Search results for "valuutta"

Stock market and exchange rate information in the Taylor rule : Evidence from OECD countries

2017

We analyze the effects of stock market and exchange rate information in a forward-looking Taylor rule for monthly data from 14 OECD countries during the years 1999–2016. Especially the stock market information in the form of dividend but also the currency market information in the form of real exchange rate are revealed to be relevant in Taylor rule for many of the countries examined by helping to strengthen the role of inflation and real economic activity deviations in the policy rule. In many cases the rule also seems to be opportunistic, i.e., the inflation target has been time-varying. peerReviewed

Speculation and lottery-like demand in cryptocurrency markets

2021

Abstract This is the first paper that explores lottery-like demand in cryptocurrency markets. Since recent research provides evidence that cryptocurrency returns appear to be short-memory processes, we modify Bali, Cakici and Whitelaw’s (2011) and Bali, Brown, Murray, and Tang’s (2017) MAX measure and employ a weekly forecast horizon and daily log-returns from the previous week to calculate 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 a…

On the stability of stablecoins

2021

This paper investigates the volatility processes of stablecoins and their potential stochastic interdependencies with Bitcoin volatility. We employ a novel approach to choose the optimal combination for the power law exponent and the minimum value for the volatilities bending the power law. Our results indicate that Bitcoin volatility is well-behaved in a statistical sense with a finite theoretical variance. Surprisingly, the volatilities of stablecoins are statistically unstable and contemporaneously respond to Bitcoin volatility. Also, whereas the volatilities of stablecoins are not Granger-causal for Bitcoin volatility, lagged Bitcoin volatility exhibits Granger-causal effects on the vol…

Effects of the European Monetary Union on High-Technology Exports

2021

AbstractOur study estimates the effects of the European Monetary Union (EMU) on high-technology (HT) export and assesses the potential knowledge spillovers of such trade. Irrespective of the importance of the HT trade channel, none of the previous studies in the literature focus on the effects of a common currency on HT trade. Increasing trade in the HT sector may lead to more efficient use of resources and help countries to move towards a knowledge-based economy. Moreover, it may lead to higher overall growth. After considering multilateral resistances, pair fixed effects and bias correction in the preferred (three-way bias-corrected) model, EMU membership becomes negative and statisticall…

Do commodity assets hedge uncertainties? What we learn from the recent turbulence period?

2022

AbstractThis study analyses the impact of different uncertainties on commodity markets to assess commodity markets' hedging or safe-haven properties. Using time-varying dynamic conditional correlation and wavelet-based Quantile-on-Quantile regression models, our findings show that, both before and during the COVID-19 crisis, soybeans and clean energy stocks offer strong safe-haven opportunities against cryptocurrency price uncertainty and geopolitical risks (GPR). Soybean markets weakly hedge cryptocurrency policy uncertainty, US economic policy uncertainty, and crude oil volatility. In addition, GSCI commodity and crude oil also offer a weak safe-haven property against cryptocurrency uncer…

Collective Behavior of Price Changes of ERC-20 Tokens

2020

We analyze a network constructed from tokens developed on Ethereum platform. We collect a large data set of ERC-20 token prices; the total market capitalization of the token set is 50.2 billion (109) US dollars. The token set includes 541 tokens; each one of them has a market capitalization of 1 million US dollars or more. We construct and analyze the networks based on cross-correlation of tokens’ returns. We find that the degree distributions of the resulting graphs do not follow the power law degree distribution. We cannot find any hierarchical structures nor groupings of ERC-20 tokens in our analysis. peerReviewed

Value at risk -laskennan soveltuvuus lentoyhtiölle : case: Finnair oyj

2001

Suomen esiteollisen kauden valuuttamuunnin (1534–1880)

2022

Kysymys tuotteiden, esineiden, asioiden ja palvelusten rahallisesta arvosta koskettaa historiantutkimusta monialaisesti. Esiteollista aikakautta tutkiville rahassa mitattavien arvojen yhteismitallistamista vaikeuttaa se, että käytössä oli tyypillisesti yhtä aikaa useita valuuttoja. Lisäksi osa valuutoista oli fyysisiä, kierrossa olleita rahoja, osaa taas käytettiin ainoastaan käsitteellisinä tilivaluuttoina rahallisen arvon määrittämiseen. Uusia valuuttoja myös otettiin käyttöön suhteellisen usein ja valuutan arvoa voitiin muuttaa nopeasti poliittisilla päätöksillä. Suomen esiteollisen kauden valuuttakurssimuunnin (1534–1880) sisältää Suomen alueella esiteollisena aikana käytössä olleiden t…

Initial Coin Offering (ICO) as a Fundraising Strategy : A Multiple Case Study on Success Factors

2019

Cryptocurrencies and Initial Coin Offerings (ICO) are some of the more prominent examples of currently used blockchain technology applications. Especially software startups have leveraged ICOs to gain funding early on in their lifecycles, going on to develop and create new blockchain based applications. Recently, larger companies such as Facebook have also begun to show interest in cryptocurrency, although thus far not for funding purposes in the form of ICOs. In this paper, we investigate factors that positively affect the abilities of companies to meet their fundraising goals via ICOs. We first identify a set of factors from extant literature and then seek to further confirm the effect of…

A Survey on Technologies Which Make Bitcoin Greener or More Justified

2022

According to recent estimates, one bitcoin transaction consumes as much energy as 1.5 million Visa transactions. Why is bitcoin using so much energy? Most of the energy is used during the bitcoin mining process, which serves at least two significant purposes: a) distributing new cryptocurrency coins to the cryptoeconomy and b) securing the Bitcoin blockchain ledger. In reality, the comparison of bitcoin transactions to Visa transactions is not that simple. The amount of transactions in the Bitcoin network is not directly connected to the amount of bitcoin mining power nor the energy consumption of those mining devices; for example, it is possible to multiply the number of bitcoin transactio…