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The paper estimates the influence of links between boards of directors on corporate performance at the world level in the framework of network analysis. The vast majority of empirical papers on the topic analyses the case of isolated countries. The current study estimates the effect of networking in large companies at the international level. It enables a more correct construction of the network between directors and eliminates the influence of national specificity. We construct an international network of boards and calculate three alternative centrality metrics: degree, closeness, and betweenness. Then the econometric analysis is applied to estimate the effect of centrality on performance. We consider two dependent variables which are responsible for the long-term and short-term effects (correspondingly, M/B ratio and ROE). The effect of boards' networking on firm outcomes is found to be positive on average for large global companies. This resultis robust to used centrality metrics and financial indicators.The influence of networking is found to be similar in the short and long term. We found that closeness centrality is the most important aspect of network capital for firm outcomes; degree has a moderate impact; the effects of betweenness are the weakest and statistically close to insignificant. The study contributes considerably to existing literature summarizing particular empirical evidences. Obtained findings also raise new theoretical issues and provide some useful practical implications.

On 24 February 2022, Russian president Vladimir Putin, during his address to the citizens of Russia, announced a special military operation in Ukraine. Since then, the international environment on the Eurasian continent, and the world order that has existed for 30 years after the Cold War, has changed. The armed conflict in Ukraine, which occurred as a result of North Atlantic Alliance (NATO) policy, has revealed once again the differences between the approaches of Russia, China, and western countries to world order and multilateral cooperation. This article analyzes the principles of activity, goals, and decision-making mechanisms of two key international security organizations—the Shanghai Cooperation Organisation (SCO) and NATO. Thus, this article defines the characteristic features of NATO and SCO approaches to ensuring regional security. In addition, in view of the suspension of Russia's membership in many international organizations and the adoption of a new NATO Strategic Concept, it seems especially relevant to intensify cooperation within the organizations in which the Russian Federation retains enduring influence. In this regard, the issues and the prospects for developing and strengthening the SCO's role on the world stage in the context of the current geopolitical situation were also considered.

Recent technological trends and, particularly, the global technology fracture, significantly affect power distribution in the world economy. However, the problems that arise due to these tendencies and their possible consequences for the economic world order remain understudied. This article assesses the impact of the global technology fracture on economic leadership in the context of the contradictions of the West-East development models, taking into consideration both interstate conflicts in the innovative field and the rising power of big-tech companies. Complex index construction is employed to formalize the concept of leadership in the world economy and a panel data regression model is used for estimating effects of the technology fracture on it. The sample contains data on major macroeconomic and technological indicators for 30 western and 10 Asian countries from 2010 to 2019. As a result, it is concluded that the presence of a clear plan for the implementation of information and communication technologies by the state can have a positive impact on the economic leadership of a country, and the growing importance of technology giants has a negative impact on this indicator. Finally, this article contributes to a better understanding of the economic leadership concept among scholars and draws policymakers' attention to the necessity of new regulations in the technological sphere.

Large-scale transformations in social sciences and the Humanities in the 1960 and 1970s (such as the emergence of cultural studies, memory studies, postcolonial studies and gender studies, public history, etc.) influenced the formation of heritage studies in the 1980s. Within the framework of this field, the concept of heritage has been substantially revised: it began to cover the sphere of the ordinary and everyday; its temporal boundaries have changed, so the objects related to the recent past began to be considered as heritage; the idea of de-monopolization of state experts in determining heritage was proposed. In the 2000s, a separate area of critical heritage studies emerged within heritage studies. Its purpose was to study the discursive practices of defining and using heritage, used primarily by the state and international institutions (the so-called "authorized heritage discourse", AHD, proposed by a theorist Laurajane Smith); as well as the problematization of heritage as a process of constant rethinking and redefining of identities and cultural values, which involves different social groups, communities and agents. The paper examines the transformation of the understanding of heritage-as-an-object into heritage as a social action and heritage-as-process discussed in heritage studies and critical heritage studies in European countries. It presents an overview of the key stages of their development and subsequent changes, the main research issues and problems, as well as their current debates.

Since the publication of the highly cited book of Richard Florida ("The Rise of the Creative Class. And How it's Transforming Work, Leisure and Everyday Life"), creativity has been considered as a new paradigm for economic development of cities and regions. In this context, evaluating the creative class and the creative capital has become an increasingly important concern. At the same time, measuring creative capital, in European countries in particular, remains underinvestigated. This paper is aimed at redressing this gap by evaluating the creative capital index for several regions of France. A multi-method research design was based on the Creative Capital Index project by PwC Russia. It was used to analyze both primary and secondary data on five main variables – "Regional development", "Population", "Business environment", "Government" and "Brands" – from several French regions (Île-de-France, Auvergne-Rhône-Alpes, Bretagne, Occitanie and Pays de la Loire) obtained from European, national and regional open databases, official websites of governmental and non-governmental organizations and other online resources. The analysis of the results of creative capital index estimation and the investigation of creative projects, strategies and programs that were implemented in the regions under study has shown that each region has its competitive advantage in terms of specific aspects of creative capital. The results of the study may be of use to economists and policymakers by enabling them to recognize the key factors of creativity in their regions.

In the present research, the features of applying two models for estimating macroeconomic dynamic in the USA are investigated: Bayesian vector autoregression and Bayesian vector autoregression with Markov switching. The research goal is to identify periods, structure of fluctuations and the main directions of interaction of the variables (real US GDP and employment) using Bayesian vector autoregression models. Models with Markov chains include many equations (structures). The switching mechanisms between these structures are controlled by an unobservable variable that follows a first-order Markov process. The analyzed variables were taken from the first quarter of 1953 to the third quarter of 2015. The model parameters were estimated on the basis of a prior for the multivariate normal distribution — the inverse Wishart distribution (a generalization of the Minnesota a priori distribution). Basing on the results of the estimation of the two-dimensional model with Markov Switching the average GDP growth rate and expected duration of phases was calculated. The estimated model is acceptable for describing the US economy and with high accuracy describes the probability of being in a particular phase in different periods of time. On the basis of medium-term forecasts, root mean squared errors of the forecast are calculated and a conclusion is made about the most appropriate model. Within the framework of this paper, impulse response functions are built allowing to evaluate how variables in the model react on fluctuations, shocks.

Nowadays the global financial system faces a triple challenge: the threat of a new systemic financial crisis at both global and regional levels; difficulties of constant adaptation of existing financial business and regulatory practices to intensive technological innovations; direct and hidden consequences of excessive political influence on the financial system through sanctions and selectively applied practices for sanction purposes. Improving the quality of financial regulation will require deeper cooperation between regulators of leading economies and a proactive position of the financial industry, as well as the decentralization of financial regulation. However, it is unlikely that this will happen at the global level. Financial stability became a key goal of global financial regulation in the post-crisis period. We consider financial stability as the «tragedy of commons». The article describes the main trends of financial markets regulation after the crisis: transformation of global financial architecture, anti-money laundering and counter-terrorism financing practices (AML/ CT), financial sanctions. The article analyzes the existing failures of modern post-crisis financial regulation: credit crunch, reduction in the effectiveness of monetary policy, regulatory arbitrage, and increased compliance costs (AML/CT legislation, tax legislation, and the sanctions regime). In the future we expect simultaneous trends of harmonization and standardization of requirements in traditional sectors of financial markets (including traditional institutions of the shadow banking sector), but at the same time regulatory arbitrage1 will induce new financial technologies in order to reduce regulatory costs. The crisis triggered by the coronavirus pandemic in 2020 despite its non-financial nature will almost inevitably have a major impact on financial markets and their regulation. Possible steps to eliminate failures in the financial regulation system are proposed, including recommendations for international organizations.