Marina V. Vinogradova

Adaptation of Macro-Economic Models to Solving the Problem of Countries Differentiation in Global Economy

The purpose of the article is to verify the offered hypothesis and determine possibilities and perspectives of adaptation of macro-economic models to solving to problem of countries differentiation in the global economy. In this work, the authors use systemic approach, method of problem analysis, formalization, and economic modeling. During conduct of the research, the authors view main approaches and offer a new proprietary approach to classification of countries in the global economy, determine a problem of countries differentiation in the global economy, determine perspectives of solving it, and offer recommendations for solving the problem of countries differentiation in the global economy through adaptation of macro-economic models. As a result of the research, the authors come to the conclusion that the problem of differentiation of countries in the global economy cannot be solved with the help of current methods and tools, which causes necessity for search for new ways for solving it, one of which is adaptation of macro-economic models.

Model of Evaluation of Influence of Globalization on the National Stock Market

Purpose: To develop an optimal portfolio of securities built upon consideration of the effects of globalization. Main arguments: For such portfolio to be developed, a complex solution based on the econometric approach first applied by W.F. Sharpe in his diagonal model is needed. If we assume that globalization influences market indicators, we can use them to identify a set of orthogonal factors as principal components. We could use a description of globalization based on Sharpe’s methodology to build a model of portfolio, were it not for the incongruence between the level of measurement of profitability of principal components and that of financial assets. Our hypothesis is that this problem of incongruence can be solved by using a two-level mechanism of profitability formation which considers the effects of globalization on the market and, by extension, on assets. Main results: A model of securities portfolio based on a two-level mechanism of reproduction of the effects of globalization allows us to conclude that globalization influences profitability of assets indirectly, through its impact on the average profitability of the national market. In other words, portfolio risks are lower if a portfolio is built upon consideration of the effects of globalization.