Research

This paper critically examines Neil Fligstein's theory of markets as presented in The Architecture of Markets through contemporary issues and heterodox economics perspectives. Fligstein posits that markets are social structures shaped by dominant actors, with rules governing property rights, governance structures, exchange, and control. Applying his theory to the COVID-19 crisis reveals limitations in capturing endogenous market dynamics and addressing global health inequities. Integration with heterodox economics, particularly post-Keynesian theory, highlights parallels in understanding firm behavior and market competition. Fligstein's work offers insights into redefining economic justice and advocating for alternative economic policies.

This critique evaluates Bayangos et al.'s (2023) study on The Impact of Biodiversity Loss on the Philippine Banking System, commending its pioneering efforts while addressing limitations. The paper proposes a conceptual framework to fill gaps, emphasizing identified, potential, and invisible linkages. It integrates socioeconomic factors, fiscal policy, and inequality, aiming for a comprehensive understanding of biodiversity loss. The critique underscores the need for a broader analysis of risks, especially in countries with rich resources and poor governance, advocating a reorientation of institutions to address the macro-financial consequences of the climate crisis.

This paper critically examines the potential impacts of a global carbon tax on countries in the Global South in the context of climate change. The authors investigate the equity dimensions, considering the common but differentiated responsibilities (CBDR) principle and the concept of a just transition. Three selected global carbon tax proposals are assessed based on their design, adherence to CBDR, and provisions for a just transition. The paper also explores the political feasibility of implementing a global carbon tax, considering challenges related to political resistance, lobbying, and potential consequences for the Global South. The discussion extends to the question of whether carbon taxes alone are sufficient to address climate change and the need for alternative approaches.

This paper delves into the neocolonial dynamics within carbon offset markets, examining the disparities between the Global North and the Global South. While carbon offsets gain attention for addressing emissions and supporting environmental efforts, this study highlights the dominance of the Global North in offset purchases, often exerting control over the resources of the Global South. The demand-side dynamics, influenced by factors such as reputation, corporate values, and cost-effectiveness, largely originate from the Global North, impacting countries like Europe, the United States, and Japan. On the supply side, the Global South becomes an attractive location for carbon offset projects due to ample reduction opportunities and lower implementation costs, raising concerns about the violation of rights for indigenous groups and communities. The paper emphasizes the need for regulations in the voluntary carbon market to ensure environmental and social justice, suggesting that robust oversight is essential for carbon offsets' ethical and sustainable implementation.

This article explores the energy economics of Bitcoin mining, examining the various components of mining costs and comparing methods for estimating these costs. The drivers of energy demand in Bitcoin mining are analyzed, as well as Bitcoin's energy mix and energy efficiency. A case analysis of Bitcoin mining in China and the United States is also provided, including the challenges of crypto damages and issues in energy allocation. Finally, policy implications are outlined for pricing externalities, incentives for energy-efficient mining, and renewable energy and decentralized energy grids. This review sheds light on the complex energy dynamics of Bitcoin mining and provides insights for policymakers, researchers, and industry stakeholders.

This essay explores the complex relationship between Bitcoin and climate change, focusing on the environmental impacts and policy implications of the cryptocurrency. Bitcoin's excessive energy consumption contributes to a significant increase in carbon emissions, potentially surpassing agreed-upon climate targets. While the price of Bitcoin does not incorporate carbon-related information, its impact extends beyond energy usage. The constant demand for high-performance mining hardware generates substantial amounts of electronic waste that pose challenges for proper disposal and recycling. Additionally, Bitcoin mining operations' geographic concentration strains local infrastructure, leading to ecological imbalances and environmental degradation. The expansion of mining operations also results in land use changes, including deforestation and habitat fragmentation. Furthermore, the paper explores the concept of cryptocolonialism, wherein blockchain technology perpetuates inequality and exploitation, particularly between the Global North and the Global South. Understanding the multifaceted relationship between Bitcoin and climate change is essential for developing sustainable solutions and responsible practices within the cryptocurrency ecosystem. This paper aims to contribute to a comprehensive understanding of Bitcoin's environmental interplay, fostering informed discussions and policy debates to promote an environmentally conscious digital economy.

The independence of central banks has been challenged due to political influences. Apart from monetary targets and converting back to commodity-backed systems, a proposal from Hayek was to introduce competing currencies and remove the monopoly of currency issuance from the central bank. Until recently, this proposal has been just more of an intellectual exercise than an actual theory. However, with the rise of cryptocurrencies such as Bitcoin, private monies free from regulation are made possible. This paper aims to review the existing literature that evaluates Bitcoin’s potential to serve as money and subsequently as a competing currency.

The Efficient Market Hypothesis (EMH) asserts that the information is rapidly incorporated in asset prices in efficient markets. This hypothesis was originally applied in stock prices but was adopted in literature to foreign exchange and commodity markets as well. In 2008, Bitcoin was invented and although it was designed as an alternative for money, it behaves more like an investment. This study investigated whether the EMH holds true for this particular cryptocurrency market.

Fama (1970) identified three different forms of the hypothesis in order to see which subset of information will the hypothesis break down – weak (historical data); semi-strong (public information) and strong (private information). This research tested for the first two using tests for predictability of returns (Ljung-Box and Augmented-Dickey Fuller tests) and event response test with a constant-mean-return model, respectively. It adds to the existing literature by using a new method and a careful selection of events under semi-strong conditions. The findings indicated that the Bitcoin market is inefficient from 2010-2017. The results of the thesis are deemed relevant for both small and large-scale Bitcoin investors because it has implications for the reliability of trading strategies.