CRYPTOCURRENCIES OR CAPITAL MARKETS. COMPARATIVE ANALYSIS OF INVESTMENT EFFICIENCY IN 2011-2020

Cryptocurrencies have become an important element of the global financial system and a frequent investment tool in the last decade. The aim of this paper is to compare the efficiency of investments in the cryptocurrency market with investments in global capital markets. The study used the quotations of the analyzed instruments in the years 2011-2020. The investment efficiency was estimated using Sharpe and Sortino ratios. Research has shown that investments in cryptocurrencies were the most effective. They brought, on average, the highest daily rates of return, but on the other hand, they were characterized by the highest risk. Such a result could have been significantly influenced by the widespread persistence of ultra-low interest rates and a decline in the attractiveness of debt securities. The best results were obtained for investments in bitcoin and ethereum, which have the largest share of cryptocurrency market capitalization.

The Evolution of Community Development Banks Influenced by E-Payment and Its Social Impact on Brazil

Microcredit involves offering credit in small amounts and at low interest rates to economically disadvantaged populations and those who cannot offer guarantees. The offer of microcredit for solidarity purposes is not aimed at increasing an organization's profits but rather toward local economic development and as an initiative to eradicate poverty. The first community development bank was founded in Brazil in 1998. Such banks offer financial, solidary-based, networked services of an associative nature and are aimed at reorganizing local economies through job and income generation and establishment of a solidarity economy. This chapter presents the following problem question: How has the mobile payment or electronic payment technology impacted the performance of Brazilian solidary digital banks? It also presents guidelines for replicating this model in developing countries.

Fiscal sustainability and low interest rates: what an indicator can(’t) tell

The indicator that is commonly used to assess the long-term fiscal sustainability of public finances in EU member states (“S2”) is also defined if government borrowing rates are assumed to be permanently lower than the growth rate of GDP. Under these circumstances, however, it no longer provides a reliable orientation for fiscal policy. I illustrate these findings based on simulations prepared for the Fifth Sustainability Report published by the German Federal Ministry of Finance. In addition, I discuss the interpretation of the indicator in a low-interest environment and the assumption that relevant interest rates may continue to be low if there are substantial challenges for fiscal sustainability, e.g., through demographic ageing.

Income Analysis And Optimization Of Cow Livestock Development In Supporting The Livestock Development Program In Kupang Regency

This study aims to answer the main problem regarding income and optimization of cattle husbandry development in supporting livestock development programs in Kupang Regency. The research method used is social qualitative research method with FGD pattern to obtain primary and secondary data. This research took place in Kupang Regency as an area that has potential for cattle which is always in demand by other regions such as DKI Jakarta and so on. If viewed from the prospect of Beef Cattle Development in Kupang district, then look for markets for livestock and livestock products both from NTT and within NTT itself continue to increase in line with economic growth and population growth. There is still a lot of land that is available and possible for the development of livestock business which has not been utilized. The government's policy of encouraging state-owned enterprises to mediate funds to assist small businesses and at low interest rates has been implemented. This policy provides opportunities for business development and new investment in the livestock industry in NTT Province. Various patterns/schemes of soft credit and simple procedures and directly to livestock farmer groups such as Strengthening Group Business Capital (PMUK) or Community Direct Loan Assistance (BPLM) or Social Assistance Patterns are actually very good opportunities to overcome the problem of capital difficulties for farmers. Through through and intensification with the support of technology with prospects to increase productivity as well. The role of the sub-sector in the future in Kupang Regency is still large as a provider of food from livestock as a source of income and as a job opening.

On capital, saving, and investment in the twenty-first century: a reply to Hein

With our book Saving and Investment in the Twenty-First Century: The Great Divergence (published as open access), we present a comprehensive theoretical explanation as well as empirical evidence for the phenomenon of low interest rates observed in the OECD countries and China and make various economic policy recommendations based on it. We have developed a new capital-theoretical approach to address these important issues. In what follows, we will discuss some of the more critical parts of Eckhard Hein’s otherwise very sympathetic review of our book.

Managing the Risks of Negative Interest Rates

The acceleration in the issuance of government debt since the global financial crisis has led central bankers to engineer interest rates that are historically low in nominal terms and consistently lower than inflation rates. Although the ostensible aim of this policy is to stimulate economic growth, maintaining negative real rates also goes a long way so that government debt is manageable and will decline in the long run, relative to the size of the economy. Financial institutions hold the great majority of government debt, and their books of retail and corporate loans are expanding briskly at a time when ultra-low interest rates make borrowing especially attractive. Rates paid on deposits are low, in advanced economies, even negative in the euro zone in nominal terms. That helps to offset the reduction in income that banks earn on their lending. Even so, the extreme and unique conditions resulting from persistent negative real interest rates mean that banks must take particular care to manage their interest-rate risk in the context of other risk types and the banks’ profit-and-loss analysis.

Investment in South Africa

Since the achievement of democracy, high levels of gross fixed capital formation have been required for the economic and social transformation of South Africa. Public-sector investment has risen, particularly since 2008, but private-business investment has not grown enough, while manufacturing’s share of the capital stock has declined substantially. Common explanations for low investment in manufacturing are examined in the light of empirical literature and are judged to have inadequate evidential support. Industrial policies derived from these views, such as maintaining low interest rates to promote investment, need to be based on stronger evidence. An argument is put forward for a system-based approach to research on the determinants of investment.

Features of the World Household Appliances Market

This article analyzes the world market for household appliances. Its main tendencies, features of development are considered, factors influencing its development are considered. The study determined that different regions of the world have their own characteristics and reasons for the growth of the household appliances market. For example, North America is a developed market with high product penetration, with great emphasis on product advertising. In Europe, low interest rates on loans and a good economic situation play an important role. The European market is seeing an increase in demand for premium products. The Asia-Pacific home appliance market is expected to show strong growth, driven by rising household incomes, rapid urbanization, a growing middle class, easy access to goods through the development of retail channels, easy access to consumer finance and lifestyle changes.