Blockchain Papers

Chao Zhou, Yanjun Lin, Mengyan Zhai, Qingping Zhang

No abstract is available for this record.

Sławomir Franek, Katarzyna Wójtowicz, Dorota Wyszkowska

No abstract is available for this record.

Adrian MARIAN

The city of Cluj-Napoca turned into the biggest real estate boom in Romania. Although wages have remained at the national average level by field of activity, the price of housing tends to take such a large scale that it exceeds the amount of real estate in many European countries and cities. The community of ordinary, honest and industrious people sees themselves excluded from their own city, suffering because of this price explosion which has an impact in all social spheres. The explanation that the price level is due to the large number of students and computer scientists is easy and convenient for the authorities who do not really have reactions, answers and solutions. KEYWORDS: accommodation, maximum profit, corruption, computer scientists, real estate, money laundering, indolence, incompetence, complicity, community suffering, emigration, solutions. J.E.L. Classifications: R31, R23, O18 1. ARGUMENT After December 1989 in Cluj-Napoca there were phenomena and facts prominently highlighted on the national socio-economic map: the Caritas pyramid megagame, the FNI scam guaranteed in the end by the CEC, the bankruptcy of the largest private Bank "Dacia Felix", the headquarters of two antagonistic national parties UDMR and PUNR and very important, in the long term, the expansion of "Babeș Bolyai" University which became the largest in the country, both in terms of number of students and as the number of sections. The transformation of the number of students into an economic, not only scientific, cultural and social argument, even without coverage on the labor market, induced the increase in the number of students at all universities. It is not easy to mention "all" universities! The six state universities have a large share: "Babeș Bolyai" University, Technical University, University of Medicine and Pharmacy, University of Agricultural Sciences and Veterinary Medicine, University of Art and Design, Academy of Music. Along with these, the legislation after 1989 allowed the establishment of private education - "Bogdan Vodă" University (one of the first in the city), Dimitrie Cantemir University (centered in Bucharest, but with strong branches of Law and Economic Sciences in Cluj), "Sapientia" University focused on the Hungarian community, as well as "Partium" University in Oradea which has activity in Cluj as well, as well as other higher education institutions reorganized/disbanded over time, or with more limited or meteoric activity - "Avram Iancu", "Spiru Haret", "Phoenix", the Protestant Theological Institute and we do not claim to list exhaustively. It is certain that Cluj-Napoca has the highest density of students compared to the number of inhabitants in the country. These crowds of students, about 100 thousand with master's and doctoral students, in principle, were mainly charged tuition fees and all kinds of expenses were increased, based on the well-known principle of the price that appears as a result of the competition between demand and supply. There is a very high demand in Cluj, sometimes exorbitant, the solution, the most profitable and immediate, was just to increase the prices. Given that practically no dormitories were built after 1989, (only one in the Gheorghieni District, near "Economic Sciences" - FSEGA, but it is not entirely dedicated to students) among the prices that have exploded in Cluj, the shocking is that of rents and, logically, in the next steps, real estate prices. The explanation of the large number of students and IT specialists is the most convenient in excusing apathy or anti-crime inefficiency, but it is also necessary to analyze the hypothesis if part of the pressure on prices can come from financial flows associated with organized crime. 2. POSTULATED: ORGANIZED CRIME IS INTERESTED BY THE BIGGEST PROFIT The accommodation capacity in the state dormitories is approximately 14,000-15,000 places, and the students who do not get a place in the dorm, volens-nolens, enter a rental market where a level of 300-500 euros for a studio apartment excludes young people from disadvantaged backgrounds from Cluj university studies. Many of them would have deserved to perform in Cluj! It is estimated that approximately 65,000 students live in rented accommodation annually. Most students barely pay their rent and living expenses, very few can afford to enter the property market as buyers. There is, however, one category that influences the real estate market the most - IT specialists. They influence more because they have high salaries relative to the rest of the population. However, the infusion of students and the university environment determined the explosion of the crowd of IT-scientists in Cluj-Napoca, rightly considered a "Silicon Valley" of Eastern Europe. The estimate goes up to the existence of about 30,000 IT specialists in Cluj with a number of over a thousand active IT companies. All of these provide clues to the size of the rental market and the total value of real estate transactions. In 2025, Cluj county registered an approximate volume of 30,782 real estate transactions with an estimate of between 1.8 - 2.2 billion EUR annually (sources: ANCPI - National Real Estate Agency; Imobiliare.ro; Storia.ro s.a.). The rental market is more difficult to quantify, but it can be approximated by the number of residential units estimated to be in the rental circuit of at least 45-50 thousand units (apartments and rooms). Considering the data published in some specialized websites, Imobiliare.ro; Storia.ro, or of public institutions (City Hall of Cluj Napoca - floating population) we arrive at a total estimated annual value of approx. 300 million EUR. What happened in the USA during alcohol prohibition when alcohol smuggling produced a huge amount of black money? Who appeared on the market? In drugs, in human trafficking, in the smuggling of oil to Yugoslavia in the 90s, in the massive cutting of forests in countries that do not protect them, in prostitution, in gambling and betting, wherever, when the stake of a very large profit appears, even if it is illegal, who undoubtedly appears? Popular wisdom has an expression that captures the phenomenon: "Let it be, because frogs gather!" Is there a risk that part of the real estate market in Cluj or in Romania will be accessed, influenced or even controlled by organized crime? The clearest proof of the influence of organized crime is the huge number of homes sold that remain unoccupied! Between 18,000 and 24,000 housing units, depending on the information sources, in Cluj-Napoca alone. Thousands of apartments are bought for hoarding. Rising property prices coupled with very low interest rates offered by banks on savings have made buying an additional home an investment for anyone who can afford it. But it is also a classic method of money laundering where the goal is not the profit from the rent, but the legalization of the initial amount through subsequent resale. REAL ESTATE IS FAVORITE TO BE A "SAFE HAVEN" (SAFE REFUGE) FOR ILLICIT CAPITAL Although the presence of the IT sector and students would lead to the thought of a constant demand, especially in the conditions in which a salary recession in IT is foreseen (it actually took place), the hyperbolic evolution of real estate prices in Cluj cannot be justified. Practically, these real estate prices have been decoupled from the real purchasing power of the average salary, even if this "average", in Cluj, contains a lot of IT. Who does the disconnection? A working student, a programmer even with an above-average income is subject to the bank lending grids. When the price per square meter exceeds the threshold of 3000 euros/sq m, or in special areas/center, over 5000 euros/sq m, they become unaffordable for the middle class through mortgage credit. Everyone knows that high prices are supported with "cash", which highlights sources of financing external to the transparent banking system, specific to organized crime that needs to "clean" financial funds of dubious origin as quickly as possible. It's like a geometric law, a postulate, it's just like that, but even if it's like that, it's certainly not a proof on file, it's just an assumption. There are institutions that, based on some laws, will look for this evidence, being within their competence. Some authors on economic crime suggest that real estate markets in fast-growing cities may become vulnerable to the infiltration of capital from illicit activities (Unger, 2021). The real estate sector is recognized as a classic instrument for money laundering, including the profits from drug trafficking (FATF, 2019). An interesting work in the field is by a collective led by Klitgaard Robert "Corrupt Cities: Practical Guide to Institutional Reform". These specialists identify three main mechanisms: money laundering through real estate investments because real estate offers: high and relatively stable value; the possibility of justifying the origin of the funds; integration into the formal economy. capital reinvested from the drug market. According to the UN Office on Drugs and Crime (UNODC), the drug market generates hundreds of billions of USD annually globally (UNODC, 2023). Part of these funds are reinvested in: residential real estate; commercial premises; urban developments. In Europe, studies on cities such as Amsterdam or Barcelona have shown correlations between the underground economy and speculative real estate investments (Savona, 2020). the third mechanism refers to demand distortion. Is it the case of Cluj? preservation of value; anonymization of property; integration into the legal circuit. Thus, artificial demand can push prices above the level determined strictly by legitimate supply and demand. COMPETENT INSTITUTIONS, CASE STUDY AND THE THREAT NARCO TRAFFIC Combating the phenomenon would require the coordinated action of several institutions: Directorate for the Investigation of Organized Crime and Terrorism (DIICOT) National Anticorruption Directorate (DNA) National Office for the Prevention and Combating of Money Laundering (ONPCSB) National Fiscal Administration Authority (ANAF) General Inspectorate of the Romanian Police (IGPR) Law no. 656/2002 on the prevention and sanctioning of money laundering Law no. 143/2000 on preventing and combating drug trafficking and illicit drug consumption Criminal Code (art. 367 – organized criminal group) Examples of relevant files: Romania 2020 – DIICOT file on drug trafficking and money laundering through real estate purchases in Bucharest (DIICOT public release); 2022 – File regarding an organized criminal group involved in tax fraud and real estate investments (Bucharest Court of Appeal), 2023 – Case instituted by DIICOT regarding cocaine trafficking and property investments in the west of the country. Germany: Investigations coordinated by the Bundeskriminalamt (BKA) demonstrated the use of real estate for the recycling of profits from drug trafficking networks (BKA Report, 2021). Netherlands: The Financial Intelligence Unit (FIU Nederland) reported in 2022 the increase in suspicious transactions in the real estate sector in Amsterdam, associated with the drug economy. THE THREAT OF DRUG TRAFFICKING ON CLUJ. INCLUSIVE OF CLUJ REAL ESTATE Cluj-Napoca is a major university center, and the reports of the National Anti-Drug Agency indicate the existence of high consumption in the university environment (ANA, 2022). In economic theory, a city with: high consumption, logistical proximity, high purchasing power, can generate important financial flows in the underground economy. If these flows are reinvested in real estate, it results: additional pressure on demand; cash purchases; lack of price sensitivity. However, we note that no public data has been identified that accurately quantifies the weight of this phenomenon in the formation of prices in Cluj-Napoca. 6. CONCLUSIONS AND PROPOSALS It is well known that the upward spiral of real estate has a major negative impact on all components of social life. Institutions with competences in the field are expected to leave their mark more and contribute to the normalization of the perspectives of local communities, despite a lack of social reactivity typical of an increasingly aggressive, apathetic population, resigned to the idea that nothing can be done to improve living conditions. A lot can still be done, there are international anti-corruption models. Where there was political will, things got better, some negative phenomena were even eradicated, and some proposals can be extracted from those models: Extending the verification of the source of funds for transactions above a certain value threshold. Constantly checking the real prices from the real estate agencies with those declared at the notary chambers: Automatic interconnection ANAF–ONPCSB–DIICOT. Complete public register of beneficial owners (in line with EU Directive 2018/843). Extended confiscation according to art. 112 Criminal Code. Romania is the country that in peacetime was condemned by pauperization, lack of perspective, systemic corruption to have the largest share of emigrant population in Europe, and of course with an unwanted leading place in the world, and all this took place in peacetime. By analogy, from the much-acclaimed "5-star city", the aberrant price spiral in Cluj-Napoca can produce similar, uncontrollable effects internally. Paraphrasing the legal admonition, we would conclude by warning, "Any silence can turn against us!" REFERENCES National Antidrug Agency (2022). National report on the drug situation in Romania. Balan, C. (2023). Urban economy and real estate market. ASE publishing house. Bundeskriminalamt (2021). Organized Crime Situation Report. Financial Action Task Force (2019). Money Laundering & Real Estate FIU Nederland (2022). Annual Report on Suspicious Transactions. Glaeser, E. (2011). Triumph of the City. Penguin Press. Klitgaard Robert s.a "Corrupt Cities: Practical Guide to Institutional Reform" Ed. Humanitas, Bucharest 2012 Marian Adrian Sorin, s.a THE STUDENT'S GUIDE, Mega Publishing House, Cluj-Napoca, 2016, Marian Adrian Sorin, "Why do Romanians emigrate?" Galaxia Gutenberg Publishing House, Cluj-Napoca, 2023, Marian Adrian s.a, Competences and milestones of training and cooperation in the public order and safety system Galaxia Gutenberg Publishing House, Cluj-Napoca, 2021 Savona, E. (2020). Organized Crime in European Cities. Springer. Unger, B. (2021). The Role of Real Estate in Money Laundering. Journal of Financial Crime. United Nations Office on Drugs and Crime (2023). World Drug Report. ***Law no. 656/2002 for the prevention and sanctioning of money laundering

Fuyao Li, Yahua Yin

No abstract is available for this record.

Gurbanov, Tamirlan

Stablecoin -Stable-Caucasus (STCAUX)Technical Whitepaper v1.0 Multi-Asset Commodity-Backed Stablecoin for the South Caucasus Region1. Executive Summary StableCaucasus is a multi-component stable digital asset based on the economic foundation of the South Caucasus and pegged to: ● regional currencies (AZN, GEL, AMD) oriented toward USD exchange rates; ● commodity indices: gold, agriculture, metals mining, oil and gas; ● the region’s energy and resource potential; ● Logistics ● uranium as a strategic component and future driver of global energy The goal of StableCaucasus is to create a regional, resilient digital asset that reflects the real economic potential of the Caucasus and provides users with stability, liquidity, and protection against currency volatility. 2. Mission & VisionMissionTo create the world’s first multi-commodity stable asset representing the South Caucasus as a center of: ● agricultural production, ● energy, ● gold mining, ● Logistics and strategic natural resources Vision To position StableCaucasus as: ● a settlement unit for cross-border trade between the Caucasus, GCC, EU, and Central Asia; ● a protective asset for investors; ● a digital instrument for governments, banks, logistics operators, and exporters. 3. Value Proposition StableCaucasus provides: ✔ Stability — the multi-index model reduces dependence on any single asset. ✔ Trust -each part of the formula is based on public financial and macroeconomic data. ✔ Regional relevance- partially reflects the real economy of the South Caucasus. ✔ Collateralization - the asset is backed by auditable and transparent baskets. ✔ Web3 infrastructure - BNB Chain and Ethereum compatible.

Florije Miftari, Besime Ziberi

No abstract is available for this record.

Walid Mensi, Mobeen Ur Rehman, Xuan Vinh Vo, Sang Hoon Kang

No abstract is available for this record.

Mohamed Yousfi, Ramzi Farhani, Houssam Bouzgarrou

No abstract is available for this record.

OLENA SOVA OLENA.

The results of reforming the system of interbudgetary relations in Ukraine are studied in terms of the degree of local self-government participation in solving regional development problems. Normative and legal acts, which introduced changes in the functioning of administrations in wartime and changed the procedure for budget planning and reporting, are singled out. The paper offers options for dividing the country into functional types of territories to stimulate their direct financing. Emphasis is placed on the established norm regarding the mandatory preparation of a development strategy for each community. Attention is focused on the need to strengthen interstate partnership in the process of post-war reconstruction of the country and the implementation of European experience in the legislative regulation of regional development. The possibility of applying the European concept «S3» in Ukraine as a policy of determining priorities for the development of regions on the basis of smart specialization is outlined. The changes in the sources of revenues to the local budgets of Ukraine and the directions of their use for the purposes of post-war reconstruction are clearly presented and substantiated. Incomes and expenditures of local budgets for 2018—2022 have been analyzed. The interbudgetary transfer line items are singled out with the provision of proposals for the implementation of the system of vertical-horizontal equalization of communities’ capacity. The community sector’s levers of influence on the processes of local budget funds allocation in order to strengthen social ties and increase the social capital of territorial communities are determined. An assessment of changes in the structure of local budgets’ own revenues and in the composition of financed programs is carried out. Subsidization trends have been systematized and the subsidy level of community budgets has been determined. The advantages of the carried out budget decentralization reform and its next steps are argued. Proposals for measures to improve the communication policy in relations between state authorities, local self-government bodies and territorial communities are provided.

Walter Bazán-Palomino

No abstract is available for this record.

Pengcheng Zhang, Kunpeng Xu, Jiayin Qi

No abstract is available for this record.

Meng Qin, Tong Wu, Xuecheng Ma, Lucian-Liviu Albu · 5 authors

No abstract is available for this record.

Antonio Díaz, Carlos Esparcia, Raquel López

This paper examines the diversification role of socially responsible investments (SRI) during the COVID-19 pandemic. To assess the contribution to risk diversification and improved financial performance of SRI we analyze the effect of including clean energy equities in portfolios of conventional equities and other assets commonly considered as safe havens. We construct minimum variance portfolios for different rebalancing frequencies and by considering or restricting short positions. Two approaches are applied: AR-GARCH models to fit the marginal distributions of individual assets and DCC skew Student copula specifications to model the conditional dependencies among pairs via the Kendall's tau correlation measure. We provide evidence of the important role that SRI have played in diversifying and improving the financial performance of portfolios based on different securities such as traditional equities, Treasury bonds, gold, crude oil and Bitcoin.

Nicolás Gonzálvez‐Gallego, María Concepción Pérez‐Cárceles

No abstract is available for this record.

Olfa Belhassine, Chiraz Karamti

No abstract is available for this record.

Kato Hussein Munuulo, Kedibone Phago, Gerald Kagambirwe Karyeija

Purpose: The study examined the relationship between organisational communication and fiscal decentralisation in Uganda, taking selected government aided primary schools in Busoga Sub-Region. Methodology: Following a mixed research design, data was collected mainly using a questionnaire and partly an interview guide. Findings: It is revealed that there is a positive and significant relationship between organisational communication and fiscal decentralisation. Limitations: The study only examined the direct relationship between organisational communication and Fiscal Decentralisation, in the context of public Primary Schools in Busoga Sub region. Originality/Contribution: The study examines the relationship stated in the context specified for the first time in Uganda, above all using a mixed design approach to assess the efficiency and effectiveness of decentralized financing of public services.

George Abuselidze, Gia Zoidze

Today, everything in the world is changing rapidly; businesses that ten years ago may not have existed at all now exist and bring with them a significant income. Change in almost every field has one key feature: it is digitalisation. There are innovations in payment methods as well; the most high-profile issue in recent years in this regard is the emergence of cryptocurrencies. Within a few years of its appearance, it has become popular not even locally but worldwide. The method of data processing and analysis, quantitative and qualitative research methods, statistical-economic analysis methods are mainly used when working on the paper. The research aims to identify the main directions of cryptocurrency development in globalisation threats and challenges. Most cryptocurrencies are built on blockchain technology. The technology of the future is designed to securely store information, expedite transactions, reduce international transaction costs, replace cb-money with e-money and eliminate intermediary circles.

George Abuselidze

The suspension of economic relations as a result of the global pandemic has severely affected the country’s peripheries. Unequal development of territorial units and overcoming socio-economic problems is the biggest challenge of any country. To address these challenges, the country needs to mobilize large amounts of finance and make optimal allocations. Intergovernmental relations play an important role in the effective implementation of the transformation of the country’s economic and political system. The aim of the paper is to study the characteristics of revenue mobilization and distribution between the levels of the fiscal system. There are developed some recommendations for improving inter-budgetary relations based on the experience of different countries. The recommendations proposed as a result of the research analysis can be used for both theoretical (for lecture) and practical (for legislative) purposes.

Khaled Mokni, Ahdi Noomen Ajmi

No abstract is available for this record.

Mikhail Stolbov, Maria Shchepeleva

No abstract is available for this record.

Ariunaa Lkhagvadorj

The government of Mongolia developed and passed a new Budget Law on 23 December 2011 in order to improve the legal framework for budgeting, budget relations and fiscal management by integrating the Budget Law of 2002 and Public Sector Management and Finance Law. \nThe purpose of new Budget Law is to ensure fiscal stability, enhance the efficiency and predictability of resource allocation, and to increase citizens’ participation in the budgeting process. The new Budget Law in its 11 chapters and 66 articles redefines the budgeting principles, scope, composition, classification of the budget, clarifies expenditure and revenue assignment, improves authorities and responsibilities of the bodies that participate in the budgeting process, and improves regulations on budget transparency and accountability.\nThe key new regulations introduced by the Budget Law concern the following areas:\n•\tPublic investment budgeting;\n•\tGovernment debt management;\n•\tProgram budgeting;\n•\tPublic private partnership;\n•\tFormula based transfer allocation; and\n•\tCitizens’ participation in budgeting.\n\nThe most important change introduced by new Budget Law is a reform of the intergovernmental fiscal relations system towards greater decentralization. The law clarifies expenditure assignments by clearly defining delegated functions and differentiating the functions among sub-national governments. It also introduces a formula based transfer allocation that will allow predictability and sustainability in the local budgeting process.

Dan-Marin Boaja, Florin Cristian Ciurlău, Ionut Alin Ciurlau

This study is designed and developed based on the assumption that education reform (Education) is part of the reform leading Romanian society in its evolution towards modernization and performance. The economy of the future, prefigured even now, is an economy of knowledge (information), involving full participation of the human factor, especially in the size of its human capital, intellectual properly prepared. Education, in all its forms of organizing and developing represent provider (manufacturer) of the main capital. The role of education and training in the construction of the future outlined itself in the programming of the European Union, according to the European economy which should have become far more efficient and competitive economy of the world. To fulfill its historic mission school at all levels should be organized and financed appropriately. In this context, the authors intend to highlight a number of issues important in their opinion on financing and decentralization of educational activity from the perspective of Education Law no. 1/2011 (updated and republished in 2013), preceded by the Education Law no. 84/1995 (republished).

Emilian Miricescu, Lucian Ţâţu

The paper focuses on Romanian experiences regarding the financial strategies used by managers from pre-university education. In Romania, local public authorities provide funds to pre-university institutions. Given the sharp economic recession and the austerity measures imposed by Romanian government, the public executives had to find solutions in collecting additional funds and in spending wisely the existing financial resources. Therefore, our paper aims at examining several practices regarding: (i) employees' wages, (ii) EU funds implementing, (iii) self-financing activities, (iv) public procurement and (v) balancing strategies for the budgets, which could improve the financial management of public institutions. This also can contribute to the increase in the efficiency of spending at micro-level within public administration.

Наташа Богоевска, Сузана Борнарова, Svetlana Trbojevik

International Baccalaureate Diploma Program is an academically challenging self-funded high school program which is recognized by the world’s leading universities. It was introduced in one of the regions of Russia (Permskii krai) by the local government with the aim to ensure access to high quality education and to improve regional educational system overall. High school students get international IB diploma while this process is largely financed by the regional government. The aim of this paper is to examine how effective this scheme is and to give recommendations for its improvement.In order to answer the research question different major stakeholder groups were surveyed: students, school-leavers, and teachers. Official documents, underlying the implementation of this program, were analyzed. Analysis of the findings was made with the help of institutional approach.The results of this paper represent benefits and shortcomings for each stakeholder group of the project. The recommendations given in the paper deal with the increase of efficiency of this scheme: additional incentives should be created and introduced to increase benefits for the regional part of the contract. DOI: 10.5901/mjss.2013.v4n11p527