which phase of the cycle a given economy is at the moment, while this is essential to assess fiscal indicators.
Historical experience shows that default risk may materialize at different levels of public debt, sometimes seemingly very low. In fact, a ‘safe’ borrowing level is country-specific and depends on many factors and often unpredictable circumstances. However, given the tense situation in global markets, the ‘safe’ level of public debt is lower than it used to be a decade ago. Another argument for a cautious approach concerns a highly pro-cyclical nature of such measures as the fiscal deficit to GDP or public debt to GDP ratios.
Lessons of the latest crises also indicate importance of more accurate estimation of countries’ contingent fiscal liabilities, particularly of those relating to the stability in the financial sector. If looking into the future, a correct estimation of other contingent liabilities, particularly those related to social welfare systems (implicit debt of the public pension and health systems) are of primary importance in the context of the ageing society and population decline. These liabilities far exceed official statistics on the public debt in some counties. As a result, such statistics does not present an adequate picture of the nation's public debt and actual fiscal burden that will be imposed on the shoulders of the following generations of taxpayers.
Due to the need to reindustrialize the domestic industry at the post-industrial stage of development, it has become necessary to implement megaprojects aiming at the qualitative makeover of the national economy. The purpose of this paper is to develop an industrial megaproject risk management model and methodological support based on a comparative analysis of existing approaches and using Russian and international experience. The research has resulted in two megaproject risk management models: a fragmentary model and a comprehensive one. A risk mitigation potential analysis for ongoing megaprojects has been performed confirming the efficiency of use of the comprehensive megaproject risk management model. The suggested comprehensive risk management model allows taking into consideration the main distinctive feature of modern megaprojects, i.e. multiplicity of management entities operating on the basis of the partnership principle.
The 2017 Fifth International Conference on Management and Technology in Knowledge, Service, Tourism & Hospitality (SERVE 2017) was held on 21-22 October 2017 and on 30 November 2017, in Bali, Indonesia and at the Financial University under the Government of the Russian Federation, Moscow, Russia. The theme of the conference was "Financial and Economic Tools Used in the World Hospitality Industry".
Conference contributions dealt with various interdisciplinary research topics, particularly in the fields of social sciences, economics, business, management, education, and finance. Through this conference proceedings volume, we propose to launch a renewed discussion of how financial and economic tools can be used in the world hospitality, service, and tourism industries. The purpose of this volume is to develop new theoretical and empirical knowledge that explores the possibilities of developing tourism, hospitality, service industries in sharing economy. These proceedings should be of interest to academics and professionals in the wider field of social sciences, including disciplines such as education, psychology, tourism and knowledge management.
The study guide contains twenty authentic newspaper articles derived from The Economist and The Financial Times. Each part of the book is provided with 8 tasks aimed at developing students' linguistic competences. Most attention is paid to arousing interest in global economic issues throughout the world. The book is designed for students' self-study and classwork.
Working Title: From Corporate Social Responsibility to Corporate Social Liability
Subtitle: A Socio-Legal Study of Corporate Liability in Global Value Chains
The coming decades will see an era of the most radical changes in education since the appearance of national education systems. And the source of these changes will not be in the education system itself, but rather it will be driven primarily by industries: digital technologies, healthcare, and finance. Within the next twenty years, this new global architecture of education will emerge. We will examine the seminal design of this new architecture by creating a systemic vision of the impact that innovative technologies and emerging social practices will have on educational system. This analysis reflects a wide range of experience culled from educational experiments that we have observed, took part in or initiated ourselves. Our work is also an invitation to collaborate: it is a call to those who feel ready to take part in the creation of architecture, protocols, and practical solution for education in the 21st century. We believe that this kind of design requires an open-source platform, that we, working together will have to assemble.
This yearbook is the fourth in the series with the title Globalistics and Globalization Studies. The subtitle of the present volume is Global History & Big History. The point is that today our global world really demands global knowledge. Thus, there are a few actively developing multidisciplinary approaches and integral disciplines among which one can name Global Studies, Global History and Big History. They all provide a connection between the past, present, and future. Big History with its vast and extremely heterogeneous field of research encompasses all the forms of existence and all timescales and brings together constantly updated information from the scientific disciplines and the humanities. Global History is transnational or world history which examines history from a global perspective, making a wide use of comparative history and of the history of multiple cultures and nations. Global Studies express the view of systemic and epistemological unity of global processes. Thus, one may argue that Global Studies and Globalistics can well be combined with Global History and Big History and such a multi-disciplinary approach can open wide horizons for the modern university education as it helps to form a global view of various processes.
We see globalization as the growth of the sizes of social systems and the increase in the complexity of intersocietal links. Thus, in certain respects, globalization may be regarded as a process connecting the past, the present, and the future—as a sort of bridge between the past and the future. The title and the composition of the present volume refl ect this idea. Globalization: Yesterday, Today, and Tomorrow is distinguished by its focus on the systemic aspects of globalization processes. Political, economic, geographic, ecological, social, cultural, ethnic, religious and historical processes are analyzed and their single and joint impacts on globalization are discussed. The purpose is to complement more objective or ‘technical’ globalization narratives with more direct accounts of social and emotional issues. There are a number of publications
This report examines the changes happening in Russia ever since the issue of global warming was introduced on the global agenda. Only today, after the planet has experienced a variety of catastrophic natural disasters, have world leaders and decision makers grown more aware of the urgency of the problem. In Russia, where climate changes have been more significant than globally on average, the government has increased its objectives in reducing greenhouse gas emissions and put forward a number of initiatives and green policy measures to achieve more sustainability in the long term. Russia’s target for greenhouse gas emissions in 2030 is set at 70-75 percent of the base level of 1990, according to the new action plan adopted by the Kremlin. Other states also recognize the problem but their positions differ in the way the issue should be solved. India, China, the U.S. and Brazil, all of which are important players analyzed in the report, find it hard to reach common ground in reaching a globally binding agreement. Whether this will be done ultimately depends on the outcome of the Paris climate change conference. The report also considers the state of the Russian climate change movement from the experience of NGO activities in Russia, provides an overview of the development of the Russian green energy sector with specific success stories and analyzes the prospects of renewable energy development in different regions of the country.
This new monograph provides a stimulating new take on hotly contested topics in world modernization and the globalizing economy. It begins by situating what is called the Great Divergence--the social/technological revolution that led European nations to outpace the early dominance of Asia--in historical context over centuries. This is contrasted with an equally powerful Great Convergence, the recent economic and technological expansion taking place in Third World nations and characterized by narrowing inequity among nations. They are seen here as two phases of an inevitable global process, centuries in the making, with the potential for both positive and negative results.
This sophisticated presentation examines:
Why the developing world is growing more rapidly than the developed world.How this development began occurring under the Western world's radar. How former colonies of major powers grew to drive the world's economy. Why so many Western economists have been slow to recognize the Great Convergence. The increasing risk of geopolitical instability. Why the world is likely to find itself without an absolute leader after the end of the American hegemony
A work of rare scope, Great Divergence and Great Convergence gives sociologists, global economists, demographers, and global historians a deeper understanding of the broader movement of social and economic history, combined with a long view of history as it is currently being made; it also offers some thrilling forecasts for global development in the forthcoming decades.
The main objective of the guidebook is to examine financial instruments available within the Northern Dimension area for financing projects of cross-border transport and logistics infrastructure and to develop guidelines for co-financing mechanism. The gudelines assist the members, project managers and project promoters of the Northern Dimension Partnership on Transport and Logistics in applying the financial instruments that pull together the EU and national public and private funding, and to increase the successful implementation of the projects.
The Handbook of Research on International Collaboration, Economic Development, and Sustainability in the Arctic discusses the perspectives and major challenges of the investment collaboration and development and commercial use of trade routes in the Arctic. Featuring research on topics such as agricultural production, environmental resources, and investment collaboration, this book is ideally designed for policymakers, business leaders, and environmental researchers seeking coverage on new practices and solutions in the sphere of achieving sustainability in economic exploration of the Artic region