Mirkin Yakov , Lebedeva K.
The Phenomenon of Related Dynamics in Global Finances (Russia, Brazil)
Publication Type:
Rubric:


ISSN 2542-0240

DOI 10.23932/2542-0240-2018-11-1-155-169

The article establishes stable codependencies between international financial markets and their underlying cause and effect mechanisms, as an object of a global transformation. We demonstrate an intense co-integration between the financial markets of Russia, Brazil and the other emerging markets of Latin America (through the lens of stock markets and national currencies). The cause and effect mechanisms of this dependency are examined. We characterize the countries as analogous substitutes for investors (abundant similarities include: models of collective behaviour, ideology, model and structure of the economy, model of the financial sector, highly speculative markets in shares and currencies). The article explains an extremely limited role of the internal (primarily retail) investors in determining dynamics of the financial market. The central role of non-resident actors (global financial institutions and institutional investors) in the dynamics of the markets of Russian and Brazil is established. We demonstrate that for Russia and Brazil sources of foreign portfolio investments coincide. This includes Anglo-Saxon centers, specifically the US and British offshore jurisdictions, and the global centers of secondary importance (the Netherlands and Luxembourg). The decision making models of global investors in Russian and Brazil are examined: stock prices are driven by the oil prices, and in part by the US stock market, and rouble and real exchange rates follows oil prices and the EUR-USD currency pair. Analysis and conclusions made in the article are supported by a significant volume of statistical modelling. 


Keywords: Brazil | correlation | financial market | global finance | interrelated dynamics | investor behavior | Russia |

Russian Science Citation Index



OTHER PUBLICATIONS ON THIS TOPIC

Mirkin Yakov
Глобальные финансы – 2012: прогноз, заданная траектория для финансов России / Я.М. Миркин // Банковское дело. – 2011. – № 11. – С. 18–23.

Kudinova Maria
Трансграничные инвестиции с 1980-х гг. до 2030 г.: мировые тренды и долгосрочный прогноз развития [Текст] / М. М. Кудинова // Финансы, деньги, инвестиции. – 2019. – № 3. – С. 22-30. DOI: 10.36992/2222-0917_2019_3_22.

Mirkin Yakov ,
Англо-русский толковый словарь по финансовым рынкам (2-е издание). М.: Альпина Бизнес Букс, 2008, 784 с.

Komova Anna
Sovereign Wealth Funds 19902030: Evolution, Growth Forecast

Rubtsov Boris
Изменения в архитектуре финансовых рынков после мирового экономического кризиса 2007-2009 гг. // Банковские услуги. 2020. № 10. С. 9-21. DOI 10.36992/2075-1915_2020_10 _9.

Glazova Elena , Stepanova Mariya
Суверенные фонды национального богатства – новый тип инвесторов на мировом финансовом рынке [Текст] / Е. С. Глазова, М. П. Степанова // Финансовый менеджмент. – 2018. – № 3. – С. 48-64.


International financial market - the current state of development / Nozdrev S.V.

Zhukova Tatiana
Role of Spanish Banking System in Creating the Conditions for Fast Economic Growth in 1939-1970 and 1975-1985

Nozdrev Stanislav
International financial market - the current state of development.

Evstigneev V.
Финансовый рынок в переходной экономике - инвестиционные стратегии, структурная организация, перспективы международной интеграции. М., Эдиториал УРСС, 2000, 240 с.

Mirkin Yakov
Финансовый конструктивизм [Текст] / Я.М. Миркин // Финансы, деньги, инвестиции. – 2014. – № 3(51). – С. 35.

Smyslov Dmitry
Foreign Capital on Russia’s Stock Market.

Dynkin Alexander , Ivanova Natalya
Инновационная динамика: глобальные тенденции и Россия / А.А. Дынкин, Н.И. Иванова // Проблемы теории и практики управления. – 2008. – № 5. – С. 1–21.

Mirkin Yakov
The aggregate behavior of retail investors in the russian stock market


Изменение углеводородной политики в Бразилии и Мексике [Текст] / М.В. Крамской // Инновации и инвестиции. – 2018. – № 3. – С. 87-92.

Komova Anna
Суверенные фонды как глобальные инвесторы: ретроспектива и прогноз [Текст] / А. В. Комова // Финансы, деньги, инвестиции. – 2019. – № 3. – С. 31-36. DOI: 10.36992/2222-0917_2019_3_31.

Rubtsov Boris
Существует ли наднациональная система регулирования финансового рынка? // Финансы, деньги, инвестиции. 2021. № 3. С. 3-7. DOI 10.36992/2222-0917_2021_3_3.

Rubtsov Boris
The Green Bond Markets in Russia: Prospects of Development


Газовая отрасль Республики Бразилия: каковы перспективы развития? [Текст] / М. В. Крамской // Инновации и инвестиции. – 2018. – № 10. – С. 126-133.

Gracheva Mariya
Динамика и структура расходов федерального бюджета Германии [Текст] / М.В. Грачева // Финансы. – 2013. – № 5. – С. 69 – 74.
Related publications


Comments (0)

No comments

Add comment







First news
Institute News
10/07/2024

The next issue of the MEMO Journal (No. 7 for 2024) opens with the topical rubric "Security Problems in the Modern World", which features articles by A. Arbatov "The Bearing Structure of Global Security" and A. Krivopalov "The Southern Flank of U.S. Deployment in Eastern Europe".

more...

08/07/2024

On July 8, 2024, the Center of the Indo-Pacific Region of IMEMO will hold a Roundtable "From Modi 2.0 to Modi 3.0".

more...

Recently Published