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The economic dependency of the Bitcoin security
Ciaian, Pavel; Kancs, D'Artis; Rajcaniova, Miroslava - 2021
We study to what extent the Bitcoin blockchain security permanently depends on the underlying distribution of cryptocurrency market outcomes. We use daily blockchain and Bitcoin data for 2014-2019 and employ the ARDL approach. We test three equilibrium hypotheses: (i) sensitivity of the Bitcoin...
Persistent link: https://www.econbiz.de/10012661200
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Interdependencies between mining costs, mining rewards and blockchain security
Ciaian, Pavel; Kancs, D'Artis; Rajcaniova, Miroslava - 2021
This paper studies to what extent the cost of operating a proof-of-work blockchain is intrinsically linked to the cost of preventing attacks, and to what extent the underlying digital ledger's security budgets are correlated with the cryptocurrency market outcomes. We theoretically derive an...
Persistent link: https://www.econbiz.de/10012661203
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The economic dependency of bitcoin security
Ciaian, Pavel; Kancs, D'Artis; Rajcaniova, Miroslava - In: Applied economics 53 (2021) 49, pp. 5738-5755
Persistent link: https://www.econbiz.de/10012626949
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An evaluation of energy-environment-economic efficiency for EU, APEC and ASEAN countries
Suzuki, Soushi; Nijkamp, Peter - 2015
-environment-economic targets for the EU, APEC and ASEAN (A&A) countries, using appropriate data sets ranging from the years 2003 to 2012. In the … analysis results, it appears that EU countries exhibit generally a higher efficiency than A&A countries. In particular, it … turns out that Cyprus, Luxembourg and Ireland may be seen as super-efficient countries in the EU, and Brunei as a high …
Persistent link: https://www.econbiz.de/10011400442
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What do we really know about fiscal sustainability in the EU? A panel data diagnostic
Afonso, António; Rault, Christophe - 2007
We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and … policy was sustainable both for the EU15 panel set, and within subperiods (1970-1991 and 1992-2006). …
Persistent link: https://www.econbiz.de/10011604866
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Business cycle synchronization and insurance mechanisms in the EU
Afonso, António; Furceri, Davide - 2007
In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest in particular that while some of the new Member States have...
Persistent link: https://www.econbiz.de/10011604890
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3-step analysis of public finances sustainability: the case of the European Union
Afonso, António; Rault, Christophe - 2008
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal …
Persistent link: https://www.econbiz.de/10011604954
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Budgetary and external imbalances relationship: a panel data diagnostic
Afonso, António; Rault, Christophe - 2008
between the two imbalances for each country for the period 1970-2007, and for different EU and OECD country groupings. The …
Persistent link: https://www.econbiz.de/10011605007
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Fiscal policy and growth: do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10011605263
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Fiscal regimes in the EU
Afonso, António; Toffano, Priscilla - 2013
We assess the existence of fiscal regime shifts in the U.K., Germany, and Italy, using Markov switching fiscal rules. On the basis of a newly built quarterly data set, our results show the existence of fiscal regimes shifts, sometimes coupled with regime switches also regarding monetary...
Persistent link: https://www.econbiz.de/10011605574