This paper investigates the information transmission between the most important cryptocurrencies - Bitcoin, Litecoin, Ripple, Ethereum and Bitcoin Cash. We use a VAR modelling approach, upon which the Geweke’s feedback measures and generalized impulse response functions are computed. This methodology allows us to fully characterize the direction, intensity and persistence of information flows between cryptocurrencies. At this data granularity, most of information transmission is contemporaneous. However, it seems that there are some lagged feedback effects, mainly from other cryptocurrencies to Bitcoin. The generalized impulse-response functions confirm that there is a strong contemporaneous correlation and that there is not much evidence of lagged effects. The exception appears to be related to the overreaction of Bitcoin returns to contemporaneous shocks.
Balancing of different dimensions of development—economic, environmental, social, is an imperative of policies and strategies of sustainable growth, which are practiced today in the EU and globally. The main aim of our paper is to investigate the relationship between renewable (REC) and non-renewable energy consumption (NREC), greenhouse gas (GHG) emissions and share of ICT in total exports, on one hand, and GDP p.c. on the other. We created a model for EU countries divided in two groups—old and new EU members, by using PMG and ARDL models. Considering the size and structure of the sample of countries, the selected variables in the model and the relevant period (2000–2020), to a certain extent, we filled the research gap in the existing literature. Our results indicate that a 1% increase in the share of REC and ICT in total exports leads to GDP p.c. growth in the long run by 0.151% and 0.168% in old EU countries, i.e., 0.067% and 0.039% in new EU countries, respectively. Contrary, an increase of NREC by 1% has a significant and negative impact on GDP p.c. in the long run, in both groups, leading to a decrease of economic growth by 0.512% in the old and 1.306% in the new EU group. We find a 1% increase of GHG emissions was accompanied by an increase of GDP p.c. in new EU countries by 0.939%, while that impact is insignificant in old EU countries in the long run. We conclude our paper with final remarks and policy implications.
This article aims to assess the sustainability of fiscal policies in a panel of eight EU New Member States, namely Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Poland, the Slovak Republic and Slovenia. First, using panel data unit-root tests, econometric findings show that the variables public expenditure and revenue are not stationary. However, employing panel cointegration tests, it is found that government spending and revenue are cointegrated. This implies that fiscal policies in these countries are sustainable in the long run, i.e. they are consistent with inter-temporal budget balance in accordance with the present-value approach. Finally, these results are confirmed if we exclude the countries with sound public finances, namely the three Baltic States and Slovenia: we obtain the same conclusion with a panel comprising Bulgaria, the Czech Republic, Poland and the Slovak Republic.
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