Der Text analysiert den tiefgreifenden Wandel des Finanzsystems in Zeiten der Digitalisierung. Er zeigt, wie private Fintechs und Krypto-Emittenten das staatliche Monopol der Regulierung und der Geldbereitstellung infrage stellen. Marktmacht entsteht durch Regulierungsversagen.
This study examines the dynamic interconnections and portfolio implications of clean energy ETFs, artificial intelligence (AI) indices, crude oil, and Bitcoin within sustainable and technology-driven financial markets. Using a Time-Varying Parameter Vector Autoregression (TVP-VAR) framework and daily data from January 2019 to December 2024, we analyze time-varying spillovers and construct optimal portfolios based on dynamic connectedness measures. The results show that clean energy and AI-related assets display relatively stable portfolio weights, whereas Bitcoin exhibits highly volatile and generally limited allocations, particularly under risk-averse strategies. Conventional approaches such as the Minimum Variance and Risk Parity portfolios tend to favor traditional assets, while the Maximum Connectedness Portfolio enhances diversification by allocating more weight to weakly connected assets, including Bitcoin and green ETFs. The findings offer practical insights for resilience-oriented and innovation-driven portfolio construction.
This study explores the potential of Islamic gold-backed cryptocurrencies in sustainable finance by focusing on volatility transmission between these cryptocurrencies and conventional digital assets like Bitcoin and PaxGold. Using a Time-Varying Parameter Vector Autoregression (TVP-VAR) approach, we analyze data from December 2019 to July 2023, including the COVID-19 pandemic period. Findings reveal a complex volatility network, with Bitcoin and HelloGold as major transmitters of spillover shocks, while X8X and PaxGold mainly serve as net recipients. Notable interactions between Bitcoin and Islamic gold-backed cryptocurrency markets show short-lived pairwise volatility interactions. Islamic gold-backed cryptocurrencies, net recipients of volatility, absorb market shocks, making them suitable for hedging against volatility. This can aid in diversifying portfolios, mitigating adverse market impacts, and informing risk management and regulatory approaches. Our research emphasizes the importance of Islamic finance in ethical and sustainable investment within the evolving cryptocurrency market.
Yizhi Wang, Florian Horky, Lennart John Baals, Brian M. Lucey · 5 authors
Amid surging market values and widespread regulatory discussion, NFT and DeFi markets are widely perceived as being simply speculative in nature. This paper detects the existence and dates of price bubbles in the NFT and DeFi markets by applying SADF and GSADF tests. We document that NFT and DeFi markets both exhibit speculative bubbles, with NFT bubbles being more recurrent and having higher average explosive magnitudes than DeFi bubbles. The price bubbles in the NFT and DeFi markets are highly correlated with market hype and with more general cryptocurrency market uncertainty. We do find periods where bubbles are not detected, suggesting that these markets do have some intrinsic value and should not be dismissed as simply bubbles.
Abstract Banks are automating their processes, migrating their infrastructure and applications to the cloud to create a seamless customer journey. Transformative technology has enabled banks and financial institutions to automate their operations based on advanced data-driven. Banks are adopting AI based anti-money-laundering, anti-fraud, compliance, credit-underwriting and smart contracts technology in their operations. These applications have been embraced by the investment banks as regulatory framework are failing to combat conventional way in combating against money laundering. Artificial Intelligence will focus on cognitive application in functional areas of business along with investment and compliance sectors of financial services industry. Adopting AI based anti-money-laundering, anti-fraud, compliance, credit-underwriting and smart contracts technology in their operations.
Abstract As the Blockchain technology is gaining momentum in popular culture through Cryptocurrencies, its full implication and application to businesses, on a concrete and factual level, is still seen to be in its infancy stage. While the technology provides numerous advantages regarding stability, trust, speed and others, the robustness of the technology is not widely disseminated. This is further coupled by the common notion of resistance to change in business management processes. This paper explores the concept of Smart Contracts through the blockchain technology and its relevance to the business sector and further outlines the advantages and limitations of its applicability as of date.
Denken wir an Geld, haben wir instinktiv Geldscheine und Munzen vor Augen. Dabei ist im Euroraum die Geldmenge, die auf den Bankkonten liegt und uber die wir mit dem Griff zur Giro- oder Kreditkart...
Abstract Capital and Management in Socialist Economies The idea, that an economy can be operated by methods of central planning to realize the economic optimum like the model of a private business corporation, proved to be successful only in the first periods of (“extensive”) industrialization. Growing product differentiation increased the danger of disallocation of resources. The solution of microeconomic allocation problems turned out to be most unsatisfactory. Since 1962, reforms try to decentralize decision making in the individual enterprise striving mostly for production aims planned centrally. The problem of appropriate investment and success criteria for the system’s management remains unsolved. While in sectors of the economy, where large sums of capital are needed, ex ante central planning is necessary, the problem is different in manufacturing industry. Here, an efficient selection from the abundance of continually and acceleratingly renewing technical progress can be made only with decentralized rules of efficiency, which, however, must be based on market prices. But the choice of a soviet director is limited by problems of financing and supply. He may calculate approximately the technical effect of investment, but he cannot evaluate its economic effect, since prices have been set since long and do not reflect the permanently changing relations of scarcity of resources, Besides, the certain profit from selling established products is frequently preferred to the risk of innovation. The industrial reform of 1965 has focused on the relation of the profit from sold production and the invested capital stock. It emphasizes the importance of investment financing from enterprize profits and credit (in contrast to the usual allotment of means for investment by central authorities). A greater flexibility in fulfilling the plan can be observed, but management’s investment choices are still very limited. The centrally planned supply of investment cannot keep pace with increased decentralized investment demands. The reason for the stated inferiority of socialist economies in realizing technical progress is ultimately the absence of a capital market. Its role for most investment decisions can be substituted only most imperfectly by central planning.