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We studied the specific properties of the cryptocurrency market. Guided by the concept of implied volatility, we investigated the asymmetric reaction of the market to news. Based on the concept of realized volatility, we verified the hypothesis of herding behavior in the market. To test the properties of the market, we used a combination of methods, starting from the analysis of statistics of search queries, interpreted as proxies of information demand from professional market participants and the “wide crowd”, and ending with advanced Markov-Switching GARCH models and heterogeneous autoregressive models of realized volatility (HAR-RV-J-models). As a result, we found various types of asymmetric reactions of the cryptocurrency market to news related to both the general direction of its dynamics (growth or decrease) and the amplitude of return fluctuations (high or low volatility). During the upward price rally and overheating of the market, investors deliberately avoided the bad news; thereby the asymmetry in the cryptocurrency market was inverse (to the adopted leverage effect). On the contrary, during the downward price rally, market participants exhibited an overreaction to bad news. In addition, the asymmetric reaction to the news observed during the period of low market volatility actually disappeared when the amplitude of cryptocurrency return volatility increased. The behavior of short-term investors was also varied in the study period. While during the growth of the market, small speculators were more likely to follow their own trading strategies, during the hype they borrowed the trading practices of the largest players. We also revealed the effect of training among small investors: over time, they became less prone to provocations from large players, which did not allow the 2019 rally to surpass its counterpart in 2017 in terms of both return oscillations and duration.

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Research background: We are guided by concepts linking political trust with the perceived rank of people in the wealth hierarchy, their confidence in other people, and the means they use to learn about events at home and abroad. Purpose of the article: The aim of the article is to assess and analyse at the micro level the impact of subjective welfare, interpersonal trust and the intensity of usage of television & radio or the Internet to search for news on political trust in four levels of Russian government. Methods: The study is based on microdata from the Life in Transition Surveys provided by the European Bank for Reconstruction and Development. Ordinal logit regressions are constructed to evaluate the impact of test and control variables on political trust in the Russian president, federal, regional, and local governments in 2010 and 2016. Findings & value added: We identify a reverse of political trust in the upper levels of the Russian government between 2010 and 2016, when the impact of perceived welfare level changes from positive to negative. This phenomenon is explained by the focus of the policy of the federal centre on sup-porting the poor groups of the population, as well as its distancing from business. In contrast, the positive, albeit inconsistent, effect of subjective wealth on trust in lower-level governments is due to the benefits that businesses can gain from interaction with local authorities. We find the positive impact of controlled television and radio on trust in the upper echelons of power, along with the negative impact of the freer Internet on political trust in regional and local authorities. We also confirm the hypothesis of a positive and significant relationship between interpersonal and political trust, highlighting the role of social capital. Finally, our research shows that in systems of the hierarchical type, such as Russia, specific mechanisms for maintaining political trust are established. They are associated with the redistribution of public expectations and claims to different branches of government. The results obtained are applicable for managing political trust through building a democratic state and civil society.

subjects of educational process in system of distance learning: on the example of higher education institution of physical culture, dissertation, St. Petersburg. 6. Shernina H.C. (2010), "To a question of creation of model of distance learning with application of technologies of innovative computer didactics", Instance and virtual learning, No. 9, Контактная информация: taniu@yandex.ru Статья поступила в редакцию 09.04.2014. УДК 338.1 МЕЖДУНАРОДНЫЕ СПОРТИВНЫЕ МЕРОПРИЯТИЯ КАК КАТАЛИЗАТОР ОБЩЕГО ИНФРАСТРУКТУРНОГО РАЗВИТИЯ И ЭКОНОМИЧЕСКОГО РОСТА В СТРАНАХ БРИКС Мария Лавровна Горбунова, доктор экономических наук, профессор, Вячеслав Николаевич Овчинников, студент, Нижегородский государственный университет им. Н.И. ЛобачевскогоАннотация В статье авторы пытаются ответить на вопрос, почему развивающиеся страны все чаще претендуют на проведение международных спортивных мероприятий. Осуществлен сравнительный анализ динамики некоторых макроэкономических показателей Краснодарского края и Британской Колумбии -региональных столиц Зимних олимпийских игр 2014 и 2010 годов соответственно. На основании полученных результатов авторы приходят к выводу, что экономическим поводом для участия развивающихся стран в символической борьбе за право принять на своей территории международное спортивное мероприятие может являться необходимость ускоренного развития общей инфраструктуры их городов и регионов, что обеспечит более высокие темпы экономического роста на подготовительном этапе и, вероятно, будет способствовать росту их экономик в последующие годы.Ключевые слова: международное спортивное мероприятие, страны БРИКС, общая инфраструктура, Зимние олимпийские игры, олимпийский деловой цикл. AnnotationIn the present article, the authors try to answer the question why the developing countries claim to host the international sporting events more often. A comparative analysis of the dynamics of some macroeconomic indicators of the Krasnodar Region and British Columbia -the regional capitals of the Winter Olympic Games in 2014 and 2010 respectively, has been conducted in the paper. The authors conclude that the economic motivation for the participation of the developing countries in a competition process for the right to host an international sporting event on their territory can be a need to accelerate the development of the general infrastructure of their cities and regions which will provide a higher rate of economic growth in the preparatory phase and will probably promote the growth of their economies in the coming years.