Cryptocurrencies and portfolio diversification in an emerging market

PurposeThis paper examines the effect of cryptocurrencies on the portfolio risk-adjusted returns of traditional and alternative investments within an emerging market economy.Design/methodology/approachThe paper employs daily arithmetic returns from August 2015 to October 2018 of traditional assets (stocks, bonds, currencies), alternative assets (commodities, real estate) and cryptocurrencies. Using the mean-variance analysis, the Sharpe ratio, the conditional value-at-risk and the mean-variance spanning tests.FindingsThe paper documents evidence to support the diversification benefits of cryptocurrencies by utilising the mean-variance tests, improving the efficient frontier and the risk-adjusted returns of the emerging market economy portfolio of investments.Practical implicationsThis paper firmly broadens the Modern Portfolio Theory by authenticating cryptocurrencies as assets with diversification benefits in an emerging market economy investment portfolio.Originality/valueAs far as the authors are concerned, this paper presents the first evidence of the effect of diversification benefits of cryptocurrencies on emerging market asset portfolios constructed using traditional and alternative assets.

Business households in the context of Vietnam's culture and law

The article analyzes and clarifies the position and role of business households in the system of business entities in the market economy in Vietnam. From its small-scale position, restrictions on the rights to use labor and business locations, current Vietnamese laws have established provisions to ensure equality in legal status, autonomy, and self-responsibility on business transactions of business households. However, the business household is built and managed on the basis of the family, the members of the business household both show blood relation and economic relation. Therefore, the family traditional cultural factors have a huge impact on the internal and business relations of household businesses. The traditional family relationship, and the relationship among the members (of the business household) in the business relations related to asset liability and the development support policy of the State will form the pillar to promote the development of household businesses to become an important and indispensable part of the market economy and international integration in our country currently.

How Did We Get Here?

This chapter will explore the globalization era and how the proliferation of digital technologies, transferal of information and services, as well as the establishment of the global market economy developed the interdependent, neoliberal world order that has existed for over 30 years. The chapter will examine leading theories on globalization as well as international organizations that committed much of the international community to each other via treaties, agreements, and alliances.

Gendering the EU's Western Balkan Enlargement

The EU's extra-territorial, value-driven practices are often conceptualized as normative power. However, the diffusion of norms is strongly contested in terms of human rights. This is particularly true of gender equality, which the EU uses as a conditionality tool to promote human rights, consolidate democracy, and develop a well-functioning fair market economy in other countries. Using a feminist lens and drawing on the literature and official documents, this chapter questions the balance between these three aims and the extent that Europe's normative power can mainstream gender norms in Western Balkan countries. Backsliding of equality patterns and the EU's exclusive concern on producing instruments to encourage women's labour market participation indicate that it promotes more market-engaged gender equality norms instead of creating normative change in socially constructed roles in Western Balkan countries.

The European Green Deal and the social market economy

The European Green Deal is an attempt to transform the European Union's economy in order to achieve climate neutrality by 2050. This is to counteract undesirable climate change and environmental degradation. In this context, an interesting question is whether the implementation of the European Green Deal is in line with the European Union's model of the Social Market Economy. In order to be able to answer this research question, this study is divided into five parts. The first is an introduction to the analysed issues. The second part presents the basic assumptions of the European Green Deal. The third presents the most important assumptions of the Social Market Economy in the context of climate policy. The fourth part analyses the coherence of the European Green Deal with the model of the Social Market Economy. The study ends with a summary containing the conclusions of the conducted research.

SOCIAL MOOD AND ADAPTATION OF ETHNIC GROUPS TO THE MARKET ECONOMY (according to ethnosociological surveys in Bashkortostan)

On the basis of ethnosociological surveys, the social mood and adaptive behavior of the population of the Republic of Bashkortostan to the market economy are considered. On the basis of ethnosociological data, the self-assessment by ethnic groups of their material and financial situation is revealed. One of the negative factors affecting social mood was the economic crisis after the Crimean events and the beginning of the pandemic. The survey also showed that market relations have made certain adjustments to the social stratification and differentiation of society. Despite this, as the results of the survey showed, the majority of the population of the republic looks to the future with hope and optimism.

The main directions of improving the efficiency of quality of life management of the population

The purpose of the article is to review and study the main directions of improving the efficiency of quality of life management of the population. The level of living is a quantitative characteristic of the lifestyle in general, which is usually used to determine the statistics and other data that are taken into account. The methodology for assessing the level and quality of life of the population as a whole is an important analytical tool of the state socio-economic policy. This article proposes to use the methodology for assessing and analyzing the quality of life of the population of the Kyzylorda region. The study will help answer the challenges and present regional problems of the current state of the quality of life in the regions of the country, as well as in the districts of the region. In a modern market economy, the quality of life of the population is different in different regions of the country, and according to statistics, the quality of life of the population and the consumer basket is high in regions with concentrated production. In addition, this article includes important indicators for assessing the quality of life of the population in the regions of the country.

Protection of Corporate Creditors’ Interests under Subscription System

At the end of 2013, the reform of China’s corporate capital system established the full subscription system design. This reform, however, is far from ideal. It also introduces new issues, such as bogus companies, which have a new impact on the market economy. The reason for this is that it only eliminates the minimum registered capital and first capital contribution requirements, leaving other systems that are actually matched with the paid-in system unchanged, resulting in the old and new systems forcibly grafted together being unable to adapt to each other in practice. In the real world, such a corporate capital arrangement is certain to have issues. Given the company’s debt repayment problem, which is caused by the current full subscription system, it is advisable to establish and improve the company’s credit and information publicity system, appropriately expand the application scope of the disregard of corporate personality system, and constantly improve the company’s registered capital urging system, in order to ensure the enrichment of the company’s capital, better safeguard the interests of the company’s creditors, and avoid the company’s debt repayment problem.

LABOR MOTIVATIONS OF THE POPULATION OF BASHKORTOSTAN IN A MARKET ECONOMY (according to ethnosociological surveys)

The transition to a market economy has created certain difficulties in the field of employment and the material and financial situation of the population of the country. In this regard, in the Republic of Bashkortostan, due to the uneven settlement of ethnic groups in cities and in rural areas, there were certain difficulties. Despite the development of a market economy, a significant part of the population, regardless of ethnicity, prefers to work in state-owned enterprises, the number of which has significantly decreased over the years. At the same time, the share of those who want to engage in entrepreneurship and work "for themselves" is growing. The ongoing privatization of state property in the country is also ambiguously perceived by the population of the country. The problem of the economic and financial situation of the population motivates them to look for new sources of earning money to improve their financial condition.