THE IMPACT OF THE UKRAINIAN CRISIS ON THE VALUES OF CURRENCY PAIRS EUR/USD, CNY/USD, RUB/USD AND BITCOIN
Keywords:
dollar, euro, yuan, ruble, bitcoin, functions of money, comparative analysisAbstract
The aim of this research paper is to examine the impact of the crisis in
Ukraine on the volatility of the dollar, euro, yuan, rubble and bitcoin. Due
to their frequent use as an international means of exchange, i.e. use in the
international payment system, the mentioned currencies and bitcoin were
taken as an example of the impact of the Ukrainian crisis on national
currencies and cryptocurrencies. The paper presents the basic economic
functions of money in a role of means of exchange, the unite of account and
the store of value with the aim of comparing the ability to perform these
functions in the case of the dollar, euro, yuan, rubble and bitcoin as leading
national currencies and cryptocurrencies. In order to investigate the impact
of the crisis in Ukraine, as an external shock on the mentioned currencies`
and bitcoin`s volatility, we considered the daily changes in the ratio of their
values in the observed period of six months. Through the analysis of time
series and the succeeding comparative analysis of the obtained data, a
certain divergence was determined in the very nature of the behaviour and
reaction of national currencies to the crisis in Ukraine during...
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