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Global Cryptocurrency Regulation: a Comparative Analysis With a Focus on Romania Position
Tudor-Gabriel Budisteanu
DOI: 10.15604/ejef.2024.12.02.001
Abstract
This study provides an examination of cryptocurrency regulation across diverse jurisdictions, including Romania, Japan, Switzerland, Brazil, China, Russia, and the Republic of Moldova, with a focus on legislative, fiscal, and supervisory frameworks. Utilizing a qualitative and comparative analysis approach, the research aims to clarify global regulatory strategies, particularly the balance between fostering innovation and safeguarding investor interests, financial stability, and anti-money laundering protocols. Key findings highlight a spectrum of approaches: Japan’s pioneering legislative framework, Switzerland’s progressive policies, Brazil’s evolving regulations, and the restrictive measures in China and Russia, along with Moldova’s comprehensive ban on cryptocurrency services. Romania’s regulatory position is contextualized within this global framework, demonstrating a cautious but flexible stance that underscores the need for a balanced approach to regulatory policy. The study’s conclusions stress the importance of a robust and adaptable regulatory system to keep pace with technological advances in cryptocurrency. It advocates for international collaboration on regulatory standards and emphasizes the critical role of public education in responsible cryptocurrency use. Recommendations include ongoing monitoring of the cryptocurrency market and policy refinement to achieve a balanced approach that ensures innovation while protecting consumers and financial integrity.
Keywords: Monetary Policy, Blokchain, Cryptocurrency, Fiscal, Tax, Bitcoin
An Empirical Examination of South Africa’s Public Debt-economic Growth Nexus: the Emergence of Classical Economists’ Ideology
Nkosinathi Emmanuel Monamodi and Sibongile Goliath
DOI: 10.15604/ejef.2024.12.02.002
Abstract
This study uses the Vector Error Correction (VEC) technique and secondary quarterly time-series data to examine the nexus between public debt and economic growth in South Africa. The findings confirm classical economists’ ideology, since this study found a long-term negative relationship between economic growth and both domestic and foreign debt, with economic growth and domestic debt being causally related. Inflation, economic growth, and fiscal deficits also have negative long-term relationships. The Impulse Response Functions (IRFs) show that shocks to inflation and domestic debt have a negative reaction on South Africa’s economic growth rate, whereas shocks to gross fixed capital formation have a partially positive reaction. The shocks to South Africa’s fiscal deficit and foreign debt have also had a mixed reaction on the country’s economic growth rate. Variance decomposition analysis show a significant decline in South Africa’s economic growth rate variance, with domestic debt and inflation increasing and the fiscal deficit declining marginally, while foreign debt declined marginally before increasing significantly. This study recommends that South Africa should enhance its fiscal management strategies, including financial repression, debt restructuring, cost cutting, and improved capital spending. Enhancing these strategies could boost the economy’s productive capacity.
Keywords: South Africa, Public Debt, Economic Growth, VEC, IRFs, Variance Decomposition
Determinants of Labor Productivity in Asean-6 Countries : Using Dynamic Panel Sys-gmm
Yunisvita, Tasya Dandi, and Dirta Pratama Atiyatna
DOI: 10.15604/ejef.2024.12.02.003
Abstract
Labor productivity is an important issue to be discussed in the economic development of each country including in ASEAN-6, the differences in labor productivity levels among ASEAN-6 countries need to be researched further, therefore the purpose of this study is to determine the effect of human development index, labor force participation rate, foreign direct investment, and exports on labor productivity in ASEAN-6 countries, and also see the long-term and short-term effects. The data used consists of time series data from 2005 to 2022 and cross-sectional data from ASEAN-6 countries, using the dynamic panel SYS-GMM method. The results show that the human development index and foreign direct investment have a significant positive effect on labor productivity in ASEAN-6 countries, while the labor force participation rate and exports have a negative effect on labor productivity in these countries. In the long run, the human development index, labor force participation rate, foreign direct investment, and exports have a 7 times greater influence on labor productivity than in the short run, indicating a multiplier effect. Then the most dominant variable affecting labor productivity is the human development index.
Keywords: Labor Productivity, Human Development Index, Labor Force Participation Rate, Foreign Direct Investment, Export, SYS-GMM
An Analysis of Saving Practices and Preferences of Low-income Earners in Eswatini: a Case Study of Textile Workers
Farai Kwenda and Siphesihle N. Sithole
DOI: 10.15604/ejef.2024.12.02.004
Abstract
This study analyzed the saving practices and preferences of low-income earners in the textile industry in Manzini, Eswatini. The study analyzed three key fiscal management practices; saving attitude, budgeting, and spending practices to determine whether low-income earners have good or bad saving practices and preferences. The study adopted a quantitative research approach. Self-administered questionnaires were used to collect primary data from 386 randomly selected participants using the stratified random sampling technique. The findings indicated that low-income earners have good saving practices and preferences. The t-test and ANOVA analysis showed that the saving practices and preferences of low-income earners vary significantly with their age, marital status, household size, education, income level and family background. Logistic regression analysis results showed that household size, education and income level were the only demographic variables that influence saving practices and preferences of low-income earners. Based on the findings, the study concluded that in spite of their low income which constraint saving, textile workers have good attitude saving.
Keywords: Saving Practices and Preferences, Logistic Regression, Low-Income Earners
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