Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currenc...Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currency exchange.However,the rise of social media may have changed the source of information.For instance,tweets can help investors make informed decisions about the foreign exchange(FX)market by reflecting market sentiment and opinion.From another aspect,changes in currency exchange may incite agents to post tweets.Are tweets good predictors of currency exchange?Is the relationship between tweets and currency exchange bidirectional?We investigate the comovement/causality between the number of#dolar(“enflasyon”resp.)tweets and USDTRY currency exchange using wavelet coherence and transfer entropy(TE)to answer these questions.Wavelet coherence allows us to determine the relationship between the number of tweets and the USDTRY rate by considering the time–frequency domain.TE enables us to quantify the net information flow between the number of tweets and USDTRY.Data from October 2020 to March 2022 were used.The obtained results remain robust regardless of the frequency of retained data(daily or hourly)and the methods used(wavelet or TE).Based on our results,USDTRY is correlated with the number of#dolar tweets(#inflation)mainly in the short run and a few times in the medium run.These relationships change through time and frequency(wavelet analysis results).However,the results from TE indicate a bidirectional relationship between the#dolar(#inflation)tweets number and the USDTRY exchange rate.The influence of the exchange rate on the number of tweets is highly pronounced.Financial agents,risk managers,policymakers,and investors should then pay moderate attention to the number of#dolar(#inflation)tweets in trading/forecasting the USD–TRY exchange rate.展开更多
In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This s...In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This system restores the essential characteristics of currency while providing auxiliary services related to the formation,circulation,storage,application,and promotion of digital currency.Compared to traditional currency management technologies,big data analysis technology,which is primarily embedded in digital currency systems,enables the rapid acquisition of information.This facilitates the identification of standard associations within currency data and provides technical support for the operational framework of digital currency.展开更多
The introduction of the digital renminbi(eCNY)by the People’s Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domest...The introduction of the digital renminbi(eCNY)by the People’s Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domestic market.Among the pioneering digital currencies,the eCNY is at the forefront of technological research and development,pilot implementation,and the establishment of a robust system.Thus,employing the unified theory of acceptance and use of technology,this study aims to explore the factors shaping the adoption of the eCNY and to determine the mediating effects of intention toward the eCNY and the moderating role of age and gender among various relationships.A cross-sectional survey methodology was deployed to collect data from pilot communities situated within the Yangtze River Delta,Pearl River Delta,and Beijing–Tianjin–Hebei regions.The empirical analysis comprised 809 valid online questionnaires,and the examination was conducted through structural equation modeling employing the partial least squares technique,ultimately subjecting the conceptual model to a comprehensive assessment.The results for intention to use the eCNY indicate that performance expectancy,effort expectancy,social influence,and perceived government policy have significant effects.Facilitating conditions and intentions toward the eCNY positively influenced its actual use.According to the findings of this study,age and sex did not moderate the effect of each hypothesis on the intention to use in the research model.This study breaks new ground by investigating the adoption of the eCNY,a novel form of currency,highlighting its multifaceted nature and providing empirical evidence for a comprehensive model encompassing psychological,social,and contextual factors.This study employs social surveys to identify obstacles in the process of promoting the widespread adoption of the eCNY and offers suggestions to the central bank and government to increase user enthusiasm and decrease user perceptions of risk,thereby promoting its widespread adoption.展开更多
This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can e...This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can enhance the efficiency of bank data processing,enrich data types,and strengthen data analysis and application capabilities.In response to future development needs,it is necessary to strengthen data collection management,enhance data processing capabilities,innovate big data application models,and provide references for bank big data practices,promoting the transformation and upgrading of the banking industry in the context of legal digital currencies.展开更多
Nasopharyngeal Carcinoma (NPC) is acommon carcinoma in Southern China.The5-year survival rate achieved byradiotherapy alone is still relatively low.Wetreated NPC patients with Yi Qi Yang YinDecoction (YQYYD,decoction ...Nasopharyngeal Carcinoma (NPC) is acommon carcinoma in Southern China.The5-year survival rate achieved byradiotherapy alone is still relatively low.Wetreated NPC patients with Yi Qi Yang YinDecoction (YQYYD,decoction for invigo-rating qi and nourishing yin) combined withradiotherapy with satisfactory results.Acomparison was made in such aspects as re-展开更多
According to the developing of international trade,people began to pay more attention on foreign currency and its exchange.Currency risk is coming into being with changes in foreign exchange value,which affect the ret...According to the developing of international trade,people began to pay more attention on foreign currency and its exchange.Currency risk is coming into being with changes in foreign exchange value,which affect the return on loan or investments by other currencies.So,at this time,people will think about how to control the currency risk,that is risk analysis.In my opinion,risk analysis is the actions of man-展开更多
The importance of predation risk as a key driver of evolutionary change is exemplified by the Northern Range in Trinidad, where research on guppies living in multiple parallel streams has pro- vided invaluable insight...The importance of predation risk as a key driver of evolutionary change is exemplified by the Northern Range in Trinidad, where research on guppies living in multiple parallel streams has pro- vided invaluable insights into the process of evolution by natural selection. Although Trinidadian guppies are now a textbook example of evolution in action, studies have generally categorized predation as a dichotomous variable, representing high or low risk. Yet, ecologists appreciate that community structure and the attendant predation risk vary substantially over space and time. Here, we use data from a longitudinal study of fish assemblages at 16 different sites in the Northern Range to quantify temporal and spatial variation in predation risk. Specifically we ask： 1） Is there evidence for a gradient in predation risk？ 2） Does the ranking of sites （by risk） change with the defi- nition of the predator community （in terms of species composition and abundance currency）, and 3） Are site rankings consistent over time？ We find compelling evidence that sites lie along a contin- uum of risk. However, site rankings along this gradient depend on how predation is quantified in terms of the species considered to be predators and the abundance currency is used. Nonetheless, for a given categorization and currency, rankings are relatively consistent over time. Our study sug- gests that consideration of predation gradients will lead to a more nuanced understanding of the role of predation risk in behavioral and evolutionary ecology. It also emphasizes the need to justify and report the definition of predation risk being used.展开更多
This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Can...This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.展开更多
This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebo...This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.展开更多
The importance of cryptocurrency to the global economy is increasing steadily,which is evidenced by a total market capitalization of over$2.18T as of December 17,2021,according to coinmarketcap.com(Coin,2021).Cryptocu...The importance of cryptocurrency to the global economy is increasing steadily,which is evidenced by a total market capitalization of over$2.18T as of December 17,2021,according to coinmarketcap.com(Coin,2021).Cryptocurrencies are too confusing for laymen and require more investigation.In this study,we analyze the impact that the effective reproductive rate,an epidemiological indicator of the spread of COVID-19,has on both the price and trading volume of eight of the largest digital currencies—Bitcoin,Ethereum,Tether,Ripple,Litecoin,Bitcoin Cash,Cardano,and Binance.We hypothesize that as the rate of spread decreases,the trading price of the digital currency increases.Using Generalized Autoregressive Conditional Heteroskedasticity models,we find that the impact of the spread of COVID-19 on the price and trading volume of cryptocurrencies varies by currency and region.These findings offer novel insight into the cryptocurrency market and the impact that the viral spread of COVID-19 has on the value of the major cryptocurrencies.展开更多
Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may a...Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may also reduce consumers’need for conventional demand deposits,which,in turn,increases banks’loan provision costs because deposits require higher rates of return.We use a microeconomic banking model to investigate the effects of introducing an economy-wide,account-type CBDC on a bank’s loan supply and its failure risk.Given that a CBDC is expected to lower the cost of liquidity circulation and become a strong substitute for demand deposits,both the loan supply and the bank failure risk increase.These increases are countered by subsequent increases in the rates of return on term deposits and loans,which,in turn,reduce the loan supply and thus bank failure risk.These offsetting forces lead to no significant change in banking,as long as the rate of return on loans is below a certain threshold.However,once the rate is above the threshold,bank failure risk increases,thereby undermining banking stability.The problem is more pronounced when the degree of pass-through of funding costs to the loan rate is high and the profitability of a successful project is low.Our results imply that central banks wishing to introduce an economy-wide,account-type CBDC should first monitor yields on bank loans and consider policy measures that induce banks to maintain adequate liquidity reserve levels.展开更多
Background:Bitcoin system,when more than 51%computing power is controlled by a single node,the block chain can be distorted maliciously.This is called 51%attack which is a well-known potential risk that could destroy ...Background:Bitcoin system,when more than 51%computing power is controlled by a single node,the block chain can be distorted maliciously.This is called 51%attack which is a well-known potential risk that could destroy the Bitcoin system.Method:The paper proves that under the current proof-of-work mechanism,computing power eventually will be centralized at a single node if miners are rational enough.Result:The paper propose a new proof-of-work mechanism that improves decentralization and reduces the risk of 51%attack without increasing the risk of Sybil attack.Concusions:This new mechanism introduces a series of principles such as Career open to all talents,without distinction of birth,Distribution according to labor and All Men are created equal.展开更多
Quantum blockchain can be understood as a decentralized, encrypted anddistributed database based on quantum computation and quantum information theory.Once the data is recorded in the quantum blockchain, it will not b...Quantum blockchain can be understood as a decentralized, encrypted anddistributed database based on quantum computation and quantum information theory.Once the data is recorded in the quantum blockchain, it will not be maliciously tamperedwith. In recent years, the development of quantum computation and quantum informationtheory makes more and more researchers focus on the research of quantum blockchain. Inthis paper, we review the developments in the field of quantum blockchain, and brieflyanalyze its advantages compared with the classical blockchain. The construction and theframework of the quantum blockchain are introduced. Then we introduce the method ofapplying quantum technology to a certain part of the general blockchain. In addition, theadvantages of quantum blockchain compared with classical blockchain and itsdevelopment prospects are summarized.展开更多
Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for app...Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets.However,claims about the impending obsolescence of paper money are neither disruptive nor a novelty.Instead,this paper argues that the conversion of money from paper to bits has been a gradual,adaptive process,and that money is already digital.Moreover,in this paper we propose that the statuses of electronic money(e-money)and banknotes have switched in the view of monetary authorities.展开更多
The time has come for the constitution of the Association of Southeast Asian Nations （ASEAN） economic community and many facts have been analyzed regarding this topic. This paper presents the results of the statisti...The time has come for the constitution of the Association of Southeast Asian Nations （ASEAN） economic community and many facts have been analyzed regarding this topic. This paper presents the results of the statistical analysis applied to several economic parameters which firstly show how their integration pattern adjusts with a considerable good fitting to the optimum currency area model and to its extended version by Behrens; and secondly how the 10 members of this group are moving at relatively same speed in spite of their differences, that are also inferred for ranging.展开更多
Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve ...Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve confidentiality all thefiles contained cannot be changed.Blockchain technology is the fundamental software behind digital currencies like Bitcoin,which is common in the marketplace.Cloud computing is a method of using a network of external machines to store,monitor,and process information,rather than using the local computer or a local personal computer.The software is currently facing multiple problems including lack of data protection,data instability,and reliability.This paper aims to give the highest security for multiple user environments in cloud for storing and accessing the data in blocks.The users who are legitimate are only allowed for storing and accessing the data as like a secured block chain approach.As like the Blockchain which does not require a centralized system for transactions,the proposed system is also independent on centralized network interface.The decentralized system is developed in such a way to avoid counterfeiting.The system enables the fabricator to spend less or null resources to perform the validations for its direct operated stores.This ensures the product fabricator to avoid the circulation of its duplicate products.The customer as an end-user is also ensured to have only the genuine products from the fabricator.The Fabricator(F),Merchant(M)and consumer(C)forms an interconnected triangular structure without allowing any counterfeiting agents in their secured cloud chain.The pro-posed approach provides the stability in the security system of the cloud using the chaining mechanism within different blocks at each node.It takes roughly 4.7,6.2,and 7.5 ms,respectively,to register each node in the proposed system for 5,10,and 15 nodes.The overall registration time for each scenario is 11.9,26.2,and 53.1 ms,despite the fact that each node’s registration time was greatest for 10 nodes.By looking at the data,it’s clear that the number of nodes is a func-tion of time.展开更多
This study investigates the connectedness between Bitcoin and fiat currencies in two groups of countries:the developed G7 and the emerging BRICS.The methodology adopts the regular(R)-vine copula and compares it with t...This study investigates the connectedness between Bitcoin and fiat currencies in two groups of countries:the developed G7 and the emerging BRICS.The methodology adopts the regular(R)-vine copula and compares it with two benchmark models:the multivariate t copula and the dynamic conditional correlation(DCC)GARCH model.Moreover,this study examines whether the Bitcoin meltdown of 2013,selloff of 2018,COVID-19 pandemic,2021 crash,and the Russia-Ukraine conflict impact the linkage with conventional currencies.The results indicate that for both currency baskets,R-vine beats the benchmark models.Hence,the dependence is better modeled by providing sufficient information on the shock transmission path.Furthermore,the cross-market linkage slightly increases during the Bitcoin crashes,and reaches significant levels during the 2021 and 2022 crises,which may indicate the end of market isolation of the virtual currency.展开更多
文摘Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currency exchange.However,the rise of social media may have changed the source of information.For instance,tweets can help investors make informed decisions about the foreign exchange(FX)market by reflecting market sentiment and opinion.From another aspect,changes in currency exchange may incite agents to post tweets.Are tweets good predictors of currency exchange?Is the relationship between tweets and currency exchange bidirectional?We investigate the comovement/causality between the number of#dolar(“enflasyon”resp.)tweets and USDTRY currency exchange using wavelet coherence and transfer entropy(TE)to answer these questions.Wavelet coherence allows us to determine the relationship between the number of tweets and the USDTRY rate by considering the time–frequency domain.TE enables us to quantify the net information flow between the number of tweets and USDTRY.Data from October 2020 to March 2022 were used.The obtained results remain robust regardless of the frequency of retained data(daily or hourly)and the methods used(wavelet or TE).Based on our results,USDTRY is correlated with the number of#dolar tweets(#inflation)mainly in the short run and a few times in the medium run.These relationships change through time and frequency(wavelet analysis results).However,the results from TE indicate a bidirectional relationship between the#dolar(#inflation)tweets number and the USDTRY exchange rate.The influence of the exchange rate on the number of tweets is highly pronounced.Financial agents,risk managers,policymakers,and investors should then pay moderate attention to the number of#dolar(#inflation)tweets in trading/forecasting the USD–TRY exchange rate.
文摘In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This system restores the essential characteristics of currency while providing auxiliary services related to the formation,circulation,storage,application,and promotion of digital currency.Compared to traditional currency management technologies,big data analysis technology,which is primarily embedded in digital currency systems,enables the rapid acquisition of information.This facilitates the identification of standard associations within currency data and provides technical support for the operational framework of digital currency.
基金funded by Jiangsu Education Department(Ref.No.2022SJYB0750).
文摘The introduction of the digital renminbi(eCNY)by the People’s Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domestic market.Among the pioneering digital currencies,the eCNY is at the forefront of technological research and development,pilot implementation,and the establishment of a robust system.Thus,employing the unified theory of acceptance and use of technology,this study aims to explore the factors shaping the adoption of the eCNY and to determine the mediating effects of intention toward the eCNY and the moderating role of age and gender among various relationships.A cross-sectional survey methodology was deployed to collect data from pilot communities situated within the Yangtze River Delta,Pearl River Delta,and Beijing–Tianjin–Hebei regions.The empirical analysis comprised 809 valid online questionnaires,and the examination was conducted through structural equation modeling employing the partial least squares technique,ultimately subjecting the conceptual model to a comprehensive assessment.The results for intention to use the eCNY indicate that performance expectancy,effort expectancy,social influence,and perceived government policy have significant effects.Facilitating conditions and intentions toward the eCNY positively influenced its actual use.According to the findings of this study,age and sex did not moderate the effect of each hypothesis on the intention to use in the research model.This study breaks new ground by investigating the adoption of the eCNY,a novel form of currency,highlighting its multifaceted nature and providing empirical evidence for a comprehensive model encompassing psychological,social,and contextual factors.This study employs social surveys to identify obstacles in the process of promoting the widespread adoption of the eCNY and offers suggestions to the central bank and government to increase user enthusiasm and decrease user perceptions of risk,thereby promoting its widespread adoption.
文摘This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can enhance the efficiency of bank data processing,enrich data types,and strengthen data analysis and application capabilities.In response to future development needs,it is necessary to strengthen data collection management,enhance data processing capabilities,innovate big data application models,and provide references for bank big data practices,promoting the transformation and upgrading of the banking industry in the context of legal digital currencies.
文摘Nasopharyngeal Carcinoma (NPC) is acommon carcinoma in Southern China.The5-year survival rate achieved byradiotherapy alone is still relatively low.Wetreated NPC patients with Yi Qi Yang YinDecoction (YQYYD,decoction for invigo-rating qi and nourishing yin) combined withradiotherapy with satisfactory results.Acomparison was made in such aspects as re-
文摘According to the developing of international trade,people began to pay more attention on foreign currency and its exchange.Currency risk is coming into being with changes in foreign exchange value,which affect the return on loan or investments by other currencies.So,at this time,people will think about how to control the currency risk,that is risk analysis.In my opinion,risk analysis is the actions of man-
文摘The importance of predation risk as a key driver of evolutionary change is exemplified by the Northern Range in Trinidad, where research on guppies living in multiple parallel streams has pro- vided invaluable insights into the process of evolution by natural selection. Although Trinidadian guppies are now a textbook example of evolution in action, studies have generally categorized predation as a dichotomous variable, representing high or low risk. Yet, ecologists appreciate that community structure and the attendant predation risk vary substantially over space and time. Here, we use data from a longitudinal study of fish assemblages at 16 different sites in the Northern Range to quantify temporal and spatial variation in predation risk. Specifically we ask： 1） Is there evidence for a gradient in predation risk？ 2） Does the ranking of sites （by risk） change with the defi- nition of the predator community （in terms of species composition and abundance currency）, and 3） Are site rankings consistent over time？ We find compelling evidence that sites lie along a contin- uum of risk. However, site rankings along this gradient depend on how predation is quantified in terms of the species considered to be predators and the abundance currency is used. Nonetheless, for a given categorization and currency, rankings are relatively consistent over time. Our study sug- gests that consideration of predation gradients will lead to a more nuanced understanding of the role of predation risk in behavioral and evolutionary ecology. It also emphasizes the need to justify and report the definition of predation risk being used.
文摘This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.
文摘This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.
文摘The importance of cryptocurrency to the global economy is increasing steadily,which is evidenced by a total market capitalization of over$2.18T as of December 17,2021,according to coinmarketcap.com(Coin,2021).Cryptocurrencies are too confusing for laymen and require more investigation.In this study,we analyze the impact that the effective reproductive rate,an epidemiological indicator of the spread of COVID-19,has on both the price and trading volume of eight of the largest digital currencies—Bitcoin,Ethereum,Tether,Ripple,Litecoin,Bitcoin Cash,Cardano,and Binance.We hypothesize that as the rate of spread decreases,the trading price of the digital currency increases.Using Generalized Autoregressive Conditional Heteroskedasticity models,we find that the impact of the spread of COVID-19 on the price and trading volume of cryptocurrencies varies by currency and region.These findings offer novel insight into the cryptocurrency market and the impact that the viral spread of COVID-19 has on the value of the major cryptocurrencies.
基金support from the National Research Foundation of Korea funded by the Ministry of Education(NRF-2020S1A5A8044620).
文摘Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may also reduce consumers’need for conventional demand deposits,which,in turn,increases banks’loan provision costs because deposits require higher rates of return.We use a microeconomic banking model to investigate the effects of introducing an economy-wide,account-type CBDC on a bank’s loan supply and its failure risk.Given that a CBDC is expected to lower the cost of liquidity circulation and become a strong substitute for demand deposits,both the loan supply and the bank failure risk increase.These increases are countered by subsequent increases in the rates of return on term deposits and loans,which,in turn,reduce the loan supply and thus bank failure risk.These offsetting forces lead to no significant change in banking,as long as the rate of return on loans is below a certain threshold.However,once the rate is above the threshold,bank failure risk increases,thereby undermining banking stability.The problem is more pronounced when the degree of pass-through of funding costs to the loan rate is high and the profitability of a successful project is low.Our results imply that central banks wishing to introduce an economy-wide,account-type CBDC should first monitor yields on bank loans and consider policy measures that induce banks to maintain adequate liquidity reserve levels.
文摘Background:Bitcoin system,when more than 51%computing power is controlled by a single node,the block chain can be distorted maliciously.This is called 51%attack which is a well-known potential risk that could destroy the Bitcoin system.Method:The paper proves that under the current proof-of-work mechanism,computing power eventually will be centralized at a single node if miners are rational enough.Result:The paper propose a new proof-of-work mechanism that improves decentralization and reduces the risk of 51%attack without increasing the risk of Sybil attack.Concusions:This new mechanism introduces a series of principles such as Career open to all talents,without distinction of birth,Distribution according to labor and All Men are created equal.
基金supported byNational Natural Science Foundation of China (Grant Nos. 61502101, 61501247,61672290 and 71461005)Natural Science Foundation of Jiangsu Province (Grant No.BK20171458)+2 种基金the Six Talent Peaks Project of Jiangsu Province (Grant No. 2015-XXRJ-013)the Practice Innovation Training Program Projects for Jiangsu College Students(Grant No. 201810300016Z)the Priority Academic Program Development ofJiangsu Higher Education Institutions (PAPD).
文摘Quantum blockchain can be understood as a decentralized, encrypted anddistributed database based on quantum computation and quantum information theory.Once the data is recorded in the quantum blockchain, it will not be maliciously tamperedwith. In recent years, the development of quantum computation and quantum informationtheory makes more and more researchers focus on the research of quantum blockchain. Inthis paper, we review the developments in the field of quantum blockchain, and brieflyanalyze its advantages compared with the classical blockchain. The construction and theframework of the quantum blockchain are introduced. Then we introduce the method ofapplying quantum technology to a certain part of the general blockchain. In addition, theadvantages of quantum blockchain compared with classical blockchain and itsdevelopment prospects are summarized.
基金This research received no specific grant from any funding agency in the public,commercial,or not-for-profit sectors.
文摘Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets.However,claims about the impending obsolescence of paper money are neither disruptive nor a novelty.Instead,this paper argues that the conversion of money from paper to bits has been a gradual,adaptive process,and that money is already digital.Moreover,in this paper we propose that the statuses of electronic money(e-money)and banknotes have switched in the view of monetary authorities.
文摘The time has come for the constitution of the Association of Southeast Asian Nations （ASEAN） economic community and many facts have been analyzed regarding this topic. This paper presents the results of the statistical analysis applied to several economic parameters which firstly show how their integration pattern adjusts with a considerable good fitting to the optimum currency area model and to its extended version by Behrens; and secondly how the 10 members of this group are moving at relatively same speed in spite of their differences, that are also inferred for ranging.
文摘Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve confidentiality all thefiles contained cannot be changed.Blockchain technology is the fundamental software behind digital currencies like Bitcoin,which is common in the marketplace.Cloud computing is a method of using a network of external machines to store,monitor,and process information,rather than using the local computer or a local personal computer.The software is currently facing multiple problems including lack of data protection,data instability,and reliability.This paper aims to give the highest security for multiple user environments in cloud for storing and accessing the data in blocks.The users who are legitimate are only allowed for storing and accessing the data as like a secured block chain approach.As like the Blockchain which does not require a centralized system for transactions,the proposed system is also independent on centralized network interface.The decentralized system is developed in such a way to avoid counterfeiting.The system enables the fabricator to spend less or null resources to perform the validations for its direct operated stores.This ensures the product fabricator to avoid the circulation of its duplicate products.The customer as an end-user is also ensured to have only the genuine products from the fabricator.The Fabricator(F),Merchant(M)and consumer(C)forms an interconnected triangular structure without allowing any counterfeiting agents in their secured cloud chain.The pro-posed approach provides the stability in the security system of the cloud using the chaining mechanism within different blocks at each node.It takes roughly 4.7,6.2,and 7.5 ms,respectively,to register each node in the proposed system for 5,10,and 15 nodes.The overall registration time for each scenario is 11.9,26.2,and 53.1 ms,despite the fact that each node’s registration time was greatest for 10 nodes.By looking at the data,it’s clear that the number of nodes is a func-tion of time.
文摘This study investigates the connectedness between Bitcoin and fiat currencies in two groups of countries:the developed G7 and the emerging BRICS.The methodology adopts the regular(R)-vine copula and compares it with two benchmark models:the multivariate t copula and the dynamic conditional correlation(DCC)GARCH model.Moreover,this study examines whether the Bitcoin meltdown of 2013,selloff of 2018,COVID-19 pandemic,2021 crash,and the Russia-Ukraine conflict impact the linkage with conventional currencies.The results indicate that for both currency baskets,R-vine beats the benchmark models.Hence,the dependence is better modeled by providing sufficient information on the shock transmission path.Furthermore,the cross-market linkage slightly increases during the Bitcoin crashes,and reaches significant levels during the 2021 and 2022 crises,which may indicate the end of market isolation of the virtual currency.
