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Development of a Model for Assessing the Potential Impact of Blockchain Technologies on Economic Growth Dynamics in Financial Markets

Author

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  • Marat Rashitovich Safiullin
  • Rafis Timerkhanovich Burganov
  • Alia Aidarovna Abdukaeva

Abstract

Over the past years, blockchain technologies have become one of the outstanding innovations in the financial sector of the economy, enhancing and facilitating transaction procedures in many spheres. Moreover, these technologies are of great significance concerning the financial market, including regulators. However, it may well involve a certain level of uncertainty of the generated effects both for themselves and for the national economy. It is worth mentioning that quite many works devoted to the problems posed focus on qualitative assessments and conclusions, focusing either on the study of the technological component of the technologies or on the regulatory and legal ones. This study aims to reinforce the positions of formalized approaches to the study of the scientific and practical problems posed. The paper proposes an algorithm for studying the influence of blockchain technologies on the GDP dynamics through the prism of the transformation of key functioning parameters describing the financial and real sectors of the economy. A cointegration model has been built that allows one to determine the main effects and the potential impact of possible transformations (as a result of the penetration of blockchain technologies into the system of economic relations) of individual functional areas in the financial sector of the economy on GDP dynamics. The obtained estimates of the sensitivity of economic dynamics to the considered adjustments of the financial market demonstrated the potential for economic expansion, provided the possible integration of blockchain technologies in the business environment.

Suggested Citation

  • Marat Rashitovich Safiullin & Rafis Timerkhanovich Burganov & Alia Aidarovna Abdukaeva, 2020. "Development of a Model for Assessing the Potential Impact of Blockchain Technologies on Economic Growth Dynamics in Financial Markets," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(6), pages 365-371, December.
    • Handle: RePEc:jfr:ijfr11:v:11:y:2020:i:6:p:365-371
    DOI: 10.5430/ijfr.v11n6p365
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    References listed on IDEAS

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    3. Alex Pazaitis & Primavera de Filippi & Vasilis Kostakis, 2017. "Blockchain and value systems in the sharing economy: The illustrative case of Backfeed," Post-Print hal-01676881, HAL.
    4. Ye Guo & Chen Liang, 2016. "Blockchain application and outlook in the banking industry," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-12, December.
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