Moroccan Stock Exchange market topology in crisis and non-crisis periods

The widespread use of information and communication technologies and subsequent transformations have led to the formation of a digital economy (DE). The European Union, as an international organization, has become the subject of building such an economy, striving to bring member countries closer in the field of digitalization.
The aim of this paper is to compare the DE development parameters of the EU countries based on cluster analysis and determine the most significant of them to solve the problems of bridging the digital divide between countries. For clustering, a feature DE vector of 20 indicators was created and the k-means algorithm and the Euclidean distance metric were used. For classification, the decision tree method was applied.
Three clusters of EU countries were identified by the level of DE development (leaders, followers and outsiders), which allowed assessing their positions relative to each other. Key parameters that determine countries’ positions in the general rating are identified. A parameter chart is generated to control the establishment of DE in the EU countries, which, in addition to key parameters, includes maximum, minimum and harmonic mean values of these parameters by cluster. This characterizes the landscape of DE development in the EU countries, assesses the digital divide and is the basis for decision-making in the area of bridging this divide.

The paper examines the importance of financial instability for the development of four Norwegian banking crises. The crises are the Post First World War Crisis during the early 1920s, the mid 1920s Monetary Crisis, the Great Depression in the 1930s, and the Scandinavian Banking Crisis of 1987–1993.
The paper first offers a description of the financial instability hypothesis applied by Minsky and Kindleberger, and in a recent dynamic financial crisis model. Financial instability is defined as a lack of financial markets and institutions that provide capital and liquidity at a sustainable level under stress. Financial instability basically evolves during times of overheating, overspending and extended credit granting. This is most common during significant booms. The process has devastating effects after markets have turned into a state of negative development.
The paper tests the validity of the financial instability hypothesis using a quantitative structural time series model. It reveals upheaval of 10 financial and macroeconomic indicators prior to all the four crises, resulting in a state of economic overheating and asset bubble creation. This is basically explained by huge growth in debts. The overheating caused the following banking crises.
Finally, the paper discusses the four crises qualitatively. Again, the conclusion is that a significant increase in money supply and debt caused overheating, asset bubbles, and thereafter, financial and banking crises, which in turn spread to other markets and industries and caused huge slumps in the real economy.

The study of various aspects of social economy is stipulated by the fact that the focus of any economic system is the human being as the main object and the result of economic activity. The purpose of this paper is to cluster of social economies of the countries throughout the world with distinguishing the models of social economy for transition economies under globalization conditions.
The results of research represent four clusters of social economy that prove validity of classification of 4 classic models of social economy: liberal, Scandinavian, corporatist, and Mediterranean. While the most developed countries have effective models of social economy, there is still no clear concept of social development for transition economies. This paper deals with social economy clustering of different countries with the view to determinate the place of transition economies in social metrics of global economy.
Our study is limited to the number of countries – 40 countries of the world, mainly European, and timeframes – 2015 and 2016.
The obtained results could be taken into account by governments when developing and implementing new social policy for transition economies considering the experience of countries with classical social models. The authors propose the main practical tools for transition social model.
It is proposed to distinguish one more model of social economy – the transition model, typical for transition economies that implement social reforms and has some common features.