This thesis analyzes whether the fiscal relations between the central and local governments of Turkey can be solely explained by socio-economic and demographic factors or the regional and political positions of cities also affect it.We use a balanced panel dataset consisting of all of the 81 cities of Turkey over the years 2008-2012.Our main dependent variables are transfers and government compensation.We define government compensation as the total government spending made in a city excluding local own revenues.Other fiscal aggregates such as local own revenues and expenditures, or fiscal indicators such as fiscal decentralization and financial independence, defined as the share of local governments spending financed by its own revenues, are also analyzed.Regression analysis and robustness tests showed the following: (i) Socio-economic structure of cities are significantly associated with the amount of transfers and government compensation; which means that the transfer rule of Turkey, as an institutional mechanism, is quite successful addressing regional socio-economic differences.Besides, there is no robust effect of political parties on the amount of transfers and government compensation.(ii) Our analysis also shows that there is a significant association between political parties and local expenditures, revenues, and expenditure decentralization.
The Banking Union is a framework composed of “Single Supervisory Mechanism （SSM）”, “Single Resolution Mechanism （SRM）” and “Deposit Guarantee Scheme （DGS）” and aims at strengthening regulation, observation and governance in the European financial sector. In the case that a bank goes into bankruptcy, it will be saved, without using public finance, between stockholders and creditors under the framework of banking union. Moreover, European Union （EU） integrates the responsibility of observation into the European Central Bank （ECB） and expects that ECB will be able to timely intervene banking system in member countries so that it can stop spreading financial crisis. On the other hand, European financial system is diversified and regional oriented in nature, reflecting its history, culture and policies. For example, in Germany, Landesbank/Sparkasse system, which is like a public bank owned by local government, and cooperative banks, which have close relationship with local businesses, has a larger share and influence. In France, large financial institutions such as Credit Agricole, BPCE group and Credit Mutuele, which are owned partly by public entity, make it possible to be both commercialization and localization at the same time by owning numerous small local banks under their umbrellas. In the Netherlands and Finland, which are economically successful in Euro zone, cooperative banks such as RaboBank and OP Group have also larger share and could keep sound banking even during European debt crisis. However, In Spain and Italy, which owns about 1/3 of bad loans in whole Euro zone, cooperative and saving banks also have larger share in their financial systems but it is criticized that its governance is one of major reasons causing financial crisis. Purpose of this paper is to overview how de-centralized financial system like saving banks and cooperative banks, which have larger influence in European countries, are overcoming the financial crisis in major European countries and to analyze and discuss effectiveness of both banking union and stability of regional financial system, emphasizing its importance as a stabilizer of money circulation in regional economy. This paper also tries to show the soundness of regional financial system during European debt crisis with recent business performance of cooperative banks which have decentralized financial structure and to complement precedent papers by indicating that characteristic of financial structure have some relationships with degree of financial crisis through comparing the characteristics of four major Euro countries such as Germany, France, Spain and Italy. （395 words）
The political regime allowed economic liberalization after 1960; nevertheless, its impact did not change the regional disparities between the less and more developed regions of Spain. In spite of all that, the Spanish economy became quite modem on the eve of the death of Franco on 20 November 1975. In the Article 131.2 of the Spanish Constitution, it clearly enshrines the foundation of a committee for the participation of the trade unions and other professional, entrepreneurial, and economic organizations. In the 1990s, the autonomous communities developed their own systems of interest intermediation, which were working well in certain regions and less so in others. The decentralization and regionalization of industrial relations is being complemented by national indicative pacts, which shape the bargaining boundaries at the regional level. The integration into the European Union was a major factor in stabilizing the political economy of Spain, particularly in view of decentralizing production and economic processes.
Cel – Celem artykułu jest prezentacja koncepcji systemu informatycznego umożliwiającego prognozowanie kursu kryptowaluty bitcoin (BTC) w odniesieniu do waluty euro. Metodologia badania – Na potrzeby realizacji tak sformułowanego celu opracowano model sztucznej sieci neuronowej – perceptronu wielowarstwowego. W ramach badań dobrano zmienne wejściowe, od których uzależniono kurs BTC. Pozyskano także odpowiednie dane, pochodzące z dziennych notowań kursów wybranych walut i metali. Dane poddano stosownej obróbce matematycznej w celu ich dostosowania do wykorzystania podczas uczenia, walidacji i testowania sztucznej sieci neuronowej. Oryginalność/wartość – Oryginalny był dobór wektora zmiennych wejściowych, umożliwiających prognozowanie kursu BTC. Wyniki przeprowadzonych eksperymentów potwierdziły wysoką skuteczność prognozowania w perspektywie jedno- i dwudniowej. Wysokie wartości współczynnika regresji (R) i mały błąd średniokwadratowy (MSE) świadczą o tym, że opracowany system predykcyjny prawidłowo przewiduje kursy analizowanej kryptowaluty nie tylko w odniesieniu do danych historycznych, lecz także dla wartości bieżących i przyszłych.
Decentralized, and convertible Virtual Currency (VC) is an open-source, peer-to-peer (P2P) system that has no central administrating authority, monitoring, or oversight . It is cryptocurrency that is composed of cryptography that is extremely difficult to counterfeit . Examples are Bitcoin, or Etherum (ETH). It is traded by individuals using pseudonyms . The value of Bitcoin is not regulated by government, but by the principle of supply and demand . It has lower risk than conventional currency against regulatory systems because it does not rely on hierarchical human organization; rather, the currency focuses on “mining” computers . Regulation mandates for registration, and the licensing of the Financial Technology (FinTech) businesses operated by VCs. VC has benefits of increasing efficiency of transactions and alternatively buffering the failures of the government-issued currency, but has attracted the potential for misuse through crimes such as financing terrorists or drug dealing. Unleashing decentralized VC exposes the potential for crimes. Uniform coordination of Global Financial Regulatory Standards (GFRS) aims to maximize virtues of decentralized VC and minimize vices; however, it is vague. The project argues why decentralized VCs are security, and their virtues and vice. Next, what are regulations in the United States (U.S.) and European Community (EC). Internationally, the project reviews Basel Architecture, and Financial Action Task Force on Money Laundering (FATF). Also, it tests Dodd-Frank Act for regulation; and what limits of adopting GFRS. By discussing, the project aims to measure barriers of adopting FATF, or GFRS.
ÄlĂĄnek pomocĂ simulace provedenĂŠ v programu Minsky zkoumĂĄ efekty pĹeddefinovanĂŠ a nemÄnnĂŠ monetĂĄrnĂ politiky podle vzoru fungovĂĄnĂ kryptomÄny Bitcoin a porovnĂĄvĂĄ je s vĂ˝sledky souÄasnĂŠho mÄnovĂŠho systĂŠmu kreditnĂ fiat mÄny. Minsky je specializovanĂ˝ software pro tvorbu SFC ekonomickĂ˝ch modelĹŻ. Pracuje ve spojitĂŠm Äase. Bitcoin je na rozdĂl od eura aktivnĂ mÄna, kterĂĄ nenĂ vytvĂĄĹenĂĄ ĂşÄetnÄ proti dluhu a neumoĹžĹuje fiduciĂĄrnĂ emisi. Studie zkoumĂĄ komplexnÄ ekonomiku EU se zamÄĹenĂm na jejĂ mÄnovĂ˝ systĂŠm, a to za pouĹžitĂ dat poskytovanĂ˝ch Eurostatem. NĂĄslednÄ mÄnĂ pravidla systĂŠmu tak, aby odpovĂdala pravidlĹŻm protokolu Bitcoinu. ProvedenĂŠ simulace ukazujĂ po Äase odliĹĄnĂŠ dopady tÄchto systĂŠmovĂ˝ch nastavenĂ na rozdÄlenĂ bohatstvĂ mezi jednotlivĂŠ skupiny ekonomickĂ˝ch agentĹŻ a na stabilitu ekonomiky jako celku.
This chapter explores the context for financial integration in Europe, focusing on how changes in global financial markets are shaping the restructuring of finance in the European Union&s;s (EU). It also focuses on the ongoing restructuring of financial services and the moves towards a single currency in the EU. The chapter describes how financial restructuring is likely to affect prevailing regional inequalities in Europe, particularly in the context of the changing map of Europe and the possible enlargement of the EU to include central and eastern European countries. The development of financial markets in eastern Europe is an important part of the transformation from planned to market economies. The European Monetary System did deliver greater monetary stability to European economies, particularly through the mid- to late 1980s. In Hungary, efforts to decentralize the banking system and to introduce competition again started very early.
With the term "cryptocurrency" are referenced digital means of exchange based on cryptography in order to secure ownership, transactions and the creation of new units of currency. Today, there are more than 500 different cryptocurrencies. Bitcoin is the first that came in circulation and the most widely accepted of these digital currencies. It has since received extensive public attention due to its large transaction volumes and its price volatility. The way in which Bitcoin operates, relies on an open-source algorithm, in order to verify every single transaction that takes place in the network. The decentralized Bitcoin network integrates all verified transactions in a public ledger (Blockchain). The main scope of this dissertation is the quantitative analysis of all those transactions included in the Blockchain so that useful conclusions can be drawn about the use of this new payment system. Metcalfe’s and Zipf’s laws are also tested. Bitcoin market capitalization in USD is evaluated in this case, as a factor that determines the value of the network. Most of the data used in this research are data directly collected from the Blockchain. The source for market capitalization data and Bitcoin price data is coindesk.com. All the data are daily from 3/9/2009 (genesis block of Blockchain) until 5/5/2017.
Carl-Ludwig Thiele, Martin Diehl, Patrick May, Dirk Elsner · 7 authors
Anfänglich übersehen und belächelt hat mittlerweile nicht nur das öffentliche Interesse an den Kryptowährungen deutlich zugenommen. Dabei handelt es sich um verschlüsselte und dezentral gespeicherte Datenprotokolle. Sie werden ohne Einflussnahme einer staatlichen Zentralbank produziert, zwischen Zahlungssender und -empfänger übermittelt und lassen sich als Zahlungsmittel einsetzen. Inwieweit substituiert dies die Nachfrage nach Zentralbankgeld? Kann die Stabilität der Zahlungs- und Verrechnungssysteme weiterhin gewährleistet werden? Welche Rückwirkungen auf die Wirkungsweise und die Ausgestaltung der Geldpolitik sind bei zunehmender Bedeutung der Kryptowährungen zu erwarten? Nach Ansicht von Carl-Ludwig Thiele und Martin Diehl, Deutsche Bundesbank, sind die gegenwärtigen virtuellen Währungen, wie z.B. Bitcoin, gemessen an den realen Währungen zumindest in Ländern mit einer stabilitätsorientierten Geldpolitik bislang quantitativ unbedeutend und eher als Spekulationsobjekte anzusehen. Bitcoin erfülle bislang keine der drei Geldfunktionen im ökonomisch relevanten Maße, weil es nicht über eine Nische hinausreiche und extrem wertinstabil sei. Zudem dürften in einer dynamischen Welt starre Algorithmen für die Entwicklung der Geldmenge zu einer suboptimalen Geldmenge führen. Deshalb bestehe die Notwendigkeit einer aktiven Geldpolitik durch eine unabhängige und stabilitätsorientierte Notenbank. Thomas Mayer, Flossbach von Storch Research Institute, sieht als das Bedeutsame an Bitcoin weniger die Währung selbst als vielmehr die hinter dieser Währung stehende Technik. Durch computergestützte Verschlüsselungstechnik könne die Eigentumsübertragung der Währung lückenlos vom Zeitpunkt ihrer Schaffung an dokumentiert werden. Ob sich Bitcoin oder eine andere oder mehrere Kryptowährungen am Markt schließlich durchsetzen werden, sei zwar nicht vorherzusagen, aber Kryptowährungen würden auf Grundlage der Blockchain-Technologie unser Geldsystem verändern. Für Dirk Elsner und Gerrit Pecksen, DZ BANK, sind Kryptowährungen »noch nicht reif für eine weitreichende Umsetzung«. Zwar sei das Interesse an der Verwendung von Kryptowährungen auch in der Finanzwelt stark gestiegen, die bislang erkennbaren Auswirkungen auf das Zahlungs- und Geldsystem seien aber minimal. In letzter Zeit zeichne sich jedoch sowohl in Forschungspapieren als auch in ersten Anwendungsfällen ein hohes Potenzial ab. Volker Brühl, Goethe-Universität Frankfurt, ist der Meinung, dass für Bitcoin und andere Kryptowährungen eine konsequente Regulierung und Aufsicht dringend geboten seien. Eine Gefahr sehen sie darin, dass sich angesichts der Kursentwicklung inzwischen auch vermehrt Privatanleger für Kryptowährungen interessieren. Unerfahrene Anleger ließen sich von dem Begriff »Währung« täuschen. Es wäre daher zu begrüßen, wenn sich die europäischen und nationalen Aufsichtsbehörden nicht nur im Hinblick auf die Vermeidung von Geldwäsche, sondern auch unter dem Gesichtspunkt des Anlegerschutzes verstärkt mit dem Thema Kryptowährungen befassen würden. Jochen Michaelis, Universität Kassel, weiß sich mit der Zunft der monetären Ökonomen einig: Der Bitcoin werde den US-Dollar, den Euro, das britische Pfund etc. als dominierendes Zahlungsmittel nicht verdrängen, und zwar aus mehreren Gründen: Der Bitcoin sei ein Asset mit derzeit extrem hoher erwarteter Rendite, aber auch mit extrem hohem Risiko. Die Opportunitätskosten in Form entgangener Wertsteigerungen »verbieten« die Verwendung als Tauschmittel, und die hohe Volatilität mache wertstabile Vermögenstransfers von heute nach morgen und übermorgen p
Although indispensable and in daily use, money and more specifically money creation in our two-layered fractional reserve banking system is still poorly recognized by social science at large. Its main features are outlined in order to identify (a) money’s double nature to be private and public at once and (b) inflation and speculative excess as two of its inherent dangers. Bitcoin and sovereign money are discussed as prominent examples of, on the one hand, private or libertarian and, on the other hand state-oriented or social-democratic monetary reforms, each intended to solve one of the two systemic problems our currency order. The new money’s respective advantages notwithstanding, it is shown that neither Bitcoin nor sovereign money can overcome money’s double nature or realize the dream of an eventually neutral money.
Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource allocation in Germany. Bitcoin is a digital, decentralized, partially anonymous currency, not backed by German or any government or other legal entity, and not redeemable for gold or other commodities. Bitcoin relies on peer-to-peer networking and cryptography to maintain its integrity. Compared to most currencies or online payment services, such as PayPal, bitcoins are highly liquid, have low transaction costs, and can be used to make micropayments in Germany. Although the Bitcoin economy is flourishing, Bitcoin users are anxious about Bitcoin’s legal status. This paper examines a few relevant legal issues. The research question is to investigate how supplementary digital terminating currency Bitcoin can provide a superior fallback position as e-gold standard in Germany and worldwide. Digital self-liquidating e-Gold ounce could be distributed immediately to voters by using swipe cards used by some governments for transit facilities. Bitcoins as e-Gold ounce do not provide a viable medium of exchange because of the cost of their purchase, creation and/or exchange.
Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including entrepreneurs who can issue their own fiat currencies in order to maximize their utility. Otherwise, the model is standard. We show that there exists an equilibrium in which price stability is consistent with competing private monies, but also that there exists a continuum of equilibrium trajectories with the property that the value of private currencies monotonically converges to zero. These latter equilibria disappear, however, when we introduce productive capital. We also investigate the properties of hybrid monetary arrangements with private and government monies, of automata issuing money, and the role of network effects.
Ein schwedisches Finanzgericht hat dem EuGH ein Vorabentscheidungsersuchen zur Mehrwertsteuerpflicht beim Handel von Bitcoins vorgelegt. Die Fachwelt sowie Online-Händler erwarten sich davon eine unionsweit verbindliche Klärung der Frage, ob für eine virtuelle Währung wie Bitcoins Umsatzsteuer entrichtet werden muss. Der folgende Beitrag versucht eine erste Standortbestimmung aus ertrag- und umsatzsteuerrechtlicher Sicht.
As a country where the economic system still depend on financing of the public sector, the expectation that decentralization policy in Indonesia can improve significantly society welfare has not been fulfilled yet. Happened in Yogyakarta which has special authority in control government affairs. Constitution no 13 years 2012 about DIY privileges consist of 5 things like filling the positions, seat, job and authorities governor and vice governor, institutional affairs, culture affairs, land affairs, and spatial affairs. With the constitution expected DIY government can guarantee right of society to live in prosperity. However, the expectation still can not fulfilled either. This study aims to identify and explain the policy configuration of DIY Privileged Funds and determine the contribution of the DIY privileged funds in public welfare acceleration. The research type used is a qualitative approach. Data collection methods technique is dept interview and elite interviews, and documentation.
Abstract The aim of the paper is to present the phenomenon of the new virtual currency bitcoin, and analyse its economic significance. The paper examines the origin, notion, functions and mechanism of emission of the BTC. The theoretical aspects of creation of the BTC and its advantages and weakness are also explained. The results of the analysis show that bitcoin does not eliminate current problems of traditional currency but also generates new risks for its users. The risks could as well affect the central banks (the legal risk, the risk to payment system stability, and the reputation risk). Three contributions of this paper to the problem of the BTC are worth distinguishing. Firstly, the scientific literature lacks information and data about the BTC - the main source of information is the Internet which reliability cannot be fully guaranteed. Secondly, periodical examination of development of the risk connected with the BTC is necessary. Thirdly, it is a basis to begin discussion on the new virtual currency which bitcoin is.
Razsirjenost uporabe virtualnih denarnih valut se v zadnjem casu naglo povecuje, kar napeljuje na potrebo po podrobnejsi seznanitvi z njimi. Virtualne denarne valute, ki iz tehnicnega vidika ponujajo relativno dovrsen in delujoc sistem, obenem prinasajo stevilne negotovosti na podrocju njihovega umescanja v obstojece zakonodajne okvire. Zakonodajalci in pravni strokovnjaki po svetu so sele pred kratkim zaceli odkrivati ta fenomen. V diplomskem delu je iz pravne, ekonomske in tehnicne plati predstavljen sistem virtualnih denarnih valut s poudarkom na valuti bitcoin. Sirok vpogled v delovanje sistema je podlaga za razumevanje zakonodajnih procesov, ki bodo sooblikovali prihodnost virtualnih denarnih valut. Diplomsko delo povzema del zakonodajnih in regulacijskih procesov v razlicnih pravnih redih, ki na teoreticni in prakticni ravni skusajo vkljuciti virtualne denarne valute v urejene pravne okvire.