The ongoing processes of decentralization, which are present in many countries, cause a growing proportion of public funds to be collected and spent at the local government tier, which necessitates the use of fiscal rules not only at the state level. This issue may raise some controversy due to the specific character, autonomy and empowerment of local government and local communities. Therefore, the analysed subject is based on three questions: 1. Limited fiscal autonomy of local self-government and it's consequences 2. A real need for and the scope of the use of fiscal rules in local government finance, 3. The informal factors that directly determine the indebtedness in local governments in the light of literature and selected empirical research. We use a descriptive method supported by an analysis of financial data and a case study as it presents selected aspects of Polish experience in the subject matter. The results of the analysis seem to point to the necessity of the use of fiscal rules in local government finance, which paradoxically strengthens the processes of decentralization, democratization, technological advancement and globalization. Some primary results of our research indicate investment expenditure, own revenues, number of companies (level of GDP) and election cycle as important, significant factors (in statistical meaning) effecting the local deficit and debt. The conclusions list the advantages of the use of fiscal rules at the local government tier and large diversity of informal conditions across the whole country.
\n منذ نشأتها وهي مثار جدل والتحذيرات من المخاطر عن انتشار التعامل فيها تأتي من العديد من المنظمات المحلية والدولية، هي عملة ولدت من رحم الفضاء الرقمي متجاوزة جميع النظم المالية التقليدية التي عرفها العالم في القرون السابقة، وحقق سعرها ارتفاعات هائلة وغير مسبوقة لأية عملة وقد استطاعت البتكوين أن تقنع شركات كثيرة حول العالم للاستثمار فيها وقبولها في دول وأسواق عديدة وهي اليوم تتربع على عرش العملات المشفرة التي بلغت أكثر من أربعين في الفضاء الرقمي وباتت أسعارها تسجل أرقاما قياسية في البورصات التي تتعامل معها، لكن في الوقت ذاته فإن بعض خبراء الاقتصاد يصفونها بأنها عملة شديدة التقلب ويعتقدون أن أسعارها تعتمد على المغامرات والتكهنات والمضاربة الأمر الذي يجعل عنصر الخسارة فيها برأيهم كبير جدا بجانب احتمال اختراقها وقرصنتها.\n
With the advance of the cryptocurrencies in particular Bitcoin in relation to population and the valuations of the same mainly in 2017. It becomes common the comparison of Bitcoin with other assets, being used to reduce the risks of an investment portfolio, also being considered a new asset class. In view of this scenario, the following research question is
After the seminal work of Liu et al. (2015) finds that the realized volatility (RV) using 5-minute intervals performs well, economists tend to use this simple measure in applications. Existing literature in the cryptocurrency already relies on 5-minute RV, but no paper has evaluated whether 5-minute RV performs well compared with other realized measures. Following Liu et al. (2015), we show that the 5-minute RV of Bitcoin performs well compared to other realized measures, meaning that this result justifies the existing literature that already uses this simple measure. This paper also indicates that realized measures with longer intervals such as 120-minute RV could provide inaccurate estimates.
Volatilitet er en av de viktigste risikokarakteristikkene til en finansiell aktiva. Nylig har interessen for Bitcoin økt, men til tross for Bitcoins høye volatilitet er forskning på dette feltet begrenset. Vi studerer derfor hvordan volatiliteten til Bitcoin påvirkes av volatiliteten og avkastningen til valutaer, aksjemarkedet, gull og sølv. Videre undersøker vi påvirkningen fra rentekunngjøringer fra sentralbanker. I vår studie bruker vi den logaritmiske HAR-modellen. Resultatene indikerer at verken valutaer, aksjemarkedet eller edle metaller kan forklare volatiliteten til Bitcoin. Videre finner vi ikke noe bevis for at rentekunngjøringer har en systematisk innflytelse på volatiliteten til Bitcoin. Dette indikerer at Bitcoin er en unik aktivaklasse uten tilknytning til tradisjonelle finansmarkeder.
The new network paradigm of Software Defined Networking (SDN) has been widely adopted. Due to its inherent advantages, SDN has been widely used in various network fields such as data centers, WAN, enterprise, Optical Networks and energy Internet. Among them, SDN-based energy Internet systems are receiving more and more attention. But at the same time, some problems and challenges are gradually becoming more prominent. The SDN-based energy Internet is a distributed architecture for renewable energy, so the traditional centralized electric energy trading model will no longer apply. The blockchain has been rapidly developed and applied in various domains by virtue of its decentralization, coordinated autonomy, and non-tamperability. We propose an SDN-based energy Internet distributed energy trading scheme supported by blockchain technology. The proposed scheme achieves a reasonable match of the transaction objects under the premise of protecting privacy. Finally, we conducted a comprehensive, systematic security and applicability analysis of the proposed solution, further confirming that the system meets our design goals.
The article defines the initial conceptual provisions of budget federalism in interaction with budgetary centralism in the order of the problem statement. The main ideas and plans of pilot project «State regulation of regional human development in the administrative region» (on the example of Khmelnitsky region) are revealed. The rights and responsibilities (main powers) of the regional state administrations and the regional councils in regulating the volume and structure of local budgets for financing the components of the Regional Human Development Index are considered. The financial self-sufficiency of regional and local authorities, local governments and united territorial communities is regulated by expenditure powers within the limits of fiscal revenues to local budgets. The ratios of budget funds of local and state levels in the Consolidated Budget of Ukraine, which are built on the basis of harmonious proportions of the «Golden Intersection», are considered. It is proposed that direct budget transfers should be carried out in accordance with the norms of financial provision of social standards for human development. Budgetary federalism in a unitary state is to regulate such scales of the financial self-sufficiency of regional authorities and local governments to assess and forecast the sources and volumes of local finances on the basis of budget and fiscal decentralization of revenues, which are determined based on expenditure powers in socio-economic development.
Transactions involving cryptocurrency are rapidly gaining traction in the United States, prompting the need for regulation. Hence, California legislators proposed the cryptocurrency regulation Assembly Bill 1123. However, based upon the outcome of a virtually identical regulation in New York, this proposed bill is theoretically projected to stifle business growth and potential innovation. This Article focuses on one approach to remedy this by advocating for reform at the federal level and recommending the utilization of the regulatory sandbox as a framework for future regulation.
Cryptocurrencies are virtual currencies employed in blockchain transactions. They are particularly worthy of theoretical examination, given the limited academic literature on the subject. This paper constructs valuation models of bitcoin and altcoins, both as single investments and components of mutliple-asset portfolios. As single investments, cryptocurrencies are valued at the confluence of Legendre utility functions, with Esscher transformed Geometric Levy pricing processes. As part of portfolios, cryptocurrencies are contained in traditional Markowitz portfolios which are varied by increasing the proportion of the riskless asset, shorting the risky asset, or adding currency options. Theoretical formulations show that Markowitz models combined with bitcoin, located on the Capital Market Line (which we term CML portfolios), have low returns, mainly due to the presence of the riskless asset. Such portfolios are appropriately suited to the investment goals of risk-averse traders, while overlooking the preferences of risk-takers. To satisfy less risk-averse investors, we propose a high-return portfolio with 9 asset choices, consisting of risky assets, cryptocurrencies, US dollars, soybean futures, Treasury bond futures, oil futures, currency options on the US dollar, currency options on the Mexican peso, and technology, or biotechnology stocks. Laplace transforms are employed to suppress volatility, skewness, or kurtosis of returns, which empirical studies have found to contribute to tail risk contained in outliers in fat-tailed distributions.
The cryptocurrency markets have experienced a drastic increase in trading volume and prices since the global realization of blockchain technologies’ potential in the mid-2017. The market capitalization of the cryptocurrency markets increased from only $18 billion on January 1st, 2017 to $565 billion on December 31st, 2017. Thus, it is important to understand the market’s current operating state. \n\nThis research aims to test whether price and volume data from the cryptocurrency markets conform with Benford’s Law and is the first research conducted in this manner. Similar research performed with data from the international financial markets show that price and volume data conform with the Benford’s Law distribution, which is also the expected result of this study. The data is gathered from coinmarketcap.com and includes 30 of the top 100 largest cryptocurrencies determined by market capitalization. \n\nBenford’s Law offers distributions for first, second and first-two occurring digits of numbers in naturally formed data sets. If the distribution deviates from Benford’s Law, it can be caused by an unnatural data formation process, low quality of data or insufficient data. This study also offers theoretical aspects affecting the cryptocurrency markets and its data formation. The authenticity of the use of Benford’s Law as a data analyzation tool is emphasized by the fact that it is frequently used in research and as a fraud detection tool in auditing worldwide. \n\nThree tests are conducted for both entire price- and volume data sets. As a further assessment, each subsample included is tested individually. The results show that when testing entire data sets, they closely conform with Benford’s Law. Interestingly, when testing the subsamples, only two subsamples of the volume data set conform with Benford’s Law at some level. Each price data subsample fails at least one of the three tests. Furthermore, the results show that the volume data conforms far more closely with Benford’s Law than the price data. The results indicate that the majority of the subsamples experience something else than a natural data formation process. This gives direction for further research and assessments.
Blockchain has received increased attention from both the academic and practitioner worlds. Numerous papers have been written on how blockchain works and its potential applications. However, few studies have focused on fraudulent activities on blockchain. The purpose of this study is to understand common issues and scams related to blockchain. A literature review was conducted to identify top security issues on blockchain. In addition, we collected tweets on blockchain fraud discussion from November 6, 2018 to December 31, 2008. The results of tweets analysis show that the most frequently mentioned words in tweets include scams, crypto/cryptocurrency, ICO, Bitcoin, Ethereum, combat/fight, Asia, Japan, and Germany. The top mentioned sentiment words include scam, combat, guilty, prevent, solution, tired, and fake. In addition, a sentiment analysis shows that the majority of the tweets (69%) on the discussion on blockchain fraud are negative. The findings also shows the majority of top influencers of the topic are the companies that have developed blockchain-based platforms/applications.
Objetivo: Presentar tres alternativas para el diseño de un sistema difuso, con la intención de predecir la señal precio del Bitcoin (BTC) en dólares (USD). Metodología: Se realizó un análisis matemático y grafico de la señal del precio del Bitcoin [BTC]. Los datos de entrada se han seleccionado como precios de cierre para cada periodo, donde el periodo es constante y de 30 minutos. Con esto se busca identificar posibles características de interés, patrones periódicos o presencia de ruido. Resultados: En la primera aproximación a la solución del problema, se construyó un sistema difuso con motor de inferencia Mamdani en el que los parámetros de la máquina se ajustan manualmente, basándose en los patrones encontrados en el estudio previo de la señal y en el conocimiento de un experto en el área. La segunda solución se generó mediante el algoritmo ANFIS, que realiza el ajuste automático de los parámetros empleando algoritmos de gradiente descendiente; y la tercera solución se diseñó a través de la implementación de un algoritmo bioinspirado, conocido como algoritmo genético simple. Conclusiones: En los tres casos, son cinco las entradas del sistema, cada una de las cuales corresponde a muestras de la señal del precio; la salida, por su parte, es la predicción del precio para el periodo siguiente.
Bitcoin şifreli, elektronik bir paradır. Ulusal banka veya tek bir gözetmen olmadan başka bir faktöre gerek kalmaksızın dağıtılmış bir defter üzerinden müşteriden müşteriye gönderilebilen ve merkezi olmayan bir dijital para birimidir. Bu incelemede Ham Petrol, Euro/Dolar kurunun ve Altın'ın Bitcoin üzerindeki etkisi incelenmiştir. Gelişmiş para standartlarını ve kriptografik para formlarını yönlendiren genel fikir kullanılmış ve ayrıca diğer temel dijital para standartlarının bir kısmı değerlendirilmiştir. 2016-2018 dönemine ait 151 haftalık veriler baz alınarak Bitcoin ile Altın, Ham Petrol ve Avro'nun ilişkisini incelemek amacıyla Vektör Otoregresif Modeli kullanılmış ve Granger nedensellik testi ile de değişkenler arasındaki ilişkinin yönü tespit edilmiştir. Yapılan analiz sonucunda Bitcoin'in hem petrol fiyatı hem de altın fiyatı değişkenlerinden etkilendiği, her iki değişkendeki fiyat artışlarının da Bitcoin fiyatlarında artışa neden olduğu tespit edilmiştir. \n \n-------------------- \nBitcoin is cryptographic, electronic money. It is a decentralized digital currency without a national bank or a single overseer that can be sent from client to client on the distributed ledger, arranged without the requirement for another factor. In this examination, Crude Oil, Euro/Dollar exchange rate and Gold's impact on Bitcoin has been studied. The general idea driving advanced monetary standards and cryptographic forms of money has been used, and also a portion of the other essential digital monetary standards has been assessed. The Vector Autoregressive Model was used to investigate the relationship between Bitcoin and Gold, Crude Oil and Euro/Dollar exchange rate based on 151-week data of 2016-2018 period, and the direction of the relationship between the variables was determined by Granger causality test. The findings of the analysis show that Bitcoin was affected by both Crude Oil Price and Gold Price variables, and price increases in both variables cause increase in Bitcoin prices.