نقش پذیرش و توسعه رمز ارزشهای جهانروا در جهانیشدن اقتصاد | ||
| اقتصاد و الگو سازی | ||
| دوره 14، شماره 2 - شماره پیاپی 54، شهریور 1402، صفحه 125-160 اصل مقاله (1.24 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.48308/jem.2024.233461.1869 | ||
| نویسندگان | ||
| اسماعیل حافظی1؛ رضا نجارزاده* 2؛ حسن حیدری3؛ سید شمسالدین حسینی4 | ||
| 1دانشجوی دکتری گروه علوم اقتصادی دانشکده مدیریت و اقتصاد دانشگاه تربیت مدرس، تهران، ایران | ||
| 2دانشیار گروه علوم اقتصادی دانشکده مدیریت و اقتصاد دانشگاه تربیت مدرس، تهران، ایران | ||
| 3استادیار گروه علوم اقتصادی دانشکده مدیریت و اقتصاد دانشگاه تربیت مدرس، تهران، ایران | ||
| 4دانشیار گروه اقتصاد بازرگانی دانشکده اقتصاد دانشگاه علامه طباطبائی، تهران، ایران | ||
| چکیده | ||
| درهمتنیدهشدن اقتصاد یا ادغام اقتصادهای جهانی امروزه بهطور فزایندهای در حال گسترش است. در سایه تحولات فناورانه معاصر، توسعه و ترویج رمزپولها، بیشک چالشها و مزایایی بههمراه خواهد داشت. این تحولات، تاثیرات قابلتوجهی بر اقتصاد جهانی و بهویژه تجارت و مالیه بینالملل داشته است. در این پژوهش، با کمک شاخص KOF، ساختار جهانیشدن اقتصاد استخراج شده است و اثر پذیرش و ترویج رمزپولهای جهانروا در دو بعد تجارت بینالملل و مالیه بینالملل بررسی شده است. نتایج برآورد شده حداقل مربعات معمولی و تعمیمیافته در سالهای 2019، 2020 و 2021 نشان میدهد که پذیرش و رواج رمزپولهای جهانروا ارتباط معناداری با شاخص تجارت بینالملل و سرمایهگذاری مستقیم خارجی ندارد. همچنین با استفاده از نظریه پورتفوی مدرن، نتایج بهینهسازی پرتفو نشان میدهد که رمزپولهای جهانروا اثربخشی پرتفوهای منتخب را بهبود میبخشد و در بازده مربوطه، ریسک پرتفوهای شامل رمزپولها کاهش مییابد. بنابراین، نتایج نقش رمزپولها در جهانیشدن اقتصاد را صرفا به عنوان رمزدارایی نشان میدهند. | ||
| کلیدواژهها | ||
| رمز ارزشهای جهانروا؛ تجارت بینالملل؛ مالیه بینالملل؛ سرمایهگذاری مستقیم خارجی؛ نظریه پورتفوی مدرن | ||
| عنوان مقاله [English] | ||
| The Role of the Adoption and Expansion of Global Cryptocurrencies in Economic Globalization | ||
| نویسندگان [English] | ||
| Esmaeel Hafezi1؛ Reza Najarzadeh2؛ Hassan Heydari3؛ Seyed Shamseddin Hosseini4 | ||
| 1PhD Candidate in Economics, Faculty of Management & Economics, Tarbiat Modares University, Tehran | ||
| 2Associate Professor of Economics, Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran | ||
| 3Assistant Professor of Economics, Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran, | ||
| 4Associate Professor of Economics, Faculty of Economics, Allameh Tabataba'i University, Tehran, Iran | ||
| چکیده [English] | ||
| The entanglement of economies or the integration of world economies is increasingly taking place in recent years. Due to contemporary technological developments, the adoption and expansion of cryptocurrencies will undoubtedly bring challenges and benefits. These developments have had significant effects on the global economy, especially international trade and finance. In this research, using the KOF index, the structure of economic globalization is extracted and the effect of the expansion of global cryptocurrencies is examined in two dimensions: international trade and international finance. OLS and GLS estimated results in 2019, 2020 and 2021 suggest that the adoption and expansion of global cryptocurrencies has no significant relationship with the index of international trade and foreign direct investment. Also, using Modern Portfolio Theory, the results of portfolio optimization suggest that global cryptocurrencies improve the effectiveness of the selected portfolios, and with the same corresponding returns, the risk of the portfolios including global cryptocurrencies decreases as well. Therefore, the results emphasize the role of cryptocurrencies in economic globalization only as crypto-assets. | ||
| کلیدواژهها [English] | ||
| Global Cryptocurrencies, Trade Globalization, Financial Globalization, Foreign Direct Investment, Modern Portfolio Theory | ||
| مراجع | ||
|
- Agharkakli, A., Yahyazadehfar, M., & Nobakht, M. (2016). International Financial Development Study and Its Effect on Economy’s Globalization in Iran by Using Panel Data. Economic Growth and Development research, 6(22), 37-56 (In Persian). - Arghavani, F., & Mirahmadi, S. (2020). Globalization of Virtual Currencies and Economic Governance of State. Journal of Politics and International Relations, 3(6), 29-68 (In Persian). - Arnold, S., & Auer, B. R. (2015). What do scientists know about inflation hedging? The North American Journal of Economics and Finance. 34, 187–214. doi: 10.1016/J.NAJEF.2015.08.005. - Behkish, M., & Parhizgar, H. (2000). How to calculate the equivalent tariff in removing non-tariff barriers and equalizing support. Planning and Budgeting, 5(56,57), 3-25 (In Persian). - Chainalysis Company. (2020). the 2020 Geography of Cryptocurrency Report. Chainalysis report. - Chainalysis Company. (2021). the 2021 Geography of Cryptocurrency Report. Chainalysis report. - Chainalysis Company. (2022). the 2022 Geography of Cryptocurrency Report. Chainalysis report. - Chen. E. R. (2021). Determining the economic impact of cryptocurrency adoption on international trade from a gravity model framework. SocArXiv, Center for Open Science. doi:10.31235/osf.io/cefj9. - Chuen, D. L. K., Guo, L., & Wang, Y. (2018). Cryptocurrency: A new investment opportunity? Journal of Alternative Investments, 20 (3), 16-40. - Cohen, B. (2017). The rise of alternative currencies in post-capitalism. Journal of Management Studies, 54(5), 739–746. doi:10.1111/joms.12245. - Colander, D. (2002). Globalization and Economics. Middlebury College Working Paper Series. No 02-35. - Dadgar, Y., & Naji, A. (2000). Economic globalization indicators and Iran's position.Trade Studies, 8(29), 103-135 (In Persian). - Eusufzai, Z. (1996). Openness, economic growth, and development: Some further results. Economic Development and Cultural Change, 44(2), 333–338. - FATF. (2014). Virtual currencies – key definitions and potential AML/CFT risks. FATF Working Report. - Hamilton, A., & Hammer, C. (2017). Can We Measure the Power of the Grabbing Hand? A Comparative Analysis of Different Indicators of Corruption. World Bank Policy Research. Working Paper Series WPS8299. - Harati, J., Zamanian, G., & Tagizadeh, H. (2019). The Relationship between Financial Development and Energy Consumption: A Comparison of Developing and Advanced Countries. Iranian Journal of Economic Research, 22(73), 197-236) (In Persian). - Huang, W., Meoli, M., & Vismara, S. (2019). The geography of initial coin offerings. Small Business Economics, 55, 77-102. doi: 10.1007/s11187-019-00135-y. - Huu Cung, N., & Hong Nhung, N. T. (2020). Impact of Economic Freedom and Corruption Perceptions Index on Foreign Direct Investment in Vietnam. European Scientific Journal, 16(10), 1857-7881. doi: 10.19044/esj.2020.v16n10p25. - IMF. (2016). Introducing a New Broad-based Index of Financial Development. International Monetary Fund, IMF Working Paper. - Imran Shah, M., Uiiah, I., Xingjian, X., Haipeng, H., Rehman, A., Zeeshan, M., & Afridi. F. E. A. (2022). Modeling Trade Openness and Life Expectancy in China. Risk Management and Healthcare Policy, 14, 1689-1701. - Iyidogan, E. (2020). An equilibrium model of blockchain-based cryptocurrencies. SSRN: Elsevier. doi: 10.2139/ssrn.3152803. - Javadi Arjmand, M., & Matin Javid, M. (2008). Economics Globalization and its Impact on Iran's Foreign Policy Making. Politics Quarterly, 38(3) (In Persian). - Jawaid, S. T., & Waheed, A. (2017). Contribution of International Trade in Human Development of Pakistan. Global Business Review, 18(5), 1-23. https://doi.org/10.1177/0972150917710345. - Johnson, H. G. (1958). Economic Expansion and International Trade. International Trade and Economic Growth. - Kavand, A., & Nademi, Y. (2021). Trade Openness and Happiness in Selected Developing Countries. Journal of Econometric Modelling. 6(2), 95-117 (In Persian). - Kojima, K. (1973). A macroeconomic approach to foreign direct investment. Hitotsubashi Journal of Economics, 14(1), 1-21. - Kojima, K. (1975). International trade and foreign direct investment: substitutes or complements. Hitotsubashi Journal of Economics, 16(1), 1-12. - Lo, S., & Wang, C. (2015). Bitcoin as money? Federal Reserve Bank of Boston. - Markowitz, H. M. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91. doi: 10.2307/2975974. - Mohammadvand, M., & Saghezchi, P. (2014). Evaluating economic factors affecting trade liberalization in Iran under conditions of stability and instability. Applied Economics, 4(14), 17-28 (In Persian). - Moradi, P. (2017). The Effect of Financial Liberalization on Attracting Foreign Investment in Iran. Journal of Maritime Transport Industry, 3(3), 27-34 (In Persian). - Munoz, J. M., & Frenkel, M. (2020). The economics of cryptocurrencies. Routledge: Taylor & Francis Group. 1st Edition. doi: 10.4324/9780429200427. - Majewski, M. (2019). Cryptocurrencies as a tool accelerating the process of globalization. Research Papers of Wroclaw University of Economics, 63(4). - Negintaji, Z., Mahmodvand, H., & Beyg Mohammadi, S. (2021). Investigating the Interaction of Human Capital and Capital Accumulation in Selected Countries of MENA Region: A Simultaneous Equation System Approach. Journal of Economics and Modelling, 11(4), 161-188 (In Persian). - Nouri, M. (2019). Analyzing the monetary nature of Cryptocurrencies in Economics: Emphasizing on the volatility of selected Cryptocurrencies, Euro-Dollar and Gold. Journal of Defense Economics & Substainable Development, 3(10), 109-130 (In Persian). - Parhizkar, F., & Hosseini, S. Sh. (2021). Exploring the factors affecting Bitcoin prevalence as a World Currency. Master's Thesis. Islamic Azad University Science and Research Branch (In Persian). - Rybczynski, T. M. (1995). Factor Endowment and Relative Commodity Price. Economica. - Saiedi, E., Mohammadi, A., & Broström, A. (2018). Distrust in banks and fintech adoption: the case of P2P loans. SSRN Electronic Journal. doi:10.2139/ssrn.3124301. - Shangquan, G. (2000). Economic Globalization: Trend, Risks and Risks Prevention. The Committee for Development Policy Background Papers, 1, 1-10. - Teo, E. G. S. (2015). Emergence, growth, and sustainability of bitcoin. Handbook of digital currency: Elsevier. doi:10.1016/B978-0-12-802117-0.00009-6. - The Role of Adoption and Expansion of Global Cryptocurrencies in Financial Globalization. International Journal of Finance and Economics. Under Review (2023). - UNDP. (2006). Asia Pacific human development report 2006: Trade on human terms-transforming trade for human development in Asia and the Pacific. United Nations Development Programme. - World Economic Forum. (2023). Pathways to the Regulation of Crypto-Assets. White Paper. - World Trade Report. (2018). The future of world trade: How digital technologies are transforming global commerce. World Trade Organization: Working Paper. doi:10.30875/f309483f-en. - Wu, Chen Y., & Pandey, K. (2014). The Value of Bitcoin in Enhancing the Efficiency of an Investor's Portfolio. Journal of Financial Planning, 27(9), 44-52. - Yanuar, A., & Yoda, D. (2018). The effect of cryptocurrency on investment portfolio effectiveness. Journal of Finance and Accounting, 5(6), 229-238. doi:10.11648/j.jfa.20170506.14. | ||
|
آمار تعداد مشاهده مقاله: 1,119 تعداد دریافت فایل اصل مقاله: 282 |
||