Current Issue : July-September Volume : 2022 Issue Number : 3 Articles : 5 Articles
Bitcoin price volatility has always been a hot topic in the economic world as well as the academia, and many researchers have explored the price dynamic formation from different aspects. This study employs the AutoRegressive Distributed Lag (ARDL) Model to explain the bitcoin price formation from the perspective of miners hoarding behavior. For one thing, miners hoarding bitcoin will cause the supply side to change rather than fix hinging on the bitcoin mechanism. For another, miners hoarding behavior will steer sensitive people transaction activities. Thus miners hoarding behavior would change both supply and demand sides of bitcoin. The data we used are obtained from the CoinDesk, Glassnode, Google Trends, CoinMarketcap, BlockChain, and BTC. In particular, we have creatively developed a way to digitize miners hoarding behavior. The estimated results show that the hoarding behavior has a negative impact on the price, and the first-level lag of the hoarding behavior is positively correlated with the price, indicating that the bitcoin price has a certain predictive power. In addition, through doing two-period study, we also found that people become more sensitive to the bitcoin price and miners hoarding behavior, and take transaction actions faster after 2019....
The development of the e-governance system in public authorities significantly affects the quality and efficiency of the staff performance. This reflects the level of its qualification as an ability to use programmable electronic systems in order to process and analyze official information, which will further serve to provide electronic services to individuals and legal entities and, consequently, solve problems related to the development of priority sectors of economic activities, covering the scope of human capital management (HCM). There are following methods used in the article: scientific abstraction, system analysis, grouping, comparison and modeling. As a result, Ukraine lags far behind in ranking, which indicates a low level of readiness to introduce a full-fledged e-governance system in public authorities. In this case, the human capital development requires the improvement of e-governance system in the service process of public authorities. It would allow maintaining constant communication between public authorities and local self-government bodies, strengthening public-private partnerships in order to regulate business activities, strengthening relations between the population and local self-government bodies and controlling the quality of public and private services to the population. All of this will save significant time on solving local issues and funds taking into account the reduction of the need to purchase office equipment, which will further increase the level of HCM efficiency based on investment in the development of priority sectors of the economy....
This paper provides an analysis of the potential common influences behind the synchronicity of financial cycles in four EEMS: Romania, Hungary, Poland and the Czech Republic. We checked if the common movements in these EEMS appear under the influence of the global financial cycle measured in terms of quantities - through capital flows - risk premiums and global risk aversion for investors. According to results, there is a strong correlation between yields, equity prices, house prices, credit and global capital flows, and a weaker one in terms of risk premiums (represented by the CDS) and the risk aversion (measured by the VIX index) which is a measure traditionally correlated with the global financial cycle....
The article analyses causes and consequences of changes in Poland's monetary policy in 2020-2021. It offers a detailed description of three major changes: the purchases of state-issued and guaranteed bonds on the secondary market starting in March/April 2020, the central bank’s interest rates cut on three occasions in spring, and foreign exchange interventions in December 2020. The primary objective of the bond purchases was to finance the expansion of government spending. These unexpected purchases raised the bonds’ market price while decreasing their yields, enabling NBP to tighten its control over interest rates. This coincided with a series of interest rate cuts, intensifying the central bank's real negative rates. A primary motive for NBP's foreign exchange interventions at the end of 2020 that weakened the zloty exchange rate was to maximize its profits from positive exchange differences. Poland's new monetary policy brought significant benefits to its government. Increased inflation has resulted from this, which spurs the question as to whether Poland’s monetary authorities are fulfilling their constitutional mandate. The Polish zloty has been losing its purchasing power relative to foreign currencies and domestically lately. The main problem with Poland's monetary policy is the overliquidity of the banking system, which negatively impacts NBP's ability to use its instruments. Poland’s monetary authorities have not been able to handle the over-liquidity for years. Increasing inflationary pressure has posed a new challenge to NBP. Resolving these dilemmas would require not only institutional changes, but also a reevaluation of monetary policy and its main purpose....
The transition from the traditional economic model, focused on the consumption of natural resources, to the circular economy based on the reintroduction of secondary raw materials into the economic flow is the solution for economic agents to generate significant comparative advantages and to improve productivity, profit, total and unit costs associated with production. The development of a sustainable future depends on the implementation of the principles of sustainable growth in all economic sectors, including organic farming. The purpose of this paper is to review recent research into the new circular economic model for sustainable food production and consumption. The findings illustrate the main research and development funding programs for sustainable food production at the European level. The main economic, social and environmental benefits of sustainable food production programs are presented and several future directions for European sustainable food production and consumption are emphasized....
Loading....