The cryptocurrency market is not regulated, people and companies wishing to invest in cryptocurrency do not have the same protection as when investing in other assets. In the absence of information and regulatory laws, investors should decide if cryptocurrencies make sense for their financial goals and what kind of investment strategy to choose not to go bankrupt. The aim of the study is to determine the probability of “tail events” and to assess in this way the probability of bankruptcy when investing in cryptocurrency using the Monte Carlo method. The analysis is carried out on the period from September 1, 2014 up to July 1, 2022. Despite the fact that today there are more than 10,000 types of cryptocurrencies, Bitcoin was chosen to assess the probability of bankruptcy. The reason is that Bitcoin is the world’s first decentralized cryptocurrency and its data is stored in a long-term history, which allows testing a long-term investment strategy. Besides, Bitcoin has not gone through a period of persistent inflation that makes the result of testing a short-term investment strategy more reliable. To date, there are around 25 million Bitcoin holders, representing 42.2% of the crypto market. Almost all cryptocurrencies have been proven to follow Bitcoin. The probability of bankruptcy for a short-term cryptocurrency investment strategy is about 17%-23%. For a long-term cryptocurrency investment strategy, the probability of bankruptcy fluctuates from 13% to 16%. Contrary to popular belief, investors looking to avoid bankruptcy should prefer a long-term strategy. The best way for cryptocurrency investors to protect themselves from bankruptcy is to alternate long and short investment periods.
The article aims to substantiate the relationship between the components of corporate social responsibility in business (CSR) during the economic integration of the GUAM member countries on the principles of sustainable development. We used the questioning to determine the structural elements of CSR of the GUAM member countries and econometrically analyzed the level of development of CSR for each country. The GUAM countries' hierarchical structure of CSR business was established using the Granger causality test and the graph method. This study proves that in times of crisis, along with economic responsibility, a fundamental role is played by national responsibility in ensuring justice, equality, and peace (for Georgia, Azerbaijan, and Moldova). And in the conditions of a full-scale war (in the example of Ukraine), national responsibility, responsibility in ensuring justice and equality, and peace are more significant than economic responsibility. The conclusions obtained are practical and may help develop strategies for effective economic cooperation between countries within the framework of GUAM.
The purpose of this research was to conceptually substantiate an effective business digitalization strategy in Eastern Europe (EE), taking into account the identification of destructive and complementary factors of digital transformation (DT). The survey, completed by top managers of companies from different sectors of the EE countries' economy, helped form a system of indicators for assessing the level of DT by country. The systematization of the DT factors made it possible to differentiate them by the nature of influence, advantages, and threats of the DH (digital humanities) for the EE countries. The results indicated a low and medium level of DT in the countries studied because of the lack of a digitalization strategy. A matrix of business digitalization management strategies has been formed for Eastern European countries, considering the efficiency level, digitalization threats, and the priority in their management. It will help mitigate the threats of DT and reduce the digital divide with countries with a high level of DT.
This article examines approaches to defining the concept and content of indirect expropriation, the current state of legislation and law enforcement practice regarding the protection of foreign investments from the above-mentioned actions. The findings show that judicial and arbitral institutions often avoid the need to make clear conclusions regarding the presence/absence of indirect expropriation without adequate compensation in the host state's actions. The analysis of modern international legal acts and arbitration practice indicates that there are different approaches to determining the legality of indirect expropriation or measures equated to the latter and disregarding the possibility of regulatory expropriation by the host state. The proportionality approach is insufficient to preserve the distinction between indirect expropriation and regulatory expropriation in international investment law. Having identified weaknesses in the analytical framework that tribunals use in attempting to distinguish between indirect and regulatory expropriation, the question remains whether the concepts of indirect and regulatory expropriation are treated more consistently and predictably as distinct practices that must be reliably support. It is presented that regulatory expropriation is identical to direct expropriation, when the host state complies with the criteria of legality of expropriation, in addition, there is a clearly expressed public necessity, it is not subject to dispute, including by a foreign investor. The demands of the foreign investor must be met with immediate, proper, full compensation for the investments made, and there is no need to appeal the decision on the transfer of property into state ownership. In other cases, when the basis for confiscation of property is the adopted legal acts that violate the regime of the greatest support for the investment activity of foreign investors, do not have a justification of social necessity for their adoption and are aimed at depriving a person of the title of ownership of the property without payment of compensation – such actions can qualify as indirect (hidden) expropriation.
A comparative analysis of the fiscal policy of Poland and Ukraine has been conducted in the academic paper in the context of its impact on economic development. In particular, the effectiveness of the application of the following instruments of fiscal policy has been compared, namely: state budget deficit, state budget expenditures and their structure, state budget revenues, their structure and tax benefits, as well as state debt policy. The basic advantages of Poland’s fiscal policy over Ukraine’s fiscal policy have been outlined. The attention is focused on the shortcomings of the fiscal policy of Ukraine from the point of view of its impact on economic growth, as well as ways of optimizing fiscal instruments, taking into account the experience of Poland. Purpose: a comparative analysis of the fiscal policy of Poland and Ukraine in order to determine the advantages and disadvantages of its impact on economic development, as well as to outline the vectors of adaptation of the best experience for the national economy. Design/Methodology/Approach: In order to achieve the purpose outlined, the following methods have been used, namely: analysis and synthesis; economic and statistical analysis and comparison; economic and mathematical; generalization. Results. It has been proved that the fiscal policy of Poland is aimed at the development of economic infrastructure and building an economic model of the state based on the manufacture of products with a high share of value added. It has been substantiated that the fiscal policy of Ukraine does not have significant effects on economic development due to the use of such instruments as public debt and capital expenditures, however, the external debt dependence of the state is quite high. Apart from that, it has been proved that the fiscal policy of Ukraine does not increase the level of economic complexity and development of the processing industry through the implementation of tax benefits. It has been proposed to increase the efficiency of tax authorities in Ukraine in terms of combating the shadow economy, boost the share of capital expenditures and raise the level of conversion of public debt into economic growth.
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