Financial Assets Research Articles

중위투표자 관점에서의 공공사회복지 지출 분석

This paper analyzes the growth of public social expenditures in Korea from a public choice perspective. Specifically, based on the median voter theory, we conduct an empirical analysis of social insurance expenditures such as national pension, national health insurance, and public social expenditures using time series data from 1993 to 2022. The empirical results support that changes in the budget constraint for lifetime utility maximization of the median voter, including financial assets, remaining life expectancy, and remaining working year, are associated with an increase in public social expenditure. In addition, macroeconomic variables such as the real interest rate, real economic growth, and the tax base per recipient are also found to affect public social expenditure. This paper suggests that as the age of the median voter increases, public social expenditures, including national pensions and national health insurance, are bound to increase both naturally and politically.

Do News Reports and Google Searches Impact Bitcoin Prices? An Analysis of Granger Causality

Objective: to analyze the Granger causality relationship between the number of Bitcoin news articles, the number of Google searches related to the term "Bitcoin," and the price of the cryptocurrency. The study aims to understand how these variables influence each other using an econometric time series model. Theoretical framework: the paper is based on studies on financial market efficiency, cryptocurrencies, and Granger causality theory. It reviews research that explores the impact of media information and online searches on the price of financial assets, such as Bitcoin, while also discussing Bitcoin’s role as both a speculative asset and a transactional currency. Method: the construction of a time series with weekly data, from 2015 to 2018, covering Bitcoin price, the number of news articles, and Google searches. The Vector Autoregressive (VAR) model was used to conduct the Granger causality test and verify if there are causal relationships between these variables. Results and Discussion: the findings indicate a triple causality relationship among the studied variables. Bitcoin's price influences both the number of news articles and Google searches, and in turn, the articles and searches also influence Bitcoin's price. This suggests that increased interest and media coverage of Bitcoin drive its demand and price. Research implications: the research suggests that Bitcoin's price behavior is influenced not only by traditional economic factors but also by media information and the volume of online searches. This highlights the importance of informational factors in the cryptocurrency market and the influence of digital media on asset pricing. Originality/value: the study proposes integrating data from news articles and Google searches with Bitcoin price behavior, applying Granger causality analysis. Its contribution lies in demonstrating the importance of media in the dissemination and pricing of cryptocurrencies, providing a new perspective for the literature on digital assets and speculative behavior.

Анализ показателей российского финансового рынка

The financial market is a key factor in economic development, an important tool for the redistribution and transformation of investment resources, as well as a litmus test of the state's economic health. The peculiarity of the Russian financial market is its "youth" and "inexperience" in comparison with the markets of developed economies, the path of trial and error, inconsistency in the context of the uniqueness of the financial system of the Russian Federation. This market is particularly vulnerable and volatile in the face of sanctions and global economic turmoil, so it needs competent targeting guidance, effective tools and verified coordination methods and techniques. The fundamental problems of the Russian financial market are quite deep and do not always appear on the surface, which requires an in-depth and permanent tactical and strategic analysis of factors, causes, trends, trends and indicators that can correct the situation in a timely manner in any economic scenario in manual management. The article examines the main features, rallies, features and directions of the development of the financial market of the Russian Federation at the present stage. The analysis of the issuer's statements for 2005–2023, dividend payments for the same period is presented, the dynamics of growth of the segment of mutual funds and exchange-traded mutual funds is considered. A comparative structure of household financial assets in 2017 and 2023 is proposed, the share of different organizational and legal forms of joint-stock companies in the total number of joint-stock companies in 2019–2023, the share of different groups of banks in the value of assets of the Russian banking system in 2000–2023 is given. The final results of the study substantiate the importance of the role of the state as a regulator of the stock market, emphasize its Russian functions, and highlight its conceptual problems. The research is based on the analysis of foreign and Russian publications, as well as on statistical conclusions of financial and statistical data.

Methods for estimating integrated variance: Jump robustness issues in high frequency time series

Integrated variance is a volatility measure of a process in continuous time, which is applicable in financial mathematics as a means to optimize a portfolio, project dynamics of a price of a financial asset. The consistency of an estimator for integrated variance of a random process is at the core of this article. A fundamental diffusion process is extended by adding a jump component as a means of improving the descriptive function of the process. It is activity of jumps that is a factor subject to which is the consistency of the estimator for integrated variance. Due to this fact, consistency is defined as an extent to which the estimator at hand is jump robust. Two main methods for estimating integrated variance are considered and the capacity of corresponding estimators to withstand the effect of jumps while converging is briefly analyzed. The arguments indicating a necessity for further research of the effect of jumps with reference to works of the authors who have established a ground for analysis of integrated variance and those works containing main asymptotic results for consistency of integrated variance estimators are elaborated. Based on this, avenue for further research and development of asymptotic theory for consistency of an estimator for integrated variance is identified.

Цифровые финансовые активы как технология фиксации имущественных требований и обмена данными о них

The authors explore the phenomenon of digital financial assets from the perspective of innovative investment technology. The dualism of legislative provisions interpreting the legal nature of these assets is criticized. The conclusion is substantiated that digital financial assets do not belong to objects of civil rights previously unknown to the Russian legal system, but represent property rights that are individualized in circulation by unique information codes. Being negotiable investment assets, they have a commodity-value nature; data on their ownership and transfer of rights to them are transmitted via Internet communications. Through digital financial assets, information technology has been implemented to record the property claims of participants in civil turnover and exchange data about them; they can submit mandatory requirements that are not legally prohibited from alienating them within the framework of assignable structures. Due to this innovative technology, participants in civil turnover receive the legal equivalent of a certain mandatory requirement in digital form, including a requirement fixed in equity securities, a requirement to transfer such securities, as well as corporate rights determined by participation in the capital of a non-public joint-stock company. The use of digital financial assets provides an opportunity for individuals and legal entities to build investment relationships with minimal intermediary participation, conduct financial transactions in a transparent manner, increase investment profitability, and simplify the search for counterparties.

Развитие общего финансового рынка ЕАЭС: правовые аспекты

In the article, it was considered the areas of the development of the common financial market in the EAEU: expanding the list of countries participating in the forming of the com-mon financial market; deepening integration in those sectors and areas in which it is already taking place; inclusion of new sectors in the process of forming the common financial market. It is justified that the market of the digital currencies and financial assets will be a new sector of the common financial market in the EAEU in the future (along with banking, insurance and securities market).

Impact of the regional financial reform on corporate financialization: Evidence from China

This study employs the data of Chinese A–share listed companies from 2007 to 2022, considers the implementation of the regional financial reform pilot zone policy as a quasi-natural experiment, and tests the impact of this reform on the financial asset holdings of nonfinancial firms by using a difference-in-difference model. Based on the findings, the regional financial reform restrains the financialization of nonfinancial firms through two paths: 1) promoting profit equalization, which reduces the return gap between real and financial investments; and 2) balancing the allocation of credit resources, which curbs corporate participation in shadow banking. Further analysis showed that the governance effect of the regional financial reform is especially prominent for firms in regions with lower administrative, market development, and financial development levels, especially in the central and western regions. In the economic consequences test, we found that the dampening effect of the regional financial reform on corporate financialization can promote real investments, especially innovation investments. These findings not only enrich the research on the determinants of corporate financialization and the economic consequences of the regional financial reform, but they also provide insights for financial reforms in other emerging economies.

Правовые основы и перспективы использования цифровых финансовых активов и цифровой валюты в трансграничных операциях

The article is devoted to the study of prospects for the use of digital financial assets, digital currency, as well as the digital ruble in cross-border operations, which could be considered as counter-sanctions measure. Special attention is paid to the adopted and pending amendments to legislation related to the use of digital assets and currencies in crossborder transactions, author analyzes possible models and mechanisms for conducting such transactions and the necessary infrastructural, economic and legal conditions for its implementation.

IN DEFENSE OF MISES’S THREEFOLD DIVISION OF ECONOMIC GOODS

Mises divides economic goods into three categories: consumers’ goods, capital good, and medium of exchange (money). Barnett & Block (2005) argue that exchange is a form of production, and there are only two types of goods, consumers’ goods and capital goods, and consequently, money is a capital goods. Howden (2016) argues for adding a fourth category of economic goods: non-monetary financial assets. The purpose of this paper is to defend Mises’s trichotomy and to clarify that the treatment of the taxonomy of economic goods must always be subjected to the test of the objectives and scope of catallactics or price theory.

High-Deductible Health Insurance May Exacerbate Racial And Ethnic Wealth Disparities.

This study examined the equity implications of high-deductible health plans within the context of racial and ethnic wealth disparities. Using restricted data from the Medical Expenditure Panel Survey, we evaluated the net worth (in 2011-18) and financial assets (in 2011-16) of families with private insurance and those in high-deductible health plans with and without an associated health savings account. Our results represent, to our knowledge, the first estimates of racial and ethnic wealth disparities within these populations. Results show that White households consistently held significantly more wealth than did Black and Hispanic households across income levels. In the lowest income quartile, White privately insured families had more than 350percent more in financial assets than their Black counterparts. Low-income Black and Hispanic families with high-deductible health plans but no savings accounts had median financial assets ($2,200 and $2,000, respectively) that were well below the average family coverage deductible. Study findings highlight the role of systemic racial wealth disparities, beyond that of income, to establish a unique pathway whereby high deductibles can exacerbate health care inequities.

The connectedness features of German electricity futures over short and long maturities

This research provides an extensive characterization of the contagion between electricity, energy commodities, financial assets and economic indicators across several maturities. Despite the widespread importance of electricity futures, this has been an under-researched topic. The evolution of connectedness is investigated between 2006 and 2023. With a special focus on electricity forward base and peak contracts, results show that the contagion effects are moderate but evolve through time, with greater impacts observed during the crisis years. We confirm that electricity forward prices are more sensitive to operators’ future expectations on fundamental market conditions than to financial and economic shocks.

Financial risk prevention and corporate green innovation: A quasi-natural experiment based on the new asset management regulation

In the context of economic globalization in the 21st century, financial risk prevention and corporate green innovation development have emerged as two indispensable themes in global economic growth. This paper selects Chinese A-share listed companies from 2010 to 2021 as a research sample and uses the introduction of the New Asset Management Regulation as a quasi-natural experiment. Employing a generalized difference-in-differences model, this paper identifies the causal relationship between financial risk prevention and corporate green innovation and assesses the policy effects of financial risk prevention. The results show that financial risk prevention significantly enhances the green innovation activities of companies with a high degree of financialization by constraining investments in financial assets and mitigating management's myopic tendencies. Heterogeneity tests reveal that the promotion effect is primarily evident in the service sector, regulated industries, state-owned enterprises, and regions with a higher level of shadow banking development. The findings reveal the value of financial risk prevention at the micro-level of corporate green innovation and provide useful policy implications for guiding finance to effectively serve the real economy.

Wavelet quantile correlation between DeFi assets and banking stocks

We examine time frequency quantile correlation and portfolio benefits between decentralized finance (DeFi) assets and G7 banking stocks We employ wavelet quantile correlation to examine the correlation between DeFi and bank stocks. Notably, results reveal diversification benefits in the short to medium term and highlight DeFi assets' hedging and safe-haven properties, particularly against Japanese banking stocks. Further, bivariate portfolio analysis provides optimal allocation strategies. Our research offers new guidance for investors, portfolio managers, and regulators regarding the intersection of DeFi and traditional banking stocks.

Exploring the connectedness between non-fungible token, decentralized finance and housing market: Deep insights from extreme events

The current digital innovation, health crisis, together with catastrophic economic and financial events have disturbed both digital and conventional asset markets that caused drastic change in investment avenues. Therefore, the purpose of this study is to investigate the connectedness between Non-Fungible Token (NFTs), Decentralized Finance (DeFi) assets, and housing market by applying Quantile connectedness of Ando et al. [27]with extreme tail of distribution technique. The period of this study is extended from 5th March 2018 to 8th January 2024 which covered recent catastrophic events such as Bitcoin Price Crash-2018, COVID-19, Global plummet in Oil Demand-2020, and Russia-Ukraine War. The findings reveal that NFTs and DeFi assets possess weak connectedness with housing market in normal market state, however, connectedness become robust in extreme bearish and bullish market states. Moreover, NFTs and DeFi assets are net transmitters and housing market acts as net receiver of shock in all market states. Investors, portfolio managers, and policymakers should carefully analyze both digital financial assets and housing market especially during extreme events to build well diversified profit-gaining portfolios and to formulate policies.

Explainable Artificial Intelligence methods for financial time series

We consider the problem of developing explainable Artificial Intelligence methods to interpret the results of Artificial Intelligence models for time series data, taking time dependency into account. To this end, we extend the Shapley-Lorenz method, normalised by construction, to rtificial Intelligence for time series, such as neural networks and recurrent neural networks. We illustrate the application of our proposal to a time series of Bitcoin prices, which acts as the response variable, along with time series of classical financial prices, which act as explanatory variables.Three main findings emerge from the analysis. First, recurrent neural networks lead to a better performance, in terms of accuracy and robustness, with respect to classic neural networks. Second, the best performing models indicate that Bitcoin prices are affected mostly by their lagged values, and that their explainability, in terms of classical financial assets, is limited. Third, although limited, the contribution of classical assets to Bitcoin price prediction is well captured by recurrent neural networks.

The unintended consequence of environmental centralization: Evidence from firm financialization

This study examines the influence of environmental re-centralization, specifically the Vertical Management Reform (VMR) in China, on the investment decisions of polluting firms. Using a staggered difference-in-differences approach, we find that the VMR significantly increases the allocation of resources to financial assets by 12.7 %, accelerating the financialization of polluting firms. The mechanism analysis shows that environmental centralization enhances regulatory enforcement and reduces governmental support, tightening corporate financial constraints. The motivation for firm financialization can be explained by investment substitution rather than precautionary savings. We further show that private firms, firms with more tightened financial constraints and firms with fewer assets become more financialized following the centralization reform. Moreover, the impact on firm financialization diminishes with the distance from provincial capital cities. We reveal the unintended consequence of environmental centralization on firm financialization and provide meaningful implications for changes in institutional arrangements.

Good vs. bad volatility in major cryptocurrencies: The dichotomy and drivers of connectedness

Cryptocurrencies exhibit unique statistical and dynamic properties compared to those of traditional financial assets, making the study of their volatility crucial for portfolio managers and traders. We investigate the volatility connectedness dynamics of a representative set of eight major crypto assets. Methodologically, we decompose the measured volatility into positive and negative components and employ the time-varying parameters vector autoregression (TVP-VAR) framework to show distinct dynamics associated with market booms and downturns. Our findings indicate that crypto connectedness reflects important events and oscillates substantially while reaching lower limit values when compared to traditional financial markets. Periods of extremely high or low connectedness are clearly linked to specific events in the crypto market and macroeconomic or monetary history. Furthermore, existing asymmetry from good and bad volatility indicates that market downturns spill over substantially faster than comparable market surges. Overall, the connectedness dynamics are driven by a combination of both crypto (momentum, on-chain activity, off-chain activity) and legacy financial and economic (financial and economic uncertainty, and financial market performance) factors, while the asymmetry is more connected to the off-chain crypto activity and the combination of economic, financial, and monetary factors. In both the total connectedness and asymmetry modeling, these can serve as hands-on indicators to be further translated into specific portfolio re-balancing decisions, risk management, and regulatory frameworks.

Diversification of Taro Commodity-Based Derivative Products To Increase Community Income in Gunajaya Village, Tasikmalaya District

The constraints of local food development are the lack of derivative products that are easily accepted, accessible to the community and the implementation is not optimal. The purpose of Community-Based empowerment with the scope of Community Partnership Empowerment (PbM-PkM) is to empower the community through partners KWT Teratai and Poktan Kertaraharja III Gunajaya Village, Manonjaya District, Tasikmalaya to increase the diversification of derivative products from Talas Pratama to increase community income. This activity was carried out from May to December 2024. Gunajaya Village is the centre of Talas Pratama producers with productivity/ha around 30-40 tonnes, but most of it is sold raw so that the added value is low. There is an effort to diversify Talas Pratama into several derivative products, but until now it is still constrained by limited knowledge and skilled personnel to process products. This activity uses methods of socialisation, counselling, product processing diversification training, evaluation, grant assistance and mentoring. This activity has had an impact on the socio-economic conditions of the participants in the form of psychological assets, informational assets, organizational assets, material assets, financial assets, and human assets. Partners have produced various taro derivative products including taro flour which is processed into Cilok, Crackers, Bolu, Perkedel

Regarding the issue of Russia's finance

Subject. This article examines the issues related to the finance of Russia. Objectives. The article aims to analyze the trends in Russia's finance development and assess the prospects. Methods. For the study, I used analysis and synthesis, special economic and mathematical methods, in particular, correlation and regression analysis, as well as a graphical method of presenting the results obtained. Results. The study reveals an increase in the difference between financial assets and liabilities in the domestic economy and a decline in the rest of the world, and it shows the prospects for the development of finance in Russia. Relevance. The results of the study of trends in the development of Russian finance and the prospects can be useful in assessing the risks of the financial system for the Government of the Russian Federation and a wide range of the expert community.

PLANNING AND JOURNALING THE AGROPOLITAN PROJECT: A FOCUS ON INCOME ANALYSIS FOR POVERTY ALLEVIATION

Although Malaysias poverty rate has decreased, there are still people who suffer from extreme poverty, especially in rural areas. The agropolitan project under the Rural Mega Leap Program (PLMLB) is a program aimed at eradicating extreme poverty and expediting progress in rural regions. The achievements of agropolitan projects are evaluated through the extent to which they help participants to get out of extreme poverty and are measured using Poverty Line Income (PGK). However, PGK only takes into account income and consumption and does not take into account non-monetary aspects such as living conditions, basic facilities and so on. Therefore, this research intends to examinethe effects of the implementationof this project on the participants in eradicating poverty and towards a sustainable livelihood. Multidimensional Poverty Index (IKPD) is used to measure poverty in this study along with its applicationof PGK. A study using the Sustainable Livelihood Framework (KPL), was conducted at the Gahai Agropolitan Project in Lipis, Pahang, involved 45 participants. Research data was obtained through the distribution of questionnaires and analyzed using SPSS version 22 software and Microsoft Excel. Studies show that theproposed project is useful to eradicating poverty and contributing to sustainable livelihoods. Calculation of the Multidimensional Poverty Index (IKPD) shows that the individuals involved are not subjected to multidimensional poverty.In addition, the participants are also exempted from extreme poverty and experience increased income within five years of participating in the Gahai Agropolitan Project. From the aspect of sustainable living, the results of the study show that the participants experience high vulnerability. Analysis of asset ownership shows that the participants of theAgropolitan Project have good asset ownership. Analysis of the regression model of income determinants for the participants demonstrate that financial assets are an important factor affecting income. According to the findings of this study, there are several recommendations for policy implications to evaluate participants or non-participants of agropolitan projects, which is to consider the Sustainable Livelihood Framework (KPL) in rural development and use the Multidimensional Poverty Index (IKPD) as a complement to the PGK.