Search results for "currency"
showing 10 items of 165 documents
Cryptocurrency as an Investment Instrument in a Modern Financial Market
2019
This paper considers the development of attractive strategies featuring cryptocurrency assets, considering their costs and potential risks. The object of analysis in this paper is cryptocurren- cy as an investment instrument. The main hypothesis of the research is that modern portfolio theory can be applied to cryptocurrency investments to design an investment portfolio with appropriate risk and profitability characteristics. The authors of the paper: (i) place crypto- currencies in the context of modern financial market and financial technology development; (ii) develop assessment criteria for determining attractiveness of individual cryptocurrencies; and (iii) develop recommendations for …
Speculation and Lottery-Like Demand in Cryptocurrency Markets
2020
This is the first paper that explores lottery-like demand in cryptocurrency markets. Since recent research provides evidence that cryptocurrency returns are rather short-memory processes in their nature, we modify Bali et al.’s (2011, 2017) MAX measure and employ a weekly forecast horizon and last week’s daily log-returns for calculating the metric for our portfolio sorts. From an econometric point of view, this study proposes statistical tests that are robust to unknown dynamic dependency structures in the cryptocurrency data. Our results show that average raw and risk adjusted return differences between cryptocurrencies in the lowest and highest MAX deciles exceed 1.50% per week. These re…
Kriptovalūtas izpratne un bažas par jaunākajām paaudzēm
2021
Autore šajā pētījumā analizē pašreizējo izpratni kriptovalūtu pasaulē un digitālās valūtas drošības stāvokli, un pētījuma mērķis ir atbildēt uz jautājumu, vai cilvēki ir informēti par kriptonauda un vai tā ir pietiekami droša lietošanai dienā vai nē dienas laikā kā viens no oficiālajiem maksājumu pakalpojumiem un lai atbildētu uz šo jautājumu, autore ir analizējusi teorētiskās koncepcijas, kas saistītas ar kriptovalūtu, un izstrādājusi anketu, lai to nosūtītu gan darbinieku, gan pašreizējās paaudzes studentu paraugam, lai iegūtu izpratnes perspektīvu un viņu komfortu par valūtas drošību tika veikta arī intervija ar vienu no apmaiņā strādājošajiem ekspertiem, lai uzzinātu uzņēmumu un organiz…
Cryptocurrency and its taxation
2022
Since 2008, the emergence of the cryptocurrency market has had a considerable influence on the financial sector and the economy as a whole, including the rise of blockchain technology and the production and presence of new types and numbers of cryptocurrencies. Many researchers recognize the significance and benefits of the cryptocurrency market for the global economic system; however, global economies are less welcoming because blockchain technology allows cryptocurrency to remain unregulated by regulators due to its high anonymity and decentralization, potentially leading to increased opportunities for illegal money circulation. Regulators across the world are discussing whether and how t…
Cryptocurrencies in the Light of Money Definitions
2020
Purpose: The aim of the article is to attempt to assess the phenomenon of digital currencies through the prism of existing money definitions as well as to determine to what extent the existing definitions of money are able to answer the question whether private decentralized digital currencies are money in the traditional sense or are they a completely new phenomenon that cannot be put in the framework of previous definitions of money. Design/methodology/approach: This study provides a critical literature review of the cryptocurrency’s definitions in comparison to traditional money definition. The literature review was intended to determine whether bitcoin could be treated as money. Finding…
Cryptocurrency Perception Within Countries: A Comparative Analysis
2020
Purpose: The paper explores the differences between countries concerning perception and use of traditional and virtual money. We try to answer the question who uses virtual money for investment and building assets and who uses it just for Internet payments. The background of the analysis are significant changes that have taken place in the virtual money market in recent years in relation to changes in the global financial market. Design/methodology/approach: A pilot study was conducted in Poland, the Russian Federation, and China, which is supposed to be an introduction to the bigger and wider survey. It was conducted within December 2019 and January 2020 with 81 surveyed persons. These wer…
Using Blockchain in Digitalizing Enterprise Legacy Systems: An Experience Report
2021
Blockchain technology and distributed ledger technology (DLT) offer a secure, distributed, and tamper-proof way to store and exchange information. However, apart from standard cryptocurrency-based networks, innovations and process improvements based on the blockchain technology have mostly remained on the conceptualizing stage and have not yet reached mass adoption. There is a high demand for practical experiences from developing blockchain and DLT based systems in various domains outside FinTech. This work seeks to contribute to this gap by presenting real-world experiences from developing a proof of concept for automatizing conditional payments in social benefits and healthcare domains. W…
International tourism, security and intercultural dialogue in the Arab World
2012
International tourism presents one of the rare possibilities of mass active face-to-face cultural exchange and spatial exploring of the ‘other’. Beyond its cultural dimension, international tourism is a major economic sector in many countries. It provides jobs and foreign currency. One the one hand, tourism is a fragile industry that requires security, stability and tolerance. On the other hand, tourists are soft targets of terrorist attacks, not only in the Arab and Muslim worlds, but indeed worldwide. The article explores the actual and the invented types of segregation in the name of security and terror prevention measures in Arab countries. It demonstrates how the dichotomy of security/…
Substituting a Substitute Currency – The Case of Estonia
2002
This study evaluates substitution of foreign currency balances in Estonia, a transition economy neighbouring countries participating in EMU. The focus is on substitution between dollar and euro balances in the three basic functions of money - unit of account, store of value and means of payment. While traditional models for currency substitution concentrate on substitution between a domestic currency and aggregate foreign currency balances, we look for substitution between the dollar and the euro or euro-related foreign currency balances. We find substitution between dollarization and euroization to be asymmetric in the short run, which suggests that inertia, irreversibility and ratchet eff…
How Costly are Debt Crises?
2010
The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years. The results also suggest that debt crises tend to be more detrimental than banking and currency crises. The significance of the results is robust to different specifications, identification and endogeneity checks, and datasets.