Сравнительный анализ фондового рынка России и стран БРИК на основе модели графа рынка
Problem of construction of the market graph as a multiple decision statistical problem is considered. Detailed description of a optimal unbiased multiple decision statistical procedure is given. This procedure is constructed using the Lehmann’s theory of multiple decision statistical procedures and the conditional tests of the Neyman structures. The equations for thresholds calculation for the tests of the Neyman structure are presented and analyzed.
Along with the fast growing economy, the term «BRICs» was coined to represent the newly emerging countries — Brazil, Russia, India and China. The enhanced economy in these countries has largely improved peoples life; at the same time, it has also strongly influenced the transformation of social structure, norms and values. However, as the worlds attention centers on their economic development at the micro level, the social changes at the micro level have often been neglected, and a specific comparative study of these four countries is even more rare. This handbooks contributing authors are leading sociologists in the four countries. They fill the gap in existing literature and examine specifically the changes in each society from the perspective of social stratification, with topics covering the main social classes, the inequality of education and income, and the different styles of consumption as well as the class consciousness and values. Under every topic, it gathers articles from authors of each country. Such a comparative study could not only help us achieve a better understanding of the economic growth and social development in these countries, but also lead us to unveil the mystery of how these emerging powers with dramatic differences in history, geography, culture, language, religion and politics could share a common will and take joint action. In general, the handbook takes a unique perspective to show readers that it is the profound social structural changes in these countries that determine their future, and to a large extent, will shape the socio-economic landscape of the future world.
The paper presents the analysis of the network model referred to as market graph of the BRIC countries stock markets. We construct the stock market graph as follows: each vertex represents a stock, and the vertices are adjacent if the price correlation coefficient between them over a certain period of time is greater than or equal to specified threshold. The market graphs are constructed for different time periods to understand the dynamics of their characteristics such as correlation distribution histogram, mean value and standard deviation, size and structure of the maximum cliques. Our results show that we can split the BRIC countries into two groups. Brazil, Russia and India constitute the first group, China constitutes the second group.
In Section 2.5 of monograph “The development of the BRICS countries in the global space: the potential of cooperation and trends of economic processes”, the object of study are the national banking system of the BRIC countries in the period 2007-2009, a very stressful time for the entire world banking community. Annual reports of central banks selected indicators of the World Bank report were used. The section 3.1 of monograph “The development of the BRICS countries in the global space: the potential of cooperation and trends of economic processes” discusses issues of innovative development of the BRICS in the global space. The factors of innovation sphere BRICS and performances of these countries in international rankings of competitiveness and innovation are considered.
Market graph is built on the basis of some similarity measure for financial asset returns. The paper considers two similarity measures: classic Pearson correlation and sign correlation. We study the associated market graphs and compare the conditional risk of the market graph construction for these two measures of similarity. Our main finding is that the conditional risk for the sign correlation is much better than for the Pearson correlation for larger values of threshold for several probabilistic models. In addition, we show that for some model the conditional risk for sign correlation dominates over the conditional risk for Pearson correlation for all values of threshold. These properties make sign correlation a more appropriate measure for the maximum clique analysis.
Many liberal IR theorists argue that the spread of liberal capitalism has a civilizing influence on international relations because it decreases the role and importance of the state in the economy. Commercial relations between individuals and private enterprises based on market principles replace power based relations between states The pursuit of power advantage over other states, which has been the guiding principle of state policy for centuries, becomes an anachronism and is replaced by the pursuit of integration into the larger global economy. States are more willingness to participate in institutions because they establish rules of the game that make economic cooperation run more smoothly. The article questions the logic of this argument. Economic integration and global free trade are opening up new areas of competition between states, as Russia and other rising powers compete with the developed states of the West to attain the most profitable parts of the global marketplace. As a result, rising states are adopting neo-mercantalist policies that seek to increase their power advantages over other states. Like the 17th and 18th Century mercantilists described by Jacob Viner decades ago in his seminal essay “Power and Plenty”, they do not see a tradeoff between the pursuit of state power and economic prosperity but see these as mutually reinforcing goals. Economic integration and global free trade are opening up new areas of competition between states, as Russia and other rising powers compete with the developed states of the West to attain the most profitable parts of the global marketplace. States adopt a range of neo-mercantilist strategies in order to ensure that they are the ones that benefit most from the open world economy. Economic concerns may be taking priority over security concerns, as the prospects of military confrontation between states may have greatly diminished because economic integration makes it prohibitively costly. But states continue to be preoccupied with improving their power relative to other states because they see the pursuit of relative power advantages as being key to advancing their economic goals and securing prosperity for their countries.
Тhe article describes the unifying role of scientific and technological progress in the global economy, in which it is one of the most significant factors at the present time ofglobal international integration.