The cryptocurrency market is currently continuing its growth and development, which is evidenced by the number of new projects on specialized resources, as well as the emergence of new ways of placing projects and raising funds. The aim of the study is to analyze the impact of the emergence of cryptocurrencies on traditional ways of attracting funding. The study is relevant because, as has been repeatedly noted in the existing literature, a significant part of cryptocurrency projects is similar to crowdfunding aimed at raising funds for startups. In this regard, cryptocurrencies can compete with traditional sources of financing, such as venture funding. The authors are not aware of any other work that studies this aspect of cryptocurrencies, which makes this topic relevant in terms of understanding the possibilities of aspiring entrepreneurs to attract initial funding. Using the methods of econometric analysis and data on initial coin offerings, IPOs and deals with venture capital companies, the authors studied the relationship between the emergence of cryptocurrencies and the conditions of traditional methods of raising funds. As a result, it was shown that the growth in the number of ICOs has a positive effect on improving the conditions for providing funds during IPOs and deals with venture capital companies
Abstract
The cryptocurrency market is currently continuing its growth and development, which is evidenced by the number of new projects on specialized resources, as well as the emergence of new [...]
More than 12 years have passed since the debut of Bitcoin, the first cryptocurrency, but there is still no clear understanding of the essence of cryptocurrencies. At the same time, in recent years, interest in cryptocurrencies has continued to grow, and this financial instrument is becoming more and more attractive to individuals. Therefore, an issue of essence of cryptocurrencies is relevant. The main subject of the study is the profitability of cryptocurrencies. The main aim of this work is to identify the determinants of cryptocurrency returns. To achieve this goal, such tasks as the creation of factors reflecting the characteristics of the cryptocurrency market and the use of multifactor Fama-French models for the analysis of cryptocurrency returns were performed. Based on the collected daily data on capitalization, trading volumes and the price of more than 5,000 cryptocurrencies for the period from 01.04.2014 to 21.06.2021, standard factors based on capitalization indicators, trading volumes and the third momentum were built. The main estimation method is econometric modeling using the least squares method. The obtained results of an empirical study indicate a positive relationship between the profitability of groups of cryptocurrencies and the difference in the yields of the upper and lower 30% of cryptocurrencies according to the third moment. The difference in the yields of the lower and upper 30% of cryptocurrencies by market capitalization has a negative impact on the profitability of groups of cryptocurrencies. The main conclusion of the study is that before the beginning of high volatility period, cryptocurrencies could be considered as an asset for the diversification of market risk, but subsequently the cryptocurrency market began to move co-directionally to the stock market. The scientific novelty of the work stems from presenting an assessment of the impact of modeled factors on various groups (portfolios) of cryptocurrencies over certain periods of time. The study recommends to conduct further analysis of the profitability factors of cryptocurrencies on more homogeneous samples.
Abstract
More than 12 years have passed since the debut of Bitcoin, the first cryptocurrency, but there is still no clear understanding of the essence of cryptocurrencies. At the same time, in recent [...]
The object of the research is the interconnections arising in the process of operation of Russian and foreign payment systems. The goal of the study is to conduct a comprehensive assessment of the risks faced by the settlement and payment systems operating in the context of the global recession, mounting sanctions against Russia, as well as the expected economic recovery and growth and the reorientation of production to new energy sources. Research methodology. In the course of the study, methods of scientific abstraction, economic and statistical analysis, functional and structural analysis, a systematic approach, a comparison method, graphical and tabular visualization techniques for statistical and other data, generalization and formalization were used. The project was carried out as part of the research work carried out by the Laboratory for Structural Research of the Institute of Applied Economic Research of the Russian Presidential Academy of National Economy and Public Administration in 2021. Research results:
Description of the mechanisms of influence of organizational and technical factors on the state of the payment system and the implementation of cashless payments by commercial banks,
Building a system of dependencies between the introduction of the latest payment systems and the development level of the financial market, as well as the main macroeconomic indicators,
Analyzing traditional methods of risk assessment and management, proposing approaches to their improvement,
Development of a methodology for backing up system-wide risk.
Abstract
The object of the research is the interconnections arising in the process of operation of Russian and foreign payment systems. The goal of the study is to conduct a comprehensive assessment [...]
INFLUENCE OF INITIAL COIN OFFERINGS ON TRADITIONAL WAYS OF ATTRACTING FINANCING 