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  • 1
    Publication Date: 2019-08-28
    Description: This study empirically examines interdependencies between BitCoin and altcoin markets in the short- and long-run. We apply time-series analytical mechanisms to daily data of 17 virtual currencies (BitCoin + 16 alternative virtual currencies) and two Altcoin price indices for the period 2013-2016. Our empirical findings confirm that indeed BitCoin and Altcoin markets are interdependent. The BitCoin-Altcoin price relationship is significantly stronger in the short-run than in the long-run. We cannot fully confirm the hypothesis that the BitCoin price relationship is stronger with those Altcoins that are more similar in their price formation mechanism to BitCoin. In the long-run, macro-financial indicators determine the altcoin price formation to a greater degree than BitCoin does. The virtual currency supply is exogenous and therefore plays only a limited role in the price formation.
    Keywords: E31 ; E42 ; G12 ; ddc:330 ; BitCoin ; altcoins ; virtual currencies ; price formation ; supply ; demand ; macroeconomic development
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Leuven: Katholieke Universiteit Leuven, LICOS Centre for Institutions and Economic Performance
    Publication Date: 2019-02-04
    Description: This is the first paper that estimates the global land use change impact of growth of the bioenergy sector. Applying time-series analytical mechanisms to fuel, biofuel and agricultural commodity prices and production, we estimate the long-rung relationship between energy prices, bioenergy production and the global land use change. Our results suggest that rising energy prices and bioenergy production significantly contribute to the global land use change both through the direct and indirect land use change impact. Globally, the total agricultural area yearly increases by 35578.1 thousand ha due to increasing oil price, and by 12125.1 thousand ha due to increasing biofuel production, which corresponds to 0.73% and 0.25% of the total world-wide agricultural area, respectively. Soya land use change and wheat land use change have the highest elasticities both with respect to oil price and biofuel production. In contrast, non-biomass crops (grassland and rice) have negative land use change elasticities. Region-specific results suggest that South America faces the largest yearly total land use change associated with oil price increase (+10600.7 thousand ha), whereas Asia (+8918.6 thousand ha), South America (+4024.9 thousand ha) and North America (+1311.5 thousand ha) have the largest yearly total land use change associated with increase in biofuel production.
    Keywords: C14 ; C22 ; C51 ; D58 ; Q11 ; Q13 ; Q42 ; ddc:330 ; Land use change ; bioenergy ; commodity prices ; biofuel support policies
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: This paper analyses the relationship between BitCoin price and supply-demand fundamentals of BitCoin, global macro-financial indicators and BitCoin’s attractiveness for investors. Using daily data for the period 2009-2014 and applying time-series analytical mechanisms, we find that BitCoin market fundamentals and BitCoin’s attractiveness for investors have a significant impact on BitCoin price. Our estimates do not support previous findings that the macro-financial developments are driving BitCoin price.
    Keywords: E31 ; E42 ; G12 ; ddc:330 ; BitCoin ; exchange rate ; supply-demand fundamentals ; financial indicators ; attractiveness
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: This is the first paper that econometrically estimates the impact of the rising Bioenergy production on the global CO2 emissions. We apply a structural vector autoregression (SVAR) approach to time series with annual observation for the world biofuel production and global CO2 emissions from 1961 to 2009. We find that in the medium- to long-run biofuels significantly reduce global CO2 emissions: the CO2 emission elasticities with respect to biofuels range between -0.57 and -0.80. In the short-run, however, biofuels may increase CO2 emissions temporarily (elasticity 0.57). Our findings complement those of life-cycle assessment and simulation models. However, by employing a more holistic approach and obtaining more robust estimates of environmental impact of biofuels, our results are particularly valuable for policy makers.
    Keywords: C14 ; C22 ; C51 ; D58 ; Q11 ; Q13 ; Q42 ; ddc:330 ; Biofuels ; C02 emissions ; environmental impact ; SVAR
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: This is the first paper that estimates the global land use change impact of growth of the bioenergy sector. Applying time-series analytical mechanisms to fuel, biofuel and agricultural commodity prices and production, we estimate the long-rung relationship between energy prices, bioenergy production and the global land use change. Our results suggest that rising energy prices and bioenergy production significantly contribute to the global land use change both through the direct and indirect land use change impact. Globally, the total agricultural area yearly increases by 35578.1 thousand ha due to increasing oil price, and by 12125.1 thousand ha due to increasing biofuel production, which corresponds to 0.73% and 0.25% of the total world-wide agricultural area, respectively. Soya land use change and wheat land use change have the highest elasticities both with respect to oil price and biofuel production. In contrast, non-biomass crops (grassland and rice) have negative land use change elasticities. Region-specific results suggest that South America faces the largest yearly total land use change associated with oil price increase (+10600.7 thousand ha), whereas Asia (+8918.6 thousand ha), South America (+4024.9 thousand ha) and North America (+1311.5 thousand ha) have the largest yearly total land use change associated with increase in biofuel production.
    Keywords: C14 ; C22 ; C51 ; D58 ; Q11 ; Q13 ; Q42 ; ddc:330 ; Land use change ; bioenergy ; commodity prices ; biofuel support policies
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-06-02
    Description: This study empirically examines interdependencies between BitCoin and altcoin markets in the short- and long-run. We apply time-series analytical mechanisms to daily data of 17 virtual currencies (BitCoin + 16 alternative virtual currencies) and two Altcoin price indices for the period 2013-2016. Our empirical findings confirm that indeed BitCoin and Altcoin markets are interdependent. The BitCoin-Altcoin price relationship is significantly stronger in the short-run than in the long-run. We cannot fully confirm the hypothesis that the BitCoin price relationship is stronger with those Altcoins that are more similar in their price formation mechanism to BitCoin. In the long-run, macro-financial indicators determine the altcoin price formation to a greater degree than BitCoin does. The virtual currency supply is exogenous and therefore plays only a limited role in the price formation.
    Keywords: E31 ; E42 ; G12 ; ddc:330 ; BitCoin ; altcoins ; virtual currencies ; price formation ; supply ; demand ; macroeconomic development
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Leuven: Katholieke Universiteit Leuven, LICOS Centre for Institutions and Economic Performance
    Publication Date: 2019-02-04
    Description: This is the first paper that econometrically estimates the impact of rising Bioenergy production on global CO2 emissions. We apply a structural vector autoregression (SVAR) approach to time series from 1961 to 2009 with annual observation for the world biofuel production and global CO2 emissions. We find that in the medium- to long-run biofuels significantly reduce global CO2 emissions: the CO2 emission elasticities with respect to biofuels range between -0.57 and -0.80. In the short-run, however, biofuels may increase CO2 emissions temporarily. Our findings complement those of life-cycle assessment and simulation models. However, by employing a more holistic approach and obtaining more robust estimates of environmental impact of biofuels, our results are particularly valuable for policy makers.
    Keywords: C14 ; C22 ; C51 ; D58 ; Q11 ; Q13 ; Q42 ; ddc:330 ; SVAR ; time-series econometrics ; biofuels ; C02 emissions ; environment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 8
    Publication Date: 2020-01-25
    Description: Provision of efficient, reliable, and affordable infrastructure is essential for economic growth. Transportation infrastructure in particular, is vital to the prosperity of regions. To investigate the relationship and the direction of causality between transport infrastructure, investment in infrastructure and economic growth, we use panel cointegration analysis and panel causality analysis for three countries Armenia, Turkey, and Georgia. We use annual data of Armenia, Turkey and Georgia for the period 1982-2010.The tests proved the existence of more than one cointegrating vector indicating that the system under examination is stationary in more than one direction. The VECM results showed that gross capital formation and road/rail goods transported have a positive and statistically significant impact on economic growth in the short- run. Overall, the existence of bidirectional causality between economic growth and infrastructure investment, and between road and rail passengers carried and infrastructure investment was indicated in both the short and long-run.
    Keywords: H54 ; O18 ; ddc:330 ; economic growth ; transport infrastructure ; panel cointegration ; VECM
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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  • 9
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2020-02-07
    Description: This is the first paper that estimates the price determinants of BitCoin in a Generalised Autoregressive Conditional Heteroscedasticity framework using high frequency data. Derived from a theoretical model, we estimate BitCoin transaction demand and speculative demand equations in a GARCH framework using hourly data for the period 2013-2018. In line with the theoretical model, our empirical results confirm that both the BitCoin transaction demand and speculative demand have a statistically significant impact on the BitCoin price formation. The BitCoin price responds negatively to the BitCoin velocity, whereas positive shocks to the BitCoin stock, interest rate and the size of the BitCoin economy exercise an upward pressure on the BitCoin price.
    Keywords: E31 ; E42 ; G12 ; ddc:330 ; Virtual currencies ; BitCoin returns ; volatility ; price formation ; GARCH
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 10
    Publication Date: 2013-08-01
    Print ISSN: 0301-4215
    Electronic ISSN: 1873-6777
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science
    Published by Elsevier
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