Pub Date : 2023-09-19DOI: 10.24833/2071-8160-2023-4-91-127-136
N. V. Gavrilenko
Book review: Berling T.V., Gad U.P., Petersen K.L. and Wæver O. 2022. Translations of Security:A Framework for the Study of Unwanted Futures. Routledge. 235 p.
书评:柏林电视公司、盖德联合公司、彼得森K.L.和Wæver O. 2022。翻译的安全:一个框架的研究不想要的未来。劳特利奇，235页。
{"title":"«Community Spirit» in Tackling Security Threats","authors":"N. V. Gavrilenko","doi":"10.24833/2071-8160-2023-4-91-127-136","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-4-91-127-136","url":null,"abstract":"Book review: Berling T.V., Gad U.P., Petersen K.L. and Wæver O. 2022. Translations of Security:A Framework for the Study of Unwanted Futures. Routledge. 235 p.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135061236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-19DOI: 10.24833/2071-8160-2023-4-91-137-149
I. A. Sokov
Book review: MacDonald S.B. 2022. The New Cold War, China, and the Caribbean: Economic Statecraft, China and Strategic Realignments. Springer Nature Switzerland AG. 310 р. DOI: 10.1007/978-3-031-06149-3
{"title":"Examining US Perspectives on Confrontation with China in the Caribbean","authors":"I. A. Sokov","doi":"10.24833/2071-8160-2023-4-91-137-149","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-4-91-137-149","url":null,"abstract":"Book review: MacDonald S.B. 2022. The New Cold War, China, and the Caribbean: Economic Statecraft, China and Strategic Realignments. Springer Nature Switzerland AG. 310 р. DOI: 10.1007/978-3-031-06149-3","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135060949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-19DOI: 10.24833/2071-8160-2023-4-91-56-71
Z. Makoveeva
The withdrawal of US troops from Afghanistan in the middle of 2021 has put at stake and turned to shock the world community. The world, which was fighting COVID-19, faced more concerns about the US withdrawal from Afghanistan. It became not only a concern of Middle East countries, but it raised questions in Europe too. While the Middle East countries were anxious about security issues in the region, Europe was anxious about the mass migration of refugees. Russia, the country which is crucially interested in stable peace in the Middle East, and China, which is cooperating with Afghanistan in the economic sector, began negotiations with the Taliban government to stabilize the situation peacefully after the withdrawal of American troops. The article analyzes the changes in US policy in Afghanistan after the withdrawal of troops in August 2021. The withdrawal of the US military contingent from Afghanistan has changed the balance of power in Central Asia, which, on the one hand, creates new risks to international security, and on the other hand, opens up new opportunities for interested players in the international arena in the region. In the new conditions, the United States is forced to restructure its policy towards Afghanistan and change its security strategy in accordance with the new balance of forces in the region. The findings of the study relate to the actual interests of the United States in the field of security in Afghanistan and in the Central Asian region as a whole.
{"title":"Navigating the Aftermath: U.S. Policy in Afghanistan Following Troop Withdrawal","authors":"Z. Makoveeva","doi":"10.24833/2071-8160-2023-4-91-56-71","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-4-91-56-71","url":null,"abstract":"The withdrawal of US troops from Afghanistan in the middle of 2021 has put at stake and turned to shock the world community. The world, which was fighting COVID-19, faced more concerns about the US withdrawal from Afghanistan. It became not only a concern of Middle East countries, but it raised questions in Europe too. While the Middle East countries were anxious about security issues in the region, Europe was anxious about the mass migration of refugees. Russia, the country which is crucially interested in stable peace in the Middle East, and China, which is cooperating with Afghanistan in the economic sector, began negotiations with the Taliban government to stabilize the situation peacefully after the withdrawal of American troops. The article analyzes the changes in US policy in Afghanistan after the withdrawal of troops in August 2021. The withdrawal of the US military contingent from Afghanistan has changed the balance of power in Central Asia, which, on the one hand, creates new risks to international security, and on the other hand, opens up new opportunities for interested players in the international arena in the region. In the new conditions, the United States is forced to restructure its policy towards Afghanistan and change its security strategy in accordance with the new balance of forces in the region. The findings of the study relate to the actual interests of the United States in the field of security in Afghanistan and in the Central Asian region as a whole.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"147 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135060692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-19DOI: 10.24833/2071-8160-2023-4-91-107-126
K. S. Goncharova, A. G. Shelomentsev, N N. Masyuk
In recent decades, a predominant trend in the transformation of national economies worldwide has been the extensive establishment of global value chains and the increased activities of transnational corporations (TNCs). Despite the scale of these phenomena, they have not received adequate scholarly attention, both at the level of individual countries and on a global scale. This paper presents the results of a comprehensive analysis that combines theoretical approaches with empirical investigations of the interplay between the formation and vigorous expansion of global value chains and the dynamics of national economic transformation worldwide. This relationship is examined in the context of foreign multinational corporations operating in sectors such as chemistry and pharmaceuticals, electronics, electrical equipment, and the automotive industry.To achieve the objectives of this study, a range of complementary research methods were employed, including descriptive analysis, comparative analysis, generalization and grouping techniques, and cartographic analysis. The study yields several key findings: Firstly, a global trend of progressive reduction in the share of domestic producers within the industries under consideration has been observed. This trend is most conspicuous in the countries of the former socialist bloc in Central and Eastern Europe, including Poland, Bulgaria, the Czech Republic, Lithuania, Latvia, Estonia, and Romania. These countries previously maintained domestic production levels exceeding 50% of the total volume for the specific product types. Secondly, the field of automobile production exhibits the highest proportion of foreign companies contributing to the total volume of products manufactured. In 33 out of the 58 countries analyzed, foreign multinational corporations account for more than 50% of production. Thirdly, a selection of countries in Western Europe, the Middle East, and the Asia-Pacific region—such as Germany, Italy, France, Israel, the USA, China, Japan, the Russian Federation, India, and Korea—play a substantial role in the development of global value chains through the active expansion of their national TNCs. International companies from these countries are progressively shaping a global socio-economic framework. Lastly, recent years have seen the emergence of a new stage in the evolution of global value chains, prompted by exceptional factors such as the COVID-19 pandemic, the trade conflict between China and the United States, and the conflict in Ukraine. This stage necessitates a profound reconsideration of the strategies employed by current participants in global chains, driven by the imperative of preserving their sustainability.
{"title":"Comparative Assessment of Global Value Chains' Influence on National Economies","authors":"K. S. Goncharova, A. G. Shelomentsev, N N. Masyuk","doi":"10.24833/2071-8160-2023-4-91-107-126","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-4-91-107-126","url":null,"abstract":"In recent decades, a predominant trend in the transformation of national economies worldwide has been the extensive establishment of global value chains and the increased activities of transnational corporations (TNCs). Despite the scale of these phenomena, they have not received adequate scholarly attention, both at the level of individual countries and on a global scale. This paper presents the results of a comprehensive analysis that combines theoretical approaches with empirical investigations of the interplay between the formation and vigorous expansion of global value chains and the dynamics of national economic transformation worldwide. This relationship is examined in the context of foreign multinational corporations operating in sectors such as chemistry and pharmaceuticals, electronics, electrical equipment, and the automotive industry.To achieve the objectives of this study, a range of complementary research methods were employed, including descriptive analysis, comparative analysis, generalization and grouping techniques, and cartographic analysis. The study yields several key findings: Firstly, a global trend of progressive reduction in the share of domestic producers within the industries under consideration has been observed. This trend is most conspicuous in the countries of the former socialist bloc in Central and Eastern Europe, including Poland, Bulgaria, the Czech Republic, Lithuania, Latvia, Estonia, and Romania. These countries previously maintained domestic production levels exceeding 50% of the total volume for the specific product types. Secondly, the field of automobile production exhibits the highest proportion of foreign companies contributing to the total volume of products manufactured. In 33 out of the 58 countries analyzed, foreign multinational corporations account for more than 50% of production. Thirdly, a selection of countries in Western Europe, the Middle East, and the Asia-Pacific region—such as Germany, Italy, France, Israel, the USA, China, Japan, the Russian Federation, India, and Korea—play a substantial role in the development of global value chains through the active expansion of their national TNCs. International companies from these countries are progressively shaping a global socio-economic framework. Lastly, recent years have seen the emergence of a new stage in the evolution of global value chains, prompted by exceptional factors such as the COVID-19 pandemic, the trade conflict between China and the United States, and the conflict in Ukraine. This stage necessitates a profound reconsideration of the strategies employed by current participants in global chains, driven by the imperative of preserving their sustainability.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135061339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-18DOI: 10.24833/2071-8160-2023-4-91-34-55
V. A. Yasvin, R. I. Kotov, I. S. Demakov, A. S. Khromykh
Education is one of Russia's instruments of foreign policy aimed at fostering humanitarian cooperation. Currently, the primary focus is on higher education, while the significance of exporting general education is undervalued. State support measures for existing Russian overseas schools, in accordance with the concepts of "Russian School Abroad" and "Key Directions of Russia's Policy in the Field of International Cultural and Humanitarian Cooperation," are primarily directed toward Russian-speaking compatriots and have little orientation toward broader segments of foreign populations. At the same time, the Concept of the Humanitarian Policy of the Russian Federation Abroad, dated September 5, 2022, explicitly emphasizes the need to expand the network of Russian schools abroad. This article examines a project to establish a network of Russian international schools targeting foreign citizens in a consortium format as a case study that could serve as a model for addressing the stated objective. Particular attention is paid to the socio-political, methodological, and organizationalpedagogical aspects of the project.
{"title":"Designing a Network Model for the Russian International Schools","authors":"V. A. Yasvin, R. I. Kotov, I. S. Demakov, A. S. Khromykh","doi":"10.24833/2071-8160-2023-4-91-34-55","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-4-91-34-55","url":null,"abstract":"Education is one of Russia's instruments of foreign policy aimed at fostering humanitarian cooperation. Currently, the primary focus is on higher education, while the significance of exporting general education is undervalued. State support measures for existing Russian overseas schools, in accordance with the concepts of \"Russian School Abroad\" and \"Key Directions of Russia's Policy in the Field of International Cultural and Humanitarian Cooperation,\" are primarily directed toward Russian-speaking compatriots and have little orientation toward broader segments of foreign populations. At the same time, the Concept of the Humanitarian Policy of the Russian Federation Abroad, dated September 5, 2022, explicitly emphasizes the need to expand the network of Russian schools abroad. This article examines a project to establish a network of Russian international schools targeting foreign citizens in a consortium format as a case study that could serve as a model for addressing the stated objective. Particular attention is paid to the socio-political, methodological, and organizationalpedagogical aspects of the project.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135208111","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-18DOI: 10.24833/2071-8160-2023-4-91-7-33
L. V. Deriglazova, A. M. Pogorelskaya
The article aims to reveal particularities of cancel culture in politics and international relations using methods of sociology and conflict theory. Deriving from previous research of cancel culture, authors define cancel culture as non-institutionalized form of social control that is implemented through mass mobilization in social media. After informal pressure the formal punishment could follow against those who break norms or behavior expectations. As a kind of social control cancel culture could contribute to overcoming gap between manifested values and social practices, preserving social order and fighting elitism and inequality. At the same time cancel culture could be used as instrument of unfair competition, political struggle and suppression of opinions. Comparison of cancel culture cases in the USA, United Kingdom and Russia allows to conclude that the scale and effectiveness of collective actions depend on national context, different systems of norms and values and cultural practices to react on violation of values and norms. In politics and international relations cancel culture manifests as an addition to actions of formal political institutions, and it aims to undermine authority and reputation of a politician. It is important that in politics and international relations cancel culture is an instrument of informal control, which follows formal sanctions. Conclusions about the nature of cancel culture as an instrument of politics helps to understand better its functions in regard to attempts to “cancel” Russia. Cancel culture adds to formal sanctions and aims to isolate the country, to undermine its legitimacy as international actor. In regard to Russia the efforts are made to “cancel” it on two levels: formal – by sanctions and informal – via rejection to cooperate coming from various professional communities. In both cases countries and respective communities have their own understanding of norms and acceptable means and tools, and thus cancel culture becomes a toll of collective punishment. International relations lack universal understanding of norms and single center of political power, so that causes selective usage of instruments to impact, and thus cancel culture becomes an instrument of political struggle.
{"title":"The Impact of Cancel Culture on Politics and International Relations","authors":"L. V. Deriglazova, A. M. Pogorelskaya","doi":"10.24833/2071-8160-2023-4-91-7-33","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-4-91-7-33","url":null,"abstract":"The article aims to reveal particularities of cancel culture in politics and international relations using methods of sociology and conflict theory. Deriving from previous research of cancel culture, authors define cancel culture as non-institutionalized form of social control that is implemented through mass mobilization in social media. After informal pressure the formal punishment could follow against those who break norms or behavior expectations. As a kind of social control cancel culture could contribute to overcoming gap between manifested values and social practices, preserving social order and fighting elitism and inequality. At the same time cancel culture could be used as instrument of unfair competition, political struggle and suppression of opinions. Comparison of cancel culture cases in the USA, United Kingdom and Russia allows to conclude that the scale and effectiveness of collective actions depend on national context, different systems of norms and values and cultural practices to react on violation of values and norms. In politics and international relations cancel culture manifests as an addition to actions of formal political institutions, and it aims to undermine authority and reputation of a politician. It is important that in politics and international relations cancel culture is an instrument of informal control, which follows formal sanctions. Conclusions about the nature of cancel culture as an instrument of politics helps to understand better its functions in regard to attempts to “cancel” Russia. Cancel culture adds to formal sanctions and aims to isolate the country, to undermine its legitimacy as international actor. In regard to Russia the efforts are made to “cancel” it on two levels: formal – by sanctions and informal – via rejection to cooperate coming from various professional communities. In both cases countries and respective communities have their own understanding of norms and acceptable means and tools, and thus cancel culture becomes a toll of collective punishment. International relations lack universal understanding of norms and single center of political power, so that causes selective usage of instruments to impact, and thus cancel culture becomes an instrument of political struggle.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"353 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135207633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.24833/2071-8160-2023-3-90-222-243
L. V. Shkvarya
This article examines the foreign trade relations between the Russian Federation and the states of the Cooperation Council of the Arab States of the Persian Gulf (GCC) in the 21st century. It considers the development of bilateral trade and economic cooperation with Middle Eastern states, particularly the Arabian monarchies, as an essential direction for enhancing Russia's integration into the global economic system in the context of increasing anti-Russian sanctions. The study's relevance lies in the Russian Federation's need to intensify foreign trade and investment cooperation with friendly states under the current circumstances. The research holds theoretical and practical significance for understanding the characteristics, challenges, and future development of bilateral trade relations with Gulf states.The article aims to analyze the current state of mutual trade between the Russian Federation and GCC countries from 2000 to 2021 and identify the main factors influencing the dynamics and effectiveness of this trade. It establishes that trade and economic cooperation between both sides are founded on a stable objective basis, characterized by similarities and proximity in economic potential levels between the Russian Federation and the GCC countries as a collective business entity, considering individual country characteristics. The economic foundations and mutual benefits remain a priority for further cooperation. Trade volumes, both in goods and services, have shown steady growth, particularly in the past 5-6 years, although there are significant differentiations among countries. The United Arab Emirates (UAE) remains Russia's primary trading partner within the GCC. However, trade flows between Russia and the UAE, as well as other Gulf states, are imbalanced, with Russian exports to the Arabian monarchies significantly exceeding imports from the region. The commodity structure of bilateral trade also requires improvement, offering opportunities for both parties to enhance efficiency. The author suggests that future efforts should focus on developing trade in areas that contribute to economic diversification, the establishment of foundations for "green energy" and other promising sectors, and continuous enhancement of the regulatory framework for cooperation.The analysis draws on data from the UNCTAD international database, ensuring the formulation of reliable and well-founded conclusions. The research utilizes various methods, including comparative analysis, statistical analysis, factor analysis, as well as historical, institutional, and causal approaches.
{"title":"Russia’s Foreign Trade with the GCC Countries: Dynamics, Characteristics and Opportunities","authors":"L. V. Shkvarya","doi":"10.24833/2071-8160-2023-3-90-222-243","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-3-90-222-243","url":null,"abstract":"This article examines the foreign trade relations between the Russian Federation and the states of the Cooperation Council of the Arab States of the Persian Gulf (GCC) in the 21st century. It considers the development of bilateral trade and economic cooperation with Middle Eastern states, particularly the Arabian monarchies, as an essential direction for enhancing Russia's integration into the global economic system in the context of increasing anti-Russian sanctions. The study's relevance lies in the Russian Federation's need to intensify foreign trade and investment cooperation with friendly states under the current circumstances. The research holds theoretical and practical significance for understanding the characteristics, challenges, and future development of bilateral trade relations with Gulf states.The article aims to analyze the current state of mutual trade between the Russian Federation and GCC countries from 2000 to 2021 and identify the main factors influencing the dynamics and effectiveness of this trade. It establishes that trade and economic cooperation between both sides are founded on a stable objective basis, characterized by similarities and proximity in economic potential levels between the Russian Federation and the GCC countries as a collective business entity, considering individual country characteristics. The economic foundations and mutual benefits remain a priority for further cooperation. Trade volumes, both in goods and services, have shown steady growth, particularly in the past 5-6 years, although there are significant differentiations among countries. The United Arab Emirates (UAE) remains Russia's primary trading partner within the GCC. However, trade flows between Russia and the UAE, as well as other Gulf states, are imbalanced, with Russian exports to the Arabian monarchies significantly exceeding imports from the region. The commodity structure of bilateral trade also requires improvement, offering opportunities for both parties to enhance efficiency. The author suggests that future efforts should focus on developing trade in areas that contribute to economic diversification, the establishment of foundations for \"green energy\" and other promising sectors, and continuous enhancement of the regulatory framework for cooperation.The analysis draws on data from the UNCTAD international database, ensuring the formulation of reliable and well-founded conclusions. The research utilizes various methods, including comparative analysis, statistical analysis, factor analysis, as well as historical, institutional, and causal approaches.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"25 1","pages":""},"PeriodicalIF":0.2,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82410251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.24833/2071-8160-2023-3-90-244-262
N. Artamonov, A. Kurbatskii
The paper examines the factors that contribute to the outperformance of mutual funds in relation to the market, with a particular emphasis on the macroeconomic indicators as the key variables of interest. The paper begins by providing a comprehensive literature review on various factors that can impact the performance of mutual funds. The discussion encompasses a wide range of topics, including skill presence, diseconomies of scale, and other challenges associated with generating excess returns for investors.In the second part of the paper, an empirical analysis is conducted using actively managed US mutual funds to establish a relationship between fund performance and macro-variables, specifically focusing on term and credit spreads. Furthermore, the study considers different returns on positive and negative changes in spreads. The sample consists of funds that primarily invest in various sectors within the United States, with the Standard and Poor's 500 (S&P 500) serving as the benchmark. To assess the performance of funds with active strategies, panel data models are applied, with the excess return over the benchmark as the dependent variable. Different subperiods, including the financial crisis and the COVID-19 period, are examined. Notably, the impact of variables during the pandemic period differs significantly from other subperiods. The findings indicate that positive and negative changes in the spread between corporate bond yields have significant and positive effects across almost all periods, which has practical implications for potential investors. It suggests that active professional portfolio managers have been successful in uncertain periods. To control for external shocks and funds' cross-correlation, double-clustered standard errors are employed, and a series of robustness checks confirm the stability of the results.
{"title":"Excess Return of US Mutual Funds","authors":"N. Artamonov, A. Kurbatskii","doi":"10.24833/2071-8160-2023-3-90-244-262","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-3-90-244-262","url":null,"abstract":"The paper examines the factors that contribute to the outperformance of mutual funds in relation to the market, with a particular emphasis on the macroeconomic indicators as the key variables of interest. The paper begins by providing a comprehensive literature review on various factors that can impact the performance of mutual funds. The discussion encompasses a wide range of topics, including skill presence, diseconomies of scale, and other challenges associated with generating excess returns for investors.In the second part of the paper, an empirical analysis is conducted using actively managed US mutual funds to establish a relationship between fund performance and macro-variables, specifically focusing on term and credit spreads. Furthermore, the study considers different returns on positive and negative changes in spreads. The sample consists of funds that primarily invest in various sectors within the United States, with the Standard and Poor's 500 (S&P 500) serving as the benchmark. To assess the performance of funds with active strategies, panel data models are applied, with the excess return over the benchmark as the dependent variable. Different subperiods, including the financial crisis and the COVID-19 period, are examined. Notably, the impact of variables during the pandemic period differs significantly from other subperiods. The findings indicate that positive and negative changes in the spread between corporate bond yields have significant and positive effects across almost all periods, which has practical implications for potential investors. It suggests that active professional portfolio managers have been successful in uncertain periods. To control for external shocks and funds' cross-correlation, double-clustered standard errors are employed, and a series of robustness checks confirm the stability of the results.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"114 3 1","pages":""},"PeriodicalIF":0.2,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91015795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.24833/2071-8160-2023-3-90-199-221
E. Kudryavtseva
This research article examines the development of trade in Crimea and Novorossiya following their incorporation into Russia. In the early 19th century, the grain trade in these regions had yet to gain momentum due to their limited development. However, ports in Feodosia, Taganrog, and Odessa regularly received ships from Constantinople and the Greek islands, while the port of Sevastopol primarily served military purposes. In 1821, under the decree of Alexander I, a port was established in Kerch to serve as an outpost at the entrance to the Sea of Azov and initiate trade relations with the mountain peoples along the Caucasian coast of the Black Sea. The Russian authorities faced challenges such as arms smuggling and the flourishing slave trade during this period. Establishing trade relations between Crimea and Circassia was intended to promote peaceful interactions with the inhabitants of the Caucasian coast. To facilitate this, the Stewardship of Trade with the Circassians and Abazians was established, regulating ship dispatch to the Caucasian coast and overseeing the operations of markets in Kerch and Bugaz. Relations with the highland communities proved difficult, as they frequently captured Russian ship crews and demanded ransoms. Even after the Treaty of Adrianople in 1829, when these territories became part of the Russian Empire, the local populations resisted submission to the new government, just as they had resisted the authority of the Turkish Sultan previously.
{"title":"Russian Black Sea Trade in Early 19th Century E.P. Kudryavtseva","authors":"E. Kudryavtseva","doi":"10.24833/2071-8160-2023-3-90-199-221","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-3-90-199-221","url":null,"abstract":"This research article examines the development of trade in Crimea and Novorossiya following their incorporation into Russia. In the early 19th century, the grain trade in these regions had yet to gain momentum due to their limited development. However, ports in Feodosia, Taganrog, and Odessa regularly received ships from Constantinople and the Greek islands, while the port of Sevastopol primarily served military purposes. In 1821, under the decree of Alexander I, a port was established in Kerch to serve as an outpost at the entrance to the Sea of Azov and initiate trade relations with the mountain peoples along the Caucasian coast of the Black Sea. The Russian authorities faced challenges such as arms smuggling and the flourishing slave trade during this period. Establishing trade relations between Crimea and Circassia was intended to promote peaceful interactions with the inhabitants of the Caucasian coast. To facilitate this, the Stewardship of Trade with the Circassians and Abazians was established, regulating ship dispatch to the Caucasian coast and overseeing the operations of markets in Kerch and Bugaz. Relations with the highland communities proved difficult, as they frequently captured Russian ship crews and demanded ransoms. Even after the Treaty of Adrianople in 1829, when these territories became part of the Russian Empire, the local populations resisted submission to the new government, just as they had resisted the authority of the Turkish Sultan previously.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"17 1","pages":""},"PeriodicalIF":0.2,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86150082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.24833/2071-8160-2023-3-90-263-297
M. Reshchikova
This paper addresses the effectiveness of a state-supported startup ecosystem in India in the context of economic and social development challenges. By conducting a detailed study of Indian entrepreneurs, investors, and relevant government documents pertaining to startup ecosystem development programs, as well as reports from research and analytical centers providing key industry indicators, the author concludes that the current startup ecosystem in India, despite several achievements, lacks effectiveness due to persistent challenges of administrative and regulatory nature, as well as socio-economic factors. The unprecedented growth witnessed in this sector in 2021 has highlighted existing problems, demonstrating the inability to establish a sustainable support mechanism for startups while disregarding the limitations that hinder the entrepreneurial and consumer potential of the Indian economy. The findings of this research showcase the immense potential of the Indian startup industry, which undoubtedly serves as a driving force for economic development in India, despite its vulnerability to certain elements. The experiences of India, including the challenges encountered in building a robust startup ecosystem, can provide valuable insights for other countries such as Russia.
{"title":"Drivers and Limitations of the Indian Startup Industry","authors":"M. Reshchikova","doi":"10.24833/2071-8160-2023-3-90-263-297","DOIUrl":"https://doi.org/10.24833/2071-8160-2023-3-90-263-297","url":null,"abstract":"This paper addresses the effectiveness of a state-supported startup ecosystem in India in the context of economic and social development challenges. By conducting a detailed study of Indian entrepreneurs, investors, and relevant government documents pertaining to startup ecosystem development programs, as well as reports from research and analytical centers providing key industry indicators, the author concludes that the current startup ecosystem in India, despite several achievements, lacks effectiveness due to persistent challenges of administrative and regulatory nature, as well as socio-economic factors. The unprecedented growth witnessed in this sector in 2021 has highlighted existing problems, demonstrating the inability to establish a sustainable support mechanism for startups while disregarding the limitations that hinder the entrepreneurial and consumer potential of the Indian economy. The findings of this research showcase the immense potential of the Indian startup industry, which undoubtedly serves as a driving force for economic development in India, despite its vulnerability to certain elements. The experiences of India, including the challenges encountered in building a robust startup ecosystem, can provide valuable insights for other countries such as Russia.","PeriodicalId":42127,"journal":{"name":"MGIMO Review of International Relations","volume":"5 1","pages":""},"PeriodicalIF":0.2,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88443189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：